Shares of Samyang Foods surged past 1 million won ($715) on Monday, hitting an all-time high on the back of strong global demand for its fiery Buldak noodles.
The stock opened at 1,001,000 won per share, up 0.81 percent from Friday’s close, briefly touching 1,004,000 won in premarket trading on Nextrade. Yet, profit-taking reversed earlier gains, with the stock ending the day down 4.73 percent at 946,000 won.
The milestone puts the noodle maker among a rare group of Korean firms with seven-figure share prices. Currently, only Samyang Foods and Samsung Biologics hold this distinction.
The rally underscores Samyang’s swift ascent. The stock has nearly doubled from around 500,000 won in October and is up fivefold from August 2023, when it first crossed the 200,000-won mark.
Behind the soaring stock price are record earnings.
Samyang posted 344.2 billion won in operating profit in 2024, up 133 percent from the previous year. Annual sales rose 45 percent to 1.73 trillion won, with overseas revenue accounting for almost 80 percent — 1.33 trillion won, up from 800 billion won in 2023.
The company’s overseas sales crossed the 1 trillion won mark for the first time, driven by rapid growth in the US and China. Sales at its US unit jumped 127 percent on-year to $280 million, while its Chinese operations brought in 2.1 billion yuan ($290 million), marking a 75 percent increase.
To meet rising demand, Samyang is set to begin operations at its second domestic plant in Miryang, South Gyeongsang Province, in June. It is also building its first overseas facility in China, with six production lines slated for completion by January 2027.
Samyang shows no sign of slowing momentum, with market tracker FnGuide projecting first-quarter sales to rise 29 percent on-year to 498.2 billion won and operating profit to grow more than 30 percent to 104.5 billion won.
Market sentiment remains bullish as well. Jang Ji-hye, an analyst at DS Investment & Securities, recently raised her price target from 1 million to 1.2 million won, citing robust global appetite for Buldak products and expanding production capacity.
Yuanta Securities analyst Son Hyun-jeong sees strong growth potential in Samyang as it pushes to turn its instant noodle brand into a global "mega-brand," with the Buldak line now extending into sauces, snacks and ready-made meals.
By No Kyung-min (minmin@heraldcorp.com)
