Sangsin Brake상신브레이크

Sangsin Brake is back to a small profit on a trailing basis after a loss in 2025, but margins are thin and the share price has fallen sharply over the past year.

Sangsin Brake makes brake pads and related friction and brake parts for automakers and the replacement market, with about 73% of sales from exports. Trailing revenue to H1 2026 is about ₩535.7B, with operating income of ₩3.0B and net income of ₩4.7B, a clear recovery from the ₩11.9B net loss reported for 2025. The shares closed at ₩2,090 on 19 October 2026, down 23% over one year and near the lower half of their 52-week range of ₩1,900 to ₩2,975.

What stands out

• Trailing operating margin is only 0.6% and net margin 0.9%, so profitability is very thin compared with 2023 and 2024, when operating margin was 4.8% and 3.6%.
• Balance sheet is leveraged: liabilities are 152% of equity and borrowings are about ₩23.2B against cash of about ₩24.8B.
• Trailing free cash flow is about ₩11.8B and the data shows a 2.4% dividend yield, while ROE is 2.1%.
• Valuation metrics are low on paper: P/E 9.6, P/B 0.2, with enterprise value about ₩43.3B, but the data gives no fair value estimate or forecasts.
• Investor flows over the last 20 days show retail net selling of about ₩73.4B, offset by institutional buying, and foreign ownership is only 2.3%.
• A filing on 20 August 2026 concerned a decision on guaranteeing another party's debt; the filing text itself is not in the data, so its size and terms are unknown.

What to watch

• The next quarterly report and full-year results, to see whether the H1 2026 profit recovery holds in operating income.
• Details of the debt guarantee decision filed on 20 August 2026, and any further guarantee or borrowing filings.
• Whether the company's roughly 73% export share faces pressure from automaker demand; no news headlines are in the data to add context.