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Samsung SDI Co Ltd 006400

Morningstar Rating
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Stock XKRX Rating as of
KRW 429,000.00 −1,500.00 (0.35%)
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As of Delayed Price Closed
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Company Report

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Samsung SDI Earnings: Margin Remained Weak Amid Reduced EV Outlook and Lithium Price Decline

Vincent Sun

Samsung SDI’s March-quarter revenue and operating profit missed our expectations. While sales of medium and large batteries for electric vehicles, or EVs, recorded a single-digit year-on-year growth, on our estimate, demand for cylindrical batteries and energy storage system, or ESS, batteries stayed sluggish during the quarter. Operating margin declined across all major battery segments, as the drop in the lithium price negatively affected product pricing and profitability. We lower our 2024-28 revenue estimates by 7%-10% mainly due to a reduced outlook for EV battery and energy storage battery demand. To factor in margin weakness, we reduce our 2024-28 operating income forecasts by 8%-11%.

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Price vs Fair Value

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006400 is trading at a 61% premium.
Price
KRW 428,999.92
Fair Value
KRW 759,695.00
Uncertainty
High
1-Star Price
KRW 394,659.00
5-Star Price
KRW 889,787.00
Economic Moat
Fntbj
Capital Allocation
Kprmqtx

Bulls Say, Bears Say

Bulls

Owing to robust demand, the auto battery business will reach a double-digit operating margin in the midterm and continue to drive Samsung SDI's margin expansion.

Bears

The profitability of auto batteries will not improve as expected because of the heavy upfront costs and lower production yields.

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Trading Information

Previous Close Price
KRW 430,500.00
Day Range
KRW 427,000.00–435,500.00
52-Week Range
KRW 354,000.00–745,000.00
Bid/Ask
KRW 430,500.00 / KRW 430,000.00
Market Cap
KRW 28.69 Tril
Volume/Avg
144,928 / 464,274

Key Statistics

Price/Earnings (Normalized)
13.77
Price/Sales
1.24
Dividend Yield (Trailing)
0.23%
Dividend Yield (Forward)
0.23%
Total Yield
0.23%

Company Profile

Samsung SDI is one of the top suppliers of lithium-ion rechargeable batteries, providing cylindrical batteries for consumer electronics products such as laptops, polymer rechargeable batteries for smartphones and tablets, and has been focusing its resources to establish its footprint on automotive rechargeable batteries. The company is the second-largest supplier of batteries for consumer electronics products, and the seventh player on automotive batteries. The company also offers electronic materials for semiconductors and flat-panel displays, making it an important internal supplier for Samsung Electronics.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Large Core
Total Number of Employees
12,161
Website
http://www.samsungsdi.co.kr

Competitors

Valuation

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Metric
006400
300750
6762
Price/Earnings (Normalized)
 13.7717.8229.05
Price/Book Value
 1.554.431.59
Price/Sales
 1.242.001.29
Price/Cash Flow
 9.237.838.32
Price/Earnings
006400
300750
6762

Financial Strength

Metric
006400
300750
6762
Quick Ratio
 0.63—1.21
Current Ratio
 1.08—1.67
Interest Coverage
 9.78—3.77
Quick Ratio
006400
300750
6762

Profitability

Metric
006400
300750
6762
Return on Assets (Normalized)
 6.53%6.11%3.73%
Return on Equity (Normalized)
 12.10%22.01%7.92%
Return on Invested Capital (Normalized)
 9.35%11.60%5.36%
Return on Assets
006400
300750
6762
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