Sambo Panji is a paper maker that produces and sells paperboard (the thick base paper used to make corrugated fiberboard), supplying the upstream material for the corrugated boxes used in parcel, food, and appliance packaging. As a result, its revenue moves with packaging demand, board selling prices, and the price of its raw material, waste paper. In July 2025 it disposed of its treasury shares through a treasury-share disposal decision and results report, and in February 2026 it declared a cash and in-kind dividend (a payout ratio of about 12.5%), continuing its shareholder-return trend. What stands out lately is that its valuation is low versus its industry peers, with a P/B of 0.22x, a P/E of 4.94x, and a forward P/E of 5.84x, and its finances are solid, with a debt ratio of 31.6%, a current ratio of 229%, and interest coverage of 15x. On the other hand, operating profit has fallen for a third straight year and ROE sits at just 4.5%, so the key question is when margins bottom as the gap between waste-paper costs and selling prices widens again.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 3.3% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 2.6% higher than a year earlier.
- ROE is 4.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.5%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Ryu Jin-ho 33.41% (individual)
Controlling bloc incl. related parties 68.04%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Sambo Panji is a paper maker in the pulp and paper industry, and its core business is producing and selling paperboard (the thick base paper used to make corrugated fiberboard).
- In effect it supplies the upstream material for the corrugated boxes used in parcel, food, and appliance packaging, so its revenue moves together with packaging demand, board selling prices, and the price of its raw material, waste paper (recycled used paper).
- The latest close is ₩8,250 and the market cap is ₩132.1 billion.
- The price sits below the 20-day line (₩8,586) and below the 60-day line (₩9,202).
- Trading beneath both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges upward versus downward strength over the past 14 days on a 0-100 scale) is 39.1, a neutral reading.
- The one-month change is -5.5%, the three-month change is -15.2%, and it sits -25.2% from its 52-week high.
- Its relative strength versus the KOSDAQ is 69 (on a 1-99 scale that weights recent index-relative returns more heavily; higher means stronger than the market).
- That places it in roughly the top 24% of all stocks by strength.
- Over the past three months it has outpaced the index by 15.9%.
- Chart reading is best done alongside volume and disclosure dates.
- For the most recent year (2025), revenue was ₩539.9 billion, operating profit ₩29.9 billion, and net profit ₩27.0 billion, for an operating margin of 5.5%.
- ROE (how much the company earns in a year on its equity) is 4.5%, which is nothing flashy, but its financial footing is stable: the debt ratio (debt against equity) is a low 31.6%, the current ratio (assets that can be turned into cash against debt due within a year) is 229%, and interest coverage (how many times operating profit covers interest) is 15.3x.
- On valuation, the P/E (how many times a year's earnings the price represents) is 4.90x and the P/B (how many times book value the price represents) is 0.22x.
- A P/B of 0.22x means the shares trade at only about a quarter of the company's net assets, which is clearly cheap against asset value even allowing for the current earnings dip.
- This year's forward P/E of 5.84x is also well below the industry peer range of 9.8x to 37x, so the multiple is hardly a burden.
- Revenue has held at a similar level with little variation, at ₩555.6 billion in 2023, ₩558.3 billion in 2024, and ₩539.9 billion in 2025.
- Operating profit, by contrast, fell from ₩70.2 billion in 2023 to ₩38.7 billion in 2024 and ₩29.9 billion in 2025.
- This owes less to lower sales than to a narrowing spread between the cost of raw materials such as waste paper and selling prices, which squeezed margins.
- In the most recent quarter (Q1 2026), revenue rose 2.6% year on year to ₩131.1 billion, a sign of recovering top-line volume, while operating profit was ₩5.3 billion, down 25.1%.
- In other words, volume is holding up but the margin recovery has not yet followed.
- This year's forecast is revenue of ₩548.9 billion, operating profit of ₩19.5 billion, and net profit of ₩22.7 billion, reflecting the Q1 top-line recovery while taking a conservative view of margins.
- This outlook is closer to a judgment that margins are still near a trough than a cycle-top call, and there is room for earnings to open back up if packaging demand and board prices stabilize.
- The continued shareholder-return trend stands out.
- On July 23, 2025 it made a treasury-share disposal decision, and on July 28 it filed the disposal results report, disposing of its treasury shares; on February 25, 2026 it declared a cash and in-kind dividend.
- Since treasury-share disposals and dividends directly affect share count and cash, it is worth checking whether the disposal terms and dividend size can be sustained alongside the company's earnings capacity and cash flow.
- The payout ratio is around 12.5%.
- Sambo Panji can be summed up as cheap and stable, but with earnings still forming a bottom.
- Its strengths are clear: a P/B of 0.22x and a P/E of 4.94x, with this year's forward P/E also at 5.84x, all below industry peers; solid finances, with a debt ratio of 31.6%, a current ratio of 229%, and interest coverage of 15x; and demonstrated shareholder-return intent through treasury-share disposals and dividends.
- The weak spot is profitability.
- Operating profit has fallen for a third straight year and ROE sits at 4.5%, and while the top line turned up in Q1, the operating-margin recovery has yet to arrive.
- So this stock is strong when margins recover as the gap between waste-paper costs and selling prices widens again, and weak when cost pressure drags on or the top-line recovery stalls.
- Against asset value the price is already well depressed, so the crux is when earnings confirm a bottom.
🔎 Valuation vs peers Undervalued
Peers within pulp and paper that are close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hansol Paper | 40.23x | 0.22x | 0.56% |
| Asia Paper Manufacturing | 10.38x | 0.36x | 3.50% |
| Shin Dae Yang Paper Mfg | 17.22x | 0.65x | 3.79% |
The primary comparison uses public-data peers within pulp and paper that are close in market cap. The current P/E (how many times a year's earnings the price represents) is 4.90x and the P/B (how many times book value the price represents) is 0.22x. That said, for smaller-cap names, earnings swings and financing disclosures carry greater weight, so we did not draw firm conclusions from last year's confirmed-results figures alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩548.9 billion | ₩19.5 billion | ₩22.7 billion |
| Next quarter | Q2 2026 | ₩137.1 billion | ₩5.9 billion | ₩6.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,250 and the market capitalization is ₩132.1 billion. The price sits below its 20-day moving average (₩8,586) and below its 60-day moving average (₩9,202). 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 39.1, a neutral level. The one-month change is -5.5%, the three-month change is -15.2%, and the position relative to the 52-week high is -25.2%. Relative strength versus the KOSDAQ is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 15.9%. 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 +15.91% / 6M +6.35% / 12M -19.11%
Key metrics vs whole-market median
Valuation
The P/E of 4.90x is below the whole-market median (13.81x). The P/B of 0.22x is below the whole-market median (1.15x). 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 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.839x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.5%, in line with the whole-market average (5.0%). The operating margin is 5.5%. The debt ratio is 31.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $368.3M | $370.0M | $357.8M | -3.30% ↓ slower |
| Operating profit | $44.7M | $25.7M | $19.8M | -22.77% ↑ faster |
| Net profit | $35.4M | $21.6M | $17.9M | -17.12% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $353.9M | $385.7M | $368.3M | $370.0M | $357.8M |
| Operating profit | $46.5M | $44.8M | $44.7M | $25.7M | $19.8M |
| Net profit | $35.2M | $37.3M | $35.4M | $21.6M | $17.9M |
| Revenue CAGR | 4-yr avg 0.27% | ||||
Revenue fell 3.3% year over year (2023 ₩555.6 billion → 2024 ₩558.3 billion → 2025 ₩539.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 22.8% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.3%. The two-year revenue CAGR is -1.4%. In the most recent quarter (Q1 2026), revenue was 2.6% higher 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 balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 3.3% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2025-07-28UpdateTreasury-share disposal results report: check the return termsA disclosure tied to a cash return or a change in share count. Check whether earnings capacity and cash flow support it. Source
- 2025-07-23UpdateMaterial-event report (treasury-share disposal decision): check the return termsA disclosure tied to a cash return or a change in share count. Check whether earnings capacity and cash flow support it. Source
- 2026-02-25UpdateCash and in-kind dividend decision: check the return termsA disclosure tied to a cash return or a change in share count. Check whether earnings capacity and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,250 | ₩8,250 | Confirmed | link |
| Latest quarterly results | revenue ₩131.1 billion, operating profit ₩5.3 billion | revenue ₩131.1 billion, operating profit ₩5.3 billion | Confirmed | link |
| Annual results | revenue ₩539.9 billion, operating profit ₩29.9 billion | revenue ₩539.9 billion, operating profit ₩29.9 billion | Confirmed | link |
| Shareholder-return disclosure (original text) | : | : | Confirmed | link |
| Shareholder-return disclosure (original text) | : | : | Confirmed | link |
| Shareholder-return disclosure (original text) | ㆍ: | ㆍ: | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-09Disclosure
- 2026-03-09Shareholders' meeting notice
- 2026-02-25Shareholders' meeting notice
- 2026-02-25Shareholders' meeting notice
- 2026-02-25DividendCash/stock dividend decision
📖 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.