Myoung Shin Industry명신산업

Myoung Shin Industry's shares have rallied sharply in recent months, while its profits have fallen from their 2023 peak.

The Seoul-listed auto parts maker supplies lightweight hot-stamped body parts to automakers and module suppliers, including Hyundai, Kia and global EV makers. On trailing results to H1 2026 it reported revenue of ₩1.77T, an operating margin of 6.3% and net income of ₩89B, below its 2023 levels. The share price closed at ₩9,890 on 22 October 2026, with a market value of about ₩519B.

What stands out

• Revenue has grown from ₩1.11T in 2021 to ₩1.77T on a trailing basis, but operating income peaked at ₩208B in 2023 and was ₩112B on a trailing basis.
• The stock is up 19.4% over one month and 39.7% over three months, but only 2% over one year, and sits well below its 52-week high of ₩14,940.
• The company's own discounted cash flow model gives a base value of ₩30,610, bear ₩16,599 and bull ₩54,262; these are model outputs, not forecasts, and the price is far below the base case.
• Trailing P/E is 5.8 and P/B is 0.6, with debt at 91.1% of equity, borrowings of ₩360B against cash of ₩164B.
• Recent news has centred on a subsidiary's planned US Nasdaq listing, which shareholders opposed and which was reportedly blocked, followed by a sharp share price jump on 21 October.

What to watch

• Whether the subsidiary's Nasdaq listing plan is formally dropped or revived, and any further filings on the matter.
• The third-quarter results and any statements on the special dividend the company reportedly pledged, which the data does not confirm in detail.
• Foreign ownership, now 5.9% and down from 6.2% sixty days ago, and the recent net selling by foreign and institutional investors over the past 20 days.