Samyang Packaging삼양패키징

Samyang Packaging is trading near ₩9,800 with thin profit margins, a stretched balance sheet and negative free cash flow over the last twelve months.

The company makes PET bottles and containers for beverage and food makers and runs a recycling business for recycled PET. On the twelve months to H1 2026 it reported revenue of ₩432.9B, operating income of ₩29.7B and net income of ₩20.5B, but revenue and profit have fallen from 2024 and 2021 peaks. The shares are down 34.2% over one year, although they are up 9.6% over three months.

What stands out

• Trailing operating margin is 6.9%, down from 11.8% in 2021 and 5.9% for full-year 2025, while full-year 2025 revenue fell 6.2%.
• Trailing free cash flow is negative at about -₩2.9B, and borrowings of ₩154.0B exceed cash of ₩41.0B, with liabilities at 81.2% of equity.
• The valuation looks low on the numbers given: P/E of 7.2, P/B of 0.4 and a dividend yield of 5.1%, though the data does not explain why the market prices it this way.
• The company's own DCF model gives a base value of ₩20,427 against the ₩9,800 close, with a bear case of ₩4,593 and a bull case of ₩52,216; these are model outputs, not forecasts.
• Recent filings include a corporate value-up plan, an investor relations event and a new facility investment (corrected on 30 September 2026), and a securities registration with an issuance results report in September. No news headlines were included in the data.

What to watch

• Whether the new facility investment and value-up plan are followed by clearer details on capacity, spending and returns in later filings.
• Next periodic results, to see if revenue and margins keep sliding or stabilise after the 2025 decline.
• Debt levels and cash generation, since borrowings are well above cash and free cash flow is currently negative.