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.
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 91.1%).
- 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 11.3%.
- P/B is high versus peers, a stretch on an asset 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
- 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 ₩7,710 and market capitalization is ₩832.0 billion.
- The price sits below its 20-day moving average (₩9,259) and below its 60-day line (₩12,501).
- Trading under both its short- and medium-term averages, the trend is subdued.
- The RSI (an auxiliary gauge that weighs up-moves against down-moves over the past 14 days on a 0-100 scale) is 27.9, close to depressed territory.
- The one-month change is -27.7%, the three-month change is -46.8%, and the position versus the 52-week high is -61.8%.
- Relative strength against the KOSDAQ is 96 (a 1-99 scale that weighs recent returns against the index over the past year more heavily toward the recent period; higher means stronger than the market).
- That places it in roughly the top 3% of all stocks by strength.
- Over the past three months it lagged the index by 39.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On last year's basis the P/E ratio (how many years of net profit the price reflects) is 20.39x and the P/B (how many times book equity the price reflects) is 1.06x.
- 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 | 14.53x | 0.58x | 3.97% |
| Asia Cement | 19.93x | 0.31x | 1.55% |
| Sungshin Cement | 8.32x | 0.37x | 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 ₩7,710 and the market capitalization is ₩832.0 billion. The price sits below its 20-day moving average (₩9,259) and below its 60-day moving average (₩12,501). 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 27.9, near oversold territory. The one-month change is -27.7%, the three-month change is -46.8%, and the position relative to the 52-week high is -61.8%. Relative strength versus the KOSDAQ is 96 (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 97% of all stocks. Over the past three months it lagged the index by 39.4%. 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 -39.35% / 6M +91.99% / 12M +135.94%
Key metrics vs sector median
Valuation
The P/E of 20.39x is in line with the sector median (19.93x). The P/B of 1.06x is above the sector median (0.45x). 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)
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 11.3%. The debt ratio is 84.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $545.9M | $524.1M | $448.6M | -14.40% ↓ slower |
| Operating profit | $56.1M | $68.9M | $50.8M | -26.31% ↓ slower |
| Net profit | $22.4M | $43.8M | $27.0M | -38.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $377.1M | $477.9M | $545.9M | $524.1M | $448.6M |
| Operating profit | $34.9M | $47.1M | $56.1M | $68.9M | $50.8M |
| Net profit | $13.5M | $20.0M | $22.4M | $43.8M | $27.0M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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
- 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.