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Business Overview

Sampyo Cement was founded in 1990 and listed on KOSDAQ in 2001; it merged with Dongyang Cement in 2010 and changed to its current name in 2017. It produces cement at its Samcheok plant in Gangwon Province and supplies it through a nationwide network of shipping bases, and established Sampyo Remicon in 2021 to vertically integrate into ready-mixed concrete manufacturing and sales (expanding remicon production capacity through the January 2026 acquisition of the Namgwangju plant). The latest revenue breakdown by business segment (cement vs. remicon) is not available. Source: Business Report overview, filing no. 20260320000882.

5-Year Financial Trend

Revenue declined for two consecutive years after peaking in 2023 (KRW 823.7bn) — down -4.00% in 2024 and -14.40% in 2025 — while operating profit surged in 2024 (+22.70%, an operating margin of 13.14%, the highest of the five years) before falling sharply in 2025 (-26.31%), trailing the revenue decline. The debt ratio improved from 115.36% in 2023 to 79.05% in H1 2026. Source: Business Reports / Semiannual Reports (A), filing numbers as indicated.

Valuation

If H1 results are simply annualized (doubled), the implied PER would be 56.68x; however, this does not account for cement-industry seasonality (with the second half typically weighted toward peak demand) and may overstate valuation, so it is presented as a reference figure only. EV/EBITDA could not be calculated because detailed income-statement items such as depreciation are not available.

Peer Comparison

South Korea's cement industry was restructured in H2 2025 following the merger of Hanil Cement and Hanil Hyundai Cement, into a six-company structure: Ssangyong C&E, Sampyo Cement, Sungshin Cement, Asia Cement, Halla Cement, and the merged Hanil Cement (Daehan Economic Daily, 2025-07-21). By shipment-volume market share, only Ssangyong C&E exceeds 20%, at 21.2%, with the rest below 20% (CEOSCOREDAILY, 2025-11-13, reference year not available). In H1, cement-industry operating profit fell sharply YoY across the board — Sungshin Cement -60%, Ssangyong C&E -57%, Sampyo Cement -47%, Asia Cement -43% (CEOSCOREDAILY, 2025-11-13, exact fiscal year not available).

Governance & Capital Structure

The largest shareholder of Sampyo Cement is Sampyo Industrial Co., Ltd. (54.68%, reflecting the 2023-07-03 merger reference date), and the combined stake including related parties is 68.32% (as of query date 2026-08-18). K-Mers One LLC, a financial investor and the second-largest shareholder in H2 2025, gradually reduced its stake through on-market disposals and an affiliate block trade, and on 2026-04-01 SP Nature absorbed its subsidiary SP S&A, transferring the related stake (3.89%) onto SP Nature's books and raising the related-party stake. Source: WiseReport, topdaily.kr (C, individual DART filing numbers not available).

Supply-Demand Trends

On 2026-08-18, retail investors were net buyers (+100,667 shares), while institutions (-62,834 shares) and foreign investors (-36,858 shares) were net sellers (alphasquare web estimate, not cross-checked against KRX source). However, over the cumulative 21 trading days of the survey period (2026-07-20~08-18), foreign investors were net buyers of +514,876 shares (retail investors net sold -532,802 shares), suggesting the sharp decline reflects a reversal confined to 8/18 rather than sustained foreign selling. The short-interest ratio rose about 63% over roughly two weeks, from 0.15% on 2026-07-29 to 0.25% on 2026-08-13.

Macro Environment

News Timeline

Risk Factors

Sampyo Group Chairman Jung Do-won was indicted for violating the Serious Accidents Punishment Act in connection with the 2022-01-29 collapse of a quarry operated by Sampyo Industrial in Yangju, Gyeonggi Province (3 workers killed), and was acquitted at the first trial on 2026-02-10 (whether the case is being appealed is not available); a separate trial on alleged Fair Trade Act violations (unfair support) related to management succession is also ongoing (roughly KRW 7.4bn, Asia Today, Dealsite). Suspicions have been raised that Sampyo Industrial's September 2022 acquisition of the Seongsu-dong site from Hyundai Steel for KRW 382.4bn (about KRW 43 million per pyeong) without a public bidding process was below nearby market prices (about KRW 150 million per pyeong), and it has also been pointed out that Chairman Jung Do-won is connected to the Hyundai Motor Group family by marriage (Newsquest, 2026-04-08, unconfirmed matter). On the industry-conditions side, a sharp decline in domestic private construction orders, structurally shrinking domestic cement shipment volumes, and rising cost pressure from thermal coal and carbon-credit prices are compounding.