KOSPI · 136490 · Food & Beverage · ₩136490

Sunjin선진

136490 · KOSPI · ₩136490 · 선진

₩10,070▼ ₩30 (0.30%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩116,938

vs the current price (₩10,070)

Enterprise value: ₩3.2T
Equity value: ₩2.8T
WACC: 5.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 1,061% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩10,070, the model needs an operating margin of 1.2% every year (it uses 6.4%).
Today's P/E is 2.8× against a typical 6.0× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩45,808; +354.9%
Base: ₩116,938; +1,061.3%
Bull: ₩270,836; +2,589.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (6.4%).

Revenue growth

Revenue growth, year 13.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin6.4%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 4 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation1.6%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending0%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital-0.9%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.25, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.58%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩2.1T
Net debt (borrowings and leases − cash and deposits): ₩421B
+ Stakes and investments: ₩3.8B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩22B
Shares: 23,779,604
Share price: ₩10,070
Market cap: ₩239B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2022	FY2023	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩1.9T	₩1.9T	₩1.9T	₩2.1T	₩2.2T	₩2.3T	₩2.3T	₩2.4T
Growth	8.9%	1.9%	−0.5%	3.3%	3.2%	3.2%	3.1%	3.0%
EBIT	₩71B	₩98B	₩179B	₩136B	₩140B	₩144B	₩149B	₩153B
EBIT margin	3.8%	5.1%	9.5%	6.4%	6.4%	6.4%	6.4%	6.4%
After-tax EBIT	₩51B	₩71B	₩130B	₩98B	₩101B	₩105B	₩108B	₩111B
+ Depreciation	₩29B	₩30B	—	₩34B	₩35B	₩36B	₩37B	₩38B
− Capital spending	₩192M	—	—	₩0	₩0	₩0	₩0	₩0
− Working capital	₩9.3B	−₩71B	₩531B	−₩609M	−₩610M	−₩630M	−₩629M	−₩628M
Free cash flow	₩70B	—	—	₩133B	₩137B	₩141B	₩146B	₩150B
Discount factor	—	—	—	0.950	0.903	0.858	0.815	0.774
Present value	—	—	—	₩126B	₩124B	₩121B	₩119B	₩116B

Terminal value ₩3.4T, worth ₩2.6T today: 81% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩26,393 a share)Now 0.38×	₩9,5220.36×	₩11,7900.45×	₩16,5710.63×
Price / earnings (last 12 months: ₩3,595 a share)Now 2.80×	₩7,7062.14×	₩21,4555.97×	₩61,20817.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,425 a share)Now 2.94×	₩7,3412.14×	₩20,4395.97×	₩58,31017.0×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
4.3%	₩121,686	₩143,169	₩174,180	₩222,864	₩310,347
4.8%	₩103,808	₩119,285	₩140,382	₩170,835	₩218,644
5.3%	₩90,112	₩101,738	₩116,938	₩137,657	₩167,566
5.8%	₩79,277	₩88,295	₩99,715	₩114,644	₩134,994
6.3%	₩70,489	₩77,660	₩86,518	₩97,736	₩112,401

Now (TTM)

Market cap: ₩239B
Enterprise value: ₩592B
P/E: 2.8×
P/B: 0.4×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 2.0%

Over time (at each year end)

	2025	2023	2022	2021
Price	₩9,700	₩6,620	₩9,300	₩11,500
Market cap	₩231B	₩157B	₩221B	₩273B
P/E	1.9×	11.3×	9.5×	6.4×
P/B	0.4×	0.4×	0.5×	0.7×
P/S	0.1×	0.1×	0.1×	0.2×
EV/EBITDA	—	0.4×	1.4×	1.4×
Dividend yield	2.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sunjin	2.8×	0.4×	0.1×	—	2.0%
Samyang Foods	17.6×	5.6×	3.1×	—	0.4%
Orion	10.6×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.0×	0.8×	0.6×	—	1.5%
Otoki	17.3×	0.6×	0.3×	—	2.9%
Hite Jinro	23.2×	0.9×	0.4×	6.4×	4.5%
Similar companies (median)	17.3×	0.9×	0.5×	5.8×	3.0%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Sunjin / 선진 / 136490 / KRX:136490

Source: KRX statistical information