222800 KR · SimmtechMW GOBLIN RESEARCH

Simmtech: The Gap Between Earnings Recovery and Cash Conversion

Analysis date

Published

Key Summaries

As of 2026-10-03, earnings recovery has been confirmed, but at the query price of KRW 170,200, improvement in cash flow still needs to be verified. Considering the burden of capacity expansion and the remaining shares eligible for conversion, it is difficult to conclude that the stock is undervalued based solely on an optimistic earnings outlook.

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What this report covers

  • Growth in high value added products lifts margins
  • Cash recovery to fund capacity expansion is key