Miwon Holdings미원홀딩스

Miwon Holdings reported lower annual profit in 2025 and its shares have fallen about 21% over the past year, though trailing results have improved.

Miwon Holdings is a holding company whose main subsidiary, Miwon Specialty Chemical, makes resins for coatings, inks, adhesives and electronic materials. On trailing results to H1 2026 it reported revenue of ₩554B, operating income of ₩36B and net income of ₩52B, with the shares closing at ₩56,300 on 2026-10-28, near the lower part of their 52-week range of ₩52,400 to ₩71,800.

What stands out

• Trailing net income of ₩52B is well above trailing operating income of ₩36B, so non-operating or other items may be contributing; the data does not break this down.
• 2025 operating margin was 4.1%, down from 4.8% in 2024 and 7.1% in 2021, while 2025 revenue rose 3.4%.
• Borrowings of ₩87B exceed cash of ₩38B, and liabilities are 63.6% of equity.
• The company's fair value model gives a base of ₩123,129 per share, but this is a model output rather than a forecast, and the bear and bull cases range from ₩75,341 to ₩185,382.
• Trailing P/E of 2.5 and P/B of 0.4 sit below the peer group, whose P/B ratios range from 0.8 to 0.9.

What to watch

• A share buyback decision was filed on 2026-10-15; the data does not say how much will be bought.
• Several largest-shareholder holding changes were filed between August and October 2026; the data does not explain the reasons.
• No recent news headlines were available in the data, so there is no press coverage to review.