Sangsinenergydisplayprecisionco상신이디피

Sangsin EDP's trailing profits have recovered sharply in 2026, but the share price has risen far faster than earnings and the balance sheet carries significant debt.

Sangsin EDP makes battery cans for electric vehicles, consumer electronics and energy storage, with plants in Korea, China, Malaysia, Hungary and, newly, Indiana in the US. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩289B, operating income of about ₩23B and net income of about ₩17B, a clear turnaround from the loss-making 2024 year. The share price is ₩25,350, up 115.6% over one year, and the market value is about ₩338B.

What stands out

• Trailing operating margin is 7.9% and net margin 6%, versus a 3.5% operating margin for full-year 2025 and a loss in 2024.
• Revenue has been broadly flat to down over recent years (2025 down 0.7%, 2024 down 16.5%), so the recovery is mainly in profitability rather than sales growth.
• Borrowings of about ₩149B exceed cash of about ₩80B, and liabilities are 120.3% of equity.
• The company's internal discounted cash flow model gives a base value of ₩10,255, well below the current price; the bull case is ₩24,582 and the bear case ₩2,260. These are model outputs, not forecasts.
• Foreign ownership fell from 12.1% to 3.1% over 60 days, while institutions were net buyers over the past 20 days.

What to watch

• The half-year report for June 2026 is already filed; the next quarterly or annual results will show whether the margin recovery holds.
• A September 2026 filing concerns a decision on a guarantee of debt for another party, the details of which are not in the data and are worth reading in the original filing.
• The convertible bond issue decided in April 2026 may affect share count and dilution; the data does not give its terms beyond the filing titles.