Kiwoom Securities on the 30th analyzed that, given ramen export data is highly likely to rebound starting in Nov., now is a timely buying opportunity for Samyang Foods, whose share price has recently corrected. It maintained a Buy rating and a target price of 18.5 million won. Samyang Foods' previous closing price was 1,244,000 won.
Samyang Foods' share price has recently corrected more than 20% from its peak. This is because the market slightly lowered its expectations for third-quarter results and there are concerns about increased year-end marketing expense. In addition, ramen export data for Oct. is weak compared with Sept.
Kiwoom Securities analyzed that now is a chance to buy on the dip. Researcher Park Sang-jun at Kiwoom Securities said, "Because global consumers' demand for Buldak spicy ramyeon remains strong, the recent share-price drop is a buying opportunity," adding, "This year's exports to China have already surpassed last year's annual exports, and exports to the United States, despite tariff concerns, are also far exceeding last year's levels."
It also said exports to Southeast Asia are showing steady growth, and while second-half exports to Europe have slowed somewhat compared with the first half due to streamlining of trading partners, it expects the impact to end and a return to a normal track in early next year.
The market is worried that tariff burdens and rising global marketing expense could slow quarter-over-quarter growth in Samyang Foods' operating profit in the third and fourth quarters.
However, Park analyzed that "ramen export data, which leads results, will rebound as early as Nov., and as monthly exports continue to increase, profit growth momentum will strengthen in the first quarter of 2026." Park also explained that the apparent weakness in Oct. ramen exports was an optical illusion caused by fewer business days.
Park said, "With capacity expansion and an increase in average selling price (ASP), high growth is expected to continue next year and the year after," adding, "The fears the market currently has should be used as a buying opportunity."