KOSDAQFood & Beverage195500

Maniker F&G

₩1,717▲ 1.36%2026-10-02 close

Market Cap

₩27.5B

Turnover

₩35,434,371

Volume

20,000 shares

Shares out.

16M

PER

10.6×

PBR

0.4×

EPS

₩168

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Chicken Price Upcycle Lifts Earnings, Volatility Remains a Constant

Maniker F&G has posted three consecutive years of profit after a 2022 loss, and avian-influenza-driven chicken price strength has been a tailwind for earnings in the first half of 2026.

1
2025 revenue came to KRW 106.8 billion with operating profit of KRW 2.49 billion, a slight revenue decline year over year but profitability was maintained.
2
Operating profit slumped to KRW 0.24 billion in Q1 2026 before rebounding to KRW 1.0 billion in Q2, underscoring pronounced quarter-to-quarter volatility.
3
Highly pathogenic avian influenza over the 2025-2026 winter led to a 3.5-fold increase in breeder-chicken culling versus the prior year, tightening supply and pushing wholesale chicken prices up roughly 20% year over year.
4
The company has diversified export channels by expanding samgyetang (ginseng chicken soup) shipments to the US, EU and UK, and boosted HMR capacity via a second plant completed in 2024 with annual output capacity of over 1,500 tons.
5
The most recently disclosed per-share cash dividend stands at zero, suggesting recovered earnings have been directed more toward balance-sheet repair and capex than shareholder distributions.

Business structure

Established in 2004, Maniker F&G is a meat-processing specialist that manufactures and sells a range of processed foods—fried items, patties, grilled products, smoked meats, and HMR—using chicken, pork and beef as raw materials.

The business is divided into a B2B segment serving franchises and institutional foodservice operators, and a B2C segment sold through hypermarkets and online channels, with major franchise clients including Lotteria and Burger King.

Parent company Maniker handles the upstream broiler value chain—breeding, hatching, rearing and slaughter—while Maniker F&G specializes in downstream processing, distribution and HMR.

Flagship brands include the Basasak fried chicken series, the Honey Crunch series, and samgyetang (ginseng chicken soup) products, spanning roughly 130 retort and frozen processed items.

The company was the first Korean firm to export samgyetang to the United States in 2014, and subsequently expanded exports to the EU and UK in 2024 to capture K-food demand in Europe.

Within the domestic chicken/broiler theme, it is grouped alongside peers such as Harim, Cherry Bro, Dongwoo Farm to Table, Farmsco and Jeongdawoon, with Maniker and Maniker F&G noted for relatively higher share-price volatility among theme stocks.

In November 2024, the company completed a roughly 3,000-pyeong second plant equipped with state-of-the-art continuous frying and sauce-coating systems to strengthen premium HMR chicken production.

Most revenue is generated domestically, with a portion of products exported to markets including the United States, Japan and Hong Kong.

Earnings trend

Quarterly revenue · Operating profit

₩28.1B₩800M25Q2₩29.5B₩900M25Q3₩23.7B₩900M25Q4₩27.7B₩200M26Q1₩30.8B₩1B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩89.4B-₩1.7B2022₩101.2B₩2.1B2023₩107.7B₩3.8B2024₩106.8B₩2.5B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩28.1B	₩800M	2.9%
2025Q3	₩29.5B	₩900M	3.2%
2025Q4	₩23.7B	₩900M	3.6%
2026Q1	₩27.7B	₩200M	0.9%
2026Q2	₩30.8B	₩1B	3.3%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩89.4B	-₩1.7B	-₩300M	−1.9%	−0.4%	59.6%
2023	₩101.2B	₩2.1B	₩2.1B	2.1%	3.1%	59.8%
2024	₩107.7B	₩3.8B	₩3B	3.6%	3.9%	58.5%
2025	₩106.8B	₩2.5B	₩2.2B	2.3%	2.7%	54.2%

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

On an annual basis, the company posted a loss in 2022—revenue of KRW 89.4 billion with an operating loss of KRW 1.72 billion and a net loss of KRW 0.26 billion—before turning profitable in 2023 with revenue of KRW 101.2 billion and operating profit of KRW 2.10 billion (2.1% operating margin).

In 2024, revenue rose to KRW 107.7 billion and operating profit reached KRW 3.84 billion (3.6% margin), the best profitability of the past four years, but in 2025 revenue slipped slightly to KRW 106.8 billion while operating profit notably declined to KRW 2.49 billion (2.3% margin).

Owner net income also contracted from KRW 2.99 billion in 2024 to KRW 2.17 billion in 2025.

On a quarterly basis, Q3 2025 (revenue KRW 29.46 billion, operating profit KRW 0.94 billion) and Q4 2025 (revenue KRW 23.73 billion, operating profit KRW 0.86 billion) were relatively stable, but Q1 2026 saw operating profit plunge to KRW 0.24 billion on revenue of KRW 27.69 billion, pushing the margin below 1%.

This recovered markedly in Q2 2026, with revenue of KRW 30.79 billion, operating profit of KRW 1.00 billion, and owner net income of KRW 0.89 billion.

Such quarter-to-quarter swings reflect the industry-specific sensitivity to live-chicken price fluctuations, seasonal demand patterns, and avian-influenza-related supply disruptions typical of integrated poultry processors.

On the cash-flow side, operating cash flow was a strongly positive KRW 13.77 billion in 2024 versus net income, but turned to negative KRW 4.94 billion in 2025, moving opposite to net income and suggesting working-capital items such as inventory and receivables may have had a material effect.

Industry analysis

Korea's domestic chicken industry is led by Harim, with integrated processors such as Maniker, Cherry Bro, Dongwoo Farm to Table and Farmsco following, all characterized by vertically integrated operations spanning breeding, hatching, rearing, slaughter, processing and distribution.

Highly pathogenic avian influenza over the 2025-2026 winter drove breeder-chicken culling up roughly 3.5 times year over year to about 440,000 birds, equivalent to roughly 5% of the nation's total breeder-chicken stock, tightening the production base.

As a result, the average chicken price stood at KRW 6,660 per kilogram as of June 2026, up about 19.6% year over year and about 13.9% above the normal-year average.

The government has implemented supply-management measures including expanded imports of hatching and fresh eggs, while integrated processors have stated they have no pricing authority, meaning the price increase does not automatically translate into margin expansion for Maniker F&G.

At the same time, a weaker won has raised imported feed costs, acting as a simultaneous cost-side headwind.

The HMR market continues to show steady growth on rising demand for convenience foods, and demand for Korean-style chicken products such as samgyetang is expanding in Europe and North America amid the broader K-food trend.

Expectations of increased chicken consumption tied to sporting events such as the 2026 North American World Cup are viewed positively for the broiler sector overall, though such seasonal or event-driven demand may have limited persistence.

Outlook

The company has expanded premium HMR chicken production capacity via its second plant (annual capacity of over 1,500 tons) completed in 2024, aiming for faster mass commercialization and greater product diversity.

On the export front, having already shipped samgyetang to the US, Canada and Japan, the company extended reach to the EU and UK in 2024, and management has stated it intends to continue expanding heat-treated poultry product lines including frozen chicken alongside samgyetang.

Domestically, the company is broadening its B2C footprint through offline channels such as Lotte Mart, Emart Traders and Homeplus, alongside online platforms including Coupang and Naver Smart Store.

However, as the sharp Q1 2026 profit decline followed by Q2 recovery illustrates, second-half earnings direction is likely to remain sensitive to external variables such as live-chicken prices, potential recurrence of avian influenza, and exchange rates.

Structural growth in the HMR market and expanding European export channels could diversify the revenue base over the medium to long term, but these remain early-stage initiatives with a limited share of overall sales at present.

It will also be worth monitoring the timing and impact of raw-material price stabilization as government measures to stabilize chicken and egg supply—including expanded hatching-egg and fresh-egg imports—continue.

Valuation

PER

10.6×

PBR

0.4×

ROE

3.4%

EPS

₩168

BPS

₩5,046

Dividend per share

₩0

Trailing four-quarter owner net income (Q3 2025 through Q2 2026) came to approximately KRW 2.69 billion, showing a modest improvement over the full-year 2025 figure.

On a self-calculated basis, the price-to-book ratio trades at a substantial discount to net asset value, positioning near the lower end of its historical trading band.

No per-share cash dividend has been identified in the most recent disclosures, placing the dividend yield on the lower side relative to other dividend-paying food companies in the sector.

The company's earnings turned from loss to profit and have remained profitable for three consecutive years, but profit levels fluctuated notably in 2025 and again in Q1 2026, indicating an inconsistent earnings trajectory.

Assessing valuation levels warrants consideration of this earnings volatility alongside sensitivity to external variables such as raw-material pricing and avian-influenza outbreaks.

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

AI-Driven Supply Contraction Supports Chicken Prices

In the 2025~2026 winter season, highly pathogenic avian influenza caused broiler breeder stock culling to surge 3.5 times year-on-year, contracting the production base, and as a result, the average chicken price in June 2026 rose about 20% year-on-year.

Amid the supply shortage, major integrated poultry companies have continued to raise supply prices, which could create a favorable environment for earnings. The sharp recovery in operating profit in Q2 2026 compared to Q1 is also interpreted as being related to this industry environment.

Diversifying Overseas Export Channels

Based on its history as the first Korean company to export samgyetang (ginseng chicken soup) to the US, the company expanded its export markets to the EU and the UK in 2024.

The company stated that additional orders have continued to come in from Germany and other parts of Europe, riding on the K-food boom, and discussions are underway to further expand export regions to France, the Netherlands, and other countries.

Following samgyetang, expansion into items such as frozen chicken is also being pursued, which could contribute to diversifying the revenue base in the mid-to-long term.

Premium HMR Production System Strengthened via Capex

The second factory, completed in November 2024, has an annual production capacity of over 1,500 tons and has introduced state-of-the-art continuous frying and sauce coating equipment, enabling premium product production.

This has enabled rapid mass commercialization and expansion of the product lineup, laying a favorable foundation for capturing the growing HMR (home meal replacement) market driven by increasing demand for convenience food.

Bear factors

High Quarter-to-Quarter Earnings Volatility

In Q1 2026, operating profit plunged to KRW 240 million, with the operating margin falling below 1%. Since integrated poultry companies have no pricing power over raw live chicken, which is their raw material, they have a structural vulnerability in which cost increases can directly translate into margin pressure. This volatility is a factor that makes quarterly earnings forecasting difficult.

Cost Pressure from Weak Won

The burden of rising imported feed prices due to the high exchange rate continues, raising the possibility that the increase in chicken sales prices could be largely offset by rising costs.

Although the government is implementing supply-demand stabilization measures such as expanding imports of hatching eggs and fresh eggs, the effectiveness of these measures may also be limited depending on exchange rate conditions.

Reversal in Operating Cash Flow

Operating cash flow, which reached KRW 13.77 billion in 2024, turned to -KRW 4.94 billion in 2025, moving in the opposite direction from the net income trend.

This suggests the possibility of expanded working capital fluctuations such as in inventory or trade receivables, and is a point that requires scrutiny in terms of cash generation capacity despite a profit on the income statement.

Risk factors

Disease and Biosecurity Risk

Highly pathogenic avian influenza is a factor that can directly impact production and distribution overall through breeder stock culling and movement restriction orders.

If a large-scale outbreak similar to that of the 2025~2026 winter season recurs, supply disruptions and increased quarantine costs could occur simultaneously.

Raw Material and FX Risk

Given the structure in which a significant portion of feed ingredients is imported from overseas, cost burdens expand during periods of high exchange rates.

Since integrated poultry companies also lack pricing power over live chicken prices, timing gaps or mismatches between costs and selling prices can negatively affect margins.

Policy and Regulatory Risk

Government policy interventions to control supply and demand, such as expanding imports of hatching eggs and fresh eggs and adjusting tariff quotas, can affect the formation of domestic chicken and egg prices.

If price-related regulations or public pressure on integrated poultry companies intensify, there is also a possibility that price increases may not be fully reflected in earnings.

What to watch next

Mid-November 2026 (expected Q3 report filing period)
Check how much of the summer peak-season demand and elevated chicken prices translated into actual margin improvement in Q3 2026 results.
Q4 2026 to early 2027
Monitor whether highly pathogenic avian influenza recurs over the winter and whether the government implements additional breeder-stock and hatching-egg supply measures.
From Q4 2026 onward
Track concrete progress on additional European (EU/UK) samgyetang orders and negotiations for new export markets such as France and the Netherlands.
Next regular earnings release (Q4 2026 results, typically disclosed early next year)
Continue to check whether a profit slump similar to Q1 2026 recurs and whether quarter-to-quarter earnings volatility moderates.

Overall view

Maniker F&G emerged from a 2022 loss to post three consecutive profitable years from 2023 through 2025, though the first half of 2026 saw a sharp Q1 profit decline followed by a Q2 recovery.

Increased breeder-stock culling and elevated chicken prices tied to highly pathogenic avian influenza over the 2025-2026 winter created a favorable industry backdrop for integrated processors broadly, but because such processors lack pricing authority over live-chicken prices, this price strength does not automatically translate into expanded margins.

The company has diversified its business base through HMR capacity expansion via its second plant and broader samgyetang exports to the US, EU and UK, which could contribute to revenue diversification over the medium to long term.

That said, considerable quarter-to-quarter earnings volatility and the 2025 reversal in operating cash flow relative to net income are factors worth monitoring alongside the earnings trend.

External variables such as cost pressure from a weak won and the possibility of renewed avian influenza outbreaks remain factors that could influence the earnings trajectory going forward.

Ahead of any investment decision, it would be useful to track upcoming Q3 and Q4 results together with trends in raw-material prices and biosecurity issues.

Sources

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

Show 18 more articles and sources

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.