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JONBUR Research · Initiation

Sempio Foods · 248170 · Food & Beverage

Sempio Foods: Earnings Recovery Meets a Share Price Near Its 52-Week Low

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Sempio Foods closed at ₩21,150 on 2026-10-22, down 25.4% over one year and close to its 52-week low of ₩20,450. Trailing earnings have recovered from 2024 levels, and the shares trade at 0.4x book value and 5.4x earnings.

Written Oct 23, 2026 · Data as of Oct 22, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports an earnings recovery. Operating income rose from ₩6.5B in 2024 to ₩24.5B in 2025, and trailing twelve-month operating income to H1 2026 is ₩27.2B, a 6.6% margin. Valuation multiples are low against the company's own history and against the listed peers shown. Revenue growth has been slow, though, at 1.0% in 2025, so the profit gain came from margins rather than sales. The share price has fallen despite the better profits, and the data does not explain why. No news headlines are available. Foreign ownership slipped from 7.6% to 6.6% over 60 days, while 20-day flows were small. A share cancellation decision was filed on 2026-09-15, but the data gives no size or terms.

Business overview

Sempio Foods is a Food & Beverage company listed on the KOSPI since 2016-08-09, with 4,566,596 listed shares and a market value of about ₩96.6B. Revenue has grown every year shown, from ₩348.7B in 2021 to ₩408.9B in 2025, and trailing revenue to H1 2026 is ₩413.6B. Operating margin has moved between 1.6% and 6.7% over this period, which shows earnings that swing more than sales do. The data does not describe products or segments.

Financial analysis

These figures come from filed financial statements. Trailing revenue is ₩413.6B, operating income ₩27.2B, and net income ₩17.8B, for margins of 6.6% operating and 4.3% net. Return on equity is 6.8%, below 11.0% in 2021 but above 4.2% in 2024. Net income was ₩19.9B in 2025 versus ₩10.1B in 2024. The balance sheet looks conservative: liabilities are 40.9% of equity, cash is ₩24.7B, and borrowings are ₩48.6B. Trailing free cash flow is ₩36.8B, which is above net income.

Valuation

The shares trade at 5.4x earnings, 0.4x book, and 0.2x sales, with a dividend yield of 0.9%. Year-end P/E was 6.5x in 2025 and 11.2x to 12.1x in 2022-2024. Year-end P/B was 0.5x in 2023-2025, so the book multiple is now a little lower. Peers show P/E of 10.6x to 18.9x (Orion 10.6x, Nongshim 12.3x, Otoki 17.7x, Samyang Foods 18.9x) and P/B of 0.3x to 6.0x. CJ Cheiljedang has no P/E available. The valuation model, a 5-year discounted cash flow at a 7.5% rate, gives a model estimate based on the assumptions shown of ₩45,275 per share in the base case, ₩16,415 in the bear case, and ₩97,093 in the bull case. The current price of ₩21,150 sits between the bear and base cases. The wide range shows how sensitive the result is to assumptions. This is not a target or a reason to act.

Catalysts

  • The share cancellation decision filed on 2026-09-15 could affect the share count, though the data gives no details.
  • The amended half-year report filed on 2026-10-01 may update the H1 2026 figures that the trailing numbers rely on.
  • Whether margins hold near 6.6% in later quarterly reports will show if the 2025 recovery is lasting.
  • Foreign ownership fell from 7.6% to 6.6% over 60 days, and a change in that trend would be visible in flow data.
  • The next dividend decision could matter, as the current yield is 0.9%.

Risks

  • Revenue growth slowed to 1.0% in 2025, so profit gains depend on margins staying elevated.
  • Operating margin was as low as 1.6% in 2024, which shows earnings can drop quickly.
  • The share price is down 25.4% over one year and near its 52-week low, with no news in the data to explain it.
  • The model range is very wide (₩16,415 to ₩97,093), so the estimate is highly assumption-dependent.
  • The market value is only about ₩96.6B and 20-day flows are small, which may mean thin trading.

Closing view

The data shows a company with recovered profits, a modest debt load, positive free cash flow, and multiples below its own history and below most listed peers. Against that, sales growth is slow, margins have been volatile, and the share price has kept falling without an explanation in the data. The model estimate sits well above the current price in the base case, but its bear case is below the price, so the evidence is mixed rather than conclusive.

Model estimate of fair value

Bear
₩16,415
-21%
Base
₩45,275
+117%
Bull
₩97,093
+366%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 23, 2026InitiationStart of coverage (reader request)Sempio Foods: Earnings Recovery Meets a Share Price Near Its 52-Week Low

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information