Due to the popularity of "Buldak Bokkeum Myeon," Samyang Foods has recently recorded its highest stock price in a year, exceeding 1 trillion won in overseas sales.
On the 19th, Samyang Foods rose to 954,000 won early in the session, marking a new 52-week high (the highest stock price in the last year).
Although the increase narrowed slightly afterward, as of 9:30 a.m. on that day, it was still trading at 935,000 won, up 0.97% from the previous day.
On that day, Samyang Foods noted that its overseas sales last year grew by 65% compared to the previous year, reaching 1.3359 trillion won. The flagship product, "Buldak Bokkeum Myeon," gained popularity overseas, leading to record performance.
Overseas sales, which were in the 90 billion won range in 2016, have increased to 1 trillion won in eight years. Overseas sales account for nearly 80% of total sales.
The U.S. subsidiary showed remarkable growth, recording revenue that increased by 127% compared to the previous year. This is interpreted as being due to completing placements in Walmart stores across the U.S. and expanding distribution channels by securing placements in Costco, Kroger, and Target in the second half.
In the securities industry, there are forecasts that Samyang Foods will become a blue chip (stock priced over 1 million won). Hana Securities recently set a target stock price of 1.1 million won for Samyang Foods.
Shim Eun-joo, a research institute analyst at Hana Securities, said, "The estimated ramen export for Samyang Foods this year is 1.8 trillion won, a 35.3% increase from the previous year," adding, "The favorable exchange rate trend is continuing, and minimizing domestic distribution inventory is leading to an increase in the average selling price (ASP)."