SPC Samlip earns money from a bakery business that makes packaged bread for supermarkets and convenience stores along with steamed buns and character breads, and from a food-ingredient and food-distribution business that supplies raw materials such as flour and fats and processed foods to restaurants and cafeterias; with the thin-margin distribution portion large, its operating margin stays in the 1% range even on ₩3.4 trillion of annual revenue. The Q1 quarterly report on May 15 confirmed a swing into operating and net losses, the March 18 annual report closed out the 2025 profit plunge, and with a P/B of 0.70x the burden against net assets is not large while the price has come down 38% from its 52-week high. The key point of late is that if cost pressure eases and quarterly profit turns back to a positive footing the thin margin recovers quickly, whereas the operating margin in the 1% range is sensitive to raw-material and logistics costs and the forward P/E (about 25x) is also higher than peers, so it sits close to a spot where profit-recovery expectations are already reflected in the price — making the direction of quarterly margins the fork in the road.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue fell 1.7% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 0.3% lower than a year earlier.
- ROE is 2.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.1%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Paris Croissant 40.66% (corporate)
Controlling bloc incl. related parties 73.57%
With the controlling bloc holding 74%, control is very secure but the free float is thin.
🔎 In-depth analysis
- SPC Samlip earns money along two broad lines.
- The first is a bakery business that makes bread directly.
- It covers packaged bread (mass-produced bread) sold at supermarkets and convenience stores, wintertime steamed buns, character breads and desserts.
- The second is a food-ingredient and food-distribution business, supplying raw materials such as flour and fats and processed foods to restaurants, cafeterias and franchises, and distributing them in between.
- The distribution and food-ingredient side carries the larger revenue share, with bakery next; because distribution is a structure of taking goods and passing them on, the margin left per transaction is thin.
- So while annual revenue is large at ₩3.4 trillion, the operating margin stays in the 1% range.
- In short, it is a "sells a lot but keeps little per bag" business structure, with the characteristic that profit is quickly squeezed when raw-material prices for flour, butter and sugar and logistics costs rise.
- The latest close is ₩38,950 and the market cap is ₩336.1 billion.
- The price sits above its 20-day line (₩38,950) but below its 60-day line (₩43,744).
- With the short- and medium-term trends diverging, the direction should be read separately.
- The RSI (a supplementary gauge that scores the balance of up-moves versus down-moves over the past 14 days on a 0-100 scale) is 45.0, a neutral level.
- The one-month change is -1.9%, the three-month change is -20.8%, and the position versus the 52-week high is -33.2%.
- Relative strength against the KOSPI is 8 (1-99, a conversion of the past year's return versus the index that weights recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 93% by strength across all listed names.
- Over the past three months it lagged the index by 36.6%.
- Chart reading is best done alongside volume and the dates of disclosures.
- On a confirmed annual (FY2025) basis, the P/E ratio (how many times one year's net profit the share price represents) is 23.95x, the P/B (price versus the company's net assets) is 0.70x, ROE (how much is earned in a year on shareholders' equity) is 2.9%, and the operating margin (the share of revenue left over from operations) is 1.1%.
- One point to note here: the trailing P/E of 22x looking expensive owes largely to 2025 net profit plunging 83.8% from a year earlier, shrinking the denominator (profit) to a bottom.
- Converted to a year when profit was at a normal level, that multiple would be lower.
- That said, even the forward P/E — which reflects the earnings inflection and this year's trajectory — is still on the high side compared with large food peers (Nongshim, Ottogi, Lotte Wellfood).
- In other words, even stripping away the trailing-P/E illusion, it sits close to a spot where "expectations for a profit recovery are already reflected in the price to some degree." Meanwhile a P/B of 0.65x is an ordinary level against net assets, and a debt ratio (the size of debt against equity) of 158.5% is hard to call excessive given the nature of the food-ingredient distribution business.
- Over five years revenue rose gently, then was essentially flat over the past two, and in 2025 fell 1.7% year on year to ₩3.37 trillion.
- More striking than the top line is profit.
- Operating profit fell 59.2% from ₩91.7 billion in 2023 to ₩38.7 billion in 2025, and net profit plunged 83.8% to ₩14.0 billion.
- In Q1 2026 the top line held at ₩812.3 billion (-0.3% year on year), but it swung to losses with operating profit of -₩4.3 billion and net profit of -₩6.8 billion.
- This is a textbook margin-squeeze phase where revenue holds while costs such as raw materials and logistics eat into profit.
- Reading the forward metrics that reflect this year's trajectory, revenue holds a mid-₩3-trillion picture, but the key is that the forward P/E is set high against peers.
- This shows exactly a state of "the large top line unchanged, but profit not yet risen sufficiently off the bottom." Put another way, this is not a stock whose revenue is falling but one where whether the thin margin normalizes decides everything.
- There is as yet no basis for next year and beyond to be lower than this year, so rather than concluding it is a cycle top, it is better viewed as "a phase of confirming whether profit begins to recover off the bottom."
- Recent disclosures mix results changes with regular-report and governance items.
- The Q1 quarterly report on May 15, 2026 confirmed the swing into operating and net losses, and the March 18 annual report closed out the 2025 profit plunge.
- At the March annual general meeting, a change of the CEO (representative executive officer) was announced, and in late May a corporate governance report and a large-holding report were filed, updating the shareholding and governance status.
- No favorable disclosures — such as a large order or a new investment — that would lift the near-term share price have appeared yet, and for the time being whether quarterly results break free of cost pressure is the most important checkpoint.
- The core question for this stock is "can profit come back while the top line holds?" On the positive side are a large food platform with ₩3.4 trillion of revenue, brand power in items such as steamed buns and character breads, and a P/B of 0.65x that leaves the burden against net assets modest.
- The price has also come down 38% from its 52-week high, so near-term expectations have already cooled considerably.
- The cautions are clear.
- The operating margin is thin in the 1% range, so profit is sensitive to raw-material and logistics costs; the 2025 profit plunge carried into a swing to losses in Q1; and not only the trailing but also the forward P/E (about 25x) that reflects the earnings inflection is higher than peers, so it sits close to a spot where "profit-recovery expectations are already reflected in the price." In sum, this is a structure that turns strong when cost pressure eases and quarterly profit returns to a positive footing, letting the thin margin recover quickly, and weak when prolonged cost pressure delays profit normalization, so that despite the large top line the high-set expectations act as a burden.
- Rather than concluding one way, it is reasonable to see the direction of quarterly margins as the fork that divides these two scenarios.
🔎 Valuation vs peers Inconclusive
The peer set is large domestic diversified food names that do both packaged bread and food-ingredient distribution; the figures are the site's internal calculations on a current-price basis.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nongshim | 12.50x | 0.75x | 6.01% |
| Ottogi | 19.19x | 0.64x | 3.34% |
| Lotte Wellfood | 12.97x | 0.43x | 3.30% |
| CJ CheilJedang | — | 0.41x | -8.10% |
(a) Position versus peers: on trailing P/E alone Samlip is the highest, but this is an illusion arising from a profit bottom; on P/B it is in the middle, and on ROE it is in the lower tier. (b) Premium/discount: on a net-asset (P/B) basis it is effectively similar to peers, so it is hard to call it a clear premium. (c) Limits of trailing P/E: in an inflection phase where profit, as in 2025, deviated greatly from its normal track, a P/E based on last year's confirmed profit ends up overstating the actual business value. With no official company forecast, forward profit cannot be pinned down (even a seasonality approximation is unstable because of a quarterly loss), and the meaning of the multiple only sets once profit normalization is confirmed. So rather than conclusively sorting it as overvalued or undervalued, the verdict is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩830.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩38,950 and the market capitalization is ₩336.1 billion. The price sits above its 20-day moving average (₩38,950) and below its 60-day moving average (₩43,744). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.0, a neutral level. The one-month change is -1.9%, the three-month change is -20.8%, and the position relative to the 52-week high is -33.2%. Relative strength versus the KOSPI is 8 (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 7% of all stocks. Over the past three months it lagged the index by 36.6%. 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 -36.63% / 6M -52.79% / 12M -71.15%
Key metrics vs sector median
Valuation
The P/E of 23.95x is above the sector median (8.80x). The P/B of 0.70x is above the sector median (0.51x).
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 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 2.9%, below the sector average (4.0%). The operating margin is 1.1%. The debt ratio is 158.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.3B | $2.3B | $2.2B | -1.68% ↓ slower |
| Operating profit | $60.8M | $62.9M | $25.7M | -59.21% ↓ slower |
| Net profit | $33.3M | $57.3M | $9.3M | -83.77% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.0B | $2.2B | $2.3B | $2.3B | $2.2B |
| Operating profit | $43.9M | $59.3M | $60.8M | $62.9M | $25.7M |
| Net profit | $26.8M | $35.3M | $33.3M | $57.3M | $9.3M |
| Revenue CAGR | 4-yr avg 3.42% | ||||
Revenue fell 1.7% year over year (2023 ₩3.4 trillion → 2024 ₩3.4 trillion → 2025 ₩3.4 trillion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 59.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.4%. The two-year revenue CAGR is -0.9%. In the most recent quarter (Q1 2026), revenue was 0.3% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 1.7% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue ₩812.3 billion (-0.3% year on year), with a confirmed swing to losses of operating profit -₩4.3 billion and net profit -₩6.8 billionNear term: the top line held, but operating and net profit swung to losses, confirming margin pressure in the results. Medium term: whether costs ease from Q2 onward and it returns to profit is the key point to watch. Source
- 2026-03-18Earnings2025 annual report (consolidated) filed — a confirmed profit plunge with revenue ₩3.37 trillion (-1.7%), operating profit ₩38.7 billion (-59.2%), net profit ₩14.0 billion (-83.8%)Near term: the confirmed annual profit plunge is the direct cause of the trailing P/E looking inflated to 25x. Medium term: a starting line for gauging the scale of recovery, using the profit bottom as the reference point. Source
- 2026-03-26FilingAnnual general meeting results and notice of a change of CEO (representative executive officer) — a management changeNear term: limited immediate impact on results. Medium term: the new management's direction on profitability improvement and cost control could affect the pace of margin recovery, so follow-up disclosures should be watched alongside. Source
- 2026-05-29FilingCorporate governance report disclosed and large-holding report filed — governance and shareholding status updatedNear term: little direct impact on the share price. Medium term: reference material for reviewing the shareholding structure and governance practices. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipLargest-shareholder ownership change report
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-09Amended filing
📖 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.