Corporate Logo(source: samyangfoods.com)
Hanwha Investment & Securities reaffirmed its Buy rating on Samyang Foods(003230), with a target price of 1.8 million won, maintaining the stock as its top pick within the sector.
As of 10:11 a.m. on November 20, Samyang Foods was trading at 1,437,000 won, up 62,000 won (4.51%) from the previous session.
Hanwha noted that Samyang Foods’ regulatory filings on November 19—revisions to its China plant investment plan and the decision to dispose of all treasury shares—provide grounds for an upward revision of the company’s mid- to long-term outlook. The company plans to increase the number of production lines at its China plant from the originally planned six to eight. Expected production capacity in China is projected to expand 37%, from 820 million servings to 1.13 billion servings. Once the expansion is completed in January 2027, total production capacity is expected to reach 3.76 billion servings.
Han Yu-jung, analyst at Hanwha Investment & Securities, said, “The Chinese subsidiary continues to face supply shortages, with sales growth outpacing inventory growth. The instant noodle market in China is worth 16.7 billion dollars, but Samyang Foods’ market share is only 2.5%.” She added, “Considering the size of the market and the local preference for soup-less noodles, China remains a highly attractive market.”
The decision to dispose of all treasury shares is viewed as an effort to secure funding for potential additional plant investments to meet rising global demand. Samyang Foods plans to sell approximately 102.7 billion won worth of treasury shares. As of the end of Q3, net debt stood at 250.1 billion won and the debt ratio at 89.7%, indicating stable financial conditions and robust cash flow—conditions that suggest the disposal is not for financial stabilization purposes.
Han further commented, “While the expanded capacity in China is intended to address domestic demand in China, global demand is rising rapidly in markets outside China, increasing the need for additional expansion.” She added, “Although the company’s new plants—including those in China—are scheduled to begin operations in 2027, overseas sales are likely to grow before then. Securing global demand in advance may shorten the initial stabilization period once new facilities come online.”
*[KOSPI] Samyang Foods(003230), known for its iconic ramen brand "Samyang Ramen," manufactures and sells various products including noodles, snacks, and dairy products. Representative products include Buldak Spicy Chicken Ramen, Nagasaki Jjamppong, and Jjanggu. The market capitalization is 10.358 trillion won (as of November 19, 2025, closing price).
Corporate Logo(source: samyangfoods.com)
Hanwha Investment & Securities reaffirmed its Buy rating on Samyang Foods(003230), with a target price of 1.8 million won, maintaining the stock as its top pick within the sector.
As of 10:11 a.m. on November 20, Samyang Foods was trading at 1,437,000 won, up 62,000 won (4.51%) from the previous session.
Hanwha noted that Samyang Foods’ regulatory filings on November 19—revisions to its China plant investment plan and the decision to dispose of all treasury shares—provide grounds for an upward revision of the company’s mid- to long-term outlook. The company plans to increase the number of production lines at its China plant from the originally planned six to eight. Expected production capacity in China is projected to expand 37%, from 820 million servings to 1.13 billion servings. Once the expansion is completed in January 2027, total production capacity is expected to reach 3.76 billion servings.
Han Yu-jung, analyst at Hanwha Investment & Securities, said, “The Chinese subsidiary continues to face supply shortages, with sales growth outpacing inventory growth. The instant noodle market in China is worth 16.7 billion dollars, but Samyang Foods’ market share is only 2.5%.” She added, “Considering the size of the market and the local preference for soup-less noodles, China remains a highly attractive market.”
The decision to dispose of all treasury shares is viewed as an effort to secure funding for potential additional plant investments to meet rising global demand. Samyang Foods plans to sell approximately 102.7 billion won worth of treasury shares. As of the end of Q3, net debt stood at 250.1 billion won and the debt ratio at 89.7%, indicating stable financial conditions and robust cash flow—conditions that suggest the disposal is not for financial stabilization purposes.
Han further commented, “While the expanded capacity in China is intended to address domestic demand in China, global demand is rising rapidly in markets outside China, increasing the need for additional expansion.” She added, “Although the company’s new plants—including those in China—are scheduled to begin operations in 2027, overseas sales are likely to grow before then. Securing global demand in advance may shorten the initial stabilization period once new facilities come online.”
*[KOSPI] Samyang Foods(003230), known for its iconic ramen brand "Samyang Ramen," manufactures and sells various products including noodles, snacks, and dairy products. Representative products include Buldak Spicy Chicken Ramen, Nagasaki Jjamppong, and Jjanggu. The market capitalization is 10.358 trillion won (as of November 19, 2025, closing price).