S&D에스앤디

S&D is profitable and growing revenue, but its shares have fallen about a third over the past year.

S&D makes food and health functional ingredients, such as seasoning bases for instant noodles and snacks, and sells them mainly to domestic business customers. Trailing twelve-month revenue is ₩172.5B with a 16.3% operating margin, and the company reports no borrowings. The share price is ₩51,600, well below its 52-week high of ₩92,000, and the stock trades at about 6.2 times earnings.

What stands out

• Revenue grew 30% in 2025 to ₩150.9B, and operating income rose to ₩23.0B from ₩20.1B in 2024, though the operating margin slipped from 17.3% to 15.2%.
• Trailing net income is ₩24.2B with a 29.9% return on equity, and the company reports ₩33.1B in cash and no borrowings.
• The discounted cash flow model in the data gives a base value of ₩213,737, with a bear case of ₩143,513 and a bull case of ₩329,229; these are model outputs, not forecasts, and the current price sits far below all three.
• Foreign ownership rose from 4.6% to 5.1% over the last 60 days, while retail investors were net sellers of about ₩2.7B over the past 20 days.
• Filings in 2026 include a corporate value-up plan, a dividend decision, a 3.5% dividend yield, and insider and major-holder reports in October.

What to watch

• The Q3 2026 quarterly report and the full-year 2026 results, to see whether margins hold after the 2025 decline.
• The October insider shareholding and trading plan filings, which may show major holders' intentions.
• News coverage is absent from the data, so the reasons for the 33% one-year share price decline are not explained here.