Samyang Holdings (000070) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samyang Holdings is a holding company that owns stakes in subsidiaries, with consolidated revenue of about ₩3.3 trillion built from food materials such as sugar, starch sugars, and allulose and specialty chemicals such as ion-exchange resins and engineering plastics at its core subsidiary Samyang Corporation, plus PET-bottle packaging at Samyang Packaging and others. A turn to profit was confirmed in Q1 2026, and the 2025 annual loss was concentrated in one-off Q4 losses rather than operating damage, while at the March shareholders' meeting a dividend of ₩3,500 per share (about 6.4%) was handled, though in May a subsidiary's fine-imposition item was corrected in several filings. What stands out lately is that, as long as operating profit continues and one-off factors clear, undervaluation signals across assets, earnings, and dividends - P/B of 0.23x, a low forward P/E, and a 6.4% dividend - come back to life together, whereas the recurrence of one-off losses and subsidiary-sanction risk remain, and the market-cap discount to listed stakes held (about 14%) is shallower than the holding-company average.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- Revenue fell 1.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.6% higher than a year earlier.
- ROE is -10.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2019-12-31
Largest shareholder Kim Won 5.81% (individual)
Controlling bloc incl. related parties 34.59%
With the controlling bloc holding 35%, the ownership structure is stable.
Net asset value (NAV) assessment
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Samyang Corporation | 61.83% |
| Samyang NC Chem | 59.97% |
🔎 In-depth analysis Reading
Samyang Holdings is not a company that sells products directly but a holding company that owns stakes in subsidiaries. The core of the company's value is the business of its main subsidiary, Samyang Corporation. Samyang Corporation makes most of its revenue from food materials such as sugar, starch sugars, and allulose (one of Korea's leading sugar refiners) and from specialty chemicals such as ion-exchange resins and engineering plastics. Add to this Samyang Packaging, which does PET-bottle and aseptic-fill packaging, and chemical-materials affiliates, and consolidated revenue comes to roughly ₩3.3 trillion. Accordingly, rather than viewing this company as a single "food & beverage" or "chemicals" sector name, it is better understood as a parent company that gathers stakes in a group running food-materials and chemical businesses together.
The latest close is ₩58,800 and the market capitalization is ₩456.5 billion. The price sits above its 20-day moving average (₩56,685) and above its 60-day moving average (₩56,653). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 58.2, a neutral level. The one-month change is +1.9%, the three-month change is -11.2%, and the position relative to the 52-week high is -44.4%. Relative strength versus the KOSPI is 17 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 16% of all stocks. Over the past three months it outpaced the index by 6.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Because confirmed annual (2025) net profit is a loss, the P/E ratio on past earnings (how many times one year's profit the price represents) cannot be computed. That said, this loss was concentrated in the one-off Q4 2025 losses explained below, so it is hard to see it as the company's normal earnings power. Reflecting normalized earnings, this year's forward P/E is very low and stands out as cheap even against peer holding companies. The P/B (how many times net assets per share the price represents) is 0.24x, meaning the stock is far below the value of its assets and subsidiary stakes. That ROE (how much is earned in a year on equity) shows as -11.0% also owes to the same one-off loss, while the operating margin is 3.2% and the debt ratio is 143.5%. In short, rather than one past year's accounting-loss number, real strength and valuation come through properly when viewed on operating-stage profit and this year's normalized earnings.
Over five years, revenue moved sideways with little change, from ₩3.1 trillion in 2021 to ₩3.3 trillion in 2025 (a roughly 1.9% annual average), and 2025 fell 1.9% year over year. Operating profit held at almost the same level as the prior year in 2025 (+0.7%, ₩108.8 billion), so the operating stage looks like it is bottoming. The key is net profit. It swung sharply from +₩28.3 billion in 2024 to -₩200.0 billion in 2025, and broken down by quarter, an operating loss (-₩12.3 billion) and a large net loss (-₩266.7 billion) were concentrated in the single Q4 2025 quarter. In other words, the annual loss is largely one-off in character - not operating breakdown - concentrated in Q4. Indeed, Q1 2026 turned straight back to profit, with revenue of ₩838.3 billion (+0.6%), operating profit of ₩29.2 billion (+10.0%), and net profit of ₩34.9 billion. With operating profit rising double digits and returning to a normal track, the low P/E on this year's forecast earnings reflects a stock cheap versus asset value together with normalized earnings. The growth pace itself is not fast, since revenue has moved sideways for several years, but it is a structure supported by steady demand for food materials and profit from specialty chemicals.
Recent disclosures mix subsidiary-related risk with regular earnings and governance reports. In May 2026, a subsidiary's fine-imposition item ran through several correction filings; the effect of a subsidiary-level sanction on consolidated results and reputation, and whether further follow-up filings appear, need to be watched. The May quarterly report (2026.03) confirmed the Q1 turn to profit, and in June a corporate governance report and a large business group status disclosure provided regular reporting at the holding and group level. At the March shareholders' meeting, shareholder-return items such as outside-director appointments and a dividend of ₩3,500 per share (about 6.4% at the current price) were handled.
This stock's strengths are clear. Its price is the lowest among peers versus assets (P/B 0.23x), its forward P/E on this year's forecast earnings reflecting normal earnings is very cheap, and the dividend yield is high at 6.4%. The 2025 annual loss, too, was concentrated in one-off Q4 losses rather than operating damage, so Q1 2026 returned straight to profit. In other words, undervaluation signals appear together across all three of assets, earnings, and dividends. Points to view in a balanced way are that the character of the one-off loss and whether it recurs are not yet sufficiently confirmed, external risks such as subsidiary sanctions remain, and the market-cap discount to the value of listed stakes held (about 14%) is shallower than the holding-company average. In short, this is a structure in which - as long as operating profit continues and one-off factors clear - cheap assets, earnings, and dividends all come to life, and - if one-off losses repeat or the food and chemical cycle turns down - those strengths become obscured.
🔎 Valuation vs peers Inconclusive
Among holding companies, the comparison used names whose business structure and data can be confirmed. That said, Samsung C&T, LG, CJ, and HD Hyundai mostly have market caps of trillions to tens of trillions of won, far larger than Samyang Holdings' ₩427.0 billion, and their business portfolios differ, so rather than a direct equivalence they serve only as a reference for gauging the "level of holding discount."
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG Corp. | 21.86x | 0.53x | 1.69% |
| CJ Corporation | 29.70x | 0.80x | 3.47% |
| Samsung C&T | 22.21x | 0.87x | 4.15% |
| HD Hyundai | 17.97x | 1.58x | 20.21% |
(a) Looking at its position versus its true peer set (holding companies), a P/B of 0.23x is the lowest, clearly a discount on asset-value terms. (b) This discount appears to have deepened further as the large 2025 net loss and subsidiary risk overlapped on top of the discount common to holding companies. (c) The limitation is that with last year's confirmed profit a loss owing to the one-off item, a trailing P/E itself does not hold. The Q1 2026 turn to profit and a seasonality approximation (not an official company outlook) suggest the possibility of operating normalization, but until whether the one-off factor recurs is confirmed, it is hard to declare it cheap. So while assets and dividends are undervaluation signals, with earnings normalization unconfirmed the overall judgment is held. For a holding company, it is more appropriate to view the sum of subsidiary stake value (NAV) and operating value than the consolidated P/E.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩879.3 billion | approx. ₩149.2 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩58,800 and the market capitalization is ₩456.5 billion. The price sits above its 20-day moving average (₩56,685) and above its 60-day moving average (₩56,653). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 58.2, a neutral level. The one-month change is +1.9%, the three-month change is -11.2%, and the position relative to the 52-week high is -44.4%. Relative strength versus the KOSPI is 17 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 16% of all stocks. Over the past three months it outpaced the index by 6.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +6.14% / 6M -22.44% / 12M -63.99%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.24x is below the sector median (0.53x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -10.7%, below the sector average (4.0%). The operating margin is 3.3%. The debt ratio is 136.2%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.2B | $2.4B | $2.4B | -1.95% ↓ slower |
| Operating profit | $59.1M | $75.9M | $76.4M | +0.68% ↓ slower |
| Net profit | $121.1M | $19.9M | -$140.5M | -807.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.2B | $2.3B | $2.2B | $2.4B | $2.4B |
| Operating profit | $247.1M | $93.0M | $59.1M | $75.9M | $76.4M |
| Net profit | $167.0M | $49.9M | $121.1M | $19.9M | -$140.5M |
| Revenue CAGR | 4-yr avg 1.88% | ||||
Revenue fell 1.9% year over year (2023 ₩3.1 trillion → 2024 ₩3.4 trillion → 2025 ₩3.3 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 0.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.9%. The two-year revenue CAGR is 4.1%. In the most recent quarter (Q1 2026), revenue was 0.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 5.9%, is on the high side.
Points to watch
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 1.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-20UpdateDisclosure of a subsidiary's fine-imposition item (a subsidiary's major management matter)As a subsidiary-level sanction, it can be a short-term burden on consolidated results and group reputation. Since correction filings were repeated across April and May, the follow-up progress and the finalized amount need to be checked. Source
- 2026-05-15EarningsFiling of the quarterly report (2026.03) - Q1 turn to profit confirmedQ1 2026 revenue of ₩838.3 billion, operating profit of ₩29.2 billion, and net profit of ₩34.9 billion confirmed that both operating and net profit returned to profit after the Q4 2025 loss. Source
- 2026-03-31IRDisclosure of shareholders' meeting results (outside-director appointments, dividend, and other items handled)Shareholder-return and board-composition items, including a dividend per share of ₩3,500 (about 6.4% at the current price), were addressed. Because a holding company's dividend resources are tied to subsidiary dividends and earnings, whether subsidiary profit recovers is directly linked to future dividend durability. Source
- 2026-03-23FilingFiling of the annual report (2025.12) - annual net loss confirmedThe 2025 annual net loss of -₩200.0 billion was confirmed, and the quarterly breakdown shows the loss concentrated in Q4. With operating profit maintained (+0.7%), it is a primary document for judging whether the loss is one-off. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B (price to net assets per share) | 0.23x | — | Unverified | link |
| Q1 2026 operating profit | ₩29.2 billion | ₩29.2 billion | Confirmed | link |
| 2025 annual net profit (controlling shareholders) | -₩200.0 billion | -₩200.0 billion | Confirmed | link |
| This year's operating profit seasonality approximation | approx. ₩374.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-20Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Amended filing
- 2026-04-30Amended filing
- 2026-04-30Amended filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.