Mitech엠아이텍

Mitech remains highly profitable on trailing numbers, but its shares have fallen sharply over the past year.

Mitech makes non-vascular gastroenterology stents and exports them overseas, and it distributes Fujifilm endoscopy equipment in South Korea. On trailing twelve months to H1 2026 it reported revenue of ₩70.7B, operating income of ₩20.7B and a 29.2% operating margin, with cash of ₩34.1B against borrowings of ₩0.3B. The share price closed at ₩4,010 on 30 October 2026, down 36.1% over one year and near its 52-week low of ₩3,945.

What stands out

• Trailing revenue of ₩70.7B is above the 2025 full-year figure of ₩67.2B, and 2025 revenue grew 24.9% from 2024.
• Operating margin has eased from 33.5% in 2022 and 32.7% in 2024 to 29.2% on a trailing basis, though it remains high.
• The DCF fair value model gives a base value of ₩10,929, with a bear case of ₩8,097 and a bull case of ₩15,543; these are model outputs, not forecasts.
• Valuation multiples are low versus the listed peers provided: P/E of 6.3 and P/B of 1.0, compared with peer P/E figures ranging from 12.4 to 66.3.
• Filings show a July 2026 share acquisition in another company, later amended in September 2026; the filings list does not say what the acquisition involves.
• Foreign ownership edged down to 6.5% from 6.7% sixty days earlier, and 20-day flows show foreign buying alongside net retail selling.

What to watch

• The Q3 2026 quarterly report and the details of the share acquisition and its September amendment, which the data does not explain.
• Progress on the Ho Chi Minh City production facility in Vietnam, which is mentioned in the profile but without timing or cost in the data.
• Whether margins hold near 29% as trailing figures fall below the 2025 level; the news feed contained no headlines for this period.