Oct 19, 2026
The problem isn’t the pie.
It’s who’s holding the straws.
Founded in 1956, Orion makes household names like Choco Pie, Pocachip and Turtle Chips.
Korea’s largest snack maker, Orion sells in 60+ countries. Two-thirds of revenue comes from abroad. Yes, two-thirds.
Note: Market share calculated from the Korea entity’s 2025 revenue and product-level POS retail sales (aT FIS; Nielsen). Overseas share based on geographic revenue in the 2025 annual report.
Orion’s net cash and financial assets grew almost tenfold, from KRW 244 billion in 2020 to KRW 2.1 trillion in 2025.
Yet it pays out only 36% of earnings, about half of global peers. Dividend yield: just 2.8%.
Note: Net cash and financial assets as of 2025. LigaChem Bio stake valued at its Oct 16, 2026 share price. Market cap as of Oct 16, 2026. Dividend yield as disclosed by Orion.
The owner couple left the board in 2013 but are still paid by Orion and Orion Holdings. As non-directors, their pay falls outside the shareholder-approved cap.
Add their FY2025 Orion pay to dividends: KRW 6,091 per share, vs. KRW 3,500 for everyone else. Their yield: 4.9%. Yours: 2.8%.
Note: FY2025 dividend (KRW 3,500 per share) plus the couple's FY2025 pay from Orion (KRW 4.66bn), divided by their 1.79m shares held directly at year-end 2025; excludes the son's pay. Yields use the 1-week average share price before the Feb 11, 2026 board resolution, as disclosed by Orion.
On Jan 15, 2024, Orion announced a KRW 550 billion investment in LigaChem Bio. Orion shares fell 18% the next day.1 Asked about synergy, then-Orion Holdings CEO Hur In-chul said only that “connections might emerge.”2
In Sep 2026, Orion was reported to be bidding for JoongAng Ilbo, a newspaper in a creditor-led workout. In the 2000s, Orion unwound its convenience stores, cinemas, cable TV and restaurants, several at a loss. Lesson not learned.
Note 1: Closing price on Jan 16, 2024 vs. previous close.
Note 2: Herald Business (Jan 16, 2024).
Orion’s owner family has faced repeated embezzlement cases.
Instead of tightening oversight, Orion hired former enforcers. The justice minister during the 2011 probe became a full-time adviser a year later, while the case was still in court.
Today, two of its three “independent” directors are former chief prosecutors.
The third? A former regional tax commissioner.
Note 1: Ilyo News (May 21, 2013); https://www.ilyo.co.kr/?ac=article_view&entry_id=56038
At the peer median of 11.5x EV/EBITDA, Orion is worth KRW 263,500 (2.5x).
Valued like Samyang Foods, the Buldak noodle maker (16.5x EV/EBITDA), Orion would be worth KRW 354,000 (3.3x).
Note: Share price KRW 108,500 as of the close on Oct 16, 2026. Peer median: eight global peers, 2025 financials. Samyang Foods’ EV/EBITDA as of Oct 16, 2026, applied to Orion’s 2025 EBITDA. Based on certain assumptions reflecting FCP’s views; does not forecast or guarantee future stock performance.
