Asia Paper Manufacturing아세아제지

Asia Paper Manufacturing's profits have shrunk sharply since 2023, and the shares trade near their 52-week low despite a 2.8% dividend yield.

Asia Paper Manufacturing makes corrugating medium and corrugated packaging, with plants in Sejong, Siheung and several other cities. Trailing revenue to H1 2026 was about ₩874B with a thin 3% operating margin, and free cash flow was slightly negative. The share price of ₩7,120 sits well below its 52-week high of ₩11,380, and the data shows a DCF base fair value of ₩16,101, which is a model output rather than a forecast.

What stands out

• Operating income fell from ₩87.6B in 2023 to about ₩26.4B on a trailing basis, with the operating margin down from 9.6% to 3%.
• Trailing net income of about ₩27.2B is roughly in line with operating income, and ROE is 3.2%, well below the 12%+ levels of 2021 to 2022.
• The balance sheet looks lightly indebted: liabilities are 23.4% of equity, borrowings are only about ₩0.2B, and cash is about ₩62.4B.
• Shares are priced at 10.3 times earnings and 0.3 times book, with a 2.8% dividend yield; the company filed a cash dividend decision on 13 October 2026.
• Filings in 2026 include a buyback trust contract that was later terminated, and a production restart announced in April; the data does not explain the reasons for these.

What to watch

• Details and amount of the cash dividend and the record date, which the filings mention but the data does not show in full.
• Free cash flow, which was negative at about -₩1.0B on a trailing basis, and whether operating margins recover from around 3%.
• Next results releases; the data includes no analyst forecasts or consensus estimates, so the outlook is not covered here.