SJMSJM

SJM trades near a multi-year low with a small operating profit, a large cash pile and a shrinking margin trend.

SJM makes flexible coupling automotive parts and expansion joint piping fittings for plants. Trailing results to H1 2026 show revenue of ₩205B, operating income of ₩10.8B and net income of ₩18.0B, with the share price at ₩3,125, down 16.9% over one year. The data does not explain the business's near-term outlook beyond these filings.

What stands out

• Operating income has fallen from ₩14.2B in 2024 to ₩11.3B in 2025 and ₩10.8B on a trailing basis, while revenue has been roughly flat at about ₩200B.
• Net income (₩18.0B trailing) is well above operating income; the data does not say what drove the gap.
• The balance sheet looks conservative: cash of ₩75.0B against borrowings of ₩3.3B, liabilities at 21.7% of equity, and an enterprise value that is negative on these figures.
• Valuation metrics are low (P/E 2.7, P/B 0.2) and the dividend yield is 6.6%. The DCF model output (base ₩5,790, bear ₩2,681, bull ₩11,542) is a model estimate, not a forecast or target.
• Recent filings include a half-year report, a corporate value-up plan and a cash dividend decision, but their contents are not in the data. The only headline is a golf tournament story that appears unrelated to the company.

What to watch

• The next quarterly report and whether operating margin (5.2% trailing, down from 7.1% in 2024) stabilises.
• Details of the corporate value-up plan and the February filing on a 30% or more change in revenue or profit, which the data does not explain.
• Foreign investors were net sellers over the last 20 days, while foreign ownership is little changed at 7.6%.