Miwon Specialty Chemical (268280) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Miwon Specialty Chemical is a specialty-chemicals company that makes the core raw materials — monomers, oligomers and photoinitiators — for energy-curable resins, which harden almost instantly when exposed to ultraviolet (UV) light or an electron beam; these materials are used in coatings, inks, adhesives and electronic materials. It posted 2025 revenue of ₩532.1 billion and net profit of ₩61.3 billion, and in the first quarter of 2026 net profit rose 31% year on year to ₩21.5 billion, continuing the recovery. The point worth noting is that its position — over 50% domestic share and about 15% of the world market — together with a double-digit ROE and a net-cash structure gives it solid earnings power; the caution is the materials-stock trait of profit swinging year to year with downstream coating and electronic-materials demand and raw-material prices.
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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 “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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 4.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 2.5% higher than a year earlier.
- ROE is 14.5% (total-net basis). It is above the sector average.
- Operating margin is 12.5%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2021-12-31
Largest shareholder Miwon Holdings 32.5% (corporate)
Controlling bloc incl. related parties 72.37%
With the controlling bloc holding 72%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Miwon Specialty Chemical makes the raw materials for energy-curable resins, which harden instantly when exposed to energy such as ultraviolet (UV) light or an electron beam. Specifically, it produces the monomers and oligomers that form the material of the hardening reaction, and the photoinitiators that act as the trigger for that reaction. These materials are used across furniture and flooring coatings, printing inks, adhesives, and electronic materials such as mobile-phone exterior coatings and display films. It leads the domestic market with a share above 50%, and it earns money through exports, having secured about 15% of the world market from production, sales and research bases in the United States, Germany, Spain, Austria, China and India.
The latest close is ₩118,800 and the market capitalization is ₩594.0 billion. The price sits above its 20-day moving average (₩114,580) and above its 60-day moving average (₩107,125). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 58.2, a neutral level. The one-month change is +10.9%, the three-month change is -0.2%, and the position relative to the 52-week high is -19.3%. Relative strength versus the KOSPI is 30 (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 29% of all stocks. Over the past three months it outpaced the index by 19.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Starting with valuation: the P/E ratio (how many times a year's earnings the price represents) is 9.69x and P/B (price relative to net assets) is 1.29x — low compared with the average for chemical-materials stocks. Profitability is strong: ROE (how much the company earns in a year on its equity) is 13.7% and the operating margin is 12.3%, a thick margin for a materials company. The balance sheet is very safe: the current ratio of 4.86x gives ample short-term liquidity, and the company is in fact in a net-cash position, holding ₩23.4 billion more cash than borrowings. Once debt is factored in the picture looks even better: EV/EBIT (enterprise value divided by operating profit — effectively a debt-aware P/E) is 7.68x and EV/EBITDA is 5.5x, both below the P/E. The FCF yield (cash actually generated relative to market cap — the higher, the more attractive the cash generation) is 5.97%, so the cash earned is fairly steady relative to market cap. The dividend is ₩3,200 per share, a yield of 2.91%, returning about 25% of net profit as dividends.
This company's profit has a cyclical character, rising and falling year to year with downstream demand and raw-material prices. Net profit bottomed at ₩18.6 billion in 2023, then recovered for two straight years to ₩54.6 billion in 2024 and ₩61.3 billion in 2025. Revenue grew modestly in 2025, up 4.5% year on year to ₩532.1 billion. The pace of recovery has slowed somewhat compared with the sharp rebound of 2024. The recovery has continued this year: cumulative net profit in the first quarter of 2026 was ₩21.5 billion, up 31% year on year, and operating profit over the same period rose 7.2%. Rather than simply extending this trend, and allowing for the possibility that some one-off items are mixed into the strong first-quarter net-profit growth, a conservative read puts this year's net profit at a high-single-digit to low-double-digit increase over last year's ₩61.3 billion. In that case the price multiple on this year's earnings falls below the current 8.96x. In other words, the valuation on last year's earnings does not look expensive, and on this year's earnings it looks cheaper still.
In April 2026 the company issued a disclosure setting the shareholder-register record date for its year-end dividend. The dividend of ₩3,200 per share (a yield of 2.91%) continues a stable cash return. Also in April there was a disclosure on a decision to provide a debt guarantee for a related party. As this has the character of intra-group funding or transaction support, its scale and terms need to be checked. Over April and May there were several filings on changes in shares held by the largest shareholder and others — a signal that controlling-shareholder holdings moved, and a point to watch for changes in the ownership structure. In May the Q1 2026 report and a corporate-governance report were filed, officially confirming the first-quarter results and governance status noted above.
In sum, Miwon Specialty Chemical is a specialty-chemicals materials company with thick margins and a strong balance sheet. Its strengths are a domestic No. 1 and meaningful global share in UV-curable materials, high profitability with a 13.7% ROE, and a net-cash structure with more cash than borrowings. The valuation is also undemanding: at a P/E of 8.96x and EV/EBIT of 7.68x it is below the average for chemical-materials stocks, and lower still on this year's earnings. The cautions are equally clear. It carries the materials-stock trait of profit swinging year to year with downstream demand — in coatings, electronic materials and the like — and with acrylic raw-material prices. The history of net profit moving from ₩18.6 billion in 2023 to ₩61.3 billion in 2025 shows this. In short, when downstream demand is firm and raw-material prices are stable, its high margin and cash generation shine, whereas if demand turns or raw-material prices spike, profit can be squeezed.
🔎 Valuation vs peers Undervalued
Compared mainly against peers that make UV/energy-curable and specialty-chemical materials, looking together at a fellow Miwon-affiliated specialty chemicals company (Miwon Commercial) and materials firms in the fluorine/additives space.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Miwon Commercial | 13.49x | 1.33x | 9.92% |
| Foosung | 199.19x | 3.08x | 1.59% |
| Songwon Industrial | 117.56x | 0.35x | 1.99% |
At a P/E of 8.96x and EV/EBIT of 7.68x, Miwon Specialty Chemical sits on the low side within the specialty-chemicals peer group. The contrast is especially stark against fellow Miwon-affiliate Miwon Commercial (P/E 14.72x): Miwon Specialty Chemical has a higher ROE (13.7%) and operating margin (12.3%) than Miwon Commercial (ROE 10.5%, margin 9.9%), yet its price multiple is only about half. The fact that the P/E ratios of Foosung or Songwon Industrial jump into the triple digits reflects recently bottomed-out earnings distorting the multiple, so they are not valid comparisons. With a low P/E on last year's (trailing) earnings and net profit up 31% in the first quarter as the recovery continues, the multiple falls further on this year's earnings. Taking the net-cash position and double-digit ROE together, the price is judged to be low relative to profitability.
Price history Close · MA20 · MA60
The latest close is ₩118,800 and the market capitalization is ₩594.0 billion. The price sits above its 20-day moving average (₩114,580) and above its 60-day moving average (₩107,125). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 58.2, a neutral level. The one-month change is +10.9%, the three-month change is -0.2%, and the position relative to the 52-week high is -19.3%. Relative strength versus the KOSPI is 30 (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 29% of all stocks. Over the past three months it outpaced the index by 19.0%. 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 +18.96% / 6M -29.25% / 12M -58.03%
Key metrics Computed vs sector median
Valuation
The P/E of 9.69x is below the sector median (14.15x). The P/B of 1.29x is above the sector median (0.90x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.148x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 14.5%, above the sector average (4.0%). The operating margin is 12.5%. The debt ratio is 28.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $307.5M | $357.8M | $373.8M | +4.49% ↓ slower |
| Operating profit | $15.8M | $41.3M | $46.0M | +11.43% ↓ slower |
| Net profit | $13.1M | $38.3M | $43.1M | +12.34% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $373.3M | $429.7M | $307.5M | $357.8M | $373.8M |
| Operating profit | $66.8M | $56.8M | $15.8M | $41.3M | $46.0M |
| Net profit | $56.1M | $45.5M | $13.1M | $38.3M | $43.1M |
| Revenue CAGR | 4-yr avg 0.04% | ||||
Revenue rose 4.5% year over year (2023 ₩437.7 billion → 2024 ₩509.3 billion → 2025 ₩532.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 11.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.0%. The two-year revenue CAGR is 10.3%. In the most recent quarter (Q1 2026), revenue was 2.5% 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.
- ROE of 14.5% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.5% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-09DividendRecord date set for shareholder register for the year-end cash/property dividend. Dividend of ₩3,200 per share, yield of about 2.91%.Continued, stable shareholder returns, returning about 25% of net profit as dividends. A factor supporting the share price on the downside in the short term. Source
- 2026-04-09FilingDisclosure of a decision to provide a debt guarantee for another party (a related party, etc.).Has the character of intra-group funding or transaction support. Depending on the guarantee's scale and terms, the contingent-liability burden could change, so it needs checking over the medium term. Source
- 2026-05-15EarningsQ1 2026 report filed. Cumulative revenue of ₩141.3 billion, operating profit of ₩19.3 billion, net profit of ₩21.5 billion (net profit +31.2% year on year).Reconfirms the earnings recovery now in its second year. As net-profit growth exceeded operating-profit growth, it is worth checking whether non-operating factors contributed. Source
- 2026-05-29FilingCorporate-governance report disclosed and changes in shares held by the largest shareholder and others reported.Officially confirms controlling-shareholder holding changes and governance status. A point at which to watch whether the shift in ownership structure continues. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29OwnershipLargest-shareholder ownership change report
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14OwnershipLargest-shareholder ownership change report
- 2026-05-14OwnershipOwnership-change filing
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-11OwnershipLargest-shareholder ownership change report
- 2026-05-11OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-27OwnershipLargest-shareholder ownership change report
- 2026-04-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09DividendCash/stock dividend decision
- 2026-04-09Disclosure
📖 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.