PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,181 per share · Prices as of the 2026-10-02 close
Samyoung Trading runs a three-pillar business of chemical distribution, eyewear lens exports, and auto parts manufacturing, and after an operating loss in the fourth quarter of 2025 it posted two consecutive quarters of rising operating profit and net income through the first half of 2026.
Core business is chemical distribution, complemented by eyewear lens exports (Chemi Glass) and auto parts manufacturing (Korea Cubic, Samsin Chemical Industry)
Consolidated revenue shrank from KRW 492.5bn in 2022 to KRW 446.9bn in 2025, yet owner net income rose from KRW 53.8bn to KRW 58.6bn over the same period
After an operating loss of KRW 1.0bn in Q4 2025, operating profit clearly recovered to KRW 4.5bn in Q1 2026 and KRW 9.0bn in Q2 2026
The auto parts segment faces headwinds from US tariff policy and mobility technology shifts, while the chemical segment is hit by price declines amid a petrochemical downturn
Activist fund Value Partners Asset Management called for expanded shareholder returns in January 2026, citing net cash and an unreflected Essilor Korea stake value
Founded in 1959 and listed on the KOSPI in 1988, Samyoung Trading's core business is the sale of chemical products, supplying basic petrochemical derivatives to Korea's chemical industry.
Its second pillar is eyewear lens exports, selling prescription plastic lenses overseas, with production handled by subsidiary Chemi Glass. The third pillar is auto parts manufacturing through subsidiaries: Korea Cubic, which makes interior parts, and Samsin Chemical Industry, which makes exterior parts.
In chemicals, the company partners with domestic and overseas chemical makers to secure volume and price competitiveness, and pursues market diversification by concentrating on higher-value-added products in Japan and Europe.
In eyewear lenses, the company holds a near-50% (49.8%) stake in equity-method affiliate Essilor Korea, a joint venture with France's Essilor International, which exclusively supplies brands such as Varilux (the world's first progressive lens brand), Nikon, and Transitions in Korea and serves as a key source of equity-method income.
This affiliate is consolidated only via equity-method gains, not revenue. The group also includes Samhan Industry, which stores and manages chemical tanks, real-estate lessor Newtopex, and auto elastic parts maker Piolax, giving the broader group a structure spanning chemicals, optics, and parts.
Competitively, the long-standing chemical distribution business serves many domestic and overseas manufacturers, but it also shares in price pressure during petrochemical downcycles.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩120B | ₩5.2B | 4.4% |
| 2025Q3 | ₩110.4B | ₩3.3B | 3.0% |
| 2025Q4 | ₩100.5B | -₩1B | −1.0% |
| 2026Q1 | ₩109.4B | ₩4.5B | 4.1% |
| 2026Q2 | ₩123.4B | ₩9B | 7.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩492.5B | ₩19.4B | ₩53.8B | 3.9% | 11.6% | 21.9% |
| 2023 | ₩476.8B | ₩17.2B | ₩50.1B | 3.6% | 10.0% | 21.6% |
| 2024 | ₩480.2B | ₩18.4B | ₩56.8B | 3.8% | 10.2% | 18.2% |
| 2025 | ₩446.9B | ₩12.8B | ₩58.6B | 2.9% | 9.7% | 15.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue moved from KRW 492.5bn in 2022 to KRW 476.8bn in 2023, KRW 480.2bn in 2024, and KRW 446.9bn in 2025, an overall contracting trend with some fluctuation.
Operating profit recovered somewhat from KRW 19.4bn in 2022 to KRW 17.2bn in 2023 and KRW 18.4bn in 2024, before falling sharply to KRW 12.8bn in 2025, pushing the operating margin down from 3.9% to 3.6% to 3.8% and then to 2.9%.
In contrast, owner net income actually rose each year from KRW 53.8bn in 2022 to KRW 50.1bn in 2023, KRW 56.7bn in 2024, and KRW 58.6bn in 2025, a divergence that appears to reflect non-operating contributions—equity-method gains plus dividend and financial income—offsetting core-business weakness.
On a quarterly basis, revenue slowed from KRW 120.0bn with operating profit of KRW 5.2bn in Q2 2025 to KRW 110.4bn and KRW 3.3bn in Q3, before revenue fell further to KRW 100.5bn in Q4 with operating profit swinging to a loss of KRW 1.0bn.
However, Q1 2026 revenue rebounded modestly to KRW 109.4bn with operating profit turning positive again at KRW 4.5bn, and Q2 2026 revenue rose to KRW 123.4bn with operating profit of KRW 9.0bn, the best result among the past five quarters.
Owner net income also climbed clearly for two straight quarters, from KRW 11.2bn in Q4 2025 to KRW 18.6bn in Q1 2026 and KRW 22.6bn in Q2 2026, suggesting both operating recovery and equity-method/non-operating contributions were at work.
For Q1 2026 specifically, it has been noted that consolidated revenue fell 5.7% year-on-year and operating profit dropped 14.3%, yet net income rose 12.1%, with auto parts revenue falling due to mobility technology shifts, supply-chain restructuring and US tariff policy, while chemical revenue declined as average unit prices fell despite higher volumes amid a weak petrochemical market.
On a nine-month cumulative basis through Q3 2025, revenue fell 3.7% and operating profit fell 7.7% year-on-year while net income still rose 4.1%, indicating that this pattern of core-business contraction alongside resilient net income has repeated across several quarters.
Chemical distribution is closely tied to domestic downstream petrochemical demand, and the company itself notes that recent weakness in the domestic and global petrochemical market has created structural pressure where volumes rise but average selling prices fall.
The eyewear lens market has maintained relatively stable growth on the back of population aging and rising demand for premium lenses, while exchange-rate conditions such as the yen affect export profitability.
The auto parts segment is exposed to three structural variables—automakers' mobility technology transitions, global supply-chain restructuring, and US tariff policy on automobiles and parts—which have been a direct driver of revenue declines in recent quarters.
Competitively, Samyoung Trading has built volume and price competitiveness in chemical distribution through a long-standing customer base and cooperation with domestic and overseas chemical makers, and continues to diversify into higher-value-added markets such as Japan and Europe.
In eyewear lenses, its joint-venture relationship with the world's leading lens maker, the Essilor group, underpins its domestic market position, a differentiated stance versus a pure distributor.
The auto parts segment is a comparatively small subsidiary-level business whose fortunes are closely tied to shifts in the broader automotive industry, giving it a different risk profile from the core chemical distribution business.
According to company disclosures, the eyewear lens business expects continued growth through the relocation of its China plant and expansion of a Southeast Asian market base, with rising equity-method income from the affiliate helping to cushion overall weakness.
The chemical distribution segment is seeing higher volumes, suggesting some scope for a rebound in results if the petrochemical market improves and average prices recover.
The auto parts segment's future trajectory will likely hinge on external variables such as US tariff policy and global supply-chain restructuring, making related negotiations worth monitoring.
On shareholder returns, the March 2026 annual general meeting approved both a cash dividend and an in-kind dividend using treasury shares for the 67th fiscal year, and the related treasury-share disposal was completed in April, lowering the company's treasury-share ratio to 2.9%.
This shift in dividend policy coincided with activist fund Value Partners Asset Management's January 2026 call for improved shareholder-return policy—including treasury-share buybacks and cancellations plus higher dividends—citing net cash exceeding market capitalization and an unreflected Essilor Korea stake value.
Whether the company takes further steps in response to these external demands, and whether the core-business recovery continues into subsequent quarters of 2026, are key points to watch going forward.
Owner equity climbed steadily from KRW 462.5bn in 2022 to KRW 502.1bn in 2023, KRW 558.6bn in 2024, and KRW 607.3bn in 2025, while owner net income over the same period rose from KRW 53.8bn to KRW 58.6bn.
With market capitalization lagging this pace of capital accumulation, the shares are observed to have traded at a discount to net asset value.
Operating profit has recovered from a loss to roughly KRW 9.0bn over the past four quarters, though how this improvement feeds through to valuation multiples is open to differing market interpretations.
Dividend policy has combined annual cash dividends with in-kind dividends using treasury shares, and outside shareholders have called for stronger capital returns, including treasury buybacks, cancellations, and higher dividends.
How this capital-allocation policy evolves, alongside the pace of earnings recovery, is a variable worth watching going forward.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
After an operating loss in Q4 2025, both operating profit and owner net income rose for two consecutive quarters through Q1 and Q2 2026. Revenue also recovered from KRW 100.5bn to KRW 123.4bn, suggesting the core-business downturn may have passed its trough. Rising volumes in the chemical segment could support further improvement if pricing conditions turn favorable.
Value Partners Asset Management stated in a January 2026 report that Samyoung Trading's net cash-equivalent assets exceed its market capitalization, and argued that the value of its Essilor Korea stake is not reflected in the share price.
The fund estimated the company's intrinsic value at over KRW 1 trillion and called for treasury buybacks, cancellations, and higher dividends.
Subsequent shareholder-return actions followed, including the March 2026 AGM approval of a cash dividend and an in-kind treasury-share dividend, with the disposal completed in April.
Affiliate Essilor Korea, a joint venture with France's Essilor International, exclusively supplies premium lens brands such as Varilux in Korea and serves as a stable source of equity-method income.
This affiliate's contribution appears to underlie the steady rise in owner net income even as the core chemical and auto parts businesses have struggled. Chemi Glass's China plant relocation and Southeast Asian expansion are also cited as long-term growth drivers for the lens business.
Consolidated revenue has contracted for four straight years, from KRW 492.5bn in 2022 to KRW 446.9bn in 2025. The chemical segment faces structural pressure where rising volumes are offset by falling average prices amid a weak petrochemical market. If this trend persists, it could constrain the core business's top-line growth.
The auto parts segment is simultaneously exposed to three external variables: mobility technology shifts, global supply-chain restructuring, and US tariff policy. Revenue declines in this segment have repeatedly been cited as a source of weak results over recent quarters.
If related policy or industry structural changes persist, recovery at subsidiaries Korea Cubic and Samsin Chemical Industry could be further delayed.
The operating margin fell from 3.9% in 2022 to 2.9% in 2025, and the rise in owner net income relies heavily on non-operating contributions. If equity-method or other non-operating income contributions slow, the ability to defend net income could weaken.
Some observers note that without a recovery in core-business profitability, the improvement in results may not represent a qualitative gain.
Chemical selling prices are directly linked to raw-material prices such as naphtha and crude oil and to the petrochemical cycle, while eyewear lens export profitability is affected by exchange-rate moves such as the yen.
If raw-material prices keep falling, revenue and margins could be squeezed simultaneously even as volumes rise. An adverse currency move could reduce the profit contribution from the lens export segment.
The auto parts segment is directly affected by changes in US tariff policy on automobiles and parts, and further revenue declines could emerge depending on the outcome of related negotiations.
Continued global supply-chain restructuring could also alter order allocations from customers of Korea Cubic and Samsin Chemical Industry. This represents an external policy variable outside the company's control, adding to uncertainty.
With an activist fund calling for treasury buybacks, cancellations, and higher dividends, uncertainty remains over how far and how quickly the board will accept these demands. An in-kind treasury-share dividend has already been carried out, but further changes to capital-allocation policy have not yet been confirmed.
If differences between outside shareholders and management persist, governance-related friction could resurface.
The Q3 2026 quarterly report will show whether the recovery seen through Q2 continues across the chemical, eyewear lens, and auto parts segments.
Developments in US tariff policy and related negotiations on automobiles and parts should be monitored for their impact on Korea Cubic and Samsin Chemical Industry revenue.
The FY2026 audit report and annual general meeting will be a point to check whether the board responds to Value Partners Asset Management's calls for expanded shareholder returns, including treasury buybacks and cancellations.
Changes in Essilor Korea's equity-method income and dividend inflows, along with progress on Chemi Glass's China plant relocation and Southeast Asian expansion, warrant continued tracking.
Samyoung Trading's core chemical distribution business is complemented by eyewear lens exports and auto parts manufacturing, with equity-method income from affiliate Essilor Korea serving as an important buffer for results.
Consolidated revenue contracted for four straight years from 2022 to 2025 and the operating margin declined, yet owner net income and equity rose every year in a contrasting pattern.
The shift from an operating loss in Q4 2025 to rising operating profit and net income in both Q1 and Q2 2026 can be read as a sign of core-business recovery, though falling chemical prices and tariff/supply-chain variables in auto parts remain ongoing risks.
Following an activist fund's January 2026 call for expanded shareholder returns, some capital-allocation changes followed, including an in-kind treasury-share dividend, and whether the board takes further action remains a point to watch.
Overall, structural pressure on the core business and the affiliate/capital-policy dynamics are pulling in different directions, warranting continued attention to both quarterly results and the concretization of shareholder-return policy.
Report written 2026-09-05 · Data as of 2026-09-04
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