Samchuly Bicycle삼천리자전거

Samchuly Bicycle is profitable on a trailing basis after a weak 2024, but its share price has been flat over the past year and it is running a buyback and share-cancellation programme.

The company runs a bicycle business (PHANTOM, CELLO and other brands sold mainly in Korea through dealers, discount stores and online) and a direct-sales travel agency. On trailing twelve-month figures to H1 2026 it had revenue of ₩171.6B, operating income of ₩10.6B and net income of ₩5.7B, with a 6.2% operating margin. Recent filings focus on a tender offer, treasury share buybacks, a share cancellation and an embezzlement and breach-of-trust matter.

What stands out

• Revenue was ₩175.6B in 2025, up 8.9%, but operating income fell from ₩12.4B in 2025 to ₩10.6B on a trailing basis to H1 2026, so margins are slightly lower than the 2025 full year.
• 2024 was weak: operating income was ₩3.0B and net income was a loss of about ₩0.1B, while 2023 had an operating loss of ₩6.3B, though it still reported net income of ₩5.1B.
• The stock closed at ₩4,575 on 19 Oct 2026, up 39.3% over three months but down 0.3% over one year, and it sits well below its 52-week high of ₩7,450.
• Valuation metrics are modest: P/E of 10, P/B of 0.6 and a 2.2% dividend yield, with cash of ₩14.4B against borrowings of ₩30.0B.
• Filings include a buyback trust contract signed on 19 Oct 2026, a share cancellation decision on 6 Oct 2026, and a tender offer with results reported in September 2026. Foreign ownership fell from 2.9% to 2.0% over 60 days.

What to watch

• Progress on the embezzlement and breach-of-trust allegations, last updated in a filing on 27 Aug 2026; the data does not say what financial impact, if any, has resulted.
• Completion of the buyback trust and the share cancellation, and how they affect the share count (12.4M listed shares) and the free float.
• Q3 2026 results, which are not in the data, and whether operating margins hold near 6% given the lower trailing operating income versus 2025.