KOSDAQTransport & Logistics032280

SamIl

₩1,309▼ 0.68%2026-10-02 close

Market Cap

₩21.2B

Turnover

₩8,409,543

Volume

6,403 shares

Shares out.

16.2M

PER

15.1×

PBR

0.3×

EPS

₩91

Dividend Yield

2.91%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩40 per share · Prices as of the 2026-10-02 close

Report overview

POSCO's Logistics Partner Navigates a Steel Downturn

Samil, POSCO's logistics partner for over six decades, saw both revenue and operating profit decline in 2025, while quarterly net income has diverged from operating profit trends, reflecting rising earnings volatility.

1
2025 revenue of KRW 99.99bn and operating profit of KRW 2.13bn both declined year-on-year, with operating margin at just 2.1%
2
Owner net income turned negative in Q4 2025 while Q1 2026 net income far exceeded operating profit, both pointing to volatile non-operating items
3
The Pohang steel industry faces structural pressure from weak global demand, Chinese low-price competition, and decarbonization transition costs
4
A transport-and-storage partnership with POSCO dating to its founding, plus operating rights at Pohang Port berths 7 and 8, form an entry barrier
5
While the broader 3PL market offers structural growth potential, company revenue remains heavily tied to steel, shipbuilding, and auto industry cycles

Business structure

Samil (032280) is a mid-sized transportation company based in Pohang, founded in 1965 as Samil Unsu and now marking more than six decades as a logistics partner that has handled steel product storage and land transport since POSCO's founding.

The company's core business is transporting steel products from POSCO's Pohang and Dangjin steelworks to nationwide destinations, alongside general cargo transport, port stevedoring, and fuel retail.

Revenue is split into business revenue (mostly transport revenue, plus logistics center leasing and freight brokerage), stevedoring revenue from import/export port handling and related transport, and fuel sales.

The company operates Pohang's largest freight terminal and holds operating, construction, and handling rights at Pohang Port's berths 7 and 8.

Its nationwide network centers on the Pohang headquarters with branches in Incheon, Dangjin, Busan, Daegu, Changwon, and Gwangyang, supported by automated warehouse facilities and vehicle fleets. The largest shareholder is TD Co., not the CEO directly, with co-CEOs including Kang Seung-yeop and An In-su.

Domestic trucking is fragmented among small, subcontracted operators, whereas port operations require heavier upfront capital and are concentrated among fewer, larger players, giving Samil a relative advantage in the port segment.

Given this structure, the business is directly exposed to cyclical swings in the steel, shipbuilding, and automotive industries.

Earnings trend

Quarterly revenue · Operating profit

₩24.8B₩500M25Q2₩26B₩600M25Q3₩24.7B₩500M25Q4₩24.4B₩400M26Q1₩25.9B₩500M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩92B₩1.8B2022₩99.7B₩1.7B2023₩105.1B₩2.5B2024₩100B₩2.1B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩24.8B	₩500M	1.8%
2025Q3	₩26B	₩600M	2.5%
2025Q4	₩24.7B	₩500M	1.9%
2026Q1	₩24.4B	₩400M	1.7%
2026Q2	₩25.9B	₩500M	2.0%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩92B	₩1.8B	₩1.2B	2.0%	2.1%	69.0%
2023	₩99.7B	₩1.7B	₩2.8B	1.7%	4.5%	70.9%
2024	₩105.1B	₩2.5B	₩1.2B	2.4%	2.0%	70.9%
2025	₩100B	₩2.1B	₩1B	2.1%	1.5%	60.6%

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

Earnings analysis

Samil's annual revenue rose from KRW 91.98bn in 2022 to KRW 99.67bn in 2023 and KRW 105.11bn in 2024, before slipping back to KRW 99.99bn in 2025. Operating profit improved from KRW 1.80bn (2.0% margin) in 2022 to KRW 1.72bn (1.7%) in 2023 and KRW 2.47bn (2.4%) in 2024, before easing to KRW 2.13bn (2.1%) in 2025.

Owner net income, however, jumped sharply from KRW 1.23bn in 2022 to KRW 2.83bn in 2023, a move far larger than the operating profit change, suggesting a significant non-operating contribution that year. Net income then fell back to KRW 1.24bn in 2024 and further to KRW 0.96bn in 2025.

On a quarterly basis, Q3 2025 was the strongest of the recent window with revenue of KRW 26.02bn, operating profit of KRW 0.64bn, and net income of KRW 0.34bn, but Q4 2025 posted revenue of KRW 24.73bn and operating profit of KRW 0.47bn alongside a net loss of KRW 0.10bn.

Q1 2026 saw lower revenue of KRW 24.35bn and operating profit of KRW 0.42bn, yet net income rebounded sharply to KRW 0.79bn, and Q2 2026 recorded revenue of KRW 25.89bn, operating profit of KRW 0.51bn, and net income of KRW 0.37bn.

The frequent divergence between operating profit and net income direction indicates that non-operating items carry considerable weight in the company's quarterly results.

Industry analysis

Samil's results are heavily tied to conditions in the steel, shipbuilding, and automotive industries, and the Pohang steel sector has recently been described as facing structural pressure.

A January 2026 report by The Energy Economy Newspaper stated that the Pohang steel industry has moved beyond a short-term downturn into a phase of structural change amid weak global demand and intensifying Chinese low-price competition.

The same report cited industry sources noting that increased Chinese steel supply, driven by weak domestic demand, has been redirected into exports and is putting downward pressure on international steel prices.

It also noted that adjustments to some facility utilization rates and expanded maintenance schedules have reduced work volumes for related supplier companies.

The report further flagged that while carbon reduction is becoming a mandatory rather than optional task ahead of the EU's Carbon Border Adjustment Mechanism, the transition costs are substantial.

Separately, the broader logistics industry has been characterized by growth potential from the consolidation of logistics firms, expansion of the 3PL market, and rising interest in logistics outsourcing, with government support continuing for the sector.

However, a supplier like Samil, whose revenue is concentrated on a single major client's (POSCO) cargo volume, remains directly exposed to that client's production and utilization changes, independent of these broader industry growth trends.

Outlook

No separate revenue or profit guidance from the company has been identified.

However, the fact that cumulative Q3 2025 results (on a standalone basis) showed year-on-year declines of 4.7% in revenue, 22.9% in operating profit, and 13.2% in net income aligns with the weakness seen in the confirmed full-year 2025 figures.

The backdrop cited for this trend includes fluctuations in the steel, shipbuilding, and automotive industries along with freight cost burdens, even as gross profit showed slight improvement while operating profit declined.

No specific capacity expansion or new order plans disclosed by the company were found within the scope of this search.

At the regional level, some political figures in Gyeongbuk have proposed developing Yeongil Bay Port into an Arctic-route logistics hub and positioning Pohang as a combined industrial, logistics, and energy center, though this remains at the stage of a policy pledge with uncertain implementation and timing.

Key items to watch going forward include whether utilization rates recover at major clients such as POSCO, how quickly freight costs (fuel, labor) stabilize, and whether the recurring quarterly volatility in non-operating items eases.

Valuation

PER

15.1×

PBR

0.3×

ROE

2.2%

EPS

₩91

BPS

₩4,190

Dividend per share

₩40

Samil's shares tend to trade below net asset value per share, a pattern broadly shared with many domestic steel-linked logistics and manufacturing names that trade at low price-to-book ratios.

On the earnings side, following the temporary net income spike in 2023, profits declined again through 2024-2025, though the most recent four-quarter window (Q3 2025 through Q2 2026) shows tentative signs of gradual recovery amid quarter-to-quarter swings.

Dividends have historically varied in payout and amount depending on annual results, reflecting a profit-linked rather than a fixed-payout policy.

Given its status as a small-cap KOSDAQ stock, trading volume and liquidity can be limited, meaning the share price may at times react more to supply-demand flows than to underlying fundamental shifts.

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

Bull factors

Long-Standing POSCO Partnership and Port Entry Barriers

Samil has maintained a more than 60-year partnership handling steel product storage and transport since POSCO's founding, and its operating rights at Pohang Port berths 7 and 8 provide an entry barrier in the stevedoring segment.

While domestic trucking is fragmented among small, subcontracted operators, port operations are concentrated among fewer players due to high upfront capital requirements, allowing Samil to maintain a relatively stable business position. This can be viewed as a structural advantage that limits new entrant competition.

Signs of Net Income Recovery in Recent Quarters

Following a net loss in Q4 2025, net income recovered to KRW 0.79bn and KRW 0.37bn in Q1 and Q2 2026, respectively. Cumulative net income for the most recent four quarters (Q3 2025-Q2 2026) reached KRW 1.40bn, already exceeding the full-year 2025 net income of KRW 0.96bn.

This suggests that, even accounting for non-operating influences, the recent earnings trend may have passed a low point.

Structural Growth Expectations in the Logistics Sector

The consolidation of logistics firms, expansion of the 3PL market, and rising interest in logistics outsourcing have been cited as factors supporting growth potential in the sector, with continued government backing for the logistics industry as a growth engine.

However, there may be a time lag before these broader industry trends are directly reflected in a steel-focused supplier like Samil.

Bear factors

Structural Pressure on the Pohang Steel Industry

The Pohang steel industry has reportedly entered a phase of structural change beyond a short-term downturn, pressured by weak global demand, Chinese low-price competition, and decarbonization transition costs.

A trend of reduced work volumes for supplier companies, tied to facility utilization adjustments and expanded maintenance, has also been noted. Given that Samil's revenue is heavily dependent on POSCO's cargo volume, this industry pressure could weigh directly on results.

Concurrent Revenue and Profit Slowdown with Thin Margins

2025 revenue of KRW 99.99bn declined from KRW 105.11bn in 2024, and operating margin narrowed from 2.4% in 2024 to 2.1% in 2025. Net income in 2025 is substantially lower than in 2023. Given the inherently thin margin structure of the transport business, rising cost pressures could amplify earnings volatility.

Non-Operating Volatility and Small-Cap Characteristics

In Q4 2025, operating profit was positive yet net income turned negative, while in Q1 2026 net income far exceeded operating profit—illustrating how non-operating volatility complicates earnings forecasting.

As a small-cap KOSDAQ stock, liquidity may be limited, raising the possibility that the share price could fluctuate independent of fundamentals.

Risk factors

Customer Concentration Risk

Revenue is heavily dependent on POSCO's steel product volumes, meaning changes in the major client's production and utilization directly affect results. Given reports of structural pressure on the Pohang steel industry, this concentration represents a downside risk.

Cost Risk

Given the nature of the transport business, fuel and labor cost burdens directly affect margins. Even in cumulative Q3 2025 results, operating profit declined due to freight cost pressure despite a slight improvement in gross profit, making cost management an ongoing factor to monitor.

Earnings Volatility and Liquidity Risk

Because operating profit and net income directions have frequently diverged on a quarterly basis, predictability of non-operating items is low. As a small-cap KOSDAQ stock, trading volume may be limited, which could amplify short-term share price volatility.

What to watch next

Mid-November 2026
The Q3 2026 quarterly report is expected around this time, offering a chance to check revenue and operating margin trends as well as whether non-operating volatility has eased.
Q4 2026 to early 2027
Ongoing monitoring is warranted on whether utilization rates recover in the Pohang steel industry and on progress in decarbonization-related investment such as hydrogen reduction steelmaking.
Around March 2027
This is the timing of the annual general shareholders' meeting, when confirmed full-year 2026 results and any dividend policy announcement can be checked.
Ongoing
It is worth continuously checking for any disclosures on new contracts or business diversification tied to the expanding 3PL and logistics outsourcing market.

Overall view

Samil has maintained a stable business position built on more than six decades of partnership with POSCO and its operating rights at Pohang Port, but 2025 revenue and operating profit both declined from the prior year, exposing the limits of its thin margin structure.

Quarterly operating profit and net income have frequently diverged in direction, complicating earnings interpretation, though net income recovered in the first half of 2026 following a net loss in Q4 2025.

On the industry side, the Pohang steel sector has been described as facing structural pressure from weak global demand, Chinese low-price competition, and decarbonization costs, while the broader logistics industry retains growth drivers such as 3PL market expansion and rising outsourcing demand.

In valuation terms, the shares tend to trade at a discount to net asset value, a pattern common among domestic steel-linked names. Before drawing conclusions, it would be worth tracking Q3 2026 results, whether utilization recovers in the Pohang steel industry, and whether non-operating item volatility stabilizes.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.