Shinsung ST신성에스티

Shinsung ST's trailing revenue is growing slightly but profit has turned to a loss, with heavy negative free cash flow and a share price far below its 52-week high.

Shinsung ST makes battery busbars and module cases for electric vehicles and energy storage, plus camera modules and smartphone parts through its Vietnam subsidiary. Over the trailing twelve months to H1 2026 it reported revenue of ₩173.7B but a small operating profit of ₩0.3B and a net loss of ₩1.1B, with free cash flow of -₩98.2B. The shares closed at ₩25,750, down 42% over one year though up 37% over three months, and well below the 52-week high of ₩51,900.

What stands out

• Trailing revenue of ₩173.7B is well above the 2025 full-year figure of ₩116.9B, but profitability has weakened sharply: 2024 operating income was ₩8.8B and 2025 was ₩2.3B, while the trailing period shows only ₩0.3B.
• Free cash flow is deeply negative at -₩98.2B on the trailing basis, against cash of ₩24.1B and borrowings of ₩1.9B; liabilities are 161.9% of equity.
• Filings in September and October 2026 include several decisions on guaranteeing debt for other parties, and amendments to earlier filings.
• The company filed a corporate value-up plan in April 2026 and amended it the next day; an IR event was held in August 2026.
• The DCF-based fair value model gives a base of ₩7,179, a bear case of ₩3,027 and a bull case of ₩14,208. These are model outputs, not forecasts or targets, and sit well below the current price.

What to watch

• The next half-year or quarterly results, to see whether the trailing operating margin of 0.2% and negative free cash flow persist.
• Details of the debt guarantees for other parties, including amounts and the counterparties involved, which the summary data does not provide.
• Customer concentration: the profile names LG Energy Solution as a battery-parts customer, and the data does not show the revenue share from that relationship.