Simmtech심텍

Simmtech's trailing results have swung back to a net loss despite a sharp rise in revenue, and its share price has fallen about 28% over the past month.

Simmtech makes memory module and package substrate printed circuit boards for semiconductor customers. On a trailing twelve-month basis to H1 2026 it reported revenue of ₩1.7T and operating income of ₩99B, but a net loss of ₩51B, with borrowings of ₩552B against cash of ₩91B. The shares closed at ₩107,300 on 2026-10-26, well below the 52-week high of ₩182,600 yet still up 87.6% over one year.

What stands out

• Trailing operating margin is 5.8%, but net margin is -3.0% and ROE is -9.2%, so the business is profitable before financing and other items but loss-making overall.
• Liabilities are 183.1% of equity and free cash flow is negative at about ₩206B on a trailing basis, which points to heavy reliance on debt.
• Full-year 2025 showed revenue growth of 14.5% and a small operating profit of ₩12B, but a net loss of ₩164B.
• Price-to-book is 6.4 against a sector peer range that varies widely; price-to-earnings is not meaningful because earnings are negative.
• Conversion-right exercises, 5%+ holding reports and insider shareholding reports appeared in filings during August to October 2026; foreign ownership rose from 10.8% to 13.2% over 60 days, while institutions were net sellers over 20 days.

What to watch

• The next half-year or quarterly results, to see whether operating profit turns into net profit and how borrowings and free cash flow develop.
• Further filings on conversion rights and share issuance, which could dilute existing holders.
• The new facility investment disclosed in August 2026 and how it is funded, given the existing debt load. The data does not include news headlines or analyst views.