# Miwon Specialty Chemical (268280.KO)

Canonical: https://gigainvestors.com/s/268280.KO

Analysis as of: 2026-10-16T07:47:23.107Z. Financial observations: FY2017–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 129,700.00 per share; close as of 2026-10-15.

Estimated value: low KRW 144,064.40 per share, central KRW 160,318.74 per share, high KRW 181,956.72 per share. Buy at or below the central value KRW 160,318.74 per share. Valuation as of 2026-10-16T07:47:23.107Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.13×

- FY2021: 0.18×

- FY2022: 0.13×

- FY2023: 0.05×

- FY2024: 0.11×

- FY2025: 0.12×

- LTM to Jun 2026: 0.15×

### moat: pass

- ROIC, median of available years: 15.8%

- ROIC, second-lowest year: 10.5%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 20.2%

- Recent gross margin (lower of latest and 3-year median): 20.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.4%

- ROIC including acquisitions, ten-year median: 14.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.5%

- FY2018: 15.1%

- FY2019: 18.2%

- FY2020: 19.2%

- FY2021: 24.6%

- FY2022: 16.5%

- FY2023: 5.0%

- FY2024: 13.7%

- FY2025: 15.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 266B

- Net income, five-year total: KRW 279B

- Return on incremental invested capital: 20.4%

- Working capital / revenue, annual change: -0.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.85×

- FY2023: 1.15×

- FY2024: 1.13×

- FY2025: 0.80×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.1% vs 13.7%

- Per-share earnings: 6889.90 to 11164.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: KRW 377B

- Cumulative retained earnings: KRW 283B

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.4%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW 7K

- Per-share value, ending three-year median: KRW 11K

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 1.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 15.1%

- ROIC, last three-year median: 13.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 3K

- FY2018: KRW 7K

- FY2019: KRW 8K

- FY2020: KRW 7K

- FY2021: KRW 16K

- FY2022: KRW 13K

- FY2023: KRW 4K

- FY2024: KRW 11K

- FY2025: KRW 13K

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.2%

- FY2018: 5.2%

- FY2019: -9.4%

- FY2020: -10.9%

- FY2021: 10.8%

- FY2022: 5.3%

- FY2023: -19.7%

- FY2024: 0.1%

- FY2025: -2.8%

## Holders

## Price story

Down 41% since Dec 2021 · sales +5.9%

Story as of 2026-10-16T10:00:13.691Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.4% a year for ten years

### Sales · FY2025–2026

sales +5.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 208B 

- FY2018: KRW 360B 

- FY2019: KRW 378B 

- FY2020: KRW 372B 

- FY2021: KRW 531B 

- FY2022: KRW 612B 

- FY2023: KRW 438B 

- FY2024: KRW 509B 

- FY2025: KRW 532B 

- FY2026: KRW 564B 

### Gross margin · FY2025

gross margin 21.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 18.5% 

- FY2018: 17.8% 

- FY2019: 19.1% 

- FY2020: 20.4% 

- FY2021: 25.6% 

- FY2022: 21.6% 

- FY2023: 12.4% 

- FY2024: 20.2% 

- FY2025: 21.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in chemicals; annual sales are KRW 532.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2025: revenue 532122514140; grossProfit 113016400550; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 268280.KO: Miwon Specialty Chemical Co., Ltd. engages in the manufacture and sales of energy-curing resins in Korea and internationally. The company is headquartered in Wanju-gun, South Korea.

### Why customers stay

Margins ranged from 12.4% to 21.2% during 2023–25; it earns 15.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2023: grossProfit / revenue = 12.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2024: grossProfit / revenue = 20.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2025: grossProfit / revenue = 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); 9-year return on capital observations [[2017,0.10496611617805386],[2018,0.15069811256836424],[2019,0.18150611954212847],[2020,0.19167512353912802],[2021,0.24594698833296968],[2022,0.164809321210571],[2023,0.04960622773081934],[2024,0.13696688355383896],[2025,0.15771827932819218]]; median 0.15771827932819218. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14.1% of cash earnings on expansion; earns 20.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2017: growth capex 0; upkeep 17114460350; owner earnings 7673487390. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2019: growth capex 3575600250; upkeep 15852842570; owner earnings 39321325980. Growth capex / owner earnings = 0.09093285032703773.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2020: growth capex 0; upkeep 20554187460; owner earnings 30495708680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2021: growth capex 28853166920; upkeep 16751943490; owner earnings 79903361420. Growth capex / owner earnings = 0.36110078984459326.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2022: growth capex 20535107214.099674; upkeep 30049531025.900326; owner earnings 54784357472.09967. Growth capex / owner earnings = 0.37483522964666877.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2023: growth capex 0; upkeep 25347451400; owner earnings 21331820006. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2024: growth capex 0; upkeep 19732998050; owner earnings 61487295460. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2025: growth capex 6871517139.031944; upkeep 38248806840.968056; owner earnings 48825827337.031944. Growth capex / owner earnings = 0.14073529346670677.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); Incremental return on capital 0.203717778234682, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); Dividend observations: [[2018,2589555500],[2019,8899476700],[2020,8871469200],[2021,9584500000],[2022,11534500000],[2023,10484621700],[2024,10310528900],[2025,13605652600]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); FY2025: cash repurchases 6449215760 KRW.

### Are managers owners

Insiders own 82.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 268280.KO SharesStats.PercentInsiders = 82.745 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.107Z); Ten-year compound average after fade. Initial solved rate -0.04594948356130493. Price 129700; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2017-05: KRW 70,500.00 per share

- 2017-06: KRW 62,300.00 per share

- 2017-07: KRW 61,100.00 per share

- 2017-08: KRW 57,000.00 per share

- 2017-09: KRW 52,600.00 per share

- 2017-10: KRW 56,800.00 per share

- 2017-11: KRW 57,000.00 per share

- 2017-12: KRW 58,400.00 per share

- 2018-01: KRW 59,700.00 per share

- 2018-02: KRW 58,600.00 per share

- 2018-03: KRW 60,500.00 per share

- 2018-04: KRW 59,100.00 per share

- 2018-05: KRW 62,000.00 per share

- 2018-06: KRW 60,500.00 per share

- 2018-07: KRW 63,000.00 per share

- 2018-08: KRW 65,700.00 per share

- 2018-09: KRW 67,700.00 per share

- 2018-10: KRW 65,400.00 per share

- 2018-11: KRW 64,600.00 per share

- 2018-12: KRW 64,600.00 per share

- 2019-01: KRW 64,400.00 per share

- 2019-02: KRW 66,700.00 per share

- 2019-03: KRW 66,600.00 per share

- 2019-04: KRW 75,000.00 per share

- 2019-05: KRW 72,600.00 per share

- 2019-06: KRW 76,800.00 per share

- 2019-07: KRW 74,000.00 per share

- 2019-08: KRW 71,900.00 per share

- 2019-09: KRW 69,900.00 per share

- 2019-10: KRW 71,400.00 per share

- 2019-11: KRW 71,000.00 per share

- 2019-12: KRW 72,200.00 per share

- 2020-01: KRW 74,400.00 per share

- 2020-02: KRW 70,000.00 per share

- 2020-03: KRW 73,700.00 per share

- 2020-04: KRW 76,200.00 per share

- 2020-05: KRW 76,800.00 per share

- 2020-06: KRW 80,200.00 per share

- 2020-07: KRW 80,300.00 per share

- 2020-08: KRW 86,500.00 per share

- 2020-09: KRW 94,700.00 per share

- 2020-10: KRW 99,700.00 per share

- 2020-11: KRW 103,500.00 per share

- 2020-12: KRW 104,500.00 per share

- 2021-01: KRW 104,500.00 per share

- 2021-02: KRW 112,000.00 per share

- 2021-03: KRW 169,000.00 per share

- 2021-04: KRW 175,000.00 per share

- 2021-05: KRW 170,500.00 per share

- 2021-06: KRW 180,500.00 per share

- 2021-07: KRW 177,500.00 per share

- 2021-08: KRW 186,500.00 per share

- 2021-09: KRW 188,000.00 per share

- 2021-10: KRW 215,500.00 per share

- 2021-11: KRW 206,500.00 per share

- 2021-12: KRW 218,500.00 per share

- 2022-01: KRW 204,000.00 per share

- 2022-02: KRW 194,000.00 per share

- 2022-03: KRW 198,500.00 per share

- 2022-04: KRW 209,000.00 per share

- 2022-05: KRW 198,500.00 per share

- 2022-06: KRW 201,000.00 per share

- 2022-07: KRW 194,500.00 per share

- 2022-08: KRW 191,500.00 per share

- 2022-09: KRW 182,000.00 per share

- 2022-10: KRW 167,500.00 per share

- 2022-11: KRW 149,500.00 per share

- 2022-12: KRW 154,000.00 per share

- 2023-01: KRW 139,600.00 per share

- 2023-02: KRW 143,700.00 per share

- 2023-03: KRW 137,800.00 per share

- 2023-04: KRW 140,000.00 per share

- 2023-05: KRW 136,100.00 per share

- 2023-06: KRW 155,800.00 per share

- 2023-07: KRW 142,000.00 per share

- 2023-08: KRW 134,000.00 per share

- 2023-09: KRW 142,800.00 per share

- 2023-10: KRW 140,500.00 per share

- 2023-11: KRW 136,900.00 per share

- 2023-12: KRW 137,400.00 per share

- 2024-01: KRW 133,800.00 per share

- 2024-02: KRW 133,500.00 per share

- 2024-03: KRW 139,200.00 per share

- 2024-04: KRW 138,600.00 per share

- 2024-05: KRW 151,700.00 per share

- 2024-06: KRW 151,200.00 per share

- 2024-07: KRW 140,800.00 per share

- 2024-08: KRW 136,300.00 per share

- 2024-09: KRW 135,000.00 per share

- 2024-10: KRW 141,900.00 per share

- 2024-11: KRW 141,000.00 per share

- 2024-12: KRW 149,600.00 per share

- 2025-01: KRW 135,000.00 per share

- 2025-02: KRW 144,600.00 per share

- 2025-03: KRW 149,500.00 per share

- 2025-04: KRW 158,800.00 per share

- 2025-05: KRW 161,900.00 per share

- 2025-06: KRW 147,200.00 per share

- 2025-07: KRW 147,200.00 per share

- 2025-08: KRW 143,400.00 per share

- 2025-09: KRW 137,300.00 per share

- 2025-10: KRW 140,500.00 per share

- 2025-11: KRW 132,800.00 per share

- 2025-12: KRW 140,300.00 per share

- 2026-01: KRW 134,900.00 per share

- 2026-02: KRW 131,200.00 per share

- 2026-03: KRW 122,900.00 per share

- 2026-04: KRW 122,500.00 per share

- 2026-05: KRW 100,400.00 per share

- 2026-06: KRW 105,600.00 per share

- 2026-07: KRW 123,100.00 per share

- 2026-08: KRW 131,900.00 per share

- 2026-09: KRW 129,100.00 per share

- 2026-10: KRW 131,000.00 per share

## Annual estimated value (KRW per share)

- FY2021: low KRW 104,890.79 per share, central KRW 117,980.73 per share, high KRW 135,406.21 per share

- FY2022: low KRW 125,406.76 per share, central KRW 141,877.40 per share, high KRW 163,803.31 per share

- FY2023: low KRW 104,847.13 per share, central KRW 116,780.53 per share, high KRW 132,666.43 per share

- FY2024: low KRW 124,190.90 per share, central KRW 138,255.12 per share, high KRW 156,977.59 per share

- FY2025: low KRW 135,495.02 per share, central KRW 150,693.41 per share, high KRW 170,925.68 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations