Mi미코

Mi (Korean KOSDAQ semiconductor parts maker) has strong recent share price gains and a thin profit margin, with heavy debt and negative free cash flow.

Mi makes semiconductor and display equipment parts, plus fuel cells, boilers and other industrial products. Trailing results to H1 2026 show revenue of ₩1.2T, operating income of ₩74B and net income of ₩16B, below its 2025 full-year peak. Borrowings of ₩1.3T against cash of ₩477B, and negative trailing free cash flow of ₩307B, stand out.

What stands out

• Revenue rose 80.8% in 2025 to ₩977B, but operating margin fell from 17.5% in 2024 to 10.3% in 2025 and 6.2% on a trailing basis to H1 2026.
• Net income was ₩29.5B in 2025 and ₩16.2B on a trailing basis, against losses in 2021 to 2023.
• Liabilities are 259.7% of equity and trailing free cash flow is about -₩307B, so the balance sheet relies heavily on borrowing.
• The share price is ₩22,400, up 53.1% over three months and 46.3% over one year, but down 0.7% over one month and below its 52-week high of ₩29,250.
• The company trades at a trailing P/E of 46.3 and P/B of 4.1, well above most listed peers in the data, and pays no dividend.
• The discounted cash flow model gives a base value of ₩31,139, but its bear value is shown as ₩0 and bull value as ₩98,516, a very wide range.

What to watch

• Next quarterly and annual results, to see whether margins recover from 6.2% and free cash flow improves from negative.
• Ongoing filings on largest-shareholder changes, 5%+ holdings and a debt guarantee and collateral provided to a third party, which the data does not explain in detail.
• No recent news headlines were included in the data, so the reasons behind recent price moves are not clear from the information provided.