Hana Securities on Tuesday estimated that Samyang Foods (KRX: 003230) — the South Korean food company best known internationally for its Buldak spicy noodles — will report second-quarter consolidated revenue of 717bn won and operating profit of 177.6bn won, representing year-on-year growth of 29.6% and 47.9% respectively. The implied operating margin stands at 24.8%. The brokerage described these projections as broadly in line with market expectations.
Export data from South Korea's Korea Customs Service suggest the company's overseas shipments rose 24.0% year on year in the April-to-May period. Management has indicated that robust sales in the Americas and China continued into June. Hana Securities expects full second-quarter export growth to come in at around 40% year on year, a pace similar to the first quarter. Domestically, the company's "Woo Ji" ramen range is expected to contribute roughly 20bn won to quarterly revenue, keeping domestic sales at approximately 100bn won for the quarter.
Concerns had arisen that heavier spending on global advertising and promotions — partly linked to the North and Central American World Cup — would weigh on margins. Hana Securities believes, however, that favourable exchange rates, driven by a stronger US dollar and Chinese yuan, will largely offset this pressure.
Looking to the second half, the brokerage flags a higher base-effect burden as Samyang's second factory in Miryang, South Gyeongsang Province, began contributing to output from last year. Overseas revenue growth is expected to moderate somewhat, from around 40% year on year in the first half to roughly 30% in the second. That said, Hana Securities notes that additional capacity from a planned factory in China, expected to come on stream in late 2025 or early 2026, could provide a further growth catalyst.
On valuation, the brokerage notes that recent worries about second-quarter earnings have pushed the shares down to around 13 times forecast 2027 earnings — below the 15 times that represents the floor of the valuation range for comparable global peers. Hana Securities regards the stock as increasingly attractive at current levels and reiterates its Buy recommendation with a target price of 1.8m won. As of 1st July 2026, the shares were trading at 1,162,000 won.