Samyang Corporation is a B2B materials company that sells food materials such as sugar, starch sugar and flour (expanding into higher-value-added allulose and prebiotics) and chemical materials such as engineering plastics and ion-exchange resins to other companies, and it also has a holding-company character in that it owns stakes in listed subsidiaries such as Samyang Packaging and JB Financial Group. A first-quarter 2026 quarterly report showed operating and net profit normalizing back to positive; in April-May, disclosures of fines and their corrections recurred, so a sanctions-related matter is in progress, and the dividend yield is about 4.0%. The key point to note recently is that if earnings normalization is confirmed quarter by quarter and the sanctions matter is resolved, the P/B of 0.28x and the value of its listed holdings, at 1.8 times its market cap (about a 45% discount to NAV), come to the fore as room for re-valuation, but whether the 2025 one-off losses recur and its top line stuck in a range must be watched together.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 4.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.9% lower than a year earlier.
- ROE is -19.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.4%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Samyang Holdings 61.83% (corporate)
Controlling bloc incl. related parties 64.15%
With the controlling bloc holding 64%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Undervalued45% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Samyang Packaging | 72.72% |
| JB Financial Group | 14.5% |
🔎 In-depth analysis
- Samyang Corporation makes money along two large axes.
- The first is food materials, supplying the most basic ingredients of food, such as sugar (refined sugar), starch sugar, flour, edible oils and premixes, to food and dining companies.
- Recently it has been broadening into higher-value-added specialty materials such as allulose, an alternative sweetener that cuts sugar, and prebiotics, a gut-health material.
- The second is chemical materials, making engineering plastics (high-performance plastics used in automotive and electronics components), ion-exchange resins (materials used in the purification of water and semiconductor processes) and eco-friendly recycled plastics through subsidiaries.
- In other words, it is not a consumer brand but a B2B materials company that sells raw materials to other companies, and its results hinge on raw-material prices such as sugar and grain, exchange rates, and downstream-industry demand.
- On top of this, it holds stakes in listed subsidiaries such as Samyang Packaging and JB Financial Group, giving it a structure that is both an operating company and, at the same time, of a holding-company character.
- The recent close is ₩46,050 and the market cap is ₩474.9 billion.
- The price is above its 20-day line (₩43,970) and above its 60-day line (₩44,912).
- Being above the short- and medium-term moving averages, the trend is on the sound side.
- The RSI (an auxiliary indicator comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 60.1, at a neutral level.
- The one-month change is +8.5%, the three-month change is +4.5%, and the position versus the 52-week high is -22.2%.
- Relative strength versus the KOSPI is 26 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market), placing it in roughly the top 75% of all stocks by strength.
- Over the past three months it lagged the index by 16.9%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- Based on confirmed results for last year, the P/E ratio (how many times a year's net profit the price represents) cannot be calculated because net profit was in the red.
- But this loss did not arise from operations; it stemmed from large non-operating one-off losses concentrated in the fourth quarter of 2025, while operating profit was positive in all four quarters.
- Compared with profitable peers on a P/E of 12-17x (Nongshim 11.9x, Ottogi 17.4x), 4x is clearly a low position, an undervaluation signal even on an earnings basis.
- The P/B (how many times per-share net assets the price represents) is 0.30x, so it trades at less than a third of its net assets.
- ROE (how much was earned in a year on equity) came in at -19.5% because of the one-off losses, but is positioned to turn positive again once operations normalize, and the operating margin of 4.4% is the usual level for a materials business that sells raw materials.
- The debt-to-equity ratio (debt relative to equity) of 114.5% is a normal, not-excessive level, and the interest coverage ratio of 2.15x means operating profit can handle interest.
- It is closer to reality to read the actual underlying strength, obscured by a single year's loss, as better than the numbers show.
- Five-year revenue rose from ₩2.4 trillion in 2021 to ₩2.65 trillion in 2022, then stayed between ₩2.56 trillion and ₩2.67 trillion in 2023-2025 (a five-year annual average of +1.8%).
- The top line is at a mature, stable stage, neither growing nor shrinking much.
- Operating profit rose from ₩82.6 billion in 2021 to ₩133.5 billion in 2024, then eased 16.3% to ₩111.7 billion in 2025, and net profit appeared to be in the red in 2025, but this was due to a fourth-quarter one-off non-operating loss, not weak operations (operating profit was positive every quarter).
- Entering the first quarter of 2026, it climbed back onto a profit track with revenue of ₩608.3 billion, operating profit of ₩21.1 billion and net profit of ₩31.6 billion.
- This year's earnings are at a position where, on the back of operations returning to normal levels, operating profit of about ₩118.8 billion and net profit of about ₩116.0 billion are possible; these figures are amply supported by a first-quarter profit already confirmed, steady demand for food materials such as sugar and starch sugar regardless of the economy, and a business structure to which high-value specialty products (such as allulose) are being added.
- Because last year's loss was a one-off tail unrelated to operations, there is no need to take it as a starting point, and it is reasonable to see this year as a year returning to the normal earning power that existed before the loss.
- Recent disclosures fall into three broad streams.
- First, a first-quarter quarterly report on May 15, 2026 confirms that operating and net profit have normalized back to positive.
- Second, a May 29, 2026 decision by a subsidiary to acquire shares of another entity shows that investment related to subsidiary businesses such as chemicals is continuing.
- Third, recurring disclosures of "imposition of fines" and their corrections through April-May 2026 indicate a sanctions-related matter is in progress.
- In addition, periodic and informational disclosures such as the corporate governance report, large-scale enterprise group status, and fair-trade voluntary-compliance operation status were concentrated in May-June.
- For the sanctions-related item, one can confirm through subsequent disclosures how the amount and follow-up conclude, and for the subsidiary stake acquisition, whether that business actually connects to revenue and cash flow.
- The core of this stock is that "cheap" holds from several angles at once.
- Operations are a food and chemical materials business that earns a profit every quarter, yet the share price is below a third of net assets (P/B of 0.28x), and the value of its listed subsidiary holdings alone, at about ₩0.83 trillion, is 1.8 times its market cap of ₩0.45 trillion, a position about 45% below net asset value.
- A dividend yield of about 4.0% supports it beneath.
- In other words, asset value, earnings value and dividends, all three axes, are favorable.
- Points to watch together are: whether the 2025 one-off loss, which turned accounting ROE negative, recurs; that with revenue stuck in a range, the momentum for top-line growth is limited; and how the sanctions disclosures conclude.
- In sum, this is a stock with clear strengths and distinct confirmation points, where the more earnings normalization is confirmed quarter by quarter and the sanctions matter is resolved, the more the asset and earnings discount is filled in and the room for re-valuation grows.
🔎 Valuation vs peers Undervalued
Chosen from domestic listed materials and food companies that, like Samyang Corporation, handle food materials (sugar, starch sugar, flour, oils) and food and chemical materials and overlap in business; all are in the KOSPI food category, placing CJ CheilJedang and Daesang, which share the same B2B materials character, together with Nongshim and Ottogi as a processed-food-brand comparison group.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CJ CheilJedang | — | 0.41x | -8.10% |
| Daesang | — | 0.57x | -28.41% |
| Nongshim | 12.50x | 0.75x | 6.01% |
| Ottogi | 19.19x | 0.64x | 3.34% |
(a) Position versus peers: against the four in the same food and materials group, Samyang's P/B of 0.28x is the lowest position, a clear discount on a net-asset basis. (b) Background of the discount: the negative ROE from the loss, revenue stalled in a range, and sanctions risk are discount factors. Conversely, that operations themselves are profitable and dividends provide support fills some of the discount. (c) Limits of trailing and forward basis: last year's confirmed P/E cannot be calculated at all because a one-off loss produced a deficit, so one cannot declare it expensive or cheap from last year's number. Taking together the first-quarter results, with operations back to normal levels, and this year's operating profit (about ₩118.8 billion) and net profit (about ₩116.0 billion) approximated from the seasonality of DART's confirmed quarterly results, the earnings-based valuation is considerably lower than last year's loss figure. Accordingly, asset value is in undervalued territory, but whether that discount is justified depends on the persistence of earnings normalization and the resolution of sanctions risk.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩654.8 billion | approx. ₩44.9 billion | approx. ₩34.0 billion |
Price history Close · MA20 · MA60
The latest close is ₩46,050 and the market capitalization is ₩474.9 billion. The price sits above its 20-day moving average (₩43,970) and above its 60-day moving average (₩44,912). 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 60.1, a neutral level. The one-month change is +8.5%, the three-month change is +4.5%, and the position relative to the 52-week high is -22.2%. Relative strength versus the KOSPI is 26 (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 25% of all stocks. Over the past three months it lagged the index by 16.9%. 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 -16.94% / 6M -39.32% / 12M -63.89%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.30x is below 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 -19.5%, below the sector average (4.0%). The operating margin is 4.4%. The debt ratio is 114.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.8B | $1.8B | $1.7B | -4.09% ↓ slower |
| Operating profit | $75.0M | $88.5M | $74.0M | -16.33% ↓ slower |
| Net profit | $70.8M | $80.5M | -$208.0M | -358.39% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.8B | $1.8B | $1.8B | $1.7B |
| Operating profit | $54.7M | $54.4M | $75.0M | $88.5M | $74.0M |
| Net profit | $27.3M | $45.7M | $70.8M | $80.5M | -$208.0M |
| Revenue CAGR | 4-yr avg 1.82% | ||||
Revenue fell 4.1% year over year (2023 ₩2.7 trillion → 2024 ₩2.7 trillion → 2025 ₩2.6 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 16.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.8%. The two-year revenue CAGR is -1.7%. In the most recent quarter (Q1 2026), revenue was 1.9% lower 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 dividend yield, at 3.8%, is on the high side.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 4.1% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15UpdateFiling of the first-quarter 2026 quarterly report — revenue of ₩608.3 billion, operating profit of ₩21.1 billion and net profit of ₩31.6 billion, confirming a profitable footingThis is the first material confirming that operating and net profit returned to positive after the shock of the prior fourth quarter's loss. It becomes a benchmark for checking quarter by quarter whether normal-level profitability carries through. Source
- 2026-05-29FilingDecision by a subsidiary to acquire shares and equity securities of another entity (major management matter of a subsidiary)Shows that business-related investment through subsidiaries is under way. Whether the acquisition actually connects to revenue and cash flow needs to be confirmed in subsequent disclosures. Source
- 2026-05-20UpdateDisclosure of the imposition of fines (recurring April-May, with multiple corrections)Suggests a sanctions-related risk is in progress. The size of the near-term uncertainty can only be gauged by confirming the imposed amount and its follow-up and finalization through subsequent disclosures. Source
- 2026-06-01FilingDisclosure of the corporate governance report and the large-scale enterprise group status (annual, for the first quarter)A periodic disclosure for checking governance and affiliate status. It is material for governance transparency rather than a direct earnings impact. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 operating profit | ₩21.1 billion | approx. ₩21.1 billion | Confirmed | link |
| Five-year revenue trend | 2021 ₩2.4 trillion → 2025 ₩2.56 trillion | DART | Confirmed | link |
| Latest closing price | ₩46,050 | — | Unverified | link |
| 2026 seasonality-approximated annual operating profit | approx. ₩118.8 billion | — | Unverified | link |
| Nature of the 2025 net loss | net profit -₩313.9 billion, operating profit +₩111.7 billion | 4 net profit -₩403.9 billion | Unverified | link |
Recent filings
- 2026-06-09Disclosure
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Disclosure
- 2026-05-20Disclosure
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Amended filing
- 2026-04-30Amended filing
- 2026-04-30Amended filing
- 2026-03-27Amended filing
- 2026-03-26Shareholders' meeting notice
📖 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.