Myungshin Industry (009900) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Myungshin Industry makes the auto body parts that form a vehicle's skeleton. Its core strengths are stamped press panels and hot-stamped components, made by heating steel to around 900 degrees and rapidly quenching it to harden the metal. More recently the company has broadened its lineup into EV battery cases and housings, and its customer base spans domestic automakers, a U.S. EV maker and GM. The Q1 quarterly report on May 14 confirmed first-quarter results (revenue of ₩412 billion, operating profit of ₩20.6 billion, net profit of ₩22.3 billion), the March annual report locked in full-year figures, and the AGM set a dividend of ₩100 per share (a 7.7% payout ratio). The notable point is that the business now pairs its core competitiveness with a new electrification product in battery cases, and with a P/B below 1x and a forward P/E of 4.28x, its low valuation stands out even within the auto-body parts group. On the other hand, Q1 operating profit is still down year over year, so margin normalization has further to go, and results swing with customer volumes and exchange rates, making it the key checkpoint whether the quarterly operating margin turns back up.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Automobiles & Parts”, a type typically read first through P/E.
Autos and parts live and die by unit sales and volume, but they are a mature industry that generates steady profit on scale. For this kind of business earnings are the heart of the story, so price-to-earnings (P/E) — the price set against net profit — is the first thing to read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 2.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 14.6% higher than a year earlier.
- ROE is 9.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.6%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder MS Autotech 45.44% (corporate)
Controlling bloc incl. related parties 45.44%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis Reading
Myungshin Industry makes the auto body parts that form a vehicle's skeleton. Stamped press panels are the foundation, and on top of that its core strength lies in hot-stamped parts, made by heating steel to around 900 degrees and then rapidly quenching it inside a die to harden the metal. As demand has grown for cars that are lightweight yet strong in a crash, demand in this field has risen steadily. More recently the company has broadened its lineup into battery cases and housings that enclose EV batteries, riding the electrification trend. Its customers are split among domestic automakers, a U.S. EV maker and GM, so customer production volumes and exchange rates feed directly into results.
The latest close is ₩6,970 and the market capitalization is ₩365.7 billion. The price sits above its 20-day moving average (₩6,768) and below its 60-day moving average (₩8,212). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.7, a neutral level. The one-month change is -5.8%, the three-month change is -45.3%, and the position relative to the 52-week high is -52.6%. Relative strength versus the KOSPI is 9 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 8% of all stocks. Over the past three months it lagged the index by 34.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed full-year (2025) basis, the P/E (how many times one year's net profit the price represents) is 5.35x and the P/B (how many times net assets the price represents) is 0.45x. A P/B below 1x means the price is set even below the company's net assets. ROE (how much is earned in a year on shareholders' equity) is 9.0%, above the industry median of 7.0%, so profitability is reasonable. The operating margin is 6.3%, the debt ratio (debt against equity) is 86.2%, and with a current ratio of 207.7% and an interest coverage ratio of 2.45x, short-term solvency and debt burden are both sound. The important point here is that the current P/E is calculated on 2025 results, a year when profit shrank (trailing). At an inflection where profit is rising again, the forward P/E that reflects this year's earnings is closer to reality, and that forward P/E of 4.28x is lower than the trailing figure. On an asset basis too (forward P/B of 0.46x), it sits cheaply priced.
Over five years revenue rose from around ₩1.1 trillion in 2021 to ₩1.6 trillion in 2025. Profit peaked in 2023 and then took a year of adjustment, with operating profit falling from ₩208.1 billion in 2023 to ₩148.1 billion in 2024 and ₩102.6 billion in 2025, and net profit dropping to ₩68.3 billion (-47%) in 2025. However, in the most recent quarter, Q1 2026, the trend turned back up. Alongside revenue of ₩412 billion (+14.6%), net profit rose clearly to ₩22.3 billion (+33.4%). New products such as battery cases and electrification demand are lifting the top line, and as costs stabilize, net profit is recovering faster than revenue. The forward P/E of 4.28x, which reflects this year's earnings, captures exactly this recovery; that it has fallen below the trailing 5.54x means this year's net profit is expected to exceed last year's. Operating profit came in at ₩20.6 billion (-31.5%) in Q1, still short of the prior year, so margin normalization is a work in progress, but the fact that revenue and net profit turned direction together is a clear recovery signal.
The primary sources to check directly are the official periodic reports. The May 14, 2026 quarterly report (as of March 2026) shows confirmed Q1 results (revenue ₩412 billion, operating profit ₩20.6 billion, net profit ₩22.3 billion), and the March 23, 2026 annual report (as of December 2025) lets you read the 2025 full-year results and earnings trend directly. The April 17, 2026 decision on a debt guarantee for a third party relates to affiliate and subsidiary guarantees; being contingent liabilities in nature, it is worth checking the size and the guaranteed party together. At the March 31, 2026 AGM, the FY2025 agenda items and dividend policy (₩100 per share, a 7.7% payout ratio) were confirmed, and in May a large-holding report (equity change) and reports of transaction plans by officers and major shareholders followed. It is safer to verify facts against these original disclosures than against general media coverage.
This stock's strengths are clear. To its core competitiveness in auto bodies and hot stamping it has added a new electrification product in battery cases, and its financial structure is stable, with a manageable debt ratio and current ratio. Above all, with a P/B below 1x (priced below net assets) and a forward P/E of 4.28x that sits low even within the auto-body parts group, it clearly reads as undervalued on both an asset and an earnings basis. That revenue and net profit both grew in Q1, turning profit back up, supports this picture. The part to watch is the operating margin. Q1 operating profit is still down year over year, so margin normalization is a stage yet to be confirmed, and the business has the characteristic that results swing with customer production volumes and exchange rates. In short, this stock's undervaluation shines more brightly when revenue recovery is joined by improving operating profitability, and its recovery is slower when only revenue grows while margins fail to keep pace or customer volumes wobble. The key checkpoint is whether the quarterly operating margin turns back up.
🔎 Valuation vs peers Fairly valued
Rather than a simple industry code, the comparison uses directly chosen auto-body, press and chassis parts makers whose actual business overlaps, all of which supply body and structural parts to automakers, with multiples on a current-price basis.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sungwoo Hitech | 2.68x | 0.27x | 9.51% |
| Wooshin | 4.29x | 0.47x | 10.89% |
| SL Corporation | 8.49x | 1.02x | 13.25% |
(a) Within the same auto-body and structural parts group, Sungwoo Hitech (P/E 3.0x, P/B 0.31x) is lower, Hwashin (5.2x, 0.61x) is similar, and SL Corporation (9.7x, 1.18x) is higher. Myungshin Industry's P/E of 6.1x and P/B of 0.55x sit roughly in the middle of this peer set, neither a clear discount nor a clear premium versus peers. (b) ROE of 9.0% is a reasonable level against peers, so it is not hard to justify a P/B below 1x. (c) That said, the current P/E is based on the confirmed 2025 results (trailing), when profit fell sharply, and Q1 2026 operating profit is still declining year over year. On a forward basis approximated from DART seasonality, net profit rises and the multiple could fall further, but this is not a verified company forecast. Accordingly, rather than declaring it cheap or expensive, it is seen as a fairly valued zone whose assessment shifts with whether operating profitability normalizes.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩434.0 billion | approx. ₩22.8 billion | approx. ₩25.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩6,970 and the market capitalization is ₩365.7 billion. The price sits above its 20-day moving average (₩6,768) and below its 60-day moving average (₩8,212). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.7, a neutral level. The one-month change is -5.8%, the three-month change is -45.3%, and the position relative to the 52-week high is -52.6%. Relative strength versus the KOSPI is 9 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 8% of all stocks. Over the past three months it lagged the index by 34.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -34.20% / 6M -38.23% / 12M -58.54%
Key metrics Computed vs sector median
Valuation
The P/E of 5.35x is in line with the sector median (6.24x). The P/B of 0.45x is in line with the sector median (0.46x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 9.2%, above the sector average (5.0%). The operating margin is 5.6%. The debt ratio is 88.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.2B | $1.1B | $1.1B | +2.88% ↑ faster |
| Operating profit | $146.2M | $104.1M | $72.1M | -30.74% ↓ slower |
| Net profit | $107.2M | $90.7M | $48.0M | -47.07% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $778.2M | $1.1B | $1.2B | $1.1B | $1.1B |
| Operating profit | $39.7M | $89.1M | $146.2M | $104.1M | $72.1M |
| Net profit | $31.8M | $60.2M | $107.2M | $90.7M | $48.0M |
| Revenue CAGR | 4-yr avg 9.96% | ||||
Revenue rose 2.9% year over year (2023 ₩1.7 trillion → 2024 ₩1.6 trillion → 2025 ₩1.6 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 30.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.0%. The two-year revenue CAGR is -3.5%. In the most recent quarter (Q1 2026), revenue was 14.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 quarterly report filed — revenue ₩412 billion (+14.6%), operating profit ₩20.6 billion (-31.5%), net profit ₩22.3 billion (+33.4%)Revenue and net profit recovered year over year, but operating profit is still down. A key document for checking whether the timing of top-line recovery and operating-margin recovery diverges. Source
- 2026-04-17FilingDecision on a debt guarantee for a third party — payment guarantee on debt of affiliates and related companiesContingent-liability in nature; depending on the size and the guaranteed party, it could become a financial burden, so it should be checked alongside the debt ratio. Source
- 2026-03-23Earnings2025 annual report filed — full-year operating profit ₩102.6 billion (-30.7%), net profit ₩68.3 billion (-47%), confirming an earnings slowdownA document confirming the extent of the sharp profit drop from the 2023 peak. It shows that the current P/E and P/B are based on this slowed set of results. Source
- 2026-03-31FilingAGM results and outside-director appointment filing — FY2025 agenda items processedDividend, director appointments and other AGM items were confirmed. Allows verification of the continuity of the dividend policy (₩100 per share, a 7.7% payout ratio). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 full-year operating profit | ₩102.6 billion(-30.7%) | ₩102.6 billion | Confirmed | link |
| Q1 2026 revenue and net profit | revenue ₩412.0 billion(+14.6%), net profit ₩22.3 billion(+33.4%) | ₩412.1 billion / ₩22.3 billion | Confirmed | link |
| Latest closing price | ₩6,970 | — | Unverified | link |
| 2026 full-year operating profit (seasonality approximation) | approx. ₩75.4 billion | — | Unverified | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-19OwnershipOwnership-change filing
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-04-17Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.