Sampyo Cement (038500) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Sampyo Cement makes and sells cement, producing about 9.6 million tons a year at its Samcheok plant in Gangwon Province; roughly 94% of revenue comes from cement and about 6% from ready-mix concrete, and it lowers fuel and electricity costs through waste-heat power generation and circular-resource processing facilities. On March 31, 2026 it filed a corporate-value-enhancement plan, its payout ratio stands at about 31.8%, and on April 29 a disclosure of a share-collateral agreement that could entail a change in the largest shareholder left a governance variable in play. On the positive side, first-quarter earnings recovery, the cost defense from waste-heat power, and a 5.4% free-cash-flow yield stand out, while the cautions are that cement demand is at a trough, net debt of about ₩419.8 billion carries an interest burden, and a P/B of 1.15x suggests recovery hopes are already partly priced in.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Building Materials” (Construction & Building Materials), a type typically read first through P/E.
Building-materials makers see results rise and fall with construction activity and new project starts, but the underlying make-and-sell profit structure is fairly clear. That makes price-to-earnings (P/E) — the share price against the profits earned — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 89.9%).
- Revenue fell 14.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 10.0% higher than a year earlier.
- ROE is 5.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.2%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Sampyo Industry 54.68% (corporate)
Controlling bloc incl. related parties 68.31%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Making and selling cement is nearly the entire business for Sampyo Cement. Its Samcheok plant in Gangwon Province runs five kilns (large furnaces that bake limestone at high heat to make cement raw material) and produces about 9.6 million tons a year. Roughly 94% of revenue comes from cement and the remaining 6% from ready-mix concrete (concrete supplied to construction sites in an unset state). Alongside these it operates circular-resource processing and waste-heat power facilities. It converts household waste into fuel for cement production and uses the high-temperature heat from the kilns to generate its own electricity, cutting fuel and power costs. Electricity and bituminous coal (thermal coal) make up a large share of cement's costs, so these eco-friendly facilities directly affect cost competitiveness.
The latest close is ₩8,000 and the market capitalization is ₩863.3 billion. The price sits above its 20-day moving average (₩7,432) and below its 60-day moving average (₩9,761). 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 50.7, a neutral level. The one-month change is -3.4%, the three-month change is -48.8%, and the position relative to the 52-week high is -60.4%. Relative strength versus the KOSDAQ is 89 (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 90% 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.
On last year's basis the P/E ratio (how many years of net profit the price reflects) is 21.15x and the P/B (how many times book equity the price reflects) is 1.11x. ROE (how much the firm earns on its equity in a year) is 5.2%, which is not high. The operating margin is 11.3%. Debt is worth watching: the debt ratio (total liabilities to equity) is 84% and net debt (total borrowings less cash) is about ₩419.8 billion. The interest-coverage ratio (how many times operating profit can cover interest) is 3.03x. It can cover interest, but not with generous room to spare. Metrics that also reflect debt paint a somewhat different picture: EV/EBIT (enterprise value divided by operating profit, the debt-adjusted counterpart to P/E) is 17.3x and EV/EBITDA (on a pre-depreciation earnings basis) is 8.5x. The free-cash-flow yield, the ratio of cash actually generated to market capitalization, is 5.4%. Cash generation is solid relative to the profit margin.
Revenue has fallen for three straight years: ₩823.7 billion in 2023, ₩790.8 billion in 2024, and ₩676.9 billion in 2025, a 14.4% drop last year alone. Net profit also fell 38%, from ₩66.1 billion in 2024 to ₩40.8 billion in 2025. The backdrop is the construction slump: domestic cement shipments sinking to their lowest in more than 30 years fed straight through. There is, however, a sign of an inflection. First-quarter 2026 revenue rose about +10% year on year, and operating profit reached ₩10.0 billion, up roughly +375% from a year earlier. The first quarter is cement's winter off-season and the weakest of the year, so a sharp jump in profit in that weak quarter signals that stable fuel costs and cost improvement from waste-heat power and circular-resource use are working. This year's net profit is seen recovering modestly from last year's ₩40.8 billion. Reflecting that recovery, the forward P/E is about 20x, below the 22.2x on last year's results. Last year's P/E looked high because it embedded a trough in results; on a recovery basis the multiple is a bit more reasonable.
On March 31, 2026 the company filed a corporate-value-enhancement plan, a disclosure in which a listed company sets out its own direction on shareholder returns and capital efficiency. The payout ratio already stands at about 31.8% (roughly a third of net profit paid out). The regular general shareholders' meeting was held in March, and the annual and quarterly reports were filed normally. The item to watch is the 'share-collateral agreement that could entail a change in the largest shareholder,' disclosed on April 29. It involves the largest shareholder pledging its stake as collateral, a potential governance variable worth watching.
The strengths are clear. This is a real operating company that carries one pillar of domestic cement production, and its first-quarter earnings recovery this year was pronounced. The waste-heat power and circular-resource facilities that hold down costs also provide defense during an industry downturn. With a 5.4% free-cash-flow yield, cash generation is solid too. On the other hand, there are cautions. Cement demand itself is in a trough not seen in more than 30 years. There is talk that this year's cement price could fall below last year's. Net debt of about ₩419.8 billion means the interest burden weighs heavily on profit. The share-collateral agreement in April also leaves a governance variable to watch. On valuation, a P/B of 1.15x is higher than peer cement makers, meaning recovery hopes are already partly reflected in the price. In sum, if cost improvement and a construction rebound persist, earnings recovery gains momentum, whereas if the demand trough drags on or prices are squeezed, the debt burden becomes a drag.
🔎 Valuation vs peers Fairly valued
Compared against listed Korean cement makers, using companies whose core cement business is the same in substance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanil Cement | 14.60x | 0.60x | 4.04% |
| Asia Cement | 20.21x | 0.31x | 2.07% |
| Sungshin Cement | 7.50x | 0.34x | 4.43% |
Peer cement makers trade in a P/B range of 0.3-0.6x, whereas Sampyo Cement sits at 1.15x, carrying a premium to its assets. The 22.2x P/E on last year's results looks high because it embeds a trough, but on a forward basis reflecting the first-quarter earnings recovery it falls to about 20x. In other words, the trailing P/E alone does not make it look expensive, and once the earnings inflection is factored in the forward measure is the truer picture. That said, weighing the P/B premium together with the net-debt burden, we judge it a fairly valued level in which recovery hopes are already largely reflected in the price.
Price history Close · MA20 · MA60
The latest close is ₩8,000 and the market capitalization is ₩863.3 billion. The price sits above its 20-day moving average (₩7,432) and below its 60-day moving average (₩9,761). 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 50.7, a neutral level. The one-month change is -3.4%, the three-month change is -48.8%, and the position relative to the 52-week high is -60.4%. Relative strength versus the KOSDAQ is 89 (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 90% 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 -20.49% / 6M +0.37% / 12M +135.53%
Key metrics Computed vs sector median
Valuation
The P/E of 21.15x is above the sector median (17.22x). The P/B of 1.11x is above the sector median (0.42x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.105x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.2%, above the sector average (2.0%). The operating margin is 12.2%. The debt ratio is 83.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $578.7M | $555.5M | $475.5M | -14.40% ↓ slower |
| Operating profit | $59.5M | $73.0M | $53.8M | -26.31% ↓ slower |
| Net profit | $23.8M | $46.4M | $28.7M | -38.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $399.7M | $506.6M | $578.7M | $555.5M | $475.5M |
| Operating profit | $37.0M | $49.9M | $59.5M | $73.0M | $53.8M |
| Net profit | $14.3M | $21.2M | $23.8M | $46.4M | $28.7M |
| Revenue CAGR | 4-yr avg 4.44% | ||||
Revenue fell 14.4% year over year (2023 ₩823.7 billion → 2024 ₩790.8 billion → 2025 ₩676.9 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 26.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.4%. The two-year revenue CAGR is -9.3%. In the most recent quarter (Q1 2026), revenue was 10.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue fell 14.4% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31FilingFiling of a corporate-value-enhancement plan (voluntary disclosure). The company voluntarily discloses its direction on shareholder returns and capital-efficiency improvement.A factor that improves the predictability of dividend and capital-efficiency policy over the medium term. The payout ratio already stands at about 31.8%. Source
- 2026-04-29UpdateDisclosure (amended) of a share-collateral agreement that could entail a change in the largest shareholder. The largest shareholder's stake is pledged as collateral.A potential governance variable. Depending on the collateral situation there is a possibility of a change in the largest shareholder's stake, warranting continued monitoring. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report filed. Revenue of ₩166.7 billion (+10% year on year) and operating profit of ₩10.0 billion (about +375% year on year) show an earnings recovery.A sharp improvement in operating profit during the off-season first quarter confirms a trend of cost stabilization and efficiency gains. It is the basis for this year's earnings recovery. Source
- 2026-03-20Earnings2025 annual report filed. Full-year revenue of ₩676.9 billion (-14.4% year on year), operating profit of ₩76.6 billion, and net profit of ₩40.8 billion, all lower.Weak cement demand amid the construction slump was reflected in last year's results. It confirms a trough in earnings. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 full-year revenue and net profit | revenue 6,769 / net profit 408 | revenue 6,769 / net profit 408 | Confirmed | link |
| First-quarter 2026 revenue and operating profit | revenue 1,667 / operating profit 100 | revenue 1,667 / operating profit 100 | Confirmed | link |
| 2025 payout ratio | 31.84% | approx. 31.8% | Confirmed | link |
| 2026 net profit estimate | approx. 450(forward PER approx. 20x) | — | Unverified | link |
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-30Disclosure
- 2026-04-29OwnershipLargest-shareholder ownership change report (amended)
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-30Disclosure
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-12Audit 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.