Insulated growth amid price pressure

Research evidence excerpt

Insulated growth amid price pressure

Macquarie Equity Research

14 July 2026

Food, Beverage & Tobacco

Samyang Foods Korea

Jun

Key Points Choi

• Samyang can cushion cost headwinds better than peers thanks to its

FX-leveraged export model and Buldak’s exemption from domestic 003230 KS Outperform

price cuts. Price (at 14 Jul 2026) KRW1,072,000

• Mixed 2Q likely as strong overseas momentum is partly offset by 12-month12-month targetTSR (%) KRW1,800,00068.5

government-led ASP pressure and macro headwinds. Volatility Index High

Market Cap (Local) (m) 8,075,392• We cut our TP to Won1.8mn on rising raw-material costs and domestic

ASP cuts, despite intact long-term export growth. Market Cap (USD) (m) 5,373

Free Float (%) 54

30-day avg turnover (USD) (m) 39.0

• Mixed 2Q likely. We estimate 2Q sales of Won793bn, 8% above VA Investment Fundamentals consensus, driven by continued overseas growth momentum. However,

Year end 31 Dec 2025E 2026E 2027E 2028E

we expect OP of Won163bn, 7% below VA consensus, as higher US Revenue (bn) 2,352 3,212 3,955 4,452

marketing spend on new product launch, raw-material cost pressure, and Revenue growth (%) 36.1 36.6 23.1 12.6

the impact from domestic ASP cuts offset topline strength. EBIT (bn) 524.2 718.4 984.6 1,161

EBIT growth (%) 52.1 37.1 37.1 17.9

• US/EU-bound momentum remains robust. Miryang’s second plant has Reported profit (bn) 389.4 548.2 737.9 872.2

ramped smoothly since 2Q25, with utilisation already in the high-60% Adjusted profit (bn) 389.4 548.2 737.9 872.2

range, which is reflected in customs export data. Samyang is also EPS rep [KRW] 51,695.2 72,775.4 97,959.5 115,784.1

EPS rep growth (%) 43.2 40.8 34.6 18.2

improving product offering and distribution, testing new categories such EPS adj [KRW] 51,695.2 72,775.4 97,959.5 115,784.1