Samyung Trading삼영무역

Samyung Trading's trailing profit is well above its operating profit, and the stock trades at a low multiple after a weaker recent three months.

Samyung Trading distributes industrial chemicals, exports plastic eyeglass lenses, and makes automotive components through subsidiaries. Trailing revenue to H1 2026 was about ₩443.7B with a 3.6% operating margin, and revenue has been roughly flat to down over recent years. The share price closed at ₩20,500 on 2026-10-30, down 5.7% over one month and 8.3% over three months but up 35.1% over one year.

What stands out

• Trailing net income of ₩67.1B is about four times operating income of ₩15.8B, so the filings show a large non-operating contribution that the data does not explain.
• Annual revenue fell 6.9% in 2025 after a small rise in 2024, and operating margin slipped from 3.8% to 2.9% over the same period.
• Valuation metrics are low: P/E 5.6, P/B 0.6, dividend yield 5.8%. The data's DCF model gives a base value of ₩22,557 with a bear case of ₩16,878 and a bull case of ₩33,388.
• Balance sheet looks moderate, with liabilities at 15.6% of equity, cash of ₩45.3B against borrowings of ₩17.9B, and trailing free cash flow of ₩10.7B.
• Recent filings include a completed merger in September 2026. Foreign ownership rose to 20.6% from 20.1% about 60 days earlier, while institutions and retail were net sellers over the last 20 days.

What to watch

• The filings do not describe the merger's terms or effects, so the next filings or the full merger report would be needed to understand how it changes the business and share count.
• Next quarterly and annual results, to see whether the gap between operating and net income persists and whether margins hold near 3%.
• Largest-shareholder holding changes and the 5%+ holding reports, which the filings show have been frequent this year.