Maeil Dairies매일유업

Maeil Dairies trades near book value with thin margins, and recent filings include a serious accident report and a CEO change.

Maeil Dairies, a Korean dairy and beverage maker listed on KOSDAQ, reported trailing twelve-month revenue of ₩1.88T and net income of ₩66B to H1 2026, with an operating margin of 3.9%. The shares closed at ₩33,900, near the bottom of their 52-week range of ₩31,100 to ₩41,650, and the 1-year return was -2.4%. Revenue has grown slowly since 2023 while net income has been volatile.

What stands out

• Revenue grew about 1.8% in 2025 to ₩1.84T, after 5.8% in 2023 and 1.6% in 2024, so top-line growth has been modest.
• Net income swung from ₩14B in 2022 to ₩74B in 2021 and ₩56B in 2025, and operating margin fell from 5.7% in 2021 to 3.3% in 2025 before recovering to 3.9% on a trailing basis.
• The stock trades at about 3.9x earnings and 0.4x book, with a 3.8% dividend yield, per the data provided.
• The filings list a Change of CEO on 2026-07-01 and an Occurrence of Serious Accident on 2026-08-10, with no details of either in the data.
• The DCF fair value model gives a base of ₩129,625, but the bear and bull cases range from ₩49,905 to ₩272,358, a very wide spread that reflects uncertainty in the inputs.

What to watch

• The details and any business impact of the Occurrence of Serious Accident filing from August 2026, which the data does not describe.
• Next quarterly and annual results, and whether margins hold near the trailing 3.9% level.
• Leadership transition after the CEO change, and the proxy and shareholder meeting outcomes from July 2026.