Samyoung Trading earns money across three lines — trading industrial chemicals, exporting eyeglass lenses, and manufacturing automotive interior and exterior parts — and on top of that, equity-method earnings from Essilor Korea, a 50%-owned affiliate, flow into its net profit, so while its surface industry is wholesale, in reality it is a company combining operating businesses with the equity value of a lens affiliate. Even when the core businesses slow, Essilor Korea's equity-method earnings prop up net profit, sustaining an ROE of 9.7% and a dividend yield of about 6.2%, and at a P/E of 5.97x, a forward P/E of 4.69x and a P/B of 0.58x, the price is not stretched against assets, earnings or cash returns. The point worth watching is that as long as the eyeglass-lens affiliate's value and the ample dividend provide support, the appeal of being cheap against asset value is strong — while revenue has been flat for five years and net profit leans heavily on a single affiliate, so if that affiliate's results wobble, net profit can wobble with them.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 6.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 5.7% lower than a year earlier.
- ROE is 9.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2024-12-31
Largest shareholder Lee Seung-yong 21.01% (individual)
Controlling bloc incl. related parties 30.07%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- Samyoung Trading earns money across three lines.
- First is chemical trading (buying and selling industrial chemicals such as paints, inks, synthetic resins and reagents at home and abroad); second is exporting corrective plastic eyeglass lenses; and third is manufacturing automotive interior and exterior parts (subsidiary Korea Cubic for interiors, Samshin Chemical Industry for exteriors).
- Another major pillar of the company's value is Essilor Korea, a 50%-owned affiliate.
- Essilor Korea, which controls lens subsidiaries such as Chemiglas, vertically integrates lens production and sales, and its earnings share flows into Samyoung Trading's net profit as equity-method income (recognizing your share of an invested company's profit as your own).
- In other words, the surface industry is 'wholesale,' but in reality it is a structure combining operating businesses in chemicals and auto parts with the equity value of an eyeglass-lens affiliate.
- The latest close is ₩18,750 and the market cap is ₩346.3 billion.
- The price sits below the 20-day line (₩19,824) and below the 60-day line (₩20,383).
- Trading beneath both the short- and mid-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 35.6, a neutral level.
- The one-month change is -15.0%, the three-month change is -1.1%, and the position versus the 52-week high is -20.5%.
- Relative strength against the KOSPI is 40 (1-99, computed from the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 61% of all stocks by strength.
- Over the past three months it lagged the index by 20.5%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On a confirmed annual (2025) basis, the P/E ratio (how many times one year's earnings the share price is) is 5.91x, P/B (how many times net assets the share price is) is 0.57x, ROE (how much is earned in a year on equity) is 9.7%, operating margin is 2.9%, and the debt ratio (debt against equity) is 127%.
- Operating margin is low at 2.9% while net margin is much higher at 13.1% — not because core-business margins suddenly improved, but because equity-method earnings from the affiliate Essilor Korea are added to net profit.
- So it is right to view this company's earnings in two streams: the core business and the affiliate stake.
- A P/B of 0.58x means the share price is actually cheaper than the company's net assets, and with ROE at 9.7% turning capital at close to double digits, the price is not stretched against assets.
- The finances themselves are stable too, with a current ratio of 539% and interest coverage of 5.4x, so debt burden is light.
- Meanwhile the P/E of 5.97x is a figure from a phase of declining operating profit last year, so it does not fully show the current earnings flow — and the forward P/E on future earnings is even lower.
- Over five years, revenue ran ₩467.0 billion in 2021 → ₩492.5 billion in 2022 → ₩476.8 billion in 2023 → ₩480.2 billion in 2024 → ₩446.9 billion in 2025, a gently flat flow with a five-year CAGR of -1.1%.
- Operating profit fell from ₩24.0 billion to ₩12.8 billion over the same period (-30.5% year on year in 2025).
- Q1 2026 also saw the core business slow, with revenue of ₩109.4 billion (-5.7% year on year) and operating profit of ₩4.5 billion (-14.3%).
- Net profit, however, tells a different story.
- 2025 net profit actually rose to ₩58.6 billion (+3.3% year on year), and Q1 2026 net profit of ₩19.8 billion was up 9.7% versus the same period a year earlier.
- That is because even as core-business margins are pressed, equity-method earnings from the affiliate Essilor Korea more than fill the gap.
- The eyeglass-lens market is structurally supported by steady demand from an aging population and presbyopia and functional lenses, so the affiliate's earnings move somewhat independently of the core business's cycle and act as a stabilizer for net profit.
- Reflecting this flow, this year's forward P/E of 4.69x is lower than the confirmed 2025 figure (5.97x), a result of net profit holding firm despite the core-business slowdown.
- Recent disclosures cluster more around governance, shareholder returns and stake changes than core-business events.
- On May 15, 2026 the quarterly report confirmed Q1 results (core-business slowdown, firm net profit), and the April 24 treasury-share disposal result report is a shareholder-return and supply-related disclosure noting completion of the disposal of held treasury shares.
- A corporate governance report was disclosed on May 29, and across March-June repeated filings of largest-shareholder ownership-change reports and executive/major-shareholder ownership reports show that stakes of large holders and executives changed.
- Business disclosures such as large orders or capacity expansion at the eyeglass-lens affiliate or the core chemical business were not prominent this time.
- This is a value stock with clear strengths.
- Even when the core business slows, Essilor Korea's equity-method earnings prop up net profit, sustaining an ROE of 9.7% and a dividend yield of about 6.2%, and at a P/B of 0.58x the share price is actually cheaper than net assets, with light debt keeping the finances stable.
- A P/E of 5.97x, a forward P/E of 4.69x and a P/B of 0.58x, viewed together across assets, earnings and cash returns, are not a stretched price range.
- Points to watch are also clear.
- Revenue has been flat for five years and operating profit has declined, so the core business's own growth engine is weak, and net profit leans heavily on a single affiliate (Essilor Korea), so if that affiliate's results wobble, net profit can wobble with them.
- In sum, as long as the eyeglass-lens affiliate's value and the ample dividend provide support, the appeal of being cheap against asset value is strong, and if core-business margins worsen further or the affiliate's earnings slow, that appeal weakens.
- The assessment splits on how one views 'core business versus affiliate stake value,' but the current price reads as a spot that does not generously credit that stake value and dividend.
🔎 Valuation vs peers Undervalued
Rather than a simple 'wholesale' industry table, the comparison is against stocks with a business-holding or operating-holding character where subsidiary and affiliate stake value is a major part of enterprise value; the table's P/E, P/B and ROE are all on-site figures computed at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Youngone Corporation | 7.42x | 0.89x | 12.03% |
| SeAH Steel Holdings | 6.84x | 0.21x | 3.07% |
| KISCO Holdings | 0.00x | 0.31x | -1.60% |
(a) Position versus true peers: against business-holding-type stocks, a P/B of 0.66x is higher than deeply discounted holdings (SeAH Steel Holdings 0.27, KISCO Holdings 0.29) but lower than Youngone (0.87), whose operating profit is firm — a middle position. At the same time, an ROE of 9.7% and a dividend of 5.5% are among the highest in the peer set, so against assets and cash returns the price is not generous. (b) Premium/discount: companies whose stake value is central often receive a 'holding discount,' where the held stakes are not fully reflected at market value, and part of that discount sentiment underlies Samyoung Trading's low P/B. (c) Trailing limits and forward basis: last year's confirmed P/E of 6.8x comes from a phase of declining core operating profit, carrying earnings-inflection risk, so it is hard to project directly. With no official company outlook, applying a DART seasonality approximation of ₩73.3 billion in 2026 net profit yields a forward P/E of about 5.4x, lower than trailing. That approximate net profit, however, is heavily swayed by assumptions about the affiliate's earnings, so the conclusion is not 'cheap' but 'the assessment splits on how one views the affiliate stake value.'
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩116.7 billion | approx. ₩5.2 billion | approx. ₩20.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩18,750 and the market capitalization is ₩346.3 billion. The price sits below its 20-day moving average (₩19,824) and below its 60-day moving average (₩20,383). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 35.6, a neutral level. The one-month change is -15.0%, the three-month change is -1.1%, and the position relative to the 52-week high is -20.5%. Relative strength versus the KOSPI is 40 (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 40% of all stocks. Over the past three months it lagged the index by 20.5%. 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 -20.53% / 6M -26.16% / 12M -50.90%
Key metrics vs sector median
Valuation
The P/E of 5.91x is below the sector median (9.68x). The P/B of 0.57x is below the sector median (0.80x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.26x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.7%, above the sector average (7.0%). The operating margin is 2.9%. The debt ratio is 127.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $316.0M | $318.3M | $296.2M | -6.94% ↓ slower |
| Operating profit | $11.4M | $12.2M | $8.5M | -30.49% ↓ slower |
| Net profit | $33.2M | $37.6M | $38.9M | +3.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $309.5M | $326.4M | $316.0M | $318.3M | $296.2M |
| Operating profit | $15.9M | $12.8M | $11.4M | $12.2M | $8.5M |
| Net profit | $26.7M | $35.7M | $33.2M | $37.6M | $38.9M |
| Revenue CAGR | 4-yr avg -1.10% | ||||
Revenue fell 6.9% year over year (2023 ₩476.8 billion → 2024 ₩480.2 billion → 2025 ₩446.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 30.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.1%. The two-year revenue CAGR is -3.2%. In the most recent quarter (Q1 2026), revenue was 5.7% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 6.3%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 6.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue ₩109.4 billion (-5.7% year on year) and operating profit ₩4.5 billion (-14.3%) as the core business slowed, but net profit of ₩19.8 billion confirmed continued contribution from affiliate equity-method earningsNear term: the decline in core-business revenue and operating profit is reconfirmed, a burden on the operating side. Medium term: net profit nonetheless held firm, showing dividend capacity and the durability of the equity-method earnings structure. Source
- 2026-04-24UpdateTreasury-share disposal result report — reporting completion of the disposal of held treasury sharesNear term: the disposed volume adds to floating shares, a supply-side burden factor. Medium term: interpretation on shareholder returns and governance can differ depending on the method and counterparty of the disposal, so follow-up filings need checking. Source
- 2026-05-29FilingCorporate governance report disclosure — routine disclosure of governance operations such as the board, shareholder rights and internal controlsNear-term impact is limited, but in a structure with a large equity-method-affiliate weight, governance and shareholder-return policy are key variables for medium-to-long-term valuation. Source
- 2026-06-05UpdateLargest-shareholder ownership-change report — filings of stake changes by large holders and executives were repeatedly submitted across March-JuneNear term: a volatility factor depending on the direction of large-holder flows. Medium term: the cumulative direction of stake changes (accumulation vs. dispersion) ties directly to governance stability, so it is a tracking target. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual net profit | ₩58.6 billion | ₩58.6 billion | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue 1,094 / operating profit 45 | revenue 1,094 / operating profit 45 | Confirmed | link |
| Latest closing price | ₩18,750 | — | Unverified | link |
| 2026 seasonality-approximation net profit | ₩73.3 billion | — | Unverified | link |
Recent filings
- 2026-06-05OwnershipLargest-shareholder ownership change report
- 2026-05-29Corporate governance report
- 2026-05-27OwnershipLargest-shareholder ownership change report
- 2026-05-19OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-04-24TreasuryTreasury-stock disposal decision
- 2026-04-07OwnershipLargest-shareholder ownership change report
- 2026-03-31OwnershipLargest-shareholder ownership change report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings 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.