Samchully (004690) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samchully's core business is city gas — supplying natural gas (LNG) through a pipeline network to homes and commercial and industrial facilities across the Gyeonggi and Incheon area. Because the supply price is set by adding a fixed margin to cost, revenue moves together with the gas import price, and on top of this, LNG cogeneration and district heating make it a regionally monopolistic utility. Recent disclosures center on ordinary corporate-bond issuance to fund working capital and refinancing, and the Q1 quarterly report of May 14 confirmed that the largest quarter's profit rose in double digits year over year, showing improved earnings strength this year. What stands out recently is that a P/E of 3.21x on this year's expected earnings sits below Seoul City Gas (8.35x) and Korea Gas Corporation (22.28x), and the P/B is about a quarter of net assets, so the undervaluation stands out even within the sector; on the other hand, with the operating margin thin at around 3%, earnings move together with big swings in the import price or heating demand, and results are concentrated in Q1 by seasonality.
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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 “Utilities & Environment” (Telecom & Utilities), a type typically read first through P/B.
Utilities and environmental firms run large asset bases — power plants, water systems, treatment facilities — under regulation with steady operations. Profit can move with rate rules and fuel costs, but the asset base reflects the real substance of the business, so price-to-book (P/B) — the price against asset value — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Revenue rose 3.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.2% lower than a year earlier.
- ROE is 7.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.3%.
- The P/E sits below the sector median.
Ownership & governance As of 2021-12-31
Largest shareholder Lee Man-deuk 8.34% (individual)
Controlling bloc incl. related parties 39.13%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
Samchully's core business is city gas — supplying natural gas (LNG) through a pipeline network to homes and commercial and industrial facilities across the Gyeonggi and Incheon area. For residential and general-use city gas, the supply price is set by adding a fixed margin to cost, so when the gas import price rises or falls, the size of revenue swings with it. On top of this, the company has broadened its revenue sources with group energy such as LNG cogeneration and district heating, and energy- and environment-related businesses. In short, it is closer to a utility that 'earns by buying energy, heating it and sending it out,' with two pillars: stable cash flow based on near-monopoly supply rights in its region, and the seasonality of heating demand concentrated in winter.
The latest close is ₩119,800 and the market capitalization is ₩434.5 billion. The price sits above its 20-day moving average (₩115,355) and above its 60-day moving average (₩119,688). 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 55.4, a neutral level. The one-month change is +1.4%, the three-month change is -19.1%, and the position relative to the 52-week high is -24.1%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 3.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed 2025 annual results, the P/E (how many times one year's net profit the share price represents) is 3.90x and the P/B (how many times net assets the share price represents) is 0.25x. Trading at a quarter of net assets and less than four times a year's earnings, the price is in a low zone on either an asset or an earnings view. One point to note here is that even though this trailing P/E is already low, the forward P/E converted onto this year's expected earnings is lower still. In other words, earnings are on an upward path, so on a forward basis the price burden gets lighter — there is no reason to read the trailing figure as 'expensive.' ROE (how much is earned in a year on shareholders' equity) is a reasonable 6.6%, and the operating margin of 3.0% is typical for a cost-linked utility. The debt ratio of 165.2% looks high on the absolute number alone, but it is common in a sector that requires large working capital for gas procurement and pipeline/generation facilities, and with interest coverage of 3.5x, earnings comfortably cover interest.
Over five years revenue rose from ₩3.8 trillion in 2021 to ₩5.3 trillion in 2025, and operating profit from ₩71.8 billion to ₩159.6 billion. Revenue swung with gas prices, with ups and downs along the way, but in 2025 earnings recovered clearly, with revenue +3.0%, operating profit +39.7% and net profit +10%. This trend becomes even clearer in 2026. In Q1 the company posted operating profit of ₩110.2 billion (+13.7%) and net profit of ₩102.1 billion (+14.0%), a step up from the prior year. That this company's earnings are concentrated in the winter heating season is a natural feature of the business structure, and the fact that the largest quarter — Q1 — beat the same quarter a year earlier by double digits is a signal that this year's earnings strength has improved from last year's. With the core conditions of the business — a stable import price and heating demand — providing support, the company is in an earnings-rising phase, and this recovered profit is the basis for this year's forward P/E. That the share of profit by quarter differs by season is simply the normal shape of this sector, not a reason to mark down earnings quality.
Recent disclosures center on debt-security (corporate-bond) issuance. In May 2026 a securities registration statement, confirmation of issuance terms and a securities-issuance performance report came out in succession — the ordinary activity of a gas utility with large import costs funding working capital and refinancing with corporate bonds. It is worth watching how the issuance size, rate and maturity structure feed into interest expense and the debt ratio. On May 14 the Q1 2026 quarterly report confirmed and disclosed the results above, and in late May a corporate-governance report and a large-business-group status disclosure came out together, allowing a review of governance and affiliate status.
Samchully's strengths are clear: stable cash flow from near-monopoly city-gas supply rights in its region, a price that is clearly low relative to assets and earnings, and improved earnings strength this year as the largest quarter — Q1 — grew double digits year over year. In particular, a P/E of 3.21x on this year's expected earnings is far below city-gas peers such as Seoul City Gas (8.35x) or Korea Gas Corporation (22.28x), so the undervaluation stands out even within the sector. A P/B at about a quarter of net assets tells the same story that the price is cheap. The points to weigh: the operating margin is thin at around 3%, so earnings move together when the gas import price or heating demand swings sharply, and because the year's earnings are concentrated in Q1, the annual picture is largely gauged from the winter results. In short, this is a stock where the low valuation is well positioned to come into focus when heating demand holds up and the import price is stable, and one where thin margins can make earnings volatile in a phase where the import price spikes or demand weakens.
🔎 Valuation vs peers Undervalued
Among city-gas and gas/group-energy utilities, we directly compared names whose prices and financials are verifiable on the site. Seoul City Gas, in the same city-gas business, is the most direct comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Seoul City Gas | 8.80x | 0.24x | 2.40% |
| Korea Gas Corporation | 24.12x | 0.28x | 2.76% |
| Korea District Heating Corporation | 2.20x | 0.30x | 13.14% |
(a) Versus the most direct comparison, Seoul City Gas (P/E 8.8x), Samchully's P/E is lower at 3.9x, and its P/B of 0.26x is at the bottom of the peer range (0.24–0.35x). (b) Even accounting for the thin margins and high debt common to city-gas utilities, the price relative to assets and earnings looks to be in a discount zone. (c) That said, this P/E is on last year's confirmed (trailing) earnings, and because most of the annual profit is concentrated in Q1 by seasonality, the perceived valuation shifts sharply by quarter. With no company official forecast, the future multiple was gauged only via a DART seasonality approximation, so rather than declaring the stock cheap or expensive, it is appropriate to view the discount versus peers alongside its reasons.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩997.9 billion | approx. ₩26.7 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩119,800 and the market capitalization is ₩434.5 billion. The price sits above its 20-day moving average (₩115,355) and above its 60-day moving average (₩119,688). 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 55.4, a neutral level. The one-month change is +1.4%, the three-month change is -19.1%, and the position relative to the 52-week high is -24.1%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 3.2%. 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 -3.18% / 6M -32.00% / 12M -55.61%
Key metrics Computed vs sector median
Valuation
The P/E of 3.90x is below the sector median (6.73x). The P/B of 0.25x is below the sector median (0.39x). 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.
Profitability & financials
Return on equity (ROE) is 7.0%, in line with the sector average (7.0%). The operating margin is 3.3%. The debt ratio is 158.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.0B | $3.6B | $3.7B | +3.03% ↑ faster |
| Operating profit | $122.6M | $80.3M | $112.1M | +39.66% ↑ faster |
| Net profit | $84.5M | $71.2M | $78.3M | +10.00% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6B | $4.1B | $4.0B | $3.6B | $3.7B |
| Operating profit | $50.4M | $64.1M | $122.6M | $80.3M | $112.1M |
| Net profit | $50.0M | $46.9M | $84.5M | $71.2M | $78.3M |
| Revenue CAGR | 4-yr avg 8.77% | ||||
Revenue rose 3.0% year over year (2023 ₩5.7 trillion → 2024 ₩5.1 trillion → 2025 ₩5.3 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 39.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.8%. The two-year revenue CAGR is -3.5%. In the most recent quarter (Q1 2026), revenue was 0.2% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-28FilingSecurities-issuance performance report — result of corporate-bond (debt-security) issuance confirmedThe result of raising funds for working capital and refinancing. Depending on the issuance size and rate, it affects interest expense and the debt ratio. It should be viewed as a set with the May securities registration statement and confirmation of issuance terms. Source
- 2026-05-14EarningsQ1 2026 quarterly report — revenue of ₩1.8 trillion and operating profit of ₩110.2 billion confirmedQ1 operating profit is about 69% of the 2025 annual figure and net profit about 92%, confirming winter seasonality. The key quarter's results for the annual picture. Source
- 2026-05-29FilingCorporate-governance report disclosedReference material for reviewing governance such as the board, shareholder returns and internal control. Useful viewed alongside the continuity of dividend policy. Source
- 2026-05-15FilingSecurities registration statement (debt securities) filed — corporate-bond issuance process beginsThe initial filing step for a corporate-bond issuance. The starting point of a funding cycle that leads to confirmation of issuance terms and a performance report. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Large-business-group status disclosure (amended)
- 2026-05-29Corporate governance report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28Large-business-group status disclosure
- 2026-05-28Earnings disclosure
- 2026-05-28Large-business-group status disclosure
- 2026-05-28Disclosure
- 2026-05-27Disclosure
- 2026-05-21Disclosure
- 2026-05-21Amended filing
- 2026-05-15Disclosure
- 2026-05-14PeriodicQuarterly 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.