MiCo makes ceramic parts used in semiconductor and display processes (electrostatic chucks, heaters and the like) and, through subsidiaries such as the listed semiconductor-equipment cleaning and coating firm Komico and the fuel-cell company MiCo Power, effectively operates as a business holding company. Consolidated revenue reached ₩977.0 billion in 2025, up 80.8% year on year, and net profit grew to ₩29.5 billion; but in the first quarter of 2026 revenue rose 49.8% while operating profit fell and net profit swung to a small loss. What stands out lately is that the market value of MiCo's roughly 41% stake in the listed subsidiary Komico alone exceeds MiCo's own market cap, so from a net-asset-value (NAV) perspective there is undervaluation appeal; but a debt ratio above 1,300% and quarterly results that swing sharply with equity-method gains from subsidiaries are points to view alongside it.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 1367.4%).
- Revenue rose 80.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 49.8% higher than a year earlier.
- ROE is 25.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.3%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jeon Seon-gyu 15.09% (individual)
Controlling bloc incl. related parties 20.42%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
Net asset value (NAV) assessment Fairly valued
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Komico | 41.1% |
🔎 In-depth analysis
- MiCo earns money in two broad ways.
- First, the main body makes ceramic parts that go into semiconductor and display equipment.
- Precision parts such as electrostatic chucks (ESC), which hold a wafer in place, and heaters, which apply heat, are its representative products.
- Second, its business reach is wide through subsidiaries.
- The listed subsidiary Komico (about 41% owned) has a large earnings base from services that clean semiconductor process equipment and apply special coatings.
- Among unlisted subsidiaries are MiCo Ceramics for ceramic parts, MiCo Power, which makes solid-oxide fuel cells (SOFC), and MiCo BioMed for diagnostic kits.
- In other words, MiCo is a structure in which the value of several subsidiary stakes is layered on top of its own parts business, so rather than a single company it is closer to reality to see it as a holding entity bundling a group of semiconductor materials and parts.
- The current price of ₩15,760 is below the 20-day line (₩18,663) and the 60-day line (₩20,515).
- The short-term trend is pressed down.
- However, it is not far from the 120-day line (₩17,665), so the medium-term trend has not broken down much.
- The one-month return was -21.6%, a large pullback.
- By contrast, three-month +21.0% and six-month +14.8% mean it had risen before that.
- The RSI (an indicator that gauges the strength of recent gains and losses on a 0-100 scale) is 38.5, slightly below neutral, near oversold.
- It sits 43.5% below the 52-week high.
- Explained at a beginner's level, the valuation metrics are as follows.
- The P/E ratio (how many times one year of profit the share price is) is 17.9x, and the P/B (how many times book equity the share price is) is 4.6x.
- On the numbers alone they do not look low.
- But because subsidiary stake value is central to MiCo, judging by these metrics alone leads to a misreading.
- On the book, stakes in subsidiaries such as Komico are carried low at long-ago acquisition cost, so the P/B looks higher than reality.
- Profitability is good.
- ROE (how much is earned in a year on book equity) is a high 25.6%, and the operating margin is 10.3%.
- However, the financial burden is large.
- The debt ratio (debt against equity) is very high at 1,367%.
- The interest-coverage ratio is 1.37x, meaning operating profit only just exceeds interest expense.
- On debt-adjusted metrics, net debt (total borrowings minus cash) is about ₩813.7 billion, EV/EBIT (enterprise value divided by operating profit — a debt-adjusted counterpart to the P/E) is 13.7x, and EV/EBITDA is 7.7x.
- Last year's free cash flow (FCF) was negative, showing a phase of spending cash on facilities and business expansion.
- Top-line growth is clear.
- Consolidated revenue rose from ₩381.7 billion in 2023 to ₩540.5 billion in 2024 and ₩977.0 billion in 2025, up sharply for two straight years.
- The 2025 growth rate was 80.8%.
- Net profit also turned from a ₩27.3 billion loss in 2023 to profits of ₩18.1 billion in 2024 and ₩29.5 billion in 2025.
- This resulted from a recovery in the semiconductor and display markets combined with subsidiary earnings.
- The first quarter of 2026, however, had a different tone.
- Revenue reached ₩322.0 billion, up 49.8% year on year, but operating profit fell 46.5% to ₩18.9 billion and net profit swung to a loss of ₩1.35 billion.
- Given the holding-company character, net profit is heavily swayed by equity-method gains from subsidiaries such as Komico and swings quarter to quarter.
- The company's official earnings targets for this year are not confirmed, so pinning down this year's profit is difficult.
- For this company, therefore, approaching it through the value of its held stakes fits reality better than a single year's profit multiple.
- The center of recent disclosures is subsidiary restructuring.
- In April 2026 MiCo decided to absorb-merge its wholly owned subsidiary MiCo Hightech (which builds ceramic equipment).
- The aim is to bundle ceramic materials (the main body) and ceramic equipment (MiCo Hightech) into one company to raise development and production efficiency.
- It is a small-scale merger with no new share issuance, and the merger date is July 1, 2026.
- In May the company held an IR to share its business situation.
- Stake-related disclosures (large-holding reports) also came out several times.
- In June there was a disclosure adjusting the exchange (conversion) price of convertible bonds, which reflects an adjustment to the terms of previously issued bonds — a point worth noting on the funding and share-count front.
- Seeing MiCo as a 'holding-type bundle of semiconductor materials and parts' fits reality.
- The strengths are clear.
- The market value of its roughly 41% stake in the listed subsidiary Komico alone exceeds MiCo's own market cap.
- To this are added stakes in the unlisted MiCo Ceramics, MiCo Power (fuel cells) and MiCo BioMed, plus the value of the main-body ceramic-parts business.
- Viewed as the sum of assets held (NAV), there is undervaluation appeal.
- The structure in which subsidiary earnings grow when the semiconductor cycle is favorable is also helpful.
- On the other hand, there are cautions.
- The debt ratio is high at 1,367% and the interest-coverage ratio is just 1.37x, so if rates or the industry worsen, the financial burden grows.
- That net profit is swayed by equity-method gains from subsidiaries, making quarterly results volatile, must also be factored in.
- In sum, this is a stock that is strong when the semiconductor cycle is favorable and subsidiary value is properly reflected in the market, and weak when the industry slows or funding pressure grows.
🔎 Valuation vs peers Undervalued
Based on the business substance in which semiconductor process parts, cleaning and coating, and subsidiary stake value are central. The listed subsidiary Komico is the most direct object of comparison and evaluation, with stocks that overlap in ceramic-parts character also referenced.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Komico | 15.92x | 2.94x | 18.45% |
| CG MedTech | 16.89x | 1.17x | 6.92% |
MiCo is a holding-type company that is hard to judge by P/E and P/B. (a) The most direct axis of evaluation is the value of its held stakes. The market value of the listed subsidiary Komico (about 41% owned) alone exceeds MiCo's own market cap. (b) Add stakes in the unlisted MiCo Ceramics, MiCo Power and MiCo BioMed plus the main-body parts business, and on a summed net-asset-value (NAV) basis the market cap is set below the value held. On this point it is seen as undervalued. (c) That said, profit and book multiples such as a trailing P/E of 17.9x and P/B of 4.6x are misleading for this company. On the book, subsidiary stakes are carried low at acquisition cost, so the P/B looks high, and net profit is swayed by equity-method gains, so the multiples are not representative. The high debt ratio is a discount factor that partly offsets the NAV appeal.
Price history Close · MA20 · MA60
The latest close is ₩15,760 and the market capitalization is ₩526.6 billion. The price sits below its 20-day moving average (₩18,662) and below its 60-day moving average (₩20,515). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 38.5, a neutral level. The one-month change is -21.6%, the three-month change is +21.0%, and the position relative to the 52-week high is -43.5%. Relative strength versus the KOSDAQ is 85 (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 85% of all stocks. Over the past three months it outpaced the index by 53.1%. 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 +53.09% / 6M +31.41% / 12M +9.66%
Key metrics vs sector median
Valuation
The P/E of 17.85x is below the sector median (27.09x). The P/B of 4.57x is above the sector median (2.10x).
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 11.0%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 10.3%. The debt ratio is 1367.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $253.0M | $358.2M | $647.6M | +80.76% ↑ faster |
| Operating profit | $19.8M | $62.7M | $66.9M | +6.73% ↓ slower |
| Net profit | -$18.1M | $12.0M | $19.6M | +62.83% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $242.2M | $274.9M | $253.0M | $358.2M | $647.6M |
| Operating profit | $46.2M | $42.6M | $19.8M | $62.7M | $66.9M |
| Net profit | -$11.8M | -$36.6M | -$18.1M | $12.0M | $19.6M |
| Revenue CAGR | 4-yr avg 27.87% | ||||
Revenue rose 80.8% year over year (2023 ₩381.7 billion → 2024 ₩540.5 billion → 2025 ₩977.0 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 6.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 27.9%. The two-year revenue CAGR is 60.0%. In the most recent quarter (Q1 2026), revenue was 49.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 25.6% points to solid profitability.
- Revenue grew 80.8% year over year, a sign of growth.
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
- 2026-04-29FilingDecision to absorb-merge the wholly owned subsidiary MiCo Hightech (which builds ceramic equipment). The aim is to integrate the ceramic materials and equipment businesses to raise development and production efficiency; it is a small-scale merger with no new share issuance (merger date July 1, 2026).No near-term change in share count. Over the medium term, whether the vertical integration of the ceramic parts and equipment businesses improves cost and quality competitiveness is the point to watch. Source
- 2026-05-15EarningsFirst-quarter 2026 report. Consolidated revenue of ₩322.0 billion (up 49.8% year on year), operating profit of ₩18.9 billion (-46.5%), net loss of ₩1.35 billion.The top line grew but earnings slowed. Reconfirms that, given the holding-company character, swings in equity-method gains from subsidiaries feed heavily into net profit. Source
- 2026-05-07IRIR held. The company explained to the market the situation and plans of its business segments, including semiconductor parts, cleaning and coating, and fuel cells.An occasion for the company itself to communicate its business direction. A channel for confirming official outlooks and investment plans. Source
- 2026-06-09FilingDisclosure adjusting the exchange (conversion) price of the 15th-round convertible bonds. The conversion terms of previously issued bonds were adjusted.A point worth noting, as it could affect the number of shares issued upon future conversion. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 results (revenue / operating profit / net profit) | revenue ₩322.0 billion(+49.8%), operating profit ₩18.9 billion(-46.5%), net profit -₩1.4 billion | 2026 1 | Confirmed | link |
| MiCo Hightech absorption-merger decision | 2026-04-29 | — | Confirmed | link |
| Komico (listed subsidiary) market value versus MiCo's market cap | approx. ₩1.56 trillion × approx. 41% ≈ ₩600.0 billion+ / approx. ₩526.7 billion | — | Unverified | link |
Recent filings
- 2026-06-09Disclosure
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-07Disclosure
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-30Disclosure
- 2026-04-30Material-fact report (amended)
- 2026-04-29Disclosure
- 2026-04-29Material-fact report
- 2026-04-15OwnershipOwnership-change filing
- 2026-04-07OwnershipAmended filing
- 2026-04-01Disclosure
📖 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.