SPG에스피지

SPG's share price has surged over the past year, but its trailing profits are thin and its valuation is very high against them.

SPG makes precision geared motors and reducers for factory automation, home appliances, robots and semiconductor equipment. Trailing twelve-month revenue to H1 2026 was ₩337.5B with net income of ₩9.5B, and revenue has fallen in each of the last few years shown in the filings. The share price is ₩78,600, up 150.3% over one year but down 21.9% over one month.

What stands out

• Trailing operating margin is 5.5% and net margin is 2.8%, while net income of ₩9.5B is well below 2021's ₩22.9B.
• Annual revenue fell from ₩440.5B in 2022 to ₩341.7B in 2025, with 2025 revenue down 12% year on year.
• Valuation is stretched on trailing numbers: P/E of 183.4, P/B of 6.4 and EV/EBITDA of 65.6, against a DCF base value of ₩8,637 that sits far below the current price.
• Cash of ₩38.8B is reported with no borrowings listed, and trailing free cash flow is ₩13.8B, which is a relatively supportive point.
• A news headline from 22 October 2026 says the company is expanding its customer base from defense into US big tech, but the data gives no detail on size or contracts.

What to watch

• The next quarterly and half-year results and whether revenue and margins recover from the declining trend.
• Dividend activity: the filings show an interim dividend record and ex-date in September 2026, and the company pays no current dividend yield.
• Share price volatility, given the 52-week range of ₩29,200 to ₩165,700 and a recent one-month drop of 21.9%.