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Mirae · 025560 · Medical & precision devices

Mirae: Sharp Profit Recovery and a Tripled Share Price, With a Model Estimate Below the Current Price

Why this report

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Mirae (KOSPI, medical and precision devices) reported trailing revenue of ₩90.8B and net income of ₩25.3B as of H1 2026, and its shares have risen 209.3% over one year to ₩7,560. A discounted cash flow model estimate of ₩5,877 per share sits below the current price, and the earnings history is uneven.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a strong operating rebound: trailing revenue is up from ₩50.8B in 2025, and the operating margin is 25.4%. Return on equity is 20.1%, well above the 7.8% to 9.0% seen in 2021, 2022, 2024 and 2025. Balance sheet leverage is modest, with liabilities at 36.3% of equity.

The data does not show durability. Results swung from a ₩29.0B net loss in 2023 to profits in 2024 and 2025, and margins have moved widely (44.8% in 2024, 18.0% in 2025). Several amended filings on major sales or supply contracts appear recently, but the data does not give contract sizes or counterparties. Trailing net income exceeds operating income, which suggests non-operating gains, and the data does not break these down. Filings also show sales of shares in another company.

Business overview

Mirae is listed on KOSPI in the medical and precision devices sector, founded in 1990 and listed in 1996. It has 27,778,678 listed shares and a market capitalization of about ₩210.0B. Revenue was ₩48.3B in 2021, ₩56.2B in 2022, ₩21.7B in 2023, ₩27.0B in 2024 and ₩50.8B in 2025. Details on products and customers are not available in the data. Foreign ownership is 9.0%, down from 9.5% sixty days ago, and the short balance is 0.5%.

Financial analysis

These figures come from filed financial statements. Trailing twelve months to H1 2026: revenue ₩90.8B, operating income ₩23.1B (25.4% margin), net income ₩25.3B (27.9% margin), ROE 20.1%.

Full year 2025: revenue ₩50.8B (up 87.8%), operating income ₩9.1B, net income ₩10.1B. 2024: revenue ₩27.0B, operating income ₩12.1B, net income ₩7.1B. 2023: operating loss of ₩16.0B and net loss of ₩29.0B.

Balance sheet: cash ₩11.4B against borrowings of ₩19.0B, with liabilities to equity of 36.3%. Trailing free cash flow is ₩6.4B, well below net income of ₩25.3B, so cash conversion is weaker than reported profit. The dividend yield is 0.0%.

Valuation

At ₩7,560 the shares trade at a P/E of 8.3, P/B of 1.4, P/S of 2.3 and EV/EBITDA of 8.9. Year-end P/E was 7.6 in 2025 and 10.9 in 2024, and P/B was 0.6 and 0.7, so the P/B is now higher than at those year-ends but below 2.0 to 2.4 in 2021 and 2023.

Listed peers (TSE, Kctech, Classys, Park Systems, Curiox Biosystems) show P/E of 12.6 to 68.1 where available and P/B of 3.1 to 21.9, so Mirae's multiples are lower than all of them, though these companies are larger.

The DCF model estimate, based on the assumptions shown (discount rate 8.2%, trailing figures to H1 2026), is ₩5,877 per share in the base case, ₩4,020 in the bear case and ₩8,835 in the bull case. The current price is above the base estimate and within the bear-to-bull range. This is a model estimate based on the assumptions shown, not a target.

The 52-week range is ₩2,290 to ₩13,400.

Catalysts

  • Repeated amended filings on major sales or supply contracts (latest on 2026-10-21) could signal changes in order details, though the data gives no amounts.
  • A 5%+ holding report on 2026-10-12 shows shareholder composition is changing.
  • Filings in August and September on the sale of shares in another company could affect reported non-operating income.
  • Over the last 20 days institutions bought about ₩2.3B and foreigners about ₩0.5B, while retail investors sold about ₩3.6B.
  • The next financial statements will show whether the 25.4% operating margin holds.

Risks

  • Earnings have been volatile, including a ₩29.0B net loss in 2023, so the recent profit level may not persist.
  • Trailing free cash flow of ₩6.4B is far below net income of ₩25.3B, and net income exceeds operating income.
  • The share price is above the base-case model estimate and has risen 209.3% in a year, leaving it exposed to large swings, as the 52-week range shows.
  • Borrowings of ₩19.0B exceed cash of ₩11.4B, and no dividend is paid.
  • Many headlines mentioning Mirae relate to other companies or general future-industry topics, so news gives little company-specific information.

Closing view

The filings show a clear improvement in profit and returns, and the multiples are low relative to listed peers and to the company's own earlier P/B levels. Against that, results have been uneven, cash flow trails reported profit, contract details are not disclosed in the data, and the DCF estimate of ₩5,877 sits below the ₩7,560 price. The evidence points to a company in recovery whose earnings quality and sustainability remain the key open questions.

Model estimate of fair value

Bear
₩4,020
-49%
Base
₩5,877
-26%
Bull
₩8,835
+12%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 8.2%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026InitiationStart of coverage (reader request)Mirae: Sharp Profit Recovery and a Tripled Share Price, With a Model Estimate Below the Current Price

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information