PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩3,200 per share · Prices as of the 2026-10-02 close
Miwon Specialty Chemical has recovered from a weak 2023, with revenue and operating profit rising together through 2024-2025, and first-half 2026 quarterly profit expanding further.
2025 consolidated revenue reached KRW 532.1bn and operating profit KRW 65.5bn, both up from 2024, confirming the recovery trend
Q2 2026 operating profit hit KRW 37.1bn, the highest in the last five quarters, with operating margin expanding to the low-20% range
The company is a specialist in UV/energy-curing resins supplied into printing ink, coatings, electronic materials, and adhesives as industrial intermediates
In March 2026 the company disclosed a corporate value-up plan covering Wanju plant investment, automation, and governance improvements, with the 2025 dividend payout ratio rising to 25.2% year-on-year
Quarterly profit swings are wide (Q4 2025 operating profit of KRW 10.1bn versus Q2 2026 of KRW 37.1bn), making it difficult to draw firm trend conclusions from any single quarter
Miwon Specialty Chemical (Miwon SC), spun off from Miwon Holdings and relisted in 2017, is a fine chemicals materials company producing acrylic monomers, oligomers, photoinitiators, and powder coating additives used in UV/energy curing.
The business originated in PVC surface and wood coatings and later expanded into offset, flexo, screen, and digital printing inks, as well as coatings for wood, plastics, flooring, and metal.
In electronic materials, its products are used directly or indirectly in TFT-LCD, mobile phone exterior coating, and semiconductor-related processes, and the company has also extended into adhesives and pressure-sensitive adhesives.
Because its UV-curing resins function as industrial intermediates, demand is linked to end-consumer product output, and the business is reported to have relatively low seasonality.
Domestically, the company is regarded as the longest-established player in the energy-curing resin field, with long-standing customer relationships and R&D capability serving as entry barriers.
Overseas, it operates local subsidiaries in the United States, Germany, Spain, Austria, and China to stay closer to global customers. Unlike some global competitors that reportedly divested coatings units or saw stagnant results in the past, Miwon SC has been reported to sustain steady growth.
More recently, the company has been expanding its product portfolio in response to tightening VOC (volatile organic compound) regulations and growing demand for LED-curable materials.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩134.8B | ₩19.2B | 14.2% |
| 2025Q3 | ₩133.3B | ₩18.2B | 13.6% |
| 2025Q4 | ₩126.1B | ₩10.1B | 8.0% |
| 2026Q1 | ₩141.3B | ₩19.3B | 13.6% |
| 2026Q2 | ₩162.8B | ₩37.1B | 22.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩611.6B | ₩80.9B | ₩64.8B | 13.2% | 17.1% | 25.6% |
| 2023 | ₩437.7B | ₩22.5B | ₩18.6B | 5.1% | 5.0% | 23.6% |
| 2024 | ₩509.3B | ₩58.8B | ₩54.6B | 11.5% | 13.4% | 26.0% |
| 2025 | ₩532.1B | ₩65.5B | ₩61.3B | 12.3% | 13.7% | 22.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
On an annual basis, revenue was KRW 611.6bn with operating profit of KRW 80.9bn (13.2% margin) in 2022, before sharply declining to revenue of KRW 437.7bn and operating profit of KRW 22.5bn (5.1% margin) in 2023.
The company then recovered to revenue of KRW 509.3bn and operating profit of KRW 58.8bn (11.5% margin) in 2024, and further improved to revenue of KRW 532.1bn, operating profit of KRW 65.5bn (12.3% margin), and owners' net income of KRW 61.3bn in 2025.
Quarterly, revenue of KRW 134.8bn and operating profit of KRW 19.2bn in Q2 2025 eased slightly to KRW 133.3bn and KRW 18.2bn in Q3, then operating profit fell sharply to KRW 10.1bn on revenue of KRW 126.1bn in Q4, even as owners' net income came in higher at KRW 15.2bn, suggesting non-operating items influenced the bottom line that quarter.
Q1 2026 rebounded to revenue of KRW 141.3bn and operating profit of KRW 19.3bn, and Q2 2026 delivered the strongest quarter of the recent stretch with revenue of KRW 162.8bn, operating profit of KRW 37.1bn, and owners' net income of KRW 33.0bn.
As a result, cumulative owners' net income across the four quarters from Q3 2025 through Q2 2026 reached roughly KRW 87.5bn, exceeding full-year 2025 net income when annualized.
That said, given periods such as Q4 2025 where operating profit and net income diverged in direction, the quality and persistence of earnings warrant quarter-by-quarter confirmation.
The UV/energy-curing resin industry is rooted in traditional printing ink, wood, and flooring coatings markets, but its application scope keeps expanding into electronic materials, adhesives, and automotive coatings alongside tightening VOC-reduction regulations.
Downstream demand spans traditional manufacturing such as printing and woodworking through to IT and electronics sectors including TFT-LCD, mobile phones, and semiconductors, which spreads out dependence on any single industry cycle.
Still, because the products function as industrial intermediates, the business is exposed to swings in downstream final-product demand and to price movements in petrochemical-derived raw materials such as acrylic monomers.
In the domestic market, the company is reported to hold a long operating history and strong market standing, while competing with US- and Europe-based global chemical companies overseas.
Some global competitors have reportedly divested related business units or experienced stagnant growth in the past, whereas domestic industry players are seen as having built technical capability by responding to the quality demands of IT and display manufacturers.
More recently, the adoption of new technologies such as eco-friendly water-dispersible products and LED-curable materials has emerged as an industry-wide theme.
In March 2026, the company disclosed a corporate value-up plan centered on Wanju plant investment, factory automation, strengthened chemical regulation response, improved compliance with core governance indicators, and energy/waste reduction.
Notably, because it is classified as a high-dividend company under the Restriction of Special Taxation Act, it disclosed only the key contents without attaching a detailed value-up plan document.
The 2025 dividend payout ratio rose to 25.2% from the prior year, suggesting that improved profitability is partly flowing through to greater shareholder return capacity.
The sequential improvement in first-half 2026 quarterly results could reflect a combination of facility investment effects such as the Wanju plant and a recovery in downstream IT/electronic materials demand, though the specific segment-level revenue contribution requires separate confirmation.
The company's overseas subsidiary network (United States, Germany, Spain, Austria, China) is cited as a factor supporting its ability to serve global customers, and how these subsidiaries' earnings contribution evolves going forward is worth monitoring.
That said, the possibility of a repeat of a sharp operating profit decline such as seen in Q4 2025 cannot be ruled out, making it important to confirm the direction of upcoming quarterly results.
With profit having risen rapidly over the most recent four quarters, the price-to-earnings multiple appears to sit at a lower level than the elevated multiples seen during the weak-earnings period of 2023. The price-to-book ratio tends to trade at a level reflecting a certain premium over net asset value.
The company posted a 2025 dividend payout ratio of 25.2% and continues to be classified as a high-dividend company under the Restriction of Special Taxation Act, giving it a structure in which improved profit can translate into expanded shareholder returns.
That said, given the industry's characteristic of wide swings in quarterly operating profit, valuation metrics can also fluctuate depending on any single quarter's results. Investors may find it useful to look at earnings trends across multiple quarters rather than a single quarter's multiple.
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 2026-09-04
Profitability that fell to a 5.1% operating margin in 2023 recovered to 11.5% in 2024 and 12.3% in 2025, with quarterly operating profit expanding further in the first half of 2026. Revenue also grew from KRW 437.7bn in 2023 to KRW 532.1bn in 2025, showing both scale and margin improving together. Whether this recovery continues will need to be confirmed through upcoming quarterly results.
The 2025 dividend payout ratio rose to 25.2% from the prior year, and the company is classified as a high-dividend company under the Restriction of Special Taxation Act.
The corporate value-up plan disclosed in March 2026 combines governance improvements with expanded facility investment, suggesting a structure where profit improvement and shareholder returns can proceed together.
The company supplies products across diverse application areas including printing ink, coatings, electronic materials, and adhesives, spreading out its dependence on any single downstream cycle.
It is known to have the longest operating history in Korea's energy-curing resin field, and maintains a global customer response system through subsidiaries in the United States, Germany, Spain, Austria, and China.
Q4 2025 operating profit fell sharply to KRW 10.1bn from KRW 18.2bn the prior quarter, before rebounding to KRW 19.3bn in Q1 2026 and KRW 37.1bn in Q2 2026, showing substantial quarter-to-quarter variation.
Such volatility could recur going forward, making it difficult to draw firm trend conclusions from any single quarter's results.
In Q3 and Q4 2025, owners' net income exceeded operating profit, which appears to reflect non-operating factors (potentially including foreign exchange or equity-method gains) affecting the bottom line. Such non-operating items may lack persistence, warranting separate examination from core operating performance.
As an industrial intermediate producer, the company's results can be swayed by fluctuations in petrochemical-derived raw material prices such as acrylic monomers and by swings in downstream IT, electronic materials, printing, and coatings demand. The sharp drop in operating profit from 2022 to 2023 illustrates this exposure.
Prices of petrochemical-derived raw materials such as acrylic monomers can fluctuate with international crude oil and naphtha prices, potentially adding cost pressure that affects margins. The sharp drop in operating margin in 2023 can be viewed as a case where cost and demand pressures acted together.
Operating numerous overseas subsidiaries across the United States, Europe, and China exposes profit and loss to fluctuations in multiple currencies including the US dollar, euro, and Chinese yuan.
Instances where quarterly net income moved in a different direction from operating profit may partly reflect currency-related factors.
Chemical substance regulations are on a tightening trend, and the corporate value-up plan explicitly cited strengthened regulatory response as a key task. Rising compliance costs or certification delays could potentially affect production and sales schedules.
Check whether Q3 2026 results are disclosed and confirm the direction of operating margin, to see if the sharp improvement seen in Q2 continues.
Watch for follow-up disclosures or IR materials on the progress of the corporate value-up plan, including Wanju plant investment and automation.
Check the FY2026 year-end dividend decision disclosure to see how the payout ratio changes compared with 25.2% in 2025.
Demand indicators from downstream IT industries such as semiconductors and displays, along with major customers' results, can help gauge demand trends in the electronic materials segment.
Miwon Specialty Chemical has emerged from a weak 2023 to see revenue and operating profit recover together in 2024-2025, with quarterly profit expanding further in the first half of 2026 to extend the improving trend.
However, periods such as Q4 2025—where operating profit dropped sharply while net income exceeded it—mean that quarterly volatility and the influence of non-operating factors need to be examined together.
The company supplies UV-curing resins into diversified application markets including printing, coatings, electronic materials, and adhesives, and maintains a global customer response system through overseas subsidiaries.
In March 2026 it disclosed a corporate value-up plan covering Wanju plant investment, automation, and governance improvements, and its 2025 dividend payout ratio rose to 25.2% from the prior year. Raw material prices, foreign exchange, and chemical regulations remain risk factors requiring ongoing management.
Going forward, tracking both quarterly results and the progress of the corporate value-up plan together appears to be a sound approach.
Report written 2026-09-05 · Data as of 2026-09-04
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