Muhak무학

Muhak's shares trade near their 52-week low, with trailing profit boosted by one-off style gains and cash flow negative.

Muhak is a Busan-based soju and spirits maker with some steel, investment and food service operations. Revenue has been falling since 2024, with trailing twelve-month revenue of ₩141B and operating income of ₩6.1B on a 4.4% margin. The shares closed at ₩7,170, close to the 52-week low of ₩7,080, and are down 5.2% over one year.

What stands out

• Trailing net income of ₩33.5B is far above operating income of ₩6.1B, so the filings suggest non-operating items are carrying much of the profit; the data does not explain them.
• Operating margin fell from 11.1% in 2024 to 7.1% in 2025 and 4.4% on a trailing basis to H1 2026.
• Trailing free cash flow is negative at ₩-4.2B, and borrowings of ₩106B far exceed cash of ₩13.3B.
• The stock screens cheap on P/E of 6.1 and P/B of 0.3, and offers a 7.3% dividend yield, but the data's DCF fair value range is very wide, from ₩232 to ₩7,956.
• Foreign ownership fell from 2.4% to 2.0% over 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• The H1 2026 half-year report was amended on 2026-10-02; check the amended figures against the original.
• Largest shareholder holding changes and insider share reports were filed in late August, so ownership shifts are worth tracking.
• No recent news headlines are in the data, so the reasons behind the share price decline are not visible here.