Sangsinenergydisplayprecisionco상신이디피

Sangsin EDP's share price has risen sharply over the past year, but its profits have swung back and forth and the stock now trades well above the model's base fair value.

Sangsin EDP makes battery cans for rechargeable batteries used in EVs, electronics, power tools and energy storage, with plants in Korea, China, Malaysia, Hungary and the US. Trailing results to H1 2026 show revenue of ₩288.7B... (note: revenue is ₩288.7B) with an operating margin of 7.9% and net margin of 6%, a clear recovery from the 2024 operating loss. The share price closed at ₩26,800, up 81.7% over one year, while the company's own DCF base value is ₩10,384, bear ₩2,311 and bull ₩24,895.

What stands out

• Trailing revenue is ₩288.7B with operating income of ₩22.9B and net income of ₩17.3B, after 2024 posted an operating loss of ₩8.2B.
• 2025 full-year net income was only ₩2.0B, so earnings have been volatile across years.
• Trailing debt is ₩148.7B against cash of ₩79.5B, and liabilities are 120.3% of equity.
• Trailing free cash flow is ₩17.2B; the trailing P/E is 20.7 and P/B is 2.0, while the DCF base value sits well below the current price.
• Foreign ownership fell from 12.1% to 3.5% over about 60 days, while institutions were net buyers over the last 20 days.

What to watch

• A 2026 full-year result and the amended filings, since the annual report has been amended twice.
• The September 2026 filing on a guarantee of debt for another party, and the convertible bond issue decided in April 2026, including any dilution terms.
• Ramp-up of the Indiana plant and whether the company's earnings hold after the strong share price run; the data does not include analyst forecasts.