Moorim SP무림SP

Moorim SP's share price has fallen sharply over the past year while its H1 2026 results show a large net loss despite a small operating profit.

Moorim SP makes coated and uncoated paper, mostly sold in Korea, and runs a logistics subsidiary. On trailing twelve-month figures to H1 2026 it had ₩228.7B of revenue, a thin ₩1.6B operating profit and a ₩14.5B net loss, with borrowings of ₩97.2B against cash of ₩51.2B. The shares closed at ₩986 on 26 October 2026, down 33.5% over one year and near the low end of their 52-week range of ₩950 to ₩2,320.

What stands out

• Trailing operating margin is 0.7% and net margin is -6.3%, so the net loss is much larger than operating profit, and the data does not explain the gap.
• Revenue grew 16.3% in 2025 to ₩205.7B, but 2025 net loss was ₩1.7B and the company has posted losses in several recent years.
• Liabilities are 77.8% of equity and borrowings exceed cash, which the data flags as a balance-sheet consideration.
• Price-to-book is about 0.1 and the market value is ₩21.8B, but the data gives no analyst view on whether this reflects fair value.
• Foreign ownership fell from 0.7% to 0.6% over 60 days, and 20-day flows show foreign buying alongside retail selling.

What to watch

• Full-year 2026 results and the next quarterly report, since the trailing numbers are only through H1 2026.
• Follow-up to the corporate value-up plan filed on 22 October 2026, whose contents are not included in the data.
• Whether the company can keep borrowings under control and return to net profit, given the reported loss and debt levels.