SNT HoldingsSNT홀딩스

SNT Holdings trades far below its 2025 earnings peak, with H1 2026 profit down sharply from last year's level.

SNT Holdings is a Korean holding company whose subsidiaries make vehicle parts, industrial heat exchangers and boilers, and other equipment. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩2.21T and operating income of about ₩292B, with net income of about ₩100B. The share price is ₩49,400, roughly 25% below a year earlier, and sits in the lower part of its 52-week range.

What stands out

• Trailing revenue of ₩2.21T is close to the 2025 full-year level of ₩2.24T, but trailing net income of ₩100B is well below 2025's ₩130B.
• Operating margin is steady at about 13%, while net margin is 4.5%, so the gap suggests items below operating income are weighing on profit; the data does not explain the cause.
• Trailing free cash flow is negative at about -₩20B, although cash is reported at ₩349B and borrowings are not listed.
• Valuation is low on paper: P/E of 7.4, P/B of 0.5 and a 6.1% dividend yield, while the company's own NAV-based model gives a base value of ₩32,369, below the current price.
• Filings in late September and October 2026 include several share cancellation decisions, a merger decision amendment, and largest-shareholder and 5%+ holding reports; no news headlines were provided.

What to watch

• Next periodic results and whether net income recovers toward the 2025 level or stays weaker than operating income suggests.
• The effect of the share cancellations and the amended merger decision on share count and group structure, as detailed in the filings.
• Changes in largest-shareholder and 5%+ holdings, and foreign ownership, which has risen from 12.5% to 13.2% over the past 60 days.