New Risk • Mar 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.3% Last year net profit margin: 1.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (₩47.2b market cap, or US$31.5m). Announcement • Feb 20
Sangshin Electronics Co., Ltd., Annual General Meeting, Mar 25, 2026 Sangshin Electronics Co., Ltd., Annual General Meeting, Mar 25, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 16-34, bonsan-ro 269beon-gil, jinyeong-eup, gyeongsangnam-do, gimhae South Korea Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩83.00 (vs ₩27.00 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩83.00 (up from ₩27.00 loss in 3Q 2024). Revenue: ₩32.4b (up 14% from 3Q 2024). Net income: ₩1.28b (up ₩1.67b from 3Q 2024). Profit margin: 4.0% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Oct 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (₩62.3b market cap, or US$43.6m). Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩3,910, the stock trades at a trailing P/E ratio of 49x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 27% over the past three years. New Risk • Aug 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.0% Last year net profit margin: 2.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (₩46.8b market cap, or US$33.6m). Announcement • May 28
Sangshin Electronics Co., Ltd. announced that it has received KRW 4.999998432 billion in funding from MNtech Co., Ltd. On May 28, 2025, Sangshin Electronics Co., Ltd. closed the transaction, Announcement • May 13
Sangshin Electronics Co., Ltd. announced that it expects to receive KRW 4.999998432 billion in funding from MNtech Co., Ltd. Sangshin Electronics Co., Ltd. announced a private placement that it will issue 1,680,107 common shares of the company at an issue price of KRW 2,976 per share for the gross proceeds of up to KRW 4,999,998,432 on May 13, 2025. The transaction will include participation from a returning investor, MNtech Co., Ltd. for 1,680,107 shares. The company will issue shares through third-party allotment. The transaction is expected to be close on May 28, 2025 and the transaction has been approved by the board of directors of the company. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ₩169 (vs ₩157 in FY 2023) Full year 2024 results: EPS: ₩169 (up from ₩157 in FY 2023). Revenue: ₩125.0b (up 14% from FY 2023). Net income: ₩2.41b (up 7.5% from FY 2023). Profit margin: 1.9% (down from 2.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Sangshin Electronics Co., Ltd., Annual General Meeting, Mar 19, 2025 Sangshin Electronics Co., Ltd., Annual General Meeting, Mar 19, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 16-34, bonsan-ro 269beon-gil, jinyeong-eup, gyeongsangnam-do, gimhae South Korea New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (₩39.9b market cap, or US$27.8m). New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.4% Last year net profit margin: 5.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (₩48.8b market cap, or US$36.1m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩40.00 (vs ₩5.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩40.00 (up from ₩5.00 in 2Q 2023). Revenue: ₩34.2b (up 29% from 2Q 2023). Net income: ₩568.7m (up ₩501.8m from 2Q 2023). Profit margin: 1.7% (up from 0.3% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,000, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 37% over the past three years. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: ₩157 (vs ₩79.00 in FY 2022) Full year 2023 results: EPS: ₩157 (up from ₩79.00 in FY 2022). Revenue: ₩109.7b (down 1.5% from FY 2022). Net income: ₩2.24b (up 99% from FY 2022). Profit margin: 2.0% (up from 1.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩4,870, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total loss to shareholders of 1.9% over the past three years. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩69.4b market cap, or US$51.8m). Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,390, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 14% over the past three years. Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: ₩14.00 (vs ₩64.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩14.00 (down from ₩64.00 in 3Q 2022). Revenue: ₩26.9b (down 2.5% from 3Q 2022). Net income: ₩197.1m (down 78% from 3Q 2022). Profit margin: 0.7% (down from 3.3% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩5,050, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 59% over the past three years. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 14% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (₩61.0b market cap, or US$45.5m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ₩5.00 (vs ₩322 loss in 2Q 2022) Second quarter 2023 results: EPS: ₩5.00 (up from ₩322 loss in 2Q 2022). Revenue: ₩26.5b (down 6.5% from 2Q 2022). Net income: ₩66.9m (up ₩4.65b from 2Q 2022). Profit margin: 0.3% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩7,540, the stock trades at a trailing P/E ratio of 77x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 131% over the past three years. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: ₩50.00 (vs ₩32.00 in 1Q 2022) First quarter 2023 results: EPS: ₩50.00 (up from ₩32.00 in 1Q 2022). Revenue: ₩31.2b (up 4.9% from 1Q 2022). Net income: ₩718.6m (up 60% from 1Q 2022). Profit margin: 2.3% (up from 1.5% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩4,910, the stock trades at a trailing P/E ratio of 62.2x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,480, the stock trades at a trailing P/E ratio of 56.7x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 65% over the past three years. Reported Earnings • Mar 14
Full year 2022 earnings released: EPS: ₩79.00 (vs ₩146 in FY 2021) Full year 2022 results: EPS: ₩79.00 (down from ₩146 in FY 2021). Revenue: ₩111.3b (up 8.1% from FY 2021). Net income: ₩1.12b (down 46% from FY 2021). Profit margin: 1.0% (down from 2.0% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩64.00 (vs ₩47.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩64.00 (up from ₩47.00 in 3Q 2021). Revenue: ₩27.6b (up 6.8% from 3Q 2021). Net income: ₩907.6m (up 35% from 3Q 2021). Profit margin: 3.3% (up from 2.6% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩3,385, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 7.7% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩3,730, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 17x in the Electronic industry in South Korea. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩3,630, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 7.2% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,910, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 15% share price gain to ₩5,570, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 25x in the Electronic industry in South Korea. Negligible returns to shareholders over past three years. Reported Earnings • Mar 14
Full year 2020 earnings released: EPS ₩145 (vs ₩176 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩86.5b (up 5.5% from FY 2019). Net income: ₩2.07b (down 17% from FY 2019). Profit margin: 2.4% (down from 3.1% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Feb 25
Sangshin Electronics Co., Ltd., Annual General Meeting, Mar 24, 2021 Sangshin Electronics Co., Ltd., Annual General Meeting, Mar 24, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 05
New 90-day high: ₩5,580 The company is up 56% from its price of ₩3,580 on 06 November 2020. The South Korean market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 40% over the same period. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩4,400, the stock is trading at a trailing P/E ratio of 31.9x, down from the previous P/E ratio of 38.6x. This compares to an average P/E of 28x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 35%. Is New 90 Day High Low • Dec 24
New 90-day high: ₩5,080 The company is up 53% from its price of ₩3,330 on 25 September 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 30% share price gain to ₩5,080, the stock is trading at a trailing P/E ratio of 36.9x, up from the previous P/E ratio of 28.3x. This compares to an average P/E of 27x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 14%. Is New 90 Day High Low • Nov 11
New 90-day high: ₩4,030 The company is up 6.0% from its price of ₩3,810 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₩3,965 The company is up 16% from its price of ₩3,415 on 16 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period.