PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
After posting a large annual loss in 2025, Samick THK swung back to a quarterly operating profit in Q2 2026, driven by expanding orders for semiconductor wafer transfer robots.
Q2 2026 operating profit came in at KRW 1.69 billion, turning positive versus an operating loss of KRW 6.85 billion in the same quarter last year.
Full-year 2025 revenue was KRW 222.2 billion with an operating loss of KRW 35.46 billion and a net loss of KRW 45.0 billion, the weakest year among the four years shown.
Revenue rose for five consecutive quarters, from KRW 52.87 billion in Q2 2025 to KRW 77.68 billion in Q2 2026.
The company holds an estimated 45-50% share of the domestic LM guide/LM system market and has maintained a technology partnership with Japan's THK for over 40 years.
The company experienced a trading suspension last year related to a listing eligibility review, after which restructuring efforts were reportedly carried out.
Founded in Daegu in 1960, Samick THK evolved from files and rice dispensers into an industrial automation parts maker after entering a 1991 technology partnership with Japan's THK, becoming the first in Korea to localize LM guide production.
The business is organized into four segments-LM System, Mechatro System (robots), files, and other (industrial machinery wholesale)-with 2023 revenue mix at roughly 46.5% LM System, 36.6% Mechatro System, 1.0% files, and 15.9% other.
LM System covers LM guides and ball screws, linear-motion components used in semiconductor, display, machine tool, and battery equipment, while Mechatro System applies this technology to single/multi-axis gantry robots, wafer transfer robots (WTR), and collaborative robots.
More recently the company has been developing vacuum robots for semiconductor processes and six-axis articulated robots in cooperation with a domestic conglomerate, and targets 2026 commercialization of a strength-assist wearable robot whose technology was transferred from the Korea Institute of Science and Technology (KIST).
The controlling shareholder group is led by Chairman Jin Young-hwan and related parties, while Japan's THK holds about 33.34% as the second-largest shareholder and receives a 2% royalty on net sales.
Major customers include domestic semiconductor, display, and battery equipment makers such as Samsung Electronics, and overseas sales subsidiaries are located in China, the United States, and Poland.
Competition overlaps with Japan's THK in LM systems and with domestic robotics firms such as Doosan Robotics and Rainbow Robotics in the robot segment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩52.9B | -₩6.9B | −13.0% |
| 2025Q3 | ₩53.6B | -₩11B | −20.5% |
| 2025Q4 | ₩56.4B | -₩11.4B | −20.2% |
| 2026Q1 | ₩65.4B | -₩3.8B | −5.8% |
| 2026Q2 | ₩77.7B | ₩1.7B | 2.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩339.1B | ₩20.6B | ₩16.6B | 6.1% | 7.9% | 110.7% |
| 2023 | ₩315.6B | ₩6.9B | ₩1B | 2.2% | 0.5% | 133.7% |
| 2024 | ₩304.4B | ₩600M | ₩1.5B | 0.2% | 0.8% | 133.2% |
| 2025 | ₩222.2B | -₩35.5B | -₩45B | −16.0% | −28.6% | 149.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Samick THK's performance deteriorated for three straight years-from KRW 339.1 billion revenue and KRW 20.6 billion operating profit (6.1% margin) in 2022, to KRW 315.6 billion revenue and KRW 6.9 billion operating profit (2.2%) in 2023, to KRW 304.4 billion revenue and KRW 0.56 billion operating profit (0.2%) in 2024.
In 2025, revenue fell further to KRW 222.2 billion while the company posted an operating loss of KRW 35.46 billion and an owner net loss of KRW 45.0 billion, the largest loss of the four years shown.
Quarterly, Q2 2025 showed a sharp loss (revenue KRW 52.87 billion, operating loss KRW 6.85 billion, net loss KRW 27.10 billion), followed by Q3 (KRW 53.58 billion, operating loss KRW 10.99 billion) and Q4 (KRW 56.36 billion, operating loss KRW 11.40 billion), where the operating loss actually widened even as the net loss narrowed.
In 2026, Q1 revenue reached KRW 65.42 billion with the operating loss shrinking to KRW 3.81 billion, and Q2 revenue climbed to KRW 77.68 billion with operating profit turning positive at KRW 1.69 billion, while the net loss narrowed to roughly KRW 0.02 billion, near breakeven.
First-half 2026 consolidated revenue was confirmed at KRW 143.1 billion, up 27.5% year over year, with the operating loss narrowing from KRW 13.1 billion to KRW 2.1 billion. The company attributed the improvement to rising semiconductor capital expenditure and increased customer orders for wafer transfer robots.
Still, on a trailing four-quarter basis (Q3 2025 through Q2 2026), owner net income remains negative at roughly KRW -15.3 billion, indicating further confirmation is needed before a full recovery can be established.
In the LM guide and precision automation parts market where Samick THK operates, Japan's THK is the dominant global player with roughly 60% market share, and Samick THK has leveraged its technology partnership with THK to hold an estimated 45-50% share and the top position domestically.
End markets span semiconductor and display equipment, machine tools, and battery equipment, meaning results are closely tied to the capital expenditure cycles of these industries.
Recently, semiconductor back-end investment driven by high-bandwidth memory (HBM) expansion has emerged as a key variable pulling demand for wafer transfer robots, with reliability in handling expensive, fragile wafers acting as an important barrier to entry.
In the robotics segment, competitive and cooperative relationships have formed with domestic robotics affiliates of large conglomerates such as Doosan Robotics and Rainbow Robotics, and conglomerate investment in robotics is expanding, as seen with Samsung Electronics taking an equity stake in Rainbow Robotics.
The battery equipment segment, a past growth driver, appears to be affected by the pace adjustment in capital spending among global battery cell makers. Overall, semiconductor automation demand tied to expanding AI infrastructure is emerging as a new growth axis for robotics and precision parts makers.
The company has stated that rising semiconductor capital expenditure and increased customer orders are driving growth in wafer transfer robot bookings, which was the direct backdrop for the first-half 2026 revenue increase and the Q2 operating profit turnaround.
In an August 2026 report, SK Securities described Samick THK as a "company with substantive expectations spanning semiconductor equipment to collaborative robots" and projected that meaningful growth momentum could be confirmed in the second half, supported by rising semiconductor equipment orders.
The same report noted that following a trading suspension last year tied to a listing eligibility review, the company had strengthened management transparency and cleaned up underperforming businesses.
The company, having started with single- and multi-axis gantry robots, is developing vacuum robots for semiconductor processes and six-axis articulated robots in cooperation with a domestic conglomerate, and maintains a strategy to extend robotics applications beyond semiconductors into battery and smart-factory fields.
It also aims to commercialize a strength-assist wearable robot in 2026, based on technology transferred from KIST, making progress on this timeline worth monitoring.
However, a substantial gap remains between the mid- to long-term revenue targets the company has previously set (including an annual target of roughly KRW 700 billion) and its current revenue scale, making the timing of new-business revenue contribution a key point to watch.
The share price trades close to book value per share, so there is no pronounced discount or premium relative to net asset value at present.
On a trailing four-quarter basis the company still posts a net loss, making a standard price-to-earnings comparison difficult, and comparisons with historical trading bands from profitable periods have similar limitations.
The dividend yield runs below the industry average, and per-share dividend levels have also declined from prior years amid recent earnings weakness. With the Q2 2026 operating profit turnaround and revenue growth now confirmed, market attention appears focused on whether this trend continues in subsequent quarters.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
Q2 2026 operating profit turned positive at KRW 1.69 billion and revenue grew for five straight quarters. The company attributed the improvement to rising semiconductor capex and increased customer orders for wafer transfer robots. First-half revenue rose 27.5% year over year, making the recovery visible.
Samick THK holds an estimated 45-50% share and the top position in the domestic LM guide/LM system market, with its 40-plus-year technology partnership with Japan's THK acting as a barrier to entry. It continues to diversify into robotics by leveraging this core technology.
The company is developing new products including vacuum robots for semiconductor processes, six-axis articulated robots, and a strength-assist wearable robot, targeting 2026 commercialization via KIST technology transfer.
In an August 2026 report, SK Securities described the company as having substantive expectations spanning semiconductor equipment to collaborative robots.
The company posted an operating loss of KRW 35.46 billion and a net loss of KRW 45.0 billion in 2025, the worst result among the four years shown. Owner net income remains negative on a trailing four-quarter basis, suggesting more time is needed for a full recovery.
Performance is closely tied to the capex cycles of semiconductor and battery equipment customers, so a delay in customer order schedules can immediately affect quarterly results. The battery equipment segment, a past growth driver, appears to be affected by a recent slowdown in the pace of investment.
2025 equity fell to KRW 157.4 billion from KRW 198.8 billion a year earlier, and the debt ratio rose to 149.5% from 133.2%. A trading suspension last year tied to a listing eligibility review also remains a governance-related overhang.
A significant portion of revenue is tied to capital spending by semiconductor, display, and battery equipment customers, so delays or cutbacks in customer investment could directly affect performance.
The recent recovery relies heavily on increased orders for semiconductor wafer transfer robots, and a slowdown in that demand could reverse the trend.
The company experienced a trading suspension last year during a listing eligibility review, and while management transparency and cleanup of underperforming businesses reportedly followed, ongoing monitoring for recurrence risk is warranted.
With 2025 equity shrinking from the prior year and the debt ratio rising to 149.5%, the pace of balance-sheet improvement could slow if the recovery in semiconductor robot orders fails to continue.
Check the Q3 earnings disclosure (not yet finalized) - whether the revenue growth trend and Q2 operating profit turnaround continue is the key point to watch.
Monitor for disclosures of additional wafer transfer robot (WTR) orders tied to expanded HBM back-end investment by customers such as Samsung Electronics.
Check progress toward the 2026 commercialization target for the KIST-derived strength-assist wearable robot.
Check whether new products such as vacuum robots for semiconductor processes and six-axis articulated robots move toward mass production and customer expansion.
Samick THK's performance weakened for three consecutive years after 2022, culminating in a large loss in 2025, but signs of recovery emerged in 2026 with revenue rising for five straight quarters and operating profit turning positive in Q2.
The core driver of the recovery is expanded orders for semiconductor wafer transfer robots, which reflects the interplay between the company's leading domestic LM guide position and its robotics diversification strategy.
However, owner net income remains negative on a trailing four-quarter basis, and financial-structure burdens persist, including the 2025 contraction in equity and the rise in the debt ratio. The trading suspension last year tied to a listing eligibility review is a governance matter that warrants continued monitoring.
Some brokerages, including SK Securities, have offered a positive view of growth momentum tied to rising semiconductor equipment orders in the second half, but this reflects the view of a specific institution and requires verification through future earnings disclosures.
Ultimately, whether the Q3 2026 results and beyond sustain the Q2 profit turnaround, and when new businesses such as the wearable robot and vacuum robot begin contributing to revenue, are likely to be the key variables for future assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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