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001820KOSPI

Samwha Capacitor

158,300
-1,400 (-0.88%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Samwha Capacitor was established in 1956 and is listed on the KOSPI market. The company is headquartered in Yongin, Gyeonggi-do.

The company manufactures various types of capacitors. Its main product segments include multi-layer ceramic capacitors, film capacitors for power and automotive use, and single-layer ceramic capacitors. The company distributes these products to both domestic and international markets.

Business overview as filed

당사는 국내 유일의 콘덴서 종합 메이커로서 관계사인 삼화전기가 생산중인 전해콘덴서를 제외한 거의 모든 콘덴서, 즉 FILM 콘덴서(전력용, 전장용), 단층 세라믹 콘덴서, 적층형 콘덴서(MLCC)를 생산하고 있습니다.

당사의 연결기준 2025년 매출액은 전년 대비 -0.3% 감소한 294,492백만원으로, 각 제품별매출액 적층형콘덴서(MLCC) 135,773백만원, FILM 콘덴서(전력용, 전장용) 101,989백만원,단층세라믹콘덴서(DCC) 24,366백만원, 기타 32,364백만원으로 구성되어 있습니다. 연결회사의 매출액 중 수출금액은 194,032백만원(65.9%), 국내매출은 100,460백만원(34.1%)으로 콘덴서는 수출 비중이 국내 매출 비중보다 높은 전형적 수출산업입니다.

국내콘덴서업계는 연결회사와 삼성전기(MLCC), 동일전자(DCC), 은성, 뉴인텍, 필코전자,성호전자(이상 FC)등에서 생산을 하고 있으며, 일본 등의 선진사와 동남아 및 중국의 저가제품도 수입되어 경쟁이 심화되고 있습니다. 하지만 전자업계의 초소형 및 고기능화로 인한 관련 부품 수요 확대, 전세계의 전력 효율 증대 , 친환경차 시장의 확대와 편의성 향상을 위한 전자화 등 시장이 빠르게 확대되고 있으며, 이에 당사의 매출과 사업성과 역시 지속적인 성장이 이루어 질 것으로 전망합니다.자세한 내용은 Ⅱ.사업의 내용'의 '2. 주요 제품 및 서비스'부터 '7.

Company overview

1-1) 연결대상 종속회사 개황 1-2) 연결대상회사의 변동내용

2) 회사의 법적, 상업적 명칭

당사의 명칭은 삼화콘덴서공업주식회사라고 표기합니다. 또한 영문으로는 SAMWHA CAPACITOR Co.,LTD라 표기 합니다. 단, 약식으로 표기할 경우에는 삼화콘덴서공업(주) 또는 Samwha Capacitor co.,Ltd라고 표기합니다.

3) 설립일자 및 존속기간

당사는 1956년 8월 14일에 설립되었습니다. 1976년 6월 5일에 기업공개를 하였으며 1976년 6월 29일에 한국거래소에 상장되어 거래소시장에서 주식매매가 개시되었습니다.

4) 본사의 주소, 전화번호 및 홈페이지

본사주소 : 경기도 용인시 처인구 남사읍 경기동로 227전화번호 : 031-332-6441 팩스:031-332-7661홈페이지 : http://www.samwha.co.kr/capacitor

5) 중소기업 등 해당 여부

6) 주요사업의 내용

당사는 국내 유일의 콘덴서 종합 메이커로서 관계사인 삼화전기가 생산중인 전해콘덴서를 제외한 거의 모든 콘덴서, 즉 FILM 콘덴서(전력용, 전장용), 세라믹 콘덴서, 적층 콘덴서(MLCC)를 생산 및 판매하고 있습니다.

7) 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

7.75%
[4.31%, 13.80%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 69.6% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.97
Beta [0.75, 1.20] · KOSPI200 · As of 2026-10-08
Intercept
+0.483%[-0.324%, +1.290%]
R squared
0.25
Observations
252
Trading-time corrected beta
1.08[0.51, 1.65]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M1,5881,7251,9932,7442,5452,4252,6222,6352,8082,9542,9452,990
Revenue growth%—8.5915.5837.69-7.25-4.728.100.506.575.22-0.31—
Operating incomeKRW 100M5495220813373271332305237178129158
Operating income growth%—75.28132.77268.94-54.17-27.3122.41-8.00-22.36-24.69-27.89—
Net incomeKRW 100M2957155619298235286293209220126193
Net income growth%—98.57174.03298.27-51.85-21.3221.982.51-28.675.32-42.79—
Attributable to ownersKRW 100M——155618296233284291208218125191
Attributable to minoritiesKRW 100M——0121221212
Operating margin%3.405.4911.0629.6414.6511.1712.6511.588.446.044.375.29
Net margin%1.803.297.8022.5611.729.6710.9211.137.457.464.286.45
ROE%——22.7848.8819.4013.4214.1013.018.558.234.526.68
ROA%2.534.6611.2928.1413.889.9910.6310.216.796.723.715.43
Debt ratio%139.02128.0299.5772.7639.6034.4032.7027.5125.6122.7621.6923.03
Current ratio%101.02118.17133.71162.92189.88250.80280.78302.78323.66382.28400.86402.68
Quick ratio%70.9487.2897.98128.56146.67198.15204.27239.35256.90315.36320.69325.23
Reserve ratio%249.51299.28443.431,009.751,312.711,504.551,746.332,011.872,146.842,318.382,409.282,486.41
Free cash flowKRW 100M9993101332-1422531602439128392—
FCF margin%6.255.385.0512.11-5.5610.436.129.213.239.583.14—
OCF conversion%481.31223.97133.1998.3587.40136.90124.15165.31164.13178.15205.73—
Capex to revenue%2.411.985.3510.0815.802.827.439.209.013.715.67—
Receivable daysdays—78.940.62.31.51.70.91.042.084.289.0—
Inventory daysdays—43.745.753.849.446.158.865.956.353.457.5—
Payable daysdays—55.669.472.251.145.643.944.757.368.270.3—
Cash conversion cycledays—67.016.9-16.2-0.22.215.822.241.069.476.2—
EPSKRW2605461,5126,0322,8892,2722,7702,8402,0282,1271,2211,840
PERx—19.6028.478.8218.1029.0121.7310.5618.7912.9523.9682.05
BPSKRW—5,0576,55512,16314,69816,70919,40021,54623,42725,51326,70127,552
PBRx—2.126.574.373.563.943.101.391.631.081.105.48
Dividend per shareKRW5050150300250300500500500500500—
Payout ratio%19.239.169.924.978.6513.2018.0517.6124.6523.5140.95—

Consolidated basis

Profit flowKRW 100M

Revenue
2,945
Cost of sales
2,504
Gross profit
441
SG&A expenses
312
Operating income
129
Non-operating income
17
Profit before tax
146
Net income
126
Income tax expense
19

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
1,1291,2171,3772,2002,1482,3502,6932,8753,0803,2813,403
657683687927609601664620628608606
4735346901,2741,5391,7482,0292,2542,4522,6732,796

Income statement

20152016201720182019202020212022202320242025
1,5881,7251,9932,7442,5452,4252,6222,6352,8082,9542,945
5495220813373271332305237178129
3472201812361274365333259269146
2957155619298235286293209220126
Basic earnings per shareKRW2605461,5126,032*2,8892,2722,7702,8402,0282,1271,221
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
2267*162600296236312276250272138

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement2957155619298235286293209220126
Total adjustments to operating cash flowcomputed1097052-10-388769192134172133
138127207609261321355485*343393259
-77-53-112-431-275-112-234-291-478-359-127
-77-53-60-35-44-37-38-63*-75-97-29
Cash at beginning of periodKRW 100M634465101244191358442573368315
4465101244191358442573368315422
Net change in cash and cash equivalentsKRW 100M-182135143-5316884131*-209-63104

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 70한영회계법인2025-12-31
2024적정의견Term 69한영회계법인2025-12-31
2023적정의견Term 68삼덕회계법인2025-12-31
2022적정Term 67삼덕회계법인2022-12-31
2021적정Term 66삼덕회계법인2022-12-31
2020적정Term 65삼덕회계법인2022-12-31
2019적정Term 64다산회계법인2019-12-31
2018적정Term 63회계법인지평2019-12-31
2017적정Term 62회계법인지평2019-12-31
2016적정Term 61회계법인지평2016-12-31
2015적정Term 60회계법인지평2016-12-31
2014적정Term 59회계법인지평2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.06
%
%
Cost of equity9.68%
Weighted average cost of capital9.68%
Initial growth2.7%
Effective tax rate13.4%
Base fiscal year2025
Current priceKRW158,300

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model6,639-95.8%
Dividend discount model DDM6,740-95.7%
Discounted cash flow FCFF16,284-89.7%
Discounted cash flow FCFE11,995-92.4%
Residual income model RIM8,346-94.7%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.06 × 5.00% = 9.68%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(4.52% × (1 − 40.95%), 0) = 2.67%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 500 × (1 + 2.00%) / (9.68% − 2.00%) = 510 / 0.0768 = 6,639 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 500, g_1 = 2.67%, g_T = 2.00%, r = 9.68%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.67%5130.9117468
22.50%5260.8312437
32.33%5380.7579408
42.17%5500.6910380
52.00%5610.6300353
Terminal value2.00%7,4500.63004,693
Total6,740

P_0 = 6,740 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 26,701 KRW, ROE = 4.52%, payout ratio = 40.95%, r = 9.68%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
126,7011,2062,585-1,3800.9117-1,258
227,4131,2382,654-1,4160.8312-1,177
328,1441,2712,725-1,4540.7579-1,102
428,8941,3052,798-1,4930.6910-1,032
529,6651,3392,872-1,5330.6300-966
Terminal value-20,3510.6300-12,821

P_0 = 26,701 + -5,535 + -12,821 = 8,346 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 259.4 − 166.9 + 2.0 × (1 − 13.38%) = 94.3 KRW hundred million

Weighted average cost of capital

E = 16,455.3, D = 0.0 KRW hundred million; equity weight = 100.00%, debt weight = 0.00%; cost of debt k_d = 4.40%

WACC = 100.00% × 9.68% + 0.00% × 4.40% × (1 − 13.38%) = 9.68%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.67%96.80.911788.2
22.50%99.20.831282.5
32.33%101.50.757976.9
42.17%103.70.691071.7
52.00%105.80.630066.6
Terminal value2.00%1,404.50.6300884.8
Total1,270.7

Firm value = 1,270.7; less borrowings 0.0; plus cash 422.0 → 1,692.7 KRW hundred million

P_0 = 1,692.7 KRW hundred million ÷ 10,395,000 (shares) = 16,284 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 259.4 − 166.9 + 0.0 (net borrowing) = 92.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.67%95.00.911786.6
22.50%97.30.831280.9
32.33%99.60.757975.5
42.17%101.80.691070.3
52.00%103.80.630065.4
Terminal value2.00%1,378.20.6300868.2
Total1,246.9

P_0 = 1,246.9 KRW hundred million ÷ 10,395,000 (shares) = 11,995 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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Neighbours in the market capitalisation order.

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