KOSPIHolding Companies107590

Miwon Holdings

₩59,700▼ 1.32%2026-10-02 close

Market Cap

₩138.5B

Turnover

₩6,599,800

Volume

110 shares

Shares out.

2.3M

PER

2.8×

PBR

0.4×

EPS

₩22,576

Dividend Yield

1.11%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩700 per share · Prices as of the 2026-10-02 close

Report overview

Holding Firm's Earnings Rebound Meets Trade Risk

Miwon Holdings shows a clear earnings recovery at its energy-curing-resin and electronic-materials subsidiaries, but a confirmed 155.42% US anti-dumping duty on subsidiary Miwon Specialty Chemical has simultaneously raised trade-related risk.

1
Operating profit and net income rose sharply year over year in both the first and second quarters of 2026, marking a clear rebound from the weak fourth quarter of 2025.
2
The US Department of Commerce confirmed a 155.42% anti-dumping duty on Miwon Specialty Chemical's monomer and oligomer exports, applied retroactively to shipments from October 7, 2025.
3
Subsidiary Inktec's operating profit jumped 336.7% year over year in the first quarter of 2026, driven by both its imaging-printing and electronic-materials segments amid growing AI data center and ESS demand.
4
The debt ratio has declined for four straight years, from 89.6% in 2022 to 61.6% in 2025, indicating a gradually improving balance sheet.
5
Controlling shareholder Kim Jeong-don and related parties have continued on-market share purchases through affiliates, raising their combined stake to the mid-70% range, leaving a limited free float.

Business structure

Miwon Holdings was established through a spin-off from Miwon Commercial in 2009 and converted to a pure holding company structure in 2017, earning investment income, service fees, and rental income.

Its key subsidiaries are Miwon Specialty Chemical, a producer of energy-curing resins; Inktec, active in inkjet and printed-electronics materials; and Dongnam Synthetics, a surfactant maker.

Miwon Specialty Chemical mainly produces acrylate and methacrylate monomers and bisphenol-A epoxy acrylate oligomers used in UV/EB curable coatings, inks, and adhesives, operating local sales subsidiaries in the United States and Europe to serve global markets.

Domestically, Kukdo Chemical, which holds roughly 60% of Korea's epoxy resin market, is a comparable competitor, and both companies were named in the same US anti-dumping investigation.

Inktec produces office and industrial printer inks, transparent-electronic-ink-based electronic materials, and the JETRIX UV inkjet curing printer, and completed a new Seosan plant at the end of 2024 to expand into ultra-thin, high-reliability electrode and functional process materials.

Dongnam Synthetics manufactures and sells surfactants, forming another pillar of the group's chemical business. UV/EB curable resin products are classified as a growth category due to their environmentally friendly characteristics and rising demand concentrated in developed markets.

At the holding-company level, results are largely driven by dividends, service fees, and rental income received from subsidiaries.

Earnings trend

Quarterly revenue · Operating profit

₩118.1B₩4.4B25Q2₩128.2B₩6.9B25Q3₩118B₩2.2B25Q4₩147.7B₩9.3B26Q1₩160.5B₩17.5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩499.3B₩22.8B2022₩443.2B₩15.6B2023₩476.6B₩23B2024₩492.7B₩20.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩118.1B	₩4.4B	3.7%
2025Q3	₩128.2B	₩6.9B	5.4%
2025Q4	₩118B	₩2.2B	1.9%
2026Q1	₩147.7B	₩9.3B	6.3%
2026Q2	₩160.5B	₩17.5B	10.9%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩499.3B	₩22.8B	₩20.2B	4.6%	9.1%	89.6%
2023	₩443.2B	₩15.6B	₩13.2B	3.5%	5.7%	73.2%
2024	₩476.6B	₩23B	₩25.3B	4.8%	9.7%	66.1%
2025	₩492.7B	₩20.3B	₩26.2B	4.1%	9.0%	61.6%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05

Earnings analysis

Consolidated revenue fell from roughly KRW 499.3 billion in 2022 to about KRW 443.2 billion in 2023, then recovered to approximately KRW 476.6 billion in 2024 and KRW 492.7 billion in 2025.

Operating profit dropped sharply from about KRW 22.8 billion in 2022 to KRW 15.6 billion in 2023, rebounded to KRW 23.0 billion in 2024, but eased again to about KRW 20.3 billion in 2025 as the operating margin slipped from 4.8% to 4.1%.

Net income attributable to owners fell to about KRW 13.2 billion in 2023 before recovering to roughly KRW 25.3 billion in 2024 and KRW 26.2 billion in 2025.

On a quarterly basis, the solid trend through the third quarter of 2025 (revenue about KRW 128.2 billion, operating profit about KRW 6.9 billion, owners' net income about KRW 9.1 billion) sharply reversed in the fourth quarter of 2025 (revenue about KRW 118.0 billion, operating profit about KRW 2.2 billion, owners' net income about KRW 2.1 billion), before rebounding clearly in the first quarter of 2026 (revenue about KRW 147.7 billion, operating profit about KRW 9.3 billion, owners' net income about KRW 13.6 billion) and the second quarter of 2026 (revenue about KRW 160.5 billion, operating profit about KRW 17.5 billion, owners' net income about KRW 27.5 billion).

According to a corporate-data provider, on a consolidated basis first-quarter 2026 revenue rose 15.0% year over year, operating profit rose 36.7%, and net income rose 44.5%, with the improvement attributed to expanding electronic-materials demand for energy-curing resins and growth in Inktec's electronic-materials business.

Subsidiary Inktec's first-quarter 2026 consolidated revenue rose 23.7% year over year, operating profit rose 336.7%, and net income swung to a profit, aided by high-value-added ink development and expanded Southeast/South Asia market share in imaging printing, alongside rising AI data center and ESS-related demand in electronic materials.

Operating cash flow fluctuated year to year -- about KRW 23.1 billion in 2022, KRW 21.4 billion in 2023, KRW 12.4 billion in 2024, and KRW 28.6 billion in 2025 -- but remained positive in all four years.

The debt ratio steadily declined from 89.6% in 2022 to 73.2% in 2023, 66.1% in 2024, and 61.6% in 2025, reflecting a gradually improving financial structure.

Industry analysis

The core downstream markets driving Miwon Holdings' results are UV/EB curable coating, ink, and adhesive materials, along with printed-electronics and electronic materials.

These materials are classified as a growth category due to their environmentally friendly characteristics, with demand rising particularly in developed markets, and more recently AI data center and ESS-related component demand has emerged as a new growth driver.

However, the industry's biggest variable is the trade environment.

In an anti-dumping investigation initiated after a complaint by US chemical maker Arkema, the US Department of Commerce set a 155.42% duty rate for Miwon Specialty Chemical and Kukdo Chemical and a 65.72% rate for other Korean producers including Green Chemical, and the US International Trade Commission made a final determination that imports from Korea caused material injury to the US industry.

Commerce formally published the anti-dumping duty order in the Federal Register on July 28, 2026, applying the duty retroactively to shipments cleared from October 7, 2025, which is 90 days before the preliminary determination date.

Some observers note that a triple-digit duty rate could effectively block US exports of the affected products, while others point out that since underlying US demand remains intact, European or Japanese producers or US-based manufacturers could fill the gap left by reduced Korean supply.

Both Kukdo Chemical and Miwon Specialty Chemical operate local sales subsidiaries in the US and Europe, leaving room to pursue third-country production shifts or alternative export routes, and both companies retain the option to challenge the Commerce decision at the US Court of International Trade or seek a lower rate through future annual administrative reviews.

Outlook

The company's near-term earnings trajectory is pulled in two directions.

On one hand, expanding demand for AI-data-center- and ESS-related power components and electronic materials has supported growing electronic-material shipments at Miwon Specialty Chemical and electronic-materials business growth at Inktec, lifting first- and second-quarter 2026 results.

Following the completion of its new Seosan plant at the end of 2024, Inktec has been developing ultra-thin, high-reliability electrode and functional process materials, aiming to expand shipments into global component-material markets including AI-server MLCCs.

On the other hand, the 155.42% US anti-dumping duty confirmed on July 28, 2026 could directly constrain Miwon Specialty Chemical's US export channel, and the retroactive duty burden is a variable that could affect second-half results.

On the governance side, controlling shareholder Kim Jeong-don and related parties have steadily raised their stake through affiliate on-market purchases, which can be read positively for management stability while also limiting the free float.

Dividend-related disclosures occur on a regular annual basis, making the continuity of dividend policy at year-end settlement a point to confirm.

Going forward, the outcome of any tariff challenge or annual administrative review, together with the durability of AI-data-center- and ESS-related demand, are likely to be the key variables shaping the earnings direction.

Valuation

PER

2.8×

PBR

0.4×

ROE

17.2%

EPS

₩22,576

BPS

₩144,403

Dividend per share

₩700

Given the nature of a holding company, the market tends to reflect both the value of individual subsidiaries and a holding-company discount, resulting in a share price that trades at a substantial discount to net asset value.

On the earnings side, the recovery that followed the 2023 downturn continued through 2024-2025 and was reinforced by the clear improvement seen in the first half of 2026, which has kept the earnings multiple in a range lower than in prior periods.

Dividends are paid on a regular annual basis, but the dividend yield itself is not large, reflecting a structure in which the holding company's payout policy depends on dividend and service-fee inflows from its subsidiaries.

With free float limited by the high combined stake of the controlling shareholder and related parties, the valuation pattern commonly seen among thinly traded holding companies appears to apply to this stock as well.

It remains too early to judge whether the potential impact of the anti-dumping duty on subsidiary earnings has been fully absorbed by the market.

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 2026-09-05

Bull factors

Growing Electronic Materials Demand Tied to AI Data Centers

Inktec's electronic-materials segment is seeing improved profitability from rising component demand tied to AI data center and ESS market expansion, alongside growing demand for AI-server MLCCs and high-efficiency materials.

Miwon Specialty Chemical is also expanding mass-production sales on the back of growing electronic-material demand for its energy-curing resins. Continued development of ultra-thin, high-reliability electrode materials at the new Seosan plant suggests this trend could support group-wide profitability if sustained.

Clear Earnings Recovery in First-Half 2026

Both the first and second quarters of 2026 saw revenue, operating profit, and owners' net income rise by double digits or more year over year, moving past the weak fourth quarter of 2025. In particular, second-quarter owners' net income of roughly KRW 27.5 billion appears to be the highest among the past five quarters. If this recovery extends into the second half, it could reaffirm the improving annual earnings trend.

Improving Balance Sheet and Stable Cash Flow

The debt ratio declined for four consecutive years, from 89.6% in 2022 to 61.6% in 2025, and operating cash flow remained positive every year over the same period. This supports the view that the financial soundness of the holding company and its subsidiary group is gradually improving. Stable cash generation could underpin future investment or dividend capacity.

Bear factors

Export Constraints From US Anti-Dumping Duty

The US Department of Commerce confirmed a 155.42% duty on Miwon Specialty Chemical's monomer and oligomer exports, applied retroactively to shipments from October 7, 2025.

A triple-digit duty rate is regarded as effectively blocking US exports of the affected products, and adjusting the rate through an annual review or litigation typically takes several months to more than a year. For products with a high reliance on US exports, securing alternative markets could take time.

Quarter-to-Quarter Earnings Volatility

As seen in the sharp drop in operating profit from about KRW 6.9 billion in the third quarter of 2025 to about KRW 2.2 billion in the fourth quarter, the holding-company structure -- which depends heavily on subsidiary performance -- can exhibit significant quarter-to-quarter volatility.

This makes it difficult to judge the annual trend from a single quarter's results alone. Similar volatility could recur going forward depending on raw material costs, exchange rates, and shifts in overseas demand.

Low Free Float and Concentrated Ownership

Controlling shareholder Kim Jeong-don and related parties have raised their combined stake to the mid-70% range through continued on-market purchases via affiliates.

As a result, the free float is limited and trading activity is relatively thin, which represents both governance stability and a constraint on trading liquidity. From a minority-shareholder perspective, this structure warrants continued attention to the ongoing stake-building process.

Risk factors

Trade and Tariff Risk

The confirmed 155.42% US anti-dumping duty and its retroactive application pose both a direct cost burden and a risk of reduced sales for Miwon Specialty Chemical's US export channel.

There is a possibility of rate adjustment through an annual review or litigation at the US Court of International Trade, but such procedures can take considerable time. Shifting production to a third country or seeking alternative export routes are potential responses under consideration.

Liquidity and Governance Risk

The combined stake of the controlling shareholder and related parties stands in the mid-70% range, leaving a limited free float that structurally keeps trading liquidity low. Low liquidity can be a factor that amplifies share price volatility. Whether continued stake purchases through affiliates persist going forward is a point to monitor.

Earnings Volatility Risk

Because the holding company's results are directly tied to the business conditions of its subsidiaries, a downturn at a specific subsidiary or one-off factors can significantly affect quarterly results. As seen in the fourth-quarter 2025 slowdown, similar swings cannot be ruled out going forward.

With raw material costs, exchange rates, and overseas demand all acting simultaneously, uncertainty in earnings forecasting persists.

What to watch next

Around November 2026
Third-quarter 2026 results are due to be disclosed, making it important to check whether the first-half recovery trend continues and whether the actual impact of the anti-dumping duty begins to show up in the numbers.
Upon progress in follow-up tariff procedures
If Miwon Specialty Chemical pursues rate adjustment through litigation at the US Court of International Trade or an annual administrative review, the progress and outcome will be a key indicator of the direction of its US export channel.
Upon disclosures on Inktec's Seosan plant ramp-up
Any disclosures or news regarding Inktec's expansion of electronic-materials mass-production sales and supply arrangements tied to AI data centers and ESS would allow tracking of the progress of the group's new growth drivers.
Upon filings of changes in major shareholder ownership
Whether affiliate-driven stake purchases continue and how the ownership ratio trends evolve serves as a reference point for tracking governance and free-float changes.
Upon year-end dividend decision disclosure
The regular annual cash/property dividend decision disclosure will allow confirmation of the continuity of dividend policy and changes in the scale of dividend inflows from subsidiaries.

Overall view

Miwon Holdings moved past the 2023 earnings downturn and continued an earnings recovery through 2024-2025, with revenue, operating profit, and net income all showing clear improvement in the first half of 2026, aided by growing demand for AI-data-center- and ESS-related electronic materials.

The balance sheet has also progressively stabilized, with the debt ratio declining for four consecutive years.

Over the same period, however, subsidiary Miwon Specialty Chemical had a 155.42% US anti-dumping duty confirmed against it, which, including the retroactive application window, carries the potential to meaningfully constrain its US export channel.

On the governance side, the combined stake of the controlling shareholder and related parties in the mid-70% range provides management stability but also implies a limited free float, a factor worth considering alongside the operational picture.

With growing electronic-materials and AI-infrastructure demand and trade-related risk both exerting influence at the same time, upcoming quarterly results and developments in the tariff-related follow-up procedures warrant continued attention.

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.