1. South Korea Stocks

  2. •

    Process industries

  3. •

    Chemicals: major diversified
Miwon Commercial Co., Ltd

Miwon Commercial Co., Ltd

KKRX:002840
128,200.00
KRW
-4,300.00
(-3.25%)
11,616.62EPS
10.05P/E
530.27BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
41,503.89
43,828.84
42,257.26
43,207.33
58,580.49
10,084.11
49,503.17
58,992.98
72,534.68
89,511.91
88,194.97
93,022.94
95,775.33
103,165.99
Basic EPS, GAAP
2,421.25
1,742.95
2,521.61
3,887
5,003.81
660.61
6,163
10,369
11,641
14,752
12,771
10,790
9,449
11,616.62
Free Cash Flow per Basic Share
2,109.77
398.52
4,359.6
1,815.4
890.58
196.35
-4,433.01
2,481.59
5,166.35
6,000.36
7,879.79
6,365.62
4,198.66
2,700.07
Dividend per Share
- -
- -
34.06
139.26
- -
54.75
914.49
650.78
5,740.26
1,502.4
1,502.46
2,008.12
2,007.6
1,010.1
Book Value per Share
21,482.86
22,725.66
25,597.03
32,760.56
36,011.21
39,264.52
44,134.3
53,837.85
59,795.37
70,659.07
79,711.42
86,039.05
90,963.15
94,374.41
Tangible Book Value per Share
21,121.68
22,382.07
25,241.47
32,352.76
35,599.63
38,995.47
43,785.1
53,486.72
59,357.75
70,236.12
79,249.75
85,534.73
90,434.02
93,840.75
Basic Weighted Avg Shares
6
6
6
6
5
33
5
5
5
5
5
5
5
5
Sales/Revenue/Turnover
235,226
247,219
239,437
242,966
318,656
328,648
249,991
294,984
359,795
438,188
421,367
435,798
441,138
469,053
Operating Margin (%)
7.71
7.17
7.71
6.87
3.45
8.27
12.9
14.54
15.89
17.58
15.96
13.76
9.89
10.64
Depreciation Expense
12,173
13,909
13,812
15,332
21,299
14,733
13,044
18,282
24,102
27,380
30,520
33,141
40,714
41,101
Net Income, GAAP
13,723
9,831
14,288
21,858
27,219
21,530
31,123
51,848
57,743
72,216
61,016
50,549
43,522
52,816
Effective Tax Rate (%)
14.9
32.19
20.51
18.44
14.36
7.01
24.9
17.04
18.98
17.77
19.86
16.41
15.48
17.58
Profit Margin (%)
5.83
3.98
5.97
9
8.54
6.55
12.45
17.58
16.05
16.48
14.48
11.6
9.87
11.26
Working Capital
35,720
30,184
48,358
77,848
56,407
77,543
84,721
102,074
124,913
149,090
157,248
174,426
178,417
190,414
LT Debt
21,890
5,500
5,500
2,892
5,481
- -
47
- -
- -
- -
- -
- -
- -
- -
Total Equity
136,056
145,277
163,575
239,214
207,177
197,690
224,555
267,574
295,987
341,849
377,967
400,464
416,385
428,460
Return on Invested Capital (%)
8.54
6.33
7.56
5.83
3.68
11.45
11.21
14.17
16.03
19.19
14.56
12.62
8.87
9.64
Return on Capital (%)
7.13
4.81
6.47
7.65
9.86
8.9
14.73
21.05
20.45
22.62
16.93
12.98
10.65
12.62
Return on Common Equity (%)
12.04
7.81
10.36
13.26
14.93
11.37
14.74
21.07
20.49
22.64
16.95
12.99
10.66
12.63

Capital Structure

KRW

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
182
130
1,337
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
5
5
5
Market Capitalization
687,999
611,992
530,272

Working Capital

KRW

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
223,825
234,349
244,363
Cash, Cash Equivalents & STI
29,358
27,469
13,308
Accounts Receivable, Net
61,558
74,767
81,718
Inventories
123,906
120,928
138,691
Total Current Liabilities
45,408
54,798
53,950
Payables & Accruals
- -
- -
- -
ST Debt
182
130
1,337
Deferred Revenue
- -
- -
- -

Growth Rates

KRW

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.76%
9.32%
3.98%
Free Cash Flow
-59.1%
18.67%
-35.15%
Net Income, GAAP
15.76%
-2.03%
-13.9%
Sales/Revenue/Turnover
7.44%
8.91%
1.23%
Total Cash Common Dividend
- -
145.56%
-1.71%

Quarterly Revenue

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
103,935
111,058
106,169
114,635
435,798
2025
108,231
111,210
113,106
108,591
441,138
2026
117,305
130,051
- -
- -
- -

Quarterly Earnings Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,805
3,778
2,305
2,904.71
10,790
2025
2,812
1,585
2,254.07
2,793.52
9,449
2026
2,430.43
4,158
- -
- -
- -

Quarterly Dividends Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,003.4
- -
502.09
499.39
2,008.12
2025
- -
- -
501.37
500.79
2,007.6
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Chang-shik Hong
Full Time Employees
776
Sector
Process industries
Industry
Chemicals: major diversified
Address
464 Anyang-ro Ansan-si GY South Korea 13967
IPO Date
Sep 25, 1989
Website
mwc.co.kr
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Business
Miwon Commercial Co., Ltd. Miwon Commercial Co., Ltd. manufactures and markets specialty fine chemicals for personal care, electronics, and polymer applications in South Korea and internationally. The company offers personal care ingredients including anionic, cationic, nonionic, and amphoteric surfactants; hair fixative and conditioning polymers; styling resins; household surfactants; plasticizers; and cosmeceutical active ingredients such as amino acid surfactants, PQ10, cationic guar, and ester oils; electronic chemicals encompassing photo active compounds for semiconductor circuits and LCD thin film transistors, polymer acryl binders, novolak resins, positive photoresists, functional chemicals for photoresist processes like strippers, functional resins for PCBs and high-refractive optical films; and polymer additives such as antioxidants including amine, phenol, phosphorus, and sulfur types, UV stabilizers comprising benzophenone, benzotriazole, nickel quenchers, and HALS, as well as thiourethane lens monomers. Founded in 1959 and headquartered in Anyang, South Korea, with prior operations referenced in Ansan, Gyeonggi-do, Miwon Commercial operates three main divisions: Personal Care Ingredients Business Unit (PIBU), Electronic Chemicals Business Unit (ECBU), and Polymer Additives Business Unit (PABU), serving target markets in cosmetics, semiconductors, displays (LCD, PDP, OLED), secondary batteries, and plastics globally including Taiwan, Japan, China, and expanding opportunities in the US. In recent developments, the company pursues portfolio diversification into OLED displays and battery sectors through strategic partnerships with cell makers and tier-one suppliers; maintains organic growth via prior acquisitions like Dongnam Chemical and Taekwang Fine Chemical; and capitalized on 2009 and 2011 spin-offs of business units into affiliates Miwon Specialty Chemical and Miwon Chemicals to enhance flexibility amid global market shifts.