MhethanolMH에탄올

MH Ethanol's trailing results have turned loss-making at the net line, though operating profit is still positive and the stock has risen over the past month.

The company makes neutral spirits for alcoholic beverage makers and also runs golf courses and a resort-related real estate unit. Over the trailing twelve months to H1 2026, revenue was about ₩84.4B... wait, reported as ₩84.4B? The pack gives revenue of ₩84.42B with operating income of about ₩4.39B and a net loss of about ₩4.35B. Revenue and operating profit have fallen steadily since 2021, and the shares trade at 0.5 times book value.

What stands out

• Trailing revenue is about ₩84.4B, down from about ₩105.5B in 2023 and about ₩94.7B in 2025.
• Trailing operating margin is 5.2%, versus 10% in 2025 and 22.9% in 2021, so profitability has compressed sharply.
• Net income is negative on a trailing basis (about -₩4.3B), and ROE is -6.9%.
• Liabilities are 285.5% of equity, and the pack shows no borrowings figure, so the debt picture is not fully clear from the data.
• The shares are up 10.6% over one month but down 10% over one year, and trade about 27% above the 52-week low of ₩3,530 and well below the 52-week high of ₩6,230.

What to watch

• The company's next results release, given the swing from profit to net loss on a trailing basis.
• Follow-up on the share buyback, bonus share issue and share cancellation decisions filed in 2026, which the pack lists but does not explain in detail.
• Whether the 5%+ holding report filed on 2026-10-14 signals a change in major shareholding; the pack does not say who filed it.