Miwon Specialty Chemical미원에스씨

Miwon Specialty Chemical's trailing profits are solid and its valuation looks modest, but the share price is down 5.6% over one year and recent filings are mostly shareholder-holding changes.

Miwon Specialty Chemical makes energy-curable resins and acrylic specialty chemicals for coatings, inks, adhesives and electronics. Over the trailing twelve months to H1 2026 it reported revenue of about ₩564B, operating income of about ₩85B (15% margin) and net income of about ₩82B, with a 2025 full-year revenue of ₩532B. At ₩131,000 the company trades at 8x earnings and 1.3x book, with a market value of about ₩655B.

What stands out

• Margins have recovered from 2023, when operating margin fell to 5.1%, to 15% on a trailing basis, though still below the 17.9% seen in 2021.
• Trailing revenue of ₩564B is above 2025's ₩532B, and 2025 revenue grew 4.5% after 16.4% growth in 2024.
• The data gives a DCF-based fair value model with a base of ₩116,983, a bear case of ₩68,414 and a bull case of ₩198,510; these are model outputs, not forecasts or price targets.
• Balance sheet looks conservative: liabilities-to-equity is 26.6%, with cash of ₩62B against borrowings of ₩37B, and trailing free cash flow of about ₩30B.
• Recent filings are dominated by largest-shareholder holding changes in late August and September 2026, plus a treasury stock acquisition results report on 2 October 2026. The data includes no news headlines, and foreign ownership and investor flow figures are not available.

What to watch

• Next half-year or annual results, to see whether margins hold near the trailing 15% level, since 2025 operating margin was 12.3%.
• Further largest-shareholder and 5%+ holding filings, and what the treasury stock buyback outcome means for the share count.
• The stock is 3% lower over one month and 5.6% lower over one year, and sits between a 52-week low of ₩89,600 and high of ₩149,200; the data does not name specific risks beyond these filings.