PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩105 per share · Prices as of the 2026-10-02 close
Samryoong swung from loss to profit in 2025 with both operating and net income improving, yet its share price has historically reacted more to political de-plastic policy expectations than to underlying earnings.
2025 consolidated revenue of KRW 94.26bn and operating profit of KRW 6.52bn (6.9% margin), both improved from the prior year
2024 saw a widening gap between rising operating profit and a KRW 5.59bn owners' net loss, before 2025 net income turned positive at KRW 6.05bn
Holds roughly a 29% share of Korea's domestic carton pack (paper liquid container) market, among the leading players
Subsidiary SR Technopack's oxygen-barrier coating film 'GB-8' has secured US FDA certification, underpinning eco-friendly material competitiveness
High controlling-shareholder ownership limits free float, and the stock has a history of sharp volatility tied to policy-theme news flow
Founded in 1980 and listed on KOSDAQ in 1992, Samryoong is a specialized manufacturer of sanitary packaging containers, with its core product being the carton pack, a paper container used for liquid beverages such as milk and juice.
Korea's domestic carton pack market is an oligopoly shared among a small number of players including Samryoong, Hankook Package, Evergreen Packaging Korea, and Samyang Chemical, and Samryoong is regarded as a leading player with roughly a 29% market share.
Beyond the parent company, the group comprises SR Technopack, a wholly owned subsidiary, and SR Chemical, an equity-method affiliate.
SR Technopack produces plastic food containers and films used in instant rice and canned coffee products, as well as non-PVC films used in medical IV solution bags, supplying both domestic and overseas pharmaceutical companies.
SR Chemical conducts research and development in synthetic coatings, contributing to the group's material diversification.
SR Technopack's proprietary oxygen-barrier coating film 'GB-8' allows recycling without the need to separate composite materials and received US FDA certification in 2021, having been commercialized in partnership with dairy company Purmil.
The carton pack business is understood to count major domestic dairy companies such as Maeil Dairies, Namyang Dairy Products, and Seoul Milk among its key customers, while the plastic container business is reportedly linked to CJ CheilJedang's instant rice packaging.
The company's governance structure also features a relatively high controlling-shareholder stake, which limits the free float of shares.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩24.7B | ₩900M | 3.8% |
| 2025Q3 | ₩23.2B | ₩800M | 3.5% |
| 2025Q4 | ₩24.2B | ₩3.6B | 15.1% |
| 2026Q1 | ₩23.9B | ₩700M | 2.8% |
| 2026Q2 | ₩29.8B | ₩2.3B | 7.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩90.3B | -₩1.2B | -₩2.6B | −1.3% | −4.3% | 88.7% |
| 2023 | ₩86.3B | ₩1.2B | ₩2B | 1.4% | 3.4% | 74.0% |
| 2024 | ₩94B | ₩5.8B | -₩5.6B | 6.2% | −10.7% | 90.5% |
| 2025 | ₩94.3B | ₩6.5B | ₩6.1B | 6.9% | 10.6% | 75.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Consolidated revenue in 2025 was KRW 94.26bn, essentially flat versus KRW 94.05bn in 2024, while operating profit rose modestly to KRW 6.52bn (6.9% margin) from KRW 5.79bn (6.2% margin) in 2024.
A more notable shift occurred at the net income line: despite higher operating profit in 2024, the company posted an owners' net loss of KRW 5.59bn that year, before swinging to an owners' net profit of KRW 6.05bn in 2025.
This suggests non-operating items drove the divergent net income direction between the two years, and looking further back to 2023 (1.4% operating margin, KRW 2.04bn net profit) and 2022 (-1.3% operating margin, KRW 2.61bn net loss), profit direction has swung considerably over the past four years.
On a quarterly basis, operating profit spiked to KRW 3.65bn in the fourth quarter of 2025 (roughly a 15% margin on revenue of KRW 24.24bn) before falling back to KRW 0.68bn on revenue of KRW 23.95bn in the first quarter of 2026, illustrating significant quarter-to-quarter earnings volatility.
In the second quarter of 2026, revenue jumped to KRW 29.76bn versus the prior quarter, with operating profit recovering to KRW 2.26bn (roughly a 7.6% margin) and owners' net profit of KRW 1.95bn.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative owners' net profit totaled roughly KRW 6.39bn, with profit concentrated in specific quarters—namely Q4 2025 and Q2 2026—rather than being evenly distributed.
On the cash flow side, 2025 operating cash flow of KRW 1.33bn was smaller than reported net income, warranting attention to earnings quality and cash conversion.
The carton pack market is closely tied to domestic milk consumption, which faces structural headwinds from a declining birth rate and shrinking population, even as alternative demand from processed milk, fermented dairy drinks, and juice partially offsets the trend.
The market remains an oligopoly with limited new entrants, so market share shifts among the handful of incumbents, including Samryoong, tend to be gradual.
The plastic food container and film segment, by contrast, benefits from a relatively resilient demand base tied to single-person households and the growth of home meal replacement (HMR) products, with performance linked to production volumes at large food companies such as CJ CheilJedang.
More recently, government policy direction toward reducing single-use plastics and mandating recycled content has drawn market attention to companies with paper-based packaging and easily recyclable coating materials as potential policy beneficiaries.
Indeed, in both April and July of 2025, political announcements of de-plastic pledges and policy direction triggered sharp short-term swings in Samryoong's share price, a pattern in which the stock has repeatedly reacted more to policy themes than to underlying earnings.
The medical IV film segment, which serves domestic and overseas pharmaceutical customers, follows a different demand cycle from the carton pack and food container businesses, providing some portfolio diversification.
Competitors such as Hankook Package and Evergreen Packaging Korea face similar pressure to transition toward eco-friendly materials, and the pace and scale at which policy translates into actual purchasing shifts could influence the competitive dynamics among these players.
No specific company-issued revenue or profit guidance is available in public disclosures, and future performance is likely to hinge on whether the carton pack segment maintains stable sales and whether the plastic container and medical film segments see volume growth.
Government direction toward de-plastic policy and mandated recycled content has been publicly reiterated on several occasions, but the detailed implementation timeline and legislative scope remain to be finalized, making it worth watching when and to what extent this policy momentum translates into actual sales.
SR Technopack's GB-8 coating film already has commercialization track record, making further contract wins with dairy and food companies considering similar eco-friendly material transitions an important point to monitor.
The clear quarter-on-quarter improvement in revenue and operating profit in the second quarter of 2026 is a positive, but a recurrence of the kind of quarterly earnings volatility seen between the fourth quarter of 2025 and the first quarter of 2026 cannot be ruled out.
Fluctuations in raw material costs such as pulp, polyethylene, and plastic resin remain a variable with a direct impact on the cost structure.
The high controlling-shareholder stake and correspondingly limited free float remain a factor that could continue to amplify short-term supply-demand volatility tied to policy or thematic news.
Samryoong's share price has a history of swinging sharply over short periods in response to policy-theme news rather than earnings fundamentals, and this volatility history should be factored into any interpretation of current trading multiples.
Following the swing from a net loss in 2024 to a net profit in 2025, valuation multiples based on the trailing four-quarter earnings level appear to sit in a more stable range than during the loss-making period.
The share price relative to net asset value has come down from levels seen when multiples widened sharply due to prior net losses, and the current premium over net assets does not appear especially elevated.
On the dividend front, the company continues to pay a cash dividend, though the amount relative to market value is not large, suggesting that the sustainability of the earnings recovery and policy momentum—rather than dividend appeal—have been the key variables explaining the stock's price behavior.
How consistently earnings hold up on a quarterly basis going forward could serve as a basis for any future valuation reassessment.
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 2026-08-21
The company swung from a KRW 5.59bn owners' net loss in 2024 to a KRW 6.05bn net profit in 2025, while the operating margin improved from 6.2% to 6.9%. The second quarter of 2026 also showed a clear recovery in both revenue and operating profit versus the prior quarter.
However, given the sizeable quarter-to-quarter volatility, further confirmation is needed on how durable this trend proves to be.
Government policy direction toward reducing single-use plastics and mandating recycled content aligns with Samryoong's business in paper-based carton packs and easily recyclable coating materials. Subsidiary SR Technopack's GB-8 coating film has already secured FDA certification and commercialization track record. However, the specific implementation timing and legislative scope of the policy have yet to be finalized.
Beyond carton packs, revenue is spread across plastic containers for instant rice and canned coffee, medical IV solution films, and synthetic coating R&D. The medical film segment serves domestic and overseas pharmaceutical customers and follows a different demand cycle from carton packs and food containers.
This structure can help buffer the impact of a slowdown in demand for any single product line on overall results.
The carton pack market is closely linked to domestic milk consumption, which faces structural headwinds from a declining birth rate and shrinking population, leaving white milk consumption stagnant or in mild decline.
Alternative beverage demand offsets some of this, but driving top-line growth in the core business remains challenging in this environment. While the oligopoly structure with limited new entrants offers stability, it can also act as a ceiling on growth.
In 2024, despite operating profit rising versus the prior year, the company posted an owners' net loss of KRW 5.59bn, showing that non-operating factors can heavily sway the direction of net income.
Quarterly operating profit has also been unpredictable, falling sharply from KRW 3.65bn in the fourth quarter of 2025 to KRW 0.68bn in the first quarter of 2026. This volatility makes it difficult to read earnings trends with confidence.
The relatively high controlling-shareholder stake limits the number of freely traded shares, and in such a structure, trading volume and share price can swing sharply on political or policy theme news regardless of underlying performance.
Indeed, in both April and July of 2025, short-term rallies and pullbacks recurred around related news events. This is a factor that makes it difficult to fully explain price movements through fundamental analysis alone.
De-plastic and mandated recycled-content policies have only had their broad direction announced, with detailed enforcement decrees, timing, and scope not yet finalized. If the policy is delayed or scaled back, interest based on policy expectations could fade quickly. Conversely, the impact of any acceleration or expansion in scope also remains uncertain.
Pulp, polyethylene, and plastic resin are key raw material inputs for carton pack and plastic container production, and international commodity prices and exchange rate movements have a direct effect on costs.
While the operating margin improved modestly from the low-6% range to the high-6% range between 2024 and 2025, a rise in raw material cost burden could slow the pace of margin recovery.
The carton pack business is understood to have sales exposure concentrated among a small number of large dairy customers, so changes in their production or procurement policies could affect performance.
At the same time, the ownership structure, with a high controlling-shareholder stake and limited free float, is a factor that can amplify supply-demand volatility from the perspective of minority shareholders.
The 2026 third-quarter earnings disclosure is tentatively expected around this time, and it will be important to check whether the revenue and profit recovery seen in the second quarter of 2026 continues.
It will be worth confirming when the government finalizes the detailed enforcement decree and implementation timing for its recycled-PET mandate and de-plastic roadmap.
It is worth monitoring for any disclosures or reports on new customer adoption or major contracts involving SR Technopack's eco-friendly materials such as GB-8.
Statistics on milk consumption released by agencies such as Statistics Korea or the dairy industry association can be used to track shifts in the core carton pack business's demand base.
It is worth checking for any changes in cash dividend policy or treasury share-related disclosures to track the direction of shareholder return policy.
Samryoong recorded a 6.9% operating margin and KRW 6.05bn in owners' net profit in 2025, marking a turnaround from the 2024 net loss, but quarterly results also show considerable earnings volatility, as seen in the swing between the fourth quarter of 2025 and the first quarter of 2026.
On the business side, the company is a leading player with roughly a 29% share of the domestic carton pack market, with its portfolio diversified through SR Technopack's plastic container and medical film businesses.
Government policy direction toward de-plastic initiatives and mandated recycled content aligns with the company's business, though the detailed implementation timing and scope have yet to be finalized.
The share price has a repeated history of sharp short-term swings tied to political or policy theme news rather than underlying performance, making it difficult to fully explain price movements through fundamental analysis alone.
The ownership structure, with a high controlling-shareholder stake and limited free float, is also cited as a factor that amplifies this volatility.
Going forward, the stability of quarterly earnings, the pace at which policy implementation becomes concrete, and the extent of new material adoption are likely to be the key variables to watch for both performance and share price behavior.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.