KOSPIHolding Companies081660

Misto Holdings

₩39,050▲ 4.27%2026-10-02 close

Market Cap

₩2.1T

Turnover

₩4.3B

Volume

110,000 shares

Shares out.

53.1M

PER

7.9×

PBR

1.0×

EPS

₩5,249

Dividend Yield

4.78%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,980 per share · Prices as of the 2026-10-02 close

Report overview

Golf Drives, Fashion Holds the Line

Acushnet, owner of Titleist, is driving results while the restructured FILA (Misto) division defends profitability, a pattern that sharpened in the first half of 2026 - yet both the parent and the subsidiary have flagged tougher second-half comparisons and the fading of one-off tariff refunds.

1
Second-quarter 2026 consolidated revenue was KRW 1.4312 trillion with operating profit of KRW 295.2 billion, lifting the quarterly operating margin above 20%; first-half revenue reached KRW 2.7202 trillion and operating profit KRW 488.9 billion.
2
Acushnet is the engine: its second-quarter 2026 segment revenue was KRW 1.2308 trillion and operating profit KRW 258.8 billion, up 21.7% and 75.2% respectively, accounting for more than 80% of group revenue.
3
The profit surge blends two non-recurring factors: the pull-forward of the Titleist GTS driver and fairway wood launch, and one-off tariff refunds.
4
The Misto (FILA) division shrank in revenue after the U.S. subsidiary restructuring yet grew operating profit, reflecting a deliberate shift toward profitability over scale.
5
A three-year shareholder return program of up to KRW 500 billion for 2025-2027 has produced large treasury share cancellations and special dividends, though a substantial share of consolidated profit accrues to non-controlling interests under the holding structure.

Business structure

Misto Holdings is a brand portfolio holding company that converted to holding structure through a spin-off in 2020 and changed its name from Fila Holdings to Misto Holdings in 2025; its consolidated operations are split into the Misto division and the Acushnet division.

The holding company's own income comes mainly from dividends received from subsidiaries and management advisory fees.

The Acushnet division develops and distributes golf brands including Titleist balls, clubs and gear, FootJoy and Scotty Cameron, and traces back to the U.S. company jointly acquired in 2011 by Fila Korea and Mirae Asset Global Investments Private Equity for about USD 1.225 billion.

The Misto division comprises FILA's domestic Korean business, global licensing, and Greater China distribution plus other brands. The revenue mix tilts heavily toward golf: as of the second quarter of 2026 Acushnet accounted for more than 80% of group revenue.

Within the Misto division the weight of other brands has been rising, as the company expanded Greater China distribution for labels such as Mardi Mercredi, Matin Kim and Marithe Francois Girbaud along with Keds distribution in Korea, and from the third quarter of 2026 began full-scale Greater China distribution of JUUN.J, a designer brand of Samsung C&T's fashion arm.

The competitive landscape differs entirely by segment, pitting the golf business against global equipment makers such as Callaway, TaylorMade and Ping, and the fashion business against domestic and overseas sports and casual brands.

Even after the corporate name change, the company has said each brand - FILA, Titleist, FootJoy - retains independent management. The largest shareholder is Piemonte, owned by the founding family, whose stake rose from 35.81% to 40.54% after the full cancellation of treasury shares in December 2025.

Earnings trend

Quarterly revenue · Operating profit

₩1.2T₩181.9B25Q2₩1.1T₩131.9B25Q3₩915.2B-₩1.6B25Q4₩1.3T₩193.7B26Q1₩1.4T₩295.2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩4.2T₩435.1B2022₩4T₩303.5B2023₩4.3T₩360.8B2024₩4.5T₩474.8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩1.2T	₩181.9B	14.8%
2025Q3	₩1.1T	₩131.9B	12.1%
2025Q4	₩915.2B	-₩1.6B	−0.2%
2026Q1	₩1.3T	₩193.7B	15.0%
2026Q2	₩1.4T	₩295.2B	20.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩4.2T	₩435.1B	₩343.7B	10.3%	18.3%	87.3%
2023	₩4T	₩303.5B	₩42.6B	7.6%	2.2%	95.0%
2024	₩4.3T	₩360.8B	₩84.2B	8.5%	4.2%	102.3%
2025	₩4.5T	₩474.8B	₩224.3B	10.6%	11.6%	112.7%

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

Earnings analysis

The annual trajectory shows a clear earnings recovery off a 2023 trough.

Revenue of KRW 4.0066 trillion with operating profit of KRW 303.5 billion (7.6% margin) in 2023 gave way to KRW 4.2687 trillion and KRW 360.8 billion (8.5%) in 2024, then KRW 4.4686 trillion and KRW 474.8 billion (10.6%) in 2025, with the 2025 margin exceeding the 2022 level of 10.3%.

Net profit attributable to owners expanded for two straight years, from KRW 42.6 billion in 2023 to KRW 84.2 billion in 2024 and KRW 224.3 billion in 2025.

Still, of the KRW 348.6 billion consolidated net profit in 2025 only KRW 224.3 billion was attributable to owners, since NYSE-listed Acushnet's non-controlling interests continue to absorb a meaningful slice of consolidated earnings. Quarterly patterns are strongly seasonal.

The fourth quarter of 2025 posted revenue of KRW 915.2 billion with an operating loss of KRW 1.6 billion and a net loss attributable to owners of KRW 6.6 billion, laying bare the golf off-season, before a rebound to KRW 1.289 trillion revenue and KRW 193.7 billion operating profit in the first quarter of 2026 and KRW 1.4312 trillion and KRW 295.2 billion in the second.

The second-quarter 2026 operating margin topped 20%, the highest of the past four quarters, and net profit attributable to owners of KRW 128.7 billion far exceeded the KRW 85.8 billion of the second quarter of 2025.

Because management attributed the improvement to Acushnet's new product sales, a one-off tariff refund effect and cost efficiency at the Misto division together, not all of the margin gain should be read as recurring.

Cash generation has been steady - operating cash flow was KRW 577.8 billion in 2023, KRW 494.0 billion in 2024 and KRW 567.4 billion in 2025, in contrast with negative KRW 138.7 billion in 2022.

On the balance sheet, the debt-to-equity ratio rose each year, from 87.3% in 2022 to 95.0% in 2023, 102.3% in 2024 and 112.7% in 2025.

Industry analysis

The golf equipment industry continues a moderate growth phase, with participation holding up despite fears of a post-pandemic hangover. Acushnet management said in its second-quarter 2026 results that all reportable segments and regions grew and that U.S. rounds played were up 4% year to date.

Because product cycles dominate this industry, the decision to pull the metal woods launch (GTS drivers and fairways) forward from the usual third quarter into the peak second quarter concentrated the benefit in the first half.

Titleist retains a strong ball franchise anchored in tour usage; in its first-quarter 2025 materials the company cited a 75% share of worldwide professional tour golf balls and a 68% share among winners.

FootJoy, by contrast, saw sales decline in a quarter despite new launches, indicating that competition in the footwear and apparel categories is fiercer than in hard equipment.

Tariffs remain an industry-wide variable: Acushnet cut its 2026 tariff cost estimate to roughly USD 54 million from about USD 70 million while embedding roughly USD 30 million of net IEEPA tariff refunds in its outlook.

On the fashion side, Korea's sports and casual market is highly competitive so brand repositioning outcomes drive results, while in Greater China a license-and-distribution model is being used to limit inventory risk.

In short, golf hinges on launch timing near the upper part of its cycle, and fashion on the pace of normalization after restructuring.

Outlook

On August 6, 2026, Acushnet raised its full-year guidance at its second-quarter release to net sales of USD 2.65-2.675 billion (about 4.1% growth at the midpoint) and adjusted EBITDA of USD 450-470 million.

In the same release, however, the company said second-half sales should decline by low single digits year over year with adjusted EBITDA also falling, particularly in the fourth quarter, because the GTS metals launch was pulled into the first half and preparations for the 2027 Pro V1 launch overlap.

In other words, the annual number went up while the quarterly path runs opposite to a back-loaded year - a stated fact, not a projection of ours.

For the Misto division, management set stronger product competitiveness for FILA in Korea and expansion of the Greater China portfolio as second-half priorities, with U.S. restructuring benefits still flowing through.

In Greater China the company opened JUUN.J stores at Chengdu Taikoo Li in July 2026 and Beijing Sanlitun in August, and said it is preparing additional new brand launches targeting the 2027 spring/summer season.

In overseas retail, FILA opened new stores in prime Malaysian locations, including the first FILA 1911 store in Southeast Asia.

On capital returns, the company completed a KRW 10 billion buyback approved in May 2026 and then approved an additional KRW 5 billion, continuing execution of the 2025-2027 program of up to KRW 500 billion.

Separately, the company said it plans to relocate its head office to a building in Nonhyeon-dong, Gangnam-gu, Seoul during 2026, an investment of about KRW 195 billion, equivalent to roughly 3.5% of consolidated assets as of the third quarter of 2025.

Valuation

PER

7.9×

PBR

1.0×

ROE

13.5%

EPS

₩5,249

BPS

₩40,780

Dividend per share

₩1,980

With profit over the past four quarters far larger than in 2023-2024, the earnings-based multiple sits below the range commonly seen among large Korean consumer and brand companies.

The share price stands close to consolidated book value per share, leaving little premium to net assets, while the dividend yield runs above the Korean market average and is accompanied by buybacks and cancellations.

There are reasons attached to the low multiple, however: a substantial portion of consolidated profit accrues to Acushnet's non-controlling shareholders, and the multi-layered ownership chain has been cited in the press as a discount factor typically applied to holding companies.

In addition, first-half 2026 profit contains one-off tariff refunds and a pulled-forward launch, so if the second half declines as management guided, the very base used for the earnings multiple changes.

As for brokerage views, Samsung Securities was reported in an April 2026 note to have maintained a target price of KRW 54,000 and a buy rating; that is the brokerage's view, not ours.

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

Bull factors

Acushnet's product cycle and raised guidance

Acushnet's second-quarter 2026 net sales rose 14% year over year to USD 820 million and adjusted EBITDA jumped 46% to USD 209 million, beating consensus. Titleist club sales were up 43% in the quarter and 24% in the first half, confirming strength in hard equipment.

On that basis the company raised both its full-year sales and adjusted EBITDA guidance. Because this comes from a division representing more than 80% of consolidated revenue, the effect on group earnings is large.

A profitability reset in the fashion division

The Misto division's second-quarter 2026 revenue fell 7.4% on the U.S. subsidiary restructuring, but excluding that entity it grew 4.0%, and operating profit rose 6.6% to KRW 36.4 billion. In Korea, the company cited strong sales of the GLIO footwear line and the signature MY T-shirt apparel item.

Back in the third quarter of 2025, the company had also reported that narrowing North American losses helped return the division to profit. The observable fact is that a deliberate trade of scale for profitability has now persisted across more than two quarters.

Ongoing execution of capital returns

In March 2025 the company announced a medium-term shareholder return policy of up to KRW 500 billion over 2025-2027. In 2025 alone it approved KRW 180 billion of buybacks and, in December, cancelled its entire treasury holding worth KRW 268.2 billion, about 11.7% of shares outstanding.

In November of that year it confirmed a special-natured quarterly dividend totaling KRW 50.4 billion, extending a four-year run of special dividends. In 2026 it completed a KRW 10 billion buyback approved in May and then approved an additional KRW 5 billion.

Bear factors

Tough second-half comparisons and fading one-offs

Acushnet itself said second-half sales should fall by low single digits year over year with adjusted EBITDA also declining, and that the fourth quarter would be hit hardest. The reason is that the GTS metals launch was pulled into the second quarter, concentrating sales and profit in the first half.

Second-quarter 2026 adjusted EBITDA included roughly USD 38 million of net tariff refunds, and about USD 30 million is expected as a one-off for the full year. Both factors have raised the bar for second-half comparisons.

Shrinking scale and competition in fashion

Misto division revenue fell 11.1% year over year to KRW 215.7 billion in the first quarter of 2025 and declined again by 7.4% to KRW 200.4 billion in the second quarter of 2026. Profit improved, but evidence that growth momentum has returned remains limited.

New brand distribution in Greater China and the planned 2027 spring/summer brand launches are still at the plan stage with results unproven. With Korea's sports and casual market highly competitive, the outcome of brand repositioning must be verified quarter by quarter.

Holding structure and non-controlling interests

Of the KRW 348.6 billion consolidated net profit in 2025, KRW 224.3 billion was attributable to owners, with the remainder going to non-controlling interests. Of total equity of KRW 2.5944 trillion, KRW 662.3 billion belongs to non-controlling interests.

Because Acushnet is separately listed and runs its own dividend and buyback programs, the path from subsidiary earnings improvement to holding company shareholders has an extra step.

Some media have reported market views that the multi-layered ownership chain and succession-related uncertainty weigh on how the company is valued.

Risk factors

Trade and tariff policy

Acushnet lowered its 2026 tariff cost estimate to about USD 54 million from roughly USD 70 million and embedded some USD 30 million of net IEEPA tariff refunds in guidance. Refunds hinge on policy and litigation outcomes, so recurrence cannot be assumed.

Conversely, further changes in tariff rates or scope could reshape the cost structure again. Diversification of production bases and speed of supply chain response are key swing factors for margins.

Currency and consumer demand

With most sales generated overseas, moves in the won-dollar rate flow directly into consolidated revenue and profit. The company cited currency effects as one driver of its improved third-quarter 2025 results. By the same logic, an adverse move in the currency could weigh on results. On top of that, a global consumer slowdown would affect demand elasticity for both golf equipment and apparel.

Seasonality and financial leverage

The fourth quarter, coinciding with the golf off-season, carries high earnings volatility; in the fourth quarter of 2025 the company posted an operating loss of KRW 1.6 billion despite KRW 915.2 billion of revenue.

The debt-to-equity ratio rose from 87.3% in 2022 to 112.7% in 2025, with total liabilities of KRW 2.9248 trillion. With shareholder returns and a head office acquisition running at the same time, prioritization of cash allocation matters. Whether operating cash flow holds around the KRW 500-600 billion range is the gauge to watch.

What to watch next

Early November 2026
Acushnet's (NYSE: GOLF) third-quarter results. The key items are whether the guided low-single-digit year-over-year second-half sales decline materializes, and whether full-year guidance of USD 2.65-2.675 billion in sales and USD 450-470 million in adjusted EBITDA is maintained.
Mid-November 2026
Misto Holdings' third-quarter consolidated results (the prior-year release came on November 17). This will show the underlying margin excluding one-off tariff refunds, whether the Misto division stays profitable, and the contribution from Greater China.
Fourth quarter of 2026
Any further buyback or cancellation resolutions and year-end or special dividends. In 2025 the board cancelled the entire treasury holding in December and said 46% of the three-year KRW 500 billion plan was executed in year one, so the pace in year two is a gauge of policy credibility.
Q4 2026 to Q1 2027
The pace of JUUN.J store expansion in Greater China and firm details on the new brand launches targeted for the 2027 spring/summer season. The question is whether these become revenue sources large enough to offset the Misto division's shrinking base.
Around February 2027
Confirmation of full-year 2026 results and the seasonal fourth-quarter outcome. Since the fourth quarter of 2025 was an operating loss, this is the point to check whether off-season profitability improves, alongside preparations for the 2027 Titleist Pro V1 launch cycle.

Overall view

On the numbers alone, Misto Holdings had a strong first half of 2026: revenue of KRW 2.7202 trillion and operating profit of KRW 488.9 billion, with the second-quarter operating margin above 20% - an extension of the recovery from a 7.6% operating margin in 2023 to 10.6% in 2025.

Much of that improvement, however, came from pulling the Titleist GTS metals launch into the peak season and from one-off tariff refunds, and Acushnet has already said second-half sales and adjusted EBITDA will decline year over year.

On the other side, the Misto division has been reshaping its cost structure, growing operating profit despite lower revenue after the U.S. restructuring, with Greater China distribution and 2027 brand launches presented as the next growth scenario.

Financially, operating cash flow in the KRW 500-600 billion range and large treasury share cancellations sit on one side of the ledger, while a debt-to-equity ratio that has climbed to 112.7% and a structure in which a large share of consolidated profit accrues to non-controlling interests sit on the other.

The items to verify next are therefore clear: underlying profitability once tariff refunds and launch-timing effects are stripped out, the durability of the Misto division's profit, and the execution pace in year two of the three-year return program.

This report is for information purposes only and does not constitute investment advice or a buy or sell opinion.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.