PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
Sammok S-Form, the leading domestic aluminum formwork maker, saw revenue and profit shrink sharply after peaking in 2023, posting three straight quarters of operating losses, with the lag between a housing-start recovery and actual revenue now the key thing to watch.
No.1 domestic market share in aluminum forms, with a manufacturing-plus-rental circular model spanning gang forms, system forms and specialty forms
Revenue fell sharply from KRW 439.39bn (28.3% operating margin) in 2023 to KRW 316.99bn (2.0% margin) in 2025
Three consecutive quarters of operating losses from 2025Q4 to 2026Q2, though owners' net income turned positive again in 2026Q1 and Q2
Debt ratio of a solid 17.3%, but a payout ratio below the industry average has fueled ongoing friction with minority shareholders
A September 2025 tender offer by the controlling shareholder group raised affiliate ownership to 76.53%, drawing market attention to listing-status questions
Sammok S-Form was established in 1985 and listed on KOSDAQ in 1996 as a specialist manufacturer and rental provider of construction formwork. The company produces aluminum forms, gang forms, system forms and specialty forms supplied as materials for interior and exterior wall construction.
In 2021 it absorbed the manufacturing and processing business of S-Form Co., Ltd., building a circular structure linking sales and rental with in-house production. The company is understood to have held the No.1 domestic market share in aluminum formwork for an extended period.
Its main customers are large and mid-tier construction companies, supplying products to a wide range of residential and commercial sites including apartments and mixed-use buildings.
The controlling shareholder is the unlisted affiliate S-Form Co., mostly owned by the founding family, holding a 38.80% stake, with Chairman Kim Jun-nyeon (12.75%) and affiliate SVC (4.03%) adding to a founder-centered ownership structure with a high combined related-party stake.
In September 2025, controlling shareholder S-Form and affiliate SVC jointly acquired an additional 1.4 million shares (9.52%) through a tender offer, raising the related-party stake from 67% to 76.53%.
Competitively, new-generation aluminum formwork—offering reusability and shorter construction periods versus traditional wooden Euro forms—is in a trend of gradually displacing the older method.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩92B | ₩9.5B | 10.3% |
| 2025Q3 | ₩74.4B | ₩800M | 1.1% |
| 2025Q4 | ₩72.2B | -₩10.9B | −15.1% |
| 2026Q1 | ₩73.3B | -₩6.1B | −8.3% |
| 2026Q2 | ₩82.9B | -₩3.1B | −3.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩337.7B | ₩68.1B | ₩58.5B | 20.2% | 13.1% | 46.0% |
| 2023 | ₩439.4B | ₩124.1B | ₩119.4B | 28.3% | 20.8% | 28.7% |
| 2024 | ₩401.9B | ₩75.3B | ₩73.4B | 18.7% | 11.4% | 21.2% |
| 2025 | ₩317B | ₩6.4B | ₩10.2B | 2.0% | 1.6% | 17.3% |
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
Annual revenue peaked at roughly KRW 439.39bn in 2023 (28.3% operating margin) after rising from about KRW 337.69bn in 2022, then slowed to about KRW 401.90bn (18.7% margin) in 2024 and fell further to about KRW 316.99bn in 2025, with the operating margin collapsing to 2.0% (operating profit of about KRW 6.44bn).
Owners' net income likewise dropped sharply, from roughly KRW 119.38bn in 2023 and KRW 73.40bn in 2024 to about KRW 10.23bn in 2025. According to FnGuide, on a cumulative nine-month basis through Q3 2025 consolidated revenue fell 20.8% year-on-year, operating profit dropped 72.3%, and net income declined 75.5%.
Reduced housing-start volumes, intensified order competition that pressured contract prices, lending-rate regulation and weaker consumer sentiment amid political uncertainty were cited as factors behind the revenue decline.
By quarter, revenue fell from about KRW 92.02bn with operating profit of about KRW 9.52bn (roughly 10.3% margin) in 2025Q2 to about KRW 74.43bn with operating profit of only about KRW 0.83bn (about 1.1% margin) in 2025Q3, before swinging to an operating loss of about KRW 10.88bn on revenue of about KRW 72.24bn in 2025Q4.
Operating losses continued into 2026, with revenue of about KRW 73.25bn and an operating loss of about KRW 6.10bn in Q1, and revenue of about KRW 82.88bn with an operating loss of about KRW 3.06bn in Q2—three consecutive loss-making quarters, though the loss size gradually narrowed.
Owners' net income nevertheless turned positive for two straight quarters, at about KRW 1.18bn in 2026Q1 and about KRW 2.36bn in 2026Q2, creating a divergence between operating and net results whose detailed non-operating composition was not separately disclosed.
Operating cash flow of about KRW 41.47bn in 2025 exceeded net income, indicating relatively resilient cash generation, while the debt ratio steadily improved from 46.0% in 2022 to 17.3% in 2025.
Domestic housing-start volumes have cumulatively declined since 2022, and weak leading construction indicators are noted to affect revenue for roughly three years given the industry's production cycle.
The Research Institute for Construction Policy forecast that construction investment fell about 9.0% to KRW 264 trillion in 2025, and would see only a limited rebound of about 2% to KRW 269 trillion in 2026.
Recent Ministry of Land, Infrastructure and Transport data show that housing starts nationwide from January to July 2026 totaled 138,383 units, up 11.1% year-on-year, while completions over the same period fell 41.4% to 135,513 units, highlighting a pronounced gap between starts and completions.
The building-materials industry views the typical three-year lag from start to completion as meaning that increased starts take time to show up as actual revenue.
In this environment, Sammok S-Form is seen as positioned to benefit from its No.1 market share in aluminum forms and from the ongoing substitution of new-generation aluminum formwork for traditional wooden Euro forms, given its reusability and shorter construction-time advantages.
However, intensified order competition and falling contract prices amid the broader start decline mean it remains uncertain whether a revenue recovery will directly translate into margin recovery.
The government set the 2026 SOC budget at KRW 27.5 trillion, up 7.9% (KRW 2 trillion) from the prior year, and is pursuing policies such as new land supply and expanded public-housing starts to encourage delayed construction projects to proceed.
The Construction Industry Research Institute and other bodies forecast that 2026 construction investment will see only a limited rebound of about 2% following 2025's sharp 9.0% contraction, judging that a full recovery will take more time.
Cumulative housing starts of 11.1% year-on-year growth in January-July 2026 are a positive sign, but completions fell 41.4% over the same period, indicating a lag before this feeds through to results.
At the company level, no specific quantitative guidance or new capacity-expansion plans have been publicly confirmed, and its large existing pool of formwork assets is seen as continuing to provide a stable rental revenue base.
On shareholder returns, the company has stated it plans to explore dividend policy from multiple angles, leaving future changes to payout policy as a point to watch.
On governance, the controlling shareholder group's September 2025 stake increase via tender offer has kept market attention focused on the question of continued listing.
The current share price appears to trade at a discount to book value, a pattern that can be read as reflecting the sharp earnings slowdown seen since 2025.
By contrast, the price-to-earnings multiple sits well above the level seen in the higher-profit years before 2023, largely because the denominator—net income over the most recent four quarters—has shrunk substantially from its earlier peak.
On the dividend side, the company's payout ratio is understood to have remained below the KOSDAQ average, and its dividend yield is likewise assessed as running below the sector average.
Retained earnings have accumulated to a large scale, but the pace of translating that into shareholder returns has been described as slow, a point frequently raised in valuation discussions.
Overall, solid financial health (a low debt ratio) and a sizeable net-asset base coexist with the recent earnings trajectory—moving from losses toward a modest net-income recovery—and dividend-policy uncertainty, both of which need to be weighed together.
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
The debt ratio steadily improved from 46.0% in 2022 to 17.3% in 2025, strengthening financial soundness. Operating cash flow of about KRW 41.47bn in 2025 exceeded net income, maintaining cash-generation capacity.
Shareholders' equity grew from about KRW 447.46bn in 2022 to about KRW 653.52bn in 2025, expanding the capital base. This is seen as providing a financial buffer even during a period of sector weakness.
The company is understood to have maintained the No.1 domestic market share in aluminum formwork. The gradual substitution of new-generation aluminum formwork for traditional wooden Euro forms has been cited as a factor that softened the pace of revenue decline.
The recent return to double-digit growth in housing starts can also be read as a potential demand-recovery signal.
The government expanded the 2026 SOC budget from the prior year and is pursuing policies including expanded housing supply in the Seoul metropolitan area. Nationwide housing starts from January to July 2026 rose 11.1% year-on-year.
If this trend continues, it has the potential to positively affect demand for early-process materials such as aluminum forms.
The 2025 operating margin fell sharply to 2.0% from 28.3% in 2023, and the company posted three consecutive quarters of operating losses from 2025Q4 through 2026Q2.
According to FnGuide, revenue, operating profit and net income each fell by double-digit percentages or more on a cumulative nine-month basis through Q3 2025. The loss has gradually narrowed but has not yet been eliminated.
Domestic housing starts recovered in 2026, but completions over the same period fell sharply instead. Given the typical three-year lag from start to completion, there is a delay before increased starts actually translate into formwork demand and revenue.
Order competition and falling contract prices stemming from the earlier decline in starts are proceeding simultaneously, making it uncertain whether a revenue recovery will directly translate into margin improvement.
Despite accumulating large retained earnings, the company's payout ratio has been noted to remain below the KOSDAQ average. Minority shareholders have repeatedly pursued shareholder proposals calling for higher dividends and treasury-share cancellation.
Following the controlling shareholder group's September 2025 stake increase via tender offer, some market participants have raised concerns about the possibility of a delisting.
It has been noted that the accumulated decline in housing starts can affect revenue for roughly three years given the industry's production cycle. If regional construction slumps and the divide between the Seoul metro area and other regions persist, the overall pace of demand recovery could remain limited.
With the related-party stake expanded to 76.53%, delisting speculation has emerged, creating uncertainty around minority shareholder rights. Calls for expanded shareholder returns such as higher dividends continue, but the timing and scale of any actual policy change have not been confirmed.
Intensified order competition amid the decline in housing starts has been pressuring contract prices, which could remain a margin headwind even during a revenue recovery.
Given the divergence between operating losses and positive net income seen in 2026Q1-Q2, continued monitoring of the qualitative composition of earnings is warranted.
2026Q3 earnings are due to be disclosed — check whether operating income turns positive and the pace of any revenue recovery.
Check whether housing starts, presales and completions continue to recover and whether the lag with completions narrows.
Check whether the payout ratio is raised and whether there is any substantive change in shareholder-return policy.
Check for any additional disclosures on changes in related-party ownership or matters concerning continued listing status.
Sammok S-Form has long held the No.1 share of the domestic aluminum formwork market, but after its earnings peak in 2023—revenue of about KRW 439.39bn with a 28.3% operating margin—it saw a sharp earnings slowdown to revenue of about KRW 316.99bn and a 2.0% operating margin in 2025.
It posted three consecutive quarters of operating losses from 2025Q4 through 2026Q2, though the loss narrowed over time, while owners' net income turned positive again in both 2026Q1 and Q2.
Financially, the debt ratio has fallen to a low 17.3% and cash generation has held up, leaving balance-sheet health relatively solid.
On the sector side, housing starts have recovered in 2026 even as completions have fallen sharply, creating a pronounced lag between starts and revenue that will need to be confirmed through data before it feeds through to actual sales and margins.
On governance and shareholder returns, friction with minority shareholders over a low payout ratio has persisted, and market attention to the question of continued listing has continued following the controlling shareholder group's September 2025 stake increase via tender offer.
Taken together, the stock sits at a juncture where the direction of earnings recovery, the timing lag in the sector recovery, and governance risk are all intertwined.
Report written 2026-09-05 · Data as of 2026-09-04
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