Sangshin Electronics상신전자

Sangshin Electronics has thin margins and a loss-making cash position, with its share price down about 23% over the past year.

Sangshin Electronics makes EMI filters and related electronic components for home appliance and other manufacturers, with plants in Korea, China and Vietnam. Trailing twelve-month revenue is about ₩133.3B, but operating margin is only 0.2% and free cash flow is negative at about -₩4.8B. At ₩2,600 the shares trade at a 20.2x P/E and 0.8x P/B, with a market cap of about ₩41.4B.

What stands out

• Revenue has grown from ₩103.0B in 2021 to ₩129.1B in 2025, but operating margin has stayed low, between 0.8% and 2.0% in each year shown.
• Trailing net income of ₩2.1B is well above operating income of ₩0.2B, so the reported profit relies on items outside core operations; the data does not explain these.
• Borrowings of ₩16.7B exceed cash of ₩8.8B, and liabilities are 72.7% of equity.
• The stock is 1.8% higher over one month, flat over three months and down 23.5% over one year, trading between ₩2,305 and ₩3,790 over 52 weeks.
• Two 5%+ holding reports were filed in October 2026; the headline news list is empty, so the data gives no news context for them.

What to watch

• The full-year 2026 and next half-year filings, to see whether operating margin and negative free cash flow improve.
• Changes in foreign ownership, which rose from 1.1% to 1.7% over the last 60 days, and further 5%+ holding reports.
• Debt levels relative to cash, given the gap between borrowings and cash on the balance sheet.