PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
Built on surfactants and sulfur/sulfuric acid products, Miwon Chemical posted a sharp jump in its Q2 2026 operating margin, but investors must also weigh its designation as a low-liquidity, single-price-auction stock on the exchange.
Q2 2026 revenue reached KRW 105.4bn with operating profit of KRW 24.35bn, an operating margin of roughly 23.1%, the highest of the last eight quarters.
Full-year 2025 revenue rose to KRW 284.5bn year over year, yet the operating margin eased to 10.2% from 11.2% in 2024 and owners' net income also declined.
A February 2026 par-value split (from KRW 1,000 to KRW 100) increased total shares outstanding from roughly 2.2 million to about 22 million, with new shares listed in April.
The Korea Exchange stated that among common shares, Miwon Chemical is the only stock included in its 2026 list of low-liquidity, single-price-auction issues.
The employee stock ownership association holds roughly a 10% stake, structurally limiting the float available for trading.
Miwon Chemical was spun off from Miwon Commercial, the founding company of the Miwon Group established in 1959, when its functional chemicals division became independent in 2011.
The product lineup splits into two main pillars: surfactants (sulfonic acid, alcohol sulfate, and ethanolamine derivatives sold under the MICOLIN and LAS brands) used as raw materials for detergents and cosmetics, and sulfur and sulfuric acid products (under the MIDAS brand) used in cement, pulp, fertilizer, and printed circuit boards.
According to a 2019 report by The Bell, surfactants accounted for 60% of first-half revenue at the time, while sulfur and sulfuric acid products made up 23.3%. The same report noted that Miwon Chemical held a majority share of the domestic refined sulfuric acid and powdered sulfur markets.
In surfactants, the broader Miwon Group is regarded as the country's largest integrated surfactant maker, with Miwon Chemical primarily handling the detergent and industrial surfactant lines.
A 2020 report by The Bell noted that of 2019 revenue of KRW 154.7bn, about 66% came from overseas markets, reflecting a long-standing export-oriented business structure.
Within the group, affiliates such as surfactant specialist Dongnam Hapsung and specialty-chemical firm Miwon Specialty Chemical operate alongside Miwon Chemical in a division-of-labor structure covering basic and functional chemicals.
On governance, the Miwon family is registered as the de facto controlling shareholder, and the employee stock ownership association also holds a meaningful stake.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩70.2B | ₩8.3B | 11.8% |
| 2025Q3 | ₩72.8B | ₩8.8B | 12.1% |
| 2025Q4 | ₩77.3B | ₩5.1B | 6.6% |
| 2026Q1 | ₩86.4B | ₩9B | 10.4% |
| 2026Q2 | ₩105.4B | ₩24.3B | 23.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩235.2B | ₩19B | ₩16.3B | 8.1% | 12.3% | 11.4% |
| 2023 | ₩232.6B | ₩24.9B | ₩21.8B | 10.7% | 15.1% | 14.0% |
| 2024 | ₩256.1B | ₩28.6B | ₩26.9B | 11.2% | 16.6% | 15.3% |
| 2025 | ₩284.5B | ₩29.2B | ₩24.7B | 10.2% | 14.2% | 12.8% |
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
On a consolidated basis, revenue eased slightly from KRW 235.2bn in 2022 to KRW 232.6bn in 2023 before resuming growth to KRW 256.1bn in 2024 and KRW 284.5bn in 2025.
Operating profit improved from KRW 19.0bn (an 8.1% margin) in 2022 to KRW 24.9bn (10.7%) in 2023 and KRW 28.6bn (11.2%) in 2024, but in 2025, despite higher revenue, it came in at KRW 29.2bn (10.2%), a slightly lower margin.
Owners' net income rose from KRW 16.3bn in 2022 to KRW 21.8bn in 2023 and KRW 26.9bn in 2024, then fell back to KRW 24.7bn in 2025, suggesting non-operating factors weighed on the bottom line.
Quarterly, revenue of KRW 70.2bn and operating profit of KRW 8.3bn in Q2 2025 improved to KRW 72.8bn and KRW 8.8bn, with net income of KRW 8.0bn, in Q3, while Q4 revenue rose to KRW 77.3bn even as operating profit fell sharply to KRW 5.1bn (about a 6.6% margin), a clear seasonal dip.
Q1 2026 recovered to KRW 86.4bn in revenue and KRW 9.0bn in operating profit (10.4% margin), and Q2 2026 revenue jumped to KRW 105.4bn while operating profit surged to KRW 24.3bn, an approximately 23.1% margin, the highest of the past eight quarters.
As a result, owners' net income summed over the four quarters from Q3 2025 through Q2 2026 reached about KRW 41.1bn, well above the full-year 2025 figure of KRW 24.7bn.
On the balance sheet, owners' equity climbed steadily from KRW 132.7bn in 2022 to KRW 173.6bn in 2025 with a debt ratio staying in a stable 11.4%-15.3% range, though operating cash flow fell from KRW 38.2bn in 2024 to KRW 20.7bn in 2025, a notable softening in cash conversion relative to net income.
Surfactants are a general-purpose and functional chemical material with broad end demand across detergents, cosmetics, and industrial cleaning, an industry where feedstock costs and economies of scale largely determine competitiveness.
Sulfur and sulfuric acid products are tied directly to industrial demand from fertilizer, cement, automotive catalysts, and printed circuit boards, giving this segment a relatively cycle-resilient, cash-generative character.
According to a company commentary compiled by FnGuide, the surfactant segment grew on application development and overseas market expansion, while the sulfur and sulfuric acid segment maintained steady sales growth as it was chosen by global manufacturers.
The same source assessed that surfactants are focused on developing high-value-added products, and that sulfur and sulfuric acid demand is rising alongside growth in the automotive and fertilizer industries, creating a favorable market environment.
That said, the surfactant market retains a strong commodity-chemical character with many domestic and overseas competitors, meaning capacity additions from later-entrant producers, including in China, can affect the intensity of price competition.
Miwon Chemical is understood to have long held a majority share of the domestic refined sulfuric acid and powdered sulfur markets, suggesting a comparatively more stable market position in sulfur-based products than in commodity surfactants.
The company's board resolved in February 2026 to cut par value per share from KRW 1,000 to KRW 100, a split that increased total shares outstanding from roughly 2.2 million to about 22 million, with the new shares listed in April 2026.
The stated purpose of the split was to expand the tradable share count, which is directly relevant given that Miwon Chemical's common shares have repeatedly appeared on the exchange's annual low-liquidity, single-price-auction list.
Indeed, the Korea Exchange stated that among common shares, Miwon Chemical is the only stock included on its 2026 low-liquidity single-price-auction list.
On the ownership side, the de facto controlling shareholder reported an increase in shares held due to the split in an April 2026 filing, and the employee stock ownership association still held a stake above 10% as of January 2026, so whether the expanded float actually translates into more active trading remains to be seen.
On the business side, FnGuide commentary cites the move toward higher-value-added surfactants and rising automotive- and fertilizer-industry demand for sulfur and sulfuric acid products as favorable factors.
Whether the sharp margin jump in Q2 2026 reflects a one-off benefit or a more structural improvement will require confirmation in coming quarters through raw material costs, foreign exchange, and product mix. No separate capacity expansion or large new order disclosures were identified in this review.
Because owners' net income jumped sharply in Q2 2026, the price-to-earnings multiple calculated on the trailing four-quarter earnings base was mechanically pulled lower than it would be using prior full-year results, a point worth keeping in mind when reading the ratio.
The price-to-book ratio sits somewhat above 1x net asset value, indicating the shares trade at a modest premium to book value. Dividend-related disclosure figures could not be confirmed, making a separate assessment of dividend attractiveness difficult.
Looking across several years, operating profit shows a clear upward trend from 2022 through 2025, and this has been reinforced by the earnings improvement in the first half of 2026, leaving the recent earnings base larger than in prior years.
Whether this earnings base holds over the coming quarters is not yet confirmed, so applying the currently lower earnings multiple mechanically to the future warrants caution.
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
Operating profit rose from KRW 19.0bn in 2022 to KRW 29.2bn in 2025, and owners' net income climbed from KRW 16.3bn to KRW 24.7bn over the same period. In the first half of 2026 alone, operating profit reached KRW 9.0bn in Q1 and KRW 24.3bn in Q2, already a substantial sum on an annualized basis.
Owners' equity also grew steadily from KRW 132.7bn in 2022 to KRW 173.6bn in 2025, expanding the financial base.
The debt ratio stayed within an 11.4%-15.3% range from 2022 through 2025, indicating low reliance on borrowing. The company runs two distinct cash-generative businesses, surfactants and sulfur/sulfuric acid products, spreading exposure across different end markets.
It is understood to have long held a majority share of the domestic refined sulfuric acid and powdered sulfur markets, supporting a relatively stable position in sulfur-based products.
A February 2026 board-approved par-value split increased total shares outstanding from roughly 2.2 million to about 22 million in an effort to expand the tradable float. The new shares were listed in April 2026, which could lower the entry barrier per trading unit.
Whether this action helps the stock exit its low-liquidity, single-price-auction designation remains to be seen.
The Korea Exchange stated that among common shares, Miwon Chemical is the only stock on its 2026 low-liquidity single-price-auction list. With the employee stock ownership association holding a stake above 10%, the freely tradable share count is structurally limited.
Although the par-value split increased the share count, whether it has actually boosted trading activity requires further confirmation.
The operating margin swung widely between roughly 6.6% in Q4 2025 and about 23.1% in Q2 2026, showing meaningful quarter-to-quarter volatility. Full-year 2025 net income actually declined from 2024, illustrating that revenue growth did not always translate directly into higher net income. Whether the high margin recorded in Q2 2026 is sustainable has not yet been confirmed.
Operating cash flow fell from KRW 38.2bn in 2024 to KRW 20.7bn in 2025, showing weaker cash conversion relative to net income. Both the surfactant and sulfur/sulfuric acid businesses are exposed to raw material price and foreign exchange fluctuations, limiting the predictability of margins.
Given the export-oriented business structure, currency volatility's effect on results also needs to be factored in.
Miwon Chemical's common shares are the only common stock included on the Korea Exchange's 2026 low-liquidity single-price-auction list. Low trading frequency can widen the gap between executed prices and desired price levels.
Even after the par-value split, long-term holdings such as the employee stock ownership stake remain substantial, so the actual effect on tradable float needs to be monitored.
Both surfactant and sulfur/sulfuric acid products are chemical materials sensitive to raw material price swings, so margins can fluctuate with global commodity conditions. Given the export-heavy business structure, KRW/USD exchange rate movements can affect both revenue and profit simultaneously. The quarterly swings, from the margin slowdown in Q4 2025 to the surge in Q2 2026, underscore this sensitivity.
The surfactant market retains a strong commodity-chemical character with many domestic and overseas competitors, and capacity additions from later-entrant production bases could intensify price competition.
Within the Miwon Group itself, affiliates such as Dongnam Hapsung are also involved in surfactants, so intra-group business coordination could have an effect.
The sulfur and sulfuric acid segment is likewise linked to end-demand industries such as automotive, fertilizer, and construction, exposing it to cycles in those sectors.
The Q3 2026 quarterly report filing should clarify whether the sharp Q2 operating margin increase was a one-off event or the start of a sustained improvement.
This is when the Korea Exchange typically re-selects its low-liquidity single-price-auction list for the following year, worth checking whether Miwon Chemical remains listed or is excluded due to the par-value split's effect.
The full-year 2026 business report and any dividend-related decisions are typically disclosed together, making this the point to confirm full-year 2026 results and dividend policy.
Given the export-heavy business structure, KRW/USD exchange rate trends and global sulfur/feedstock price movements warrant continued monitoring.
Miwon Chemical is a chemical materials company built on two stable cash-generative businesses, surfactants and sulfur/sulfuric acid products, that steadily grew both operating profit and owners' equity from 2022 through 2025.
In 2025, despite revenue growth, the operating margin and net income both eased slightly, but in the first half of 2026, especially with the sharp Q2 margin jump, net income summed over the trailing four quarters rose well above the full-year 2025 figure.
Whether this earnings base is structural or the result of overlapping one-off factors remains a question to be answered in coming quarterly results. The balance sheet stays stable with a low debt ratio, though the decline in operating cash flow in 2025 is worth watching alongside it.
The 2026 par-value split and new-share listing were aimed at expanding the tradable float, but the Korea Exchange still designates Miwon Chemical's common shares among its 2026 low-liquidity single-price-auction issues, meaning the structural liquidity constraint has not been resolved.
On balance, this stock sits in a zone where bullish factors, business stability and a recent earnings improvement, coexist with bearish factors centered on low liquidity and margin volatility.
Report written 2026-09-05 · Data as of 2026-09-04
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