Shindaeyang Paper신대양제지

Shindaeyang Paper is a small, thinly margined paper maker whose profits have shrunk sharply since 2023, while its shares have fallen about 31% over the past year.

Shindaeyang Paper makes corrugated base paper and corrugated boxes in Korea, with mills at Shihwa and Banwol. Over the trailing twelve months to H1 2026 it reported revenue of about ₩653B, an operating margin of 3.8% and a net margin of 5%, with a net income figure above its operating income. The shares closed at ₩8,620 on 2026-10-23, near the lower end of their 52-week range of ₩8,200 to ₩18,150.

What stands out

• Revenue has been broadly flat to slightly down: ₩681B in 2021, ₩639B in 2025, and ₩653B on a trailing basis to H1 2026.
• Operating income has fallen from ₩58.5B in 2023 to ₩22.2B in 2025, and the operating margin from 9.1% to 3.5%.
• The balance sheet looks conservative on the figures given: cash of ₩197B against borrowings of ₩98B, and liabilities at 29.6% of equity.
• The fair value model's base estimate is ₩8,764, close to the current price, with a bear case of ₩3,664 and a bull case of ₩17,913; these are model outputs, not forecasts.
• Recent filings include a corporate value-up plan (March 2026), a half-year report (August 2026) and a property, plant and equipment acquisition (October 2026). No recent news headlines are in the data.

What to watch

• The next quarterly and annual results, to see whether operating margins recover from the 3.5% seen in 2025.
• Details of the October 2026 property, plant and equipment acquisition, including its size and how it is funded, which the data does not give.
• Foreign ownership is only 1.8% and unchanged over 60 days, and the 20-day flows show retail selling; the data does not explain the cause.