Daehan Flour Mill대한제분

Daehan Flour Mill is loss-making at the net level and its shares have fallen about 24% over the past year, with a fresh cartel case hanging over it.

Daehan Flour Mill is a Korean flour, feed and pet food maker. Over the trailing twelve months to H1 2026 it reported revenue of about ₩1.38T and a small operating profit of ₩46B, but a net loss of ₩40B. The share price closed at ₩10,700 on 27 October 2026, near its 52-week low of ₩10,500.

What stands out

• Operating margin fell from 5.3% in 2024 to 4.5% in 2025 and 3.3% on a trailing basis, while net income swung from a profit of ₩49B in 2024 to a loss of ₩25B in 2025.
• Revenue was roughly flat in 2025 at ₩1.38T after a 4.6% decline in 2024, so growth has stalled.
• Borrowings of ₩245B exceed cash of ₩89B, and liabilities are 53.2% of equity.
• The stock trades at about 0.2 times book value and a 3.7% dividend yield, but the data gives no P/E because earnings are negative.
• The DCF fair value model gives a base of ₩37,847, a bear of ₩6,711 and a bull of ₩105,359, a very wide range that is not a forecast.
• Foreign ownership eased from 7.7% to 7.3% over about 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• Antitrust process: news reports from October 2026 say the company and five others are suspected of feed raw material price collusion, with sales in the case reported at ₩1.4T. The data does not show the outcome.
• Several filings in 2026 are titled Imposition of Fines, including amended versions, and the amounts are not in the data.
• Next quarterly and annual filings, to see whether operating profit holds and net losses continue.