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S.Y.PANEL Co Ltd (109610) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of S.Y.PANEL Co Ltd KRW 2,427, price KRW 1,883, upside +28.9%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · KR · ISIN KR7109610006

SY Thin data Oct 3, 2026

S.Y.PANEL Co Ltd

109610 · KQ

SpeculativeUpside exists, but weak quality makes the signal speculative.

Fair value 2,427 KRW · Undervalued (+28.9%)
Low debt
10.6% dividend yield · Watch coverage
Quality 38/100
Weak Growth (revenue 5y +10.1 %/yr in KRW)
Loss-making · -2.7% net margin (TTM)
Negative free cash flow
Trails peers (3/9)
Narrow moat 20/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

7,001 KRW 1,580 KRW Fair Value 2,427 KRW May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range 1,580 KRW – 7,001 KRW · fair‑value band 1,811 KRW – 2,427 KRW · the 1,883 KRW price screens below the 2,427 KRW fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Sy Co., Ltd. engages in the production and sale of architectural materials for buildings in South Korea. It offers external panel systems, rigid polyurethane foam insulators, pre-painted steel sheets, deck plates, and slim brick rail systems.

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Sy Co., Ltd. engages in the production and sale of architectural materials for buildings in South Korea. It offers external panel systems, rigid polyurethane foam insulators, pre-painted steel sheets, deck plates, and slim brick rail systems. The company is also involved in the generation of electricity through solar projects, as well as engages in architectural and construction business. In addition, it offers non-combustible and fireproof panels, EPS and G/W panels, PIR and aluminum composite panels, panel accessories, rigid polyurethane boards, windows, doors, PCM steel sheets, printed steel sheets, VCM steel sheets, CCL facilities, modular houses, deck sheets, amorphous solar modules, structured insulated panels, ESS, inverters, internal and external finishing materials, etc. The company was formerly known as S.Y.Panel Co.,Ltd. Sy Co., Ltd. was founded in 1994 and is based in Suwon-si, South Korea.

Stock analysis

S.Y.PANEL Co Ltd (109610) currently trades at 1,883 KRW, while our model-based Fair Value estimate is 2,427 KRW, implying the stock looks roughly 22.4% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 80/100, which puts the evidence level at low.

Scenario range: 1,811 KRW (bear) to 2,427 KRW (bull), the price of 1,883 KRW sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 38/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

S.Y.PANEL Co Ltd reported revenue of 502B KRW in FY2025 versus 424B KRW in FY2021, a compound +4.3%/yr. Reported net income was −14.1B KRW in FY2025.

Key figures

Market cap 89.9B KRW (≈ $66.9M) · P/S ratio 0.18 · Dividend yield 10.6% · Net margin −2.8% · Return on equity −7.0% · Return on assets (EBIT) 2.3% · Operating margin −1.0% · Revenue (TTM) 512B KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 42% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −19% fair-value upside, at 29%, 109610 screens cheaper than that median.

Fair Value models

Bear 1,811 KRW Fair Value 2,427 KRW Bull 2,427 KRW
Price 1,883 KRW · Upside +28.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EV/EBITDA 2,022 KRW 2,392 KRW 2,762 KRW 67
NCAV (Graham) 1,820 KRW 2,439 KRW 3,640 KRW 54
All 2 models by family
Multiples
EV/EBITDA 2,022 KRW 2,392 KRW 2,762 KRW 67
Asset-Based
NCAV (Graham) 1,820 KRW 2,439 KRW 3,640 KRW 54

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Quality Score breakdown

Overall quality 38/100

Of which business quality 38 · Market factors (momentum, volatility) 26

Profitability 20
Margins and returns on capital today
Quality Growth 4
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 29/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−10.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−4.5% (2020) → −1.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Products & Equipment · 256 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside +28.9% · Top 25%
Profitability
Return on assets −0.9% · Bottom 25%
Net margin (TTM) −2.7% · Bottom 25%
Operating margin (TTM) −1.0% · Bottom 25%
Growth and dividend
Revenue growth 8.6% · Above median
Dividend yield (TTM) 10.6% · Top 25%
Balance sheet
Debt / equity 0.11× · Above median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)72 · sector 10
FUTURE (revenue growth)43 · sector 20
PAST (return on equity)0 · sector 24
HEALTH (low debt)94 · sector 95
DIVIDEND (yield)100 · sector 42

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $451.98 $215.45 −52%
Johnson Controls International plc JCI $156.24 $39.93 −74%
Carrier Global Corporation CARR $55.38 $19.38 −65%
Compagnie de Saint-Gobain S.A SGO €67.10 €93.79 +40%
Geberit AG GEBN CHF 538.00 CHF 303.40 −44%
Kingspan Group KRX €97.05 €68.47 −29%
Masco Corporation MAS $68.85 $56.94 −17%
Carlisle Companies Incorporated CSL $325.21 $347.14 +7%
Lennox International Inc LII $356.30 $302.52 −15%
Madison Air Solutions Corporation MAIR $24.97 $20.32 −19%

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S.Y.PANEL Co Ltd · Fair Value
2,427 KRW +22%Fair Value
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Cite: Fair Value Calculator (2026). "S.Y.PANEL Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/109610

Frequently asked questions

Is S.Y.PANEL Co Ltd (109610) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 2,427 KRW versus a price of 1,883 KRW, about +29% upside (undervalued).
What is the fair value of 109610?
Our model-based fair value for S.Y.PANEL Co Ltd is 2,427 KRW (as of Oct 3, 2026), built from audited fundamentals. The current price: 1,883 KRW.
What is the quality score of 109610?
S.Y.PANEL Co Ltd has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for S.Y.PANEL Co Ltd (109610)?
Our model-based price target is the fair value of 2,427 KRW (as of Oct 3, 2026) from 2 valuation models. Cautious scenario 1,811 KRW, optimistic scenario 2,427 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the S.Y.PANEL Co Ltd stock forecast for 2026?
Our models put fair value at 2,427 KRW, about +29% upside versus a price of 1,883 KRW (undervalued). Cautious scenario 1,811 KRW, optimistic scenario 2,427 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of S.Y.PANEL Co Ltd (109610)?
S.Y.PANEL Co Ltd reported trailing-twelve-month revenue of about 512B KRW (latest available figure, as of Oct 3, 2026).
Does S.Y.PANEL Co Ltd pay a dividend?
S.Y.PANEL Co Ltd currently shows a dividend yield of about 10.62% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of S.Y.PANEL Co Ltd (109610)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For S.Y.PANEL Co Ltd it is 2,427 KRW per share (as of Oct 3, 2026), against a price of 1,883 KRW. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is S.Y.PANEL Co Ltd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 109610 trades below its calculated fair value: price 1,883 KRW, fair value 2,427 KRW, a gap of about +29% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 109610?
No. The price is what the market pays today (1,883 KRW); the fair value is what the company's own numbers justify (2,427 KRW). For S.Y.PANEL Co Ltd the two are 544.17 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is S.Y.PANEL Co Ltd worth?
The market values S.Y.PANEL Co Ltd at about 89.9B KRW (market capitalisation, as of Oct 3, 2026). Per share that is 1,883 KRW; our models calculate a fair value of 2,427 KRW per share.
What do the bullish and bearish scenarios say about 109610?
Our models span a range for S.Y.PANEL Co Ltd: cautious scenario 1,811 KRW, base 2,427 KRW, optimistic 2,427 KRW per share (as of Oct 3, 2026, price 1,883 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of S.Y.PANEL Co Ltd (109610)?
Balance-sheet figures for S.Y.PANEL Co Ltd (as of Oct 3, 2026): return on equity −7.0%, debt of 0.11 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 109610 from its 52-week high?
S.Y.PANEL Co Ltd trades at 1,883 KRW, about 42% below its 52-week high of 3,262 KRW and 19% above the low of 1,580 KRW (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 2,427 KRW is for.
Which stocks are comparable to S.Y.PANEL Co Ltd?
From the same area (Industrials) we also value Trane Technologies plc, Johnson Controls International plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is S.Y.PANEL Co Ltd stock attractive at the current price?
The data as of Oct 3, 2026: price 1,883 KRW, calculated fair value 2,427 KRW (+29%), Quality Score 38/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 109610 calculated?
We run S.Y.PANEL Co Ltd through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 2,427 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. S.Y.PANEL Co Ltd currently trades 22 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of S.Y.PANEL Co Ltd (109610)?
The closing price on Oct 2, 2026 was 1,883 KRW. Our model-based fair value is 2,427 KRW, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with S.Y.PANEL Co Ltd right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of S.Y.PANEL Co Ltd

How large is the market capitalisation of S.Y.PANEL Co Ltd (109610)?
The market capitalisation of S.Y.PANEL Co Ltd is 89.9B KRW (≈ $66.9M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of S.Y.PANEL Co Ltd (109610)?
The price-to-sales ratio of S.Y.PANEL Co Ltd is 0.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of S.Y.PANEL Co Ltd (109610)?
The dividend yield of S.Y.PANEL Co Ltd is 10.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of S.Y.PANEL Co Ltd (109610)?
The net margin of S.Y.PANEL Co Ltd is −2.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of S.Y.PANEL Co Ltd (109610)?
The return on equity (ROE) of S.Y.PANEL Co Ltd is −7.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of S.Y.PANEL Co Ltd (109610)?
On an EBIT basis the return on assets of S.Y.PANEL Co Ltd is 2.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of S.Y.PANEL Co Ltd (109610)?
The operating margin of S.Y.PANEL Co Ltd is −1.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at S.Y.PANEL Co Ltd (109610)?
Revenue at S.Y.PANEL Co Ltd is growing +8.6% versus a year earlier (3y avg −2.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at S.Y.PANEL Co Ltd (109610)?
Earnings per share at S.Y.PANEL Co Ltd are growing +63.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does S.Y.PANEL Co Ltd (109610) generate?
The free cash flow of S.Y.PANEL Co Ltd is −25.3B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does S.Y.PANEL Co Ltd (109610) carry?
The net debt of S.Y.PANEL Co Ltd is 84.9B KRW (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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