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.
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 13.7% (total-net basis). It is above the sector average.
- Operating margin is 12.3%.
- 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
- 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 share price is ₩109,800, above its 20-day line (₩103,590) but hovering near the 60-day (₩109,213) and 120-day (₩120,104) lines.
- It rose 11.7% over the past month.
- On a three-month (-9.0%) and six-month (-20.3%) basis, however, it has yet to fully recover its decline.
- It sits about 29% below its 52-week high.
- The RSI is 56.9, a neutral zone that is neither overheated nor depressed.
- Starting with valuation: the P/E ratio (how many times a year's earnings the price represents) is 8.96x and P/B (price relative to net assets) is 1.22x — 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 | 14.72x | 1.54x | 10.45% |
| Foosung | 239.19x | 3.80x | 1.59% |
| Songwon Industrial | 125.46x | 0.39x | 0.31% |
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 ₩109,800 and the market capitalization is ₩549.0 billion. The price sits above its 20-day moving average (₩103,590) and above its 60-day moving average (₩109,213). 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 56.9, a neutral level. The one-month change is +11.7%, the three-month change is -9.0%, and the position relative to the 52-week high is -29.2%. Relative strength versus the KOSPI is 12 (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 11% of all stocks. Over the past three months it lagged the index by 27.3%. 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 -27.28% / 6M -49.78% / 12M -68.92%
Key metrics vs sector median
Valuation
The P/E of 8.96x is below the sector median (14.79x). The P/B of 1.22x is above the sector median (0.97x).
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 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.149x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.7%, above the sector average (4.0%). The operating margin is 12.3%. The debt ratio is 122.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $290.1M | $337.5M | $352.7M | +4.49% ↓ slower |
| Operating profit | $14.9M | $38.9M | $43.4M | +11.43% ↓ slower |
| Net profit | $12.3M | $36.2M | $40.6M | +12.34% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $352.2M | $405.4M | $290.1M | $337.5M | $352.7M |
| Operating profit | $63.0M | $53.6M | $14.9M | $38.9M | $43.4M |
| Net profit | $53.0M | $43.0M | $12.3M | $36.2M | $40.6M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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 13.7% 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
- 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.