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JONBUR Research · Initiation

You're reading an earlier report from Oct 20, 2026. See the latest report

Samyang Packaging · 272550 · Rubber & plastics

Samyang Packaging: Low Multiples, Thin Margins and a Wide Model Range

Why this report

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

Samyang Packaging trades at 7.4x earnings and 0.4x book value after a 17.0% three-month gain, though the share price is still 32.8% lower than a year ago. TTM operating margin is 6.9% and ROE is 5.3%, while the model estimate range is very wide.

Written Oct 20, 2026 · Data as of Oct 19, 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 a picture of a modestly profitable packaging maker valued below its book value. The price-to-book ratio of 0.4 is below the 0.5 to 1.2 year-end range of the past five years, and the dividend yield is 5.0%. Free cash flow of ₩47.5B is above TTM net income of ₩20.5B.

The data does not show a clear growth trend. Revenue fell 6.2% in 2025, and ROE has stayed between 3.5% and 9.4% over five years. Borrowings of ₩195.2B are far larger than cash of ₩41.0B. No news headlines are available, so the reasons for the share price moves cannot be read from the data.

Business overview

Samyang Packaging is a KOSPI-listed company in the rubber and plastics sector. It was founded in November 2014 and listed in November 2017. Market capitalisation is about ₩151.4B on 15,068,406 listed shares, and enterprise value is about ₩305.6B.

Revenue was ₩391.9B in 2021 and ₩420.2B in 2025, and TTM revenue to H1 2026 is ₩432.9B. Foreign ownership is 2.4%, up from 2.3% sixty days ago, and the short balance is 0.1%.

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Model estimate of fair value

Bear
₩10,898
+12%
Base
₩31,609
+224%
Bull
₩72,588
+644%

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 5.8%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeSamyang Packaging: Model Fair Value Estimate Cut 37% After Latest Data Update
  2. Oct 20, 2026InitiationStart of coverage (reader request)Samyang Packaging: Low Multiples, Thin Margins and a Wide Model Range

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