KOSPI · 009900 · Auto parts · ₩009900

Myoung Shin Industry명신산업

009900 · KOSPI · ₩009900 · 명신산업

₩8,630▲ ₩10 (0.12%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩30,371

vs the current price (₩8,630)

Enterprise value: ₩1.6T
Equity value: ₩1.6T
WACC: 7.8%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 252% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩8,630, the model needs an operating margin of 2.7% every year (it uses 7.6%).
Today's P/E is 5.1× against a typical 5.7× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩16,492; +91.1%
Base: ₩30,371; +251.9%
Bull: ₩53,739; +522.7%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (7.6%).

Revenue growth

Revenue growth, year 12.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation3.3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending4.2%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital9.4%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.68
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.52, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.53%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩1.8T
Net debt (borrowings and leases − cash and deposits): −₩55B
+ Stakes and investments: ₩10M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩15B
Shares: 52,470,133
Share price: ₩8,630
Market cap: ₩453B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩1.7T	₩1.6T	₩1.6T	₩1.8T	₩1.9T	₩1.9T	₩2T	₩2T
Growth	14.8%	−9.5%	2.9%	2.2%	2.4%	2.6%	2.8%	3.0%
EBIT	₩208B	₩148B	₩103B	₩137B	₩141B	₩144B	₩148B	₩153B
EBIT margin	12.0%	9.4%	6.3%	7.6%	7.6%	7.6%	7.6%	7.6%
After-tax EBIT	₩151B	₩107B	₩74B	₩100B	₩102B	₩105B	₩108B	₩111B
+ Depreciation	—	—	—	₩60B	₩61B	₩63B	₩64B	₩66B
− Capital spending	₩57B	₩105B	₩41B	₩76B	₩78B	₩80B	₩82B	₩85B
− Working capital	−₩38B	₩50B	−₩56B	₩3.7B	₩4.1B	₩4.5B	₩5B	₩5.5B
Free cash flow	—	—	—	₩80B	₩81B	₩83B	₩85B	₩87B
Discount factor	—	—	—	0.928	0.861	0.799	0.741	0.688
Present value	—	—	—	₩74B	₩70B	₩66B	₩63B	₩60B

Terminal value ₩1.8T, worth ₩1.2T today: 79% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩16,175 a share)Now 0.53×	₩9,8860.61×	₩23,4091.45×	₩64,4213.98×
Price / earnings (last 12 months: ₩1,696 a share)Now 5.09×	₩7,0074.13×	₩9,7525.75×	₩28,71416.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,253 a share)Now 3.83×	₩9,3064.13×	₩12,9525.75×	₩38,13316.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.8%	₩31,871	₩34,086	₩36,764	₩40,065	₩44,237
7.3%	₩29,299	₩31,111	₩33,263	₩35,863	₩39,070
7.8%	₩27,110	₩28,611	₩30,371	₩32,461	₩34,987
8.3%	₩25,224	₩26,483	₩27,941	₩29,650	₩31,681
8.8%	₩23,582	₩24,649	₩25,873	₩27,289	₩28,949

Now (TTM)

Market cap: ₩453B
Enterprise value: ₩303B
P/E: 5.1×
P/B: 0.5×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 1.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,970	₩10,310	₩19,010	₩14,350	₩30,100
Market cap	₩471B	₩541B	₩997B	₩753B	₩1.6T
P/E	6.9×	4.2×	6.5×	8.8×	34.8×
P/B	0.6×	0.8×	1.9×	2.0×	5.3×
P/S	0.3×	0.3×	0.6×	0.5×	1.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.1%	1.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Myoung Shin Industry	5.1×	0.5×	0.3×	—	1.2%
Hyundai Mobis	8.2×	0.6×	0.5×	—	2.0%
SL	6.0×	0.8×	0.4×	3.7×	0.0%
HL Mando	10.5×	0.6×	0.2×	—	2.0%
Samhyun	—	13.0×	18.3×	—	0.0%
Hyundai WIA	19.0×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.6×	0.7×	0.9×	—	6.7%
Similar companies (median)	10.5×	0.7×	0.4×	3.7×	2.0%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Myoung Shin Industry / 명신산업 / 009900 / KRX:009900

Source: KRX statistical information