KOSDAQ · 416180 · Auto parts · ₩416180

Shinsung ST신성에스티

416180 · KOSDAQ · ₩416180 · 신성에스티

₩25,900▲ ₩750 (2.98%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

With these assumptions the model gives no positive value.

Enterprise value: ₩1.1B
Equity value: −₩69B
WACC: 7.1%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model gives no positive value at these assumptions. What we can see:

To match today's price of ₩25,900, the model needs an operating margin of 17.4% every year (it uses 3.9%).
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: —
Base: —
Bull: —

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (3.9%).

Revenue growth

Revenue growth, year 1-3.2%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.6%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.1%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.9%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation16.6%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending20.7%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital40%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.75
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.63, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.61%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩174B
Net debt (borrowings and leases − cash and deposits): ₩82B
+ Stakes and investments: ₩12B; Associates, long-term financial assets and deposits (book value)
Shares: 9,039,778
Share price: ₩25,900
Market cap: ₩234B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩125B	₩127B	₩117B	₩168B	₩165B	₩165B	₩168B	₩173B
Growth	—	1.9%	−8.0%	−3.2%	−1.6%	−0.1%	1.5%	3.0%
EBIT	₩8.4B	₩8.8B	₩2.3B	₩6.6B	₩6.5B	₩6.4B	₩6.5B	₩6.7B
EBIT margin	6.7%	6.9%	1.9%	3.9%	3.9%	3.9%	3.9%	3.9%
After-tax EBIT	₩6.1B	₩6.4B	₩1.6B	₩4.8B	₩4.7B	₩4.7B	₩4.7B	₩4.9B
+ Depreciation	—	—	—	₩28B	₩27B	₩27B	₩28B	₩29B
− Capital spending	₩5.3B	₩6.9B	₩61B	₩35B	₩34B	₩34B	₩35B	₩36B
− Working capital	—	−₩2.7B	−₩21B	−₩2.2B	−₩1.1B	−₩66M	₩992M	₩2B
Free cash flow	—	—	—	₩84M	−₩1B	−₩2B	−₩3.1B	−₩4.2B
Discount factor	—	—	—	0.933	0.871	0.813	0.759	0.708
Present value	—	—	—	₩78M	−₩896M	−₩1.7B	−₩2.4B	−₩3B

Terminal value ₩13B, worth ₩8.9B today: 825% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩11,927 a share)Now 2.17×	₩25,9002.17×	₩33,8452.84×	₩41,1833.45×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.1%	—	—	—	—	—
6.6%	—	—	—	—	—
7.1%	—	—	—	—	—
7.6%	—	—	—	—	—
8.1%	—	—	—	—	—

Now (TTM)

Market cap: ₩234B
Enterprise value: ₩314B
P/E: —
P/B: 2.2×
P/S: 1.3×
EV/EBITDA: —
Dividend yield: 0.8%

Over time (at each year end)

	2025	2024	2023
Price	₩32,500	₩28,600	₩24,250
Market cap	₩294B	₩259B	₩219B
P/E	530.6×	36.4×	24.1×
P/B	2.8×	2.5×	2.3×
P/S	2.5×	2.0×	1.8×
EV/EBITDA	—	—	—
Dividend yield	0.6%	0.7%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Shinsung ST	—	2.2×	1.3×	—	0.8%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.1×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	13.4×	18.9×	—	0.0%
Hyundai WIA	19.3×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.4×	0.7×	0.9×	—	6.8%
Similar companies (median)	10.7×	0.7×	0.5×	3.7×	1.9%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Shinsung ST / 신성에스티 / 416180 / KRX:416180

Source: KRX statistical information