Michang Oil IND미창석유

Michang Oil's trailing profits are well above its revenue-driven operating income, and the shares trade at a low multiple, but the stock has fallen 17% over three months.

Michang Oil IND is a small Busan-based maker of industrial lubricants, rubber compounding oils and electrical insulating oils. On trailing twelve-month figures to H1 2026 it reports revenue of ₩437B, operating income of ₩37B and net income of ₩123B, with a 1.7 P/E and 0.4 P/B at a ₩116,800 close. The filings and headlines provided do not explain the gap between operating income and net income.

What stands out

• Net income of ₩123B is about 3.3 times operating income of ₩37B on a trailing basis, so non-operating or one-off items likely matter a lot; the data does not break this down.
• Revenue fell 6.1% in 2025 to ₩405B, after rising 5.5% in 2024, and operating margin slipped from 11.7% in 2023 to 8.5% in 2025.
• Balance sheet looks light: liabilities are 14.6% of equity, cash is ₩33B and borrowings are not reported.
• Shares are down 6.8% over one month and 17% over three months, though up 8.7% over one year and trading between ₩105,000 and ₩169,000 over 52 weeks.
• Foreign ownership eased from 31.2% to 30.1% over 60 days, and foreign investors were net sellers over the last 20 days; the news list is empty.

What to watch

• The full-year 2026 results and the Q3 quarterly report, which are not yet in the data, to see whether operating income recovers.
• Further 5%+ holding reports, of which there have been several in 2026, and any changes in major shareholders.
• The DCF fair value range of ₩212,373 to ₩511,551 is a model output based on a 7.4% rate and is well above the current price; it is not a forecast and its assumptions should be checked.