PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Monalisa has sustained a quarterly profit trend through cost-ratio improvement, but structural pressures from pulp prices, foreign-exchange costs, and expanding private-label competition remain in place at the same time.
Consolidated operating profit in Q2 2026 reached KRW 1.117 billion, the largest among the trailing four quarters, showing a quarter-by-quarter recovery pattern.
The 2025 full-year operating margin fell to 0.3%, still well below the 5.0% level recorded in 2023, indicating profitability has not fully normalized.
A debt-free capital structure and three consecutive years of positive operating cash flow underpin the company's financial stability.
Rising international pulp prices combined with an elevated won/dollar exchange rate are weighing on cost structures across the paper industry.
Dividends were suspended recently, but the return to profit has prompted market speculation about a possible resumption.
Founded in 1977, Monalisa is a hygiene-paper specialist producing toilet tissue, facial tissue, kitchen towels, wet wipes, diapers for infants and adults, and masks.
Its largest shareholder is the holding company MSS Holdings, whose ownership chain has passed through private-equity-linked entities including Prime Capital and NHPEA/MSPE Tissue Holdings AB.
The product lineup has expanded from in-house brands such as Bellagio and Buja-Doenun-Jip into premium and kids' lines combined with character licensing, including SAMG Entertainment's Catch! Teenieping franchise.
The adult-diaper segment is cited as an area with an expanding demand base amid population aging and broader welfare support.
On the distribution side, large retailers' expansion of private-label tissue is noted as a challenge for branded-product cost management and channel positioning even as online and hypermarket channels grow in importance.
Competitors include unlisted Yuhan-Kimberly along with Hansol Paper and Moorim Paper, and Monalisa competes as a mid-sized player relying on cost competitiveness and a diversified product mix. Affiliates include Ssangyong C&B (formerly Ssangyong P&G), Daejeon Monalisa, MSS Pulp, and MSS Logistics.
E-commerce optimization and the rollout of higher-value-added new products have been presented as core elements of the company's recent growth strategy.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩29.8B | ₩400M | 1.5% |
| 2025Q3 | ₩31B | ₩11,633,176 | 0.0% |
| 2025Q4 | ₩31.6B | ₩300M | 0.8% |
| 2026Q1 | ₩32.3B | ₩300M | 1.0% |
| 2026Q2 | ₩34.5B | ₩1.1B | 3.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩120.9B | ₩2.9B | ₩2.3B | 2.4% | 3.0% | 26.0% |
| 2023 | ₩129.8B | ₩6.5B | ₩9.1B | 5.0% | 11.2% | 19.4% |
| 2024 | ₩126.3B | ₩1B | ₩1.2B | 0.8% | 1.5% | 20.4% |
| 2025 | ₩124B | ₩300M | ₩1.5B | 0.3% | 1.7% | 15.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue rose from KRW 120.87 billion in 2022 to KRW 129.76 billion in 2023, then declined for two consecutive years to KRW 126.34 billion in 2024 and KRW 124.02 billion in 2025. Profitability swung far more sharply than revenue.
Operating profit jumped from KRW 2.90 billion (2.4% margin) in 2022 to KRW 6.49 billion (5.0%) in 2023, before collapsing to KRW 983 million (0.8%) in 2024 and KRW 317 million (0.3%) in 2025.
Net income attributable to owners was KRW 2.34 billion in 2022, KRW 9.14 billion in 2023, KRW 1.24 billion in 2024, and KRW 1.50 billion in 2025, remaining at a low level after the temporary strength of 2023.
On a quarterly basis, operating profit shrank to just KRW 12 million in Q3 2025, a point at which profitability had virtually disappeared, before recovering to KRW 252 million in Q4 2025, KRW 326 million in Q1 2026, and KRW 1.117 billion in Q2 2026.
Net income attributable to owners also improved sharply from KRW 118 million in Q3 2025 to KRW 1.082 billion in Q4 2025, then registered KRW 337 million in Q1 2026 and KRW 591 million in Q2 2026, showing quarter-to-quarter volatility.
Combined net income attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) was approximately KRW 2.13 billion, with a notable concentration of the improvement in a single quarter, Q4 2025.
On a standalone basis, the cost-of-goods ratio fell from 81.25% to 75.50% year-on-year in Q1 2026, identifying cost reduction as the key driver of the earnings improvement. However, the SG&A ratio rose from 19.95% to 23.48% over the same period, as higher logistics and advertising expenses partly offset the cost gains.
The domestic paper and hygiene-paper industry has faced compounded cost pressures heading into 2026. International softwood/hardwood bleached chemical pulp (SBHK) prices rose to around USD 780 per ton, up from the prior month and more than 20% higher than the roughly USD 640 level seen in July of the previous year.
The won/dollar exchange rate has also been trading around the 1,500 level, adding to the raw-material burden for domestic producers that rely on imported pulp. Elevated shipping costs and oil prices tied to Middle East instability have compounded logistics expenses.
In the printing-paper segment, Korea's Fair Trade Commission imposed large fines on major paper makers for price collusion, highlighting broader regulatory risk across the industry.
Against this backdrop, while competitors reportedly posted losses, Monalisa is described as having maintained profitability largely on its own through cost-ratio improvement.
That said, the tissue segment continues to face structurally intensifying price competition from large retailers' expanding private-label products, while the adult-diaper market is viewed as having a relatively stable growth base supported by an aging population and expanded welfare programs.
The company has cited growth in single-person households, demand for value-oriented products, and rising interest in eco-friendly and low-irritant products as drivers of revenue growth, and has stated plans to continue optimizing e-commerce channels and launching higher-value-added products.
In the premium facial-tissue line, expansion of mini-size and kids' product lineups leveraging character-licensing collaborations such as Catch! Teenieping is ongoing.
The adult-diaper segment is cited as an area of relatively stable expected growth, supported by the transition to a super-aged society and expanded welfare budgets.
In its corporate value-up plan announced last year, the company presented strengthening cost competitiveness and profit-focused management as core strategies, and the Q1 2026 cost-ratio improvement is interpreted as an early result of this approach.
However, a company representative reportedly noted that the external environment, including exchange rates and pulp prices, remains unfavorable.
Regarding dividends, the company has stated that it has generally considered shareholder returns absent specific investment plans, but it maintains a principle of deciding dividend policy based on realized earnings, leaving the matter to be clarified only after full-year results are finalized.
The current share price appears to trade at a discount to net asset value, consistent with the broader pattern of earnings stepping down after the temporary strength of 2023.
At the same time, the multiple calculated on combined earnings over the trailing four quarters sits toward the upper end of the range seen over the past several years, suggesting the market has continued to assign value even while absolute profit levels have not fully recovered.
Dividends were suspended recently, so it is premature to characterize dividend-related metrics at their present level, and whether the return to profit will translate into a dividend resumption remains a point of market interest.
On the balance-sheet side, the company maintains a notably low, debt-free capital structure, which can be considered a financial-stability factor even though absolute profit levels remain modest.
Overall, the stock sits in a valuation zone where the durability of the earnings recovery and shifts in the cost and foreign-exchange environment both warrant continued attention.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
After operating profit shrank to just KRW 12 million in Q3 2025, the company posted four consecutive profitable quarters, recovering to KRW 1.117 billion by Q2 2026. A sharp drop in the standalone cost-of-goods ratio in Q1 2026 suggests cost-management efforts are being reflected in actual results.
Monalisa is described as having maintained profitability through its own cost cuts even during a period when competitors posted losses.
The 2025 debt ratio of 15.0% is the lowest of the past four years, and operating cash flow has remained positive every year. Retained earnings are reported to have grown steadily over multiple years, a factor worth noting as a potential funding source for future shareholder returns. This financial soundness can serve as a buffer against earnings shocks from raw-material and currency swings.
Adult diapers are viewed as having a relatively stable demand base supported by an aging population and expanded welfare support. Expansion of premium and kids' lines leveraging character licensing, along with e-commerce channel optimization, is cited as a factor that could support improved selling prices. This points to room for margin improvement through product-mix diversification.
Operating margin fluctuated between 0.3% and 5.0% from 2022 to 2025, falling to 0.3% in 2025. On a quarterly basis, operating profit was only KRW 12 million in Q3 2025, indicating core profitability remains fragile. The recovery has been concentrated in a single quarter, Q4 2025, requiring confirmation of its durability.
International pulp prices are reported to be around USD 780 per ton, more than 20% higher than a year earlier, while the won/dollar exchange rate remains elevated around the 1,500 level. Given the reliance on imported pulp, cost pressure can flow through directly. The company itself has reportedly noted that the external environment remains unfavorable.
In the tissue segment, expansion of large retailers' private-label products is cited as an ongoing challenge for cost management and channel positioning. This is a structural factor that can constrain branded products' pricing power.
This competitive pressure may have partly contributed to revenue declining for two consecutive years since 2023.
Since a substantial portion of raw materials depends on imported pulp, fluctuations in international pulp prices and the won/dollar exchange rate flow directly into costs. Rising pulp prices and an elevated exchange rate have appeared simultaneously in 2026, increasing cost pressure. These external variables lie largely outside the company's control.
The spread of large retailers' private-label products is a structural factor deepening price competition in the tissue and household-paper segment. While online channel growth may positively affect selling prices, uncertainty also exists around changing channel-level margin structures. Maintaining brand loyalty alongside cost management remains an ongoing challenge.
The ownership chain of MSS Holdings, the controlling shareholder, is reported to have passed through several private-equity-linked ownership transfers involving Prime Capital and NHPEA/MSPE Tissue Holdings AB.
A private-equity-affiliated controlling shareholder may make decisions such as stake sales at the time of exit that can affect the share price. Given past instances of the controlling shareholder selling shares on the open market, ongoing monitoring of ownership-related disclosures is warranted.
Consolidated Q3 2026 results are expected to be disclosed around this time, and it will be worth checking whether cost-ratio improvement and easing of pulp and FX pressure continue.
After full-year results are finalized, a board decision on dividend policy and size may be announced; whether the return to profit translates into an actual dividend resumption will be a key point to watch.
International pulp prices (SBHK) and the won/dollar exchange rate should be monitored continuously to assess whether cost pressures are easing or intensifying.
This meeting will finalize the implementation status of the corporate value-up plan and any dividend proposal, offering a chance to check progress on the cost-competitiveness strategy.
Monalisa has moved past a stretch in Q3 2025 when operating profit nearly disappeared, sustaining four consecutive profitable quarters in a recovery driven largely by cost management.
Still, with operating margins remaining low since the temporary strength of 2023, it is premature to determine whether the recent improvement represents a structural turnaround. The debt-free capital structure and steady operating cash flow act as a buffer absorbing earnings volatility.
On the other hand, rising international pulp prices, an elevated won/dollar exchange rate, and price competition from large retailers' private-label expansion remain unresolved structural burdens.
Dividends were suspended recently and a resumption has not been confirmed, remaining a matter to be clarified based on future earnings and board decisions.
Investors will want to continue monitoring the durability of quarterly results, changes in the raw-material and FX environment, and the finalization of dividend policy.
Report written 2026-09-05 · Data as of 2026-09-04
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