Maniker F&G마니커에프앤지

Maniker F&G returned to a small profit on a larger revenue base in H1 2026, but margins remain thin and the share price has swung sharply.

Maniker F&G is a Korean meat food manufacturer selling mainly to franchise restaurants and catering firms, with a growing retail presence and some exports. Trailing results to H1 2026 show revenue of about ₩111.7B... to be precise, ₩111.7B with an operating margin of 2.7% and a net margin of 2.2%. The shares closed at ₩1,925 on 2026-10-26, down 28% over one year but up 21.2% over three months.

What stands out

• Trailing revenue is about ₩111.7B, above the ₩106.8B reported for 2025, but 2025 revenue itself was slightly down 0.9% on 2024.
• Operating income has recovered from a loss in 2022 to ₩3.0B on a trailing basis, though 2024 operating income of ₩3.8B was higher and margins are thin at about 2.7%.
• Liabilities are 55.6% of equity and borrowings total about ₩26.0B against ₩4.2B of cash, so the balance sheet carries meaningful debt.
• The base-case DCF value in the data is ₩1,238, below the current price, while the bull case is ₩4,481 and the bear case is zero; the data does not explain these assumptions in detail.
• Foreign ownership is 2.6%, and over the last 20 days foreign investors were net buyers while retail investors were net sellers.

What to watch

• Filings show a transfer of tangible assets decided in August 2026 and a merger completion report for an asset acquisition and transfer in September 2026; the data does not explain their size or impact.
• News reports that Farmstory acquired an additional 10.01% stake in October 2026; any effect on control or governance is not described in the data.
• A trading plan report for executives and major shareholders was filed in October 2026; the data does not say what shares are involved.