Miwon Commercial미원상사

Miwon Commercial's trailing profit held up in the first half of 2026, but the share price has fallen 16% over the past year.

Based on filed results to H1 2026, trailing revenue is about ₩469B with operating income near ₩49.9B and a 10.6% operating margin, while net margin is 11.3%. The balance sheet looks lightly geared with liabilities at 20.4% of equity and no borrowings reported, and the shares trade at 11.3x earnings and 1.4x book at ₩132,500. The data shows profitability below its 2021 to 2023 levels, with the margin down from 17.6% in 2022 to 9.9% in 2025.

What stands out

• Annual operating margin has trended down from 17.6% in 2022 to 9.9% in 2025, while revenue has grown only slightly in recent years.
• Trailing net income of about ₩52.8B is slightly above operating income, and free cash flow is reported at about ₩12.3B.
• The shares are 16% lower over one year but 7% higher over three months, sitting between a 52-week low of ₩109,100 and high of ₩159,700.
• The company announced a cash dividend and a record date in mid-October, with a dividend yield of 1.8%.
• Headlines list no recent news, and foreign ownership is small at 2.9%, with 20-day flows led by domestic institutions.

What to watch

• The dividend payment details and record date that follow the October 2026 dividend filings.
• Next periodic results, to see whether the operating margin stabilises or continues to decline from 2025 levels.
• The discounted cash flow estimates are wide (bear ₩97,864 to bull ₩259,443), and the filings do not name specific business risks beyond the financial figures.