A $90 million Korean filing says Sanmina's AI racks are still selling. The tape says otherwise.
A Korean supplier's mandatory filing shows a third straight year of data-center orders flowing to Sanmina's India operations, worth about $90 million, even as the stock shed 30.4% in four weeks. Both camps get tested at the November 9 fiscal-year report.
Vincent Jiang · 3 min read
On October 21, a small Korean component maker named Vinatech halted trading of its own shares under a KOSDAQ rule that forces disclosure of outsized contracts 1. The reason: a supply deal worth 119.47 billion won, about $90 million, to ship supercapacitors, the backup-power parts inside server racks, to Sanmina+4.98% — Sanmina, up 4.98 percent today for data centers in India 1. The contract equals 145.30% of Vinatech's entire 2025 revenue, and it is the third consecutive year the two companies have signed a deal like this 1.
That filing is a paper trail most American investors never read. It says orders are still reaching Sanmina's India operations, 14 months after Sanmina paid AMD $2.4 billion in cash plus 1,151,052 shares, with up to $450 million more contingent, to buy ZT Systems' data-center manufacturing business and become a preferred rack maker for AMD's+2.41% — AMD, up 2.41 percent today AI clusters 4.
Revenue doubled. The stock fell anyway.
The delivered numbers back the filings. Fiscal Q3 2026 revenue came in at $3.46 billion, up 69.7% year over year, and non-GAAP diluted EPS of $3.31 beat the $2.77 consensus 5. Management guided fiscal 2026 revenue up to $14.0 billion to $14.3 billion and called demand "strong" for fiscal 2027 and into 2028 5.
Sanmina's revenue doubled the year after it bought ZT Systems
Data
| Revenue ($B) | |
|---|---|
| Q1 '24 | $1.84B |
| Q2 '24 | $1.84B |
| Q3 '24 | $2.02B |
| Q4 '24 | $2.01B |
| Q1 '25 | $1.98B |
| Q2 '25 | $2.04B |
| Q3 '25 | $2.1B |
| Q4 '25 | $3.19B |
| Q1 '26 | $4.01B |
| Q2 '26 | $3.46B |
The tape tells the other story. SANM closed at $229.04 on October 2, a $12.3 billion market cap, with the average analyst price target already sitting below it at $198.33 6.
Four weeks later the stock had lost 30.4%, trading at an RSI of 25.99, deep in oversold territory, and the market cap at the October 20 peak alert had shrunk to about $9.06 billion 23. A market cap drop of roughly $3 billion against a quarter that beat estimates is the whole argument in one line: the market has stopped paying an AI price for an EMS assembler, whatever the order book says 23.
Both camps have receipts
Zacks rates SANM a #2 Buy and notes consensus EPS estimates were raised 2.1% over the last 30 days, the buyers' case that the selling has exhausted itself 2. The sellers' case: even 69.7% growth rides on a customer concentration and thin-margin assembly model that Wall Street Zen cut from strong buy to buy, and analysts never chased the stock up 6.
The dispute gets a referee on November 9, when Sanmina reports fiscal Q4 and full-year 2026 results 3. The company guided to $3.3 billion to $3.6 billion in revenue and EPS of $3.05 to $3.35 5. What matters more than the beat is the backlog line: if three consecutive years of Indian supercapacitor orders show up as contracted demand, the filing trail was right. If the momentum builds as management promised 5, the discount was the trade. The tell arrives November 9 at 5:00 PM ET 5.
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