SAM Jung Pulp삼정펄프

SAM Jung Pulp reported a trailing operating loss to mid-2026 despite a large net profit, and its latest filing flags a production halt.

SAM Jung Pulp makes tissue and toilet paper products and raw paper in South Korea, with plants in Cheonan and Haman after it stopped production at Pyeongtaek in late 2025. Trailing revenue to H1 2026 was about ₩126.5B, with an operating loss of about ₩3.9B but net income of about ₩38.3B, and the shares closed at ₩26,800, near the lower half of their 52-week range. The data does not explain the gap between operating and net income.

What stands out

• Trailing operating margin is -3.1% while net margin is 30.3%, so the reported profit is well above what operations generated in the period; the data does not say what drove the difference.
• Revenue has fallen for two straight years, from ₩178.3B in 2023 to ₩148.6B in 2025, and the trailing figure is ₩126.5B.
• Operating income turned negative in 2025 after positive results in 2021 to 2024, and the trailing period remains negative.
• The latest filing list includes a 'Production Halt' notice dated 2026-08-28, but the data gives no details on which site or how long.
• The stock is down 9.6% over one year and trades at about 1.7x earnings and 0.2x book; the company shows a 3.7% dividend yield and net cash of about ₩24.3B with no borrowings listed.
• The DCF-based fair value model gives a base of ₩79,050, but this is a model output, not a forecast or recommendation.

What to watch

• Details of the production halt filed on 2026-08-28, including its scope, duration and any effect on sales or output.
• The full-year 2026 results and the next quarterly report, to see whether operating income turns positive again.
• Whether the large net profit in the trailing period is repeatable, since the data does not explain its source.