Mi Chang Oil (003650) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Mi Chang Oil KRW 155,046, price KRW 125,300, upside +23.7%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 58,750 KRW – 153,300 KRW · fair‑value band 127,720 KRW – 199,763 KRW · the 125,300 KRW price screens below the 155,046 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Michang Oil Ind. Co., Ltd. engages in the petrochemical business in South Korea. It offers automotive lubricants, including motor, gasoline engine, diesel engine, gear, and automatic transmission oils, as well as other application oils; and transformer oils.
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Michang Oil Ind. Co., Ltd. engages in the petrochemical business in South Korea. It offers automotive lubricants, including motor, gasoline engine, diesel engine, gear, and automatic transmission oils, as well as other application oils; and transformer oils. The company also provides industrial lubricants, such as hydraulic, gear, turbine, and heat transfer oils; and rubber process oils comprising paraffin, naphthene, and aroma. In addition, it offers technical grade white oils; food, cosmetic, and pharma grade white mineral oils; and special fluids for applications in agricultural spray oils. Michang Oil Ind. Co., Ltd. was founded in 1962 and is headquartered in Busan, South Korea.
Stock analysis
Mi Chang Oil (003650) currently trades at 125,300 KRW, while our model-based Fair Value estimate is 155,046 KRW, implying the stock looks roughly 19.2% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 491,218 KRW per share, and 22 of the 24 models we run sit above the 125,300 KRW price.
Bear case: the Dividend Discount group reads lowest at 25,171 KRW, and 2 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 127,720 KRW (bear) to 199,763 KRW (bull), the price of 125,300 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Mi Chang Oil reported revenue of 405B KRW in FY2025 versus 406B KRW in FY2021, a compound 0.0%/yr. Reported net income was 68.9B KRW in FY2025, compounding +20.1%/yr from FY2021.
Key figures
Market cap 219B KRW (≈ $161M) · P/S ratio 0.53 · Dividend yield 2.8% · Net margin 17.0% · Return on equity 16.8% · Return on assets (EBIT) 10.7% · Operating margin 10.1% · Revenue (TTM) 416B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −61% fair-value upside, at 24%, 003650 screens cheaper than that median.
Fair Value models
Bear 127,720 KRWFair Value 155,046 KRWBull 199,763 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
Start year 2020 (pandemic). Over 10 years: +2.7% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.3%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.0%
Dividend (yield on the price)2.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 9%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−16.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −17.8% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Refining & Marketing · 110 stocks
Beats the industry median on 9/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+24% · Above median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)15% · Top 25%
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth11% · Above median
Dividend yield (TTM)2.8% · Above median
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
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Is Mi Chang Oil (003650) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 155,046 KRW versus a price of 125,300 KRW, about +24% upside (undervalued).
What is the fair value of 003650?
Our model-based fair value for Mi Chang Oil is 155,046 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 125,300 KRW.
What is the quality score of 003650?
Mi Chang Oil has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mi Chang Oil (003650)?
Our model-based price target is the fair value of 155,046 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 127,720 KRW, optimistic scenario 199,763 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Mi Chang Oil stock forecast for 2026?
Our models put fair value at 155,046 KRW, about +24% upside versus a price of 125,300 KRW (undervalued). Cautious scenario 127,720 KRW, optimistic scenario 199,763 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Mi Chang Oil (003650)?
Mi Chang Oil reported trailing-twelve-month revenue of about 416B KRW (latest available figure, as of Sep 24, 2026).
Does Mi Chang Oil pay a dividend?
Mi Chang Oil currently shows a dividend yield of about 2.79% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Mi Chang Oil (003650)?
For today's price to be fair in a discounted-cash-flow model, Mi Chang Oil would have to grow free cash flow by -16.1 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 003650 use?
Our models discount Mi Chang Oil at 11.6 %: a base by market capitalisation (micro), damped by beta 0.28, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mi Chang Oil that is -16.1 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Mi Chang Oil (003650) delivered so far?
Over the past 5 years revenue at Mi Chang Oil grew +7.9 % a year. The price currently implies -16.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mi Chang Oil (003650) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Mi Chang Oil (-16.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mi Chang Oil (003650)?
The free-cash-flow yield on the price is 19.92 %: that much free cash flow Mi Chang Oil produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mi Chang Oil (003650)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mi Chang Oil it is 155,046 KRW per share (as of Sep 24, 2026), against a price of 125,300 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Mi Chang Oil stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 003650 trades below its calculated fair value: price 125,300 KRW, fair value 155,046 KRW, a gap of about +24% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 003650?
No. The price is what the market pays today (125,300 KRW); the fair value is what the company's own numbers justify (155,046 KRW). For Mi Chang Oil the two are 29,746 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Mi Chang Oil worth?
The market values Mi Chang Oil at about 219B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 125,300 KRW; our models calculate a fair value of 155,046 KRW per share.
What do the bullish and bearish scenarios say about 003650?
Our models span a range for Mi Chang Oil: cautious scenario 127,720 KRW, base 155,046 KRW, optimistic 199,763 KRW per share (as of Sep 24, 2026, price 125,300 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mi Chang Oil (003650)?
Balance-sheet figures for Mi Chang Oil (as of Sep 24, 2026): return on equity 16.8%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 003650 from its 52-week high?
Mi Chang Oil trades at 125,300 KRW, about 18% below its 52-week high of 153,300 KRW and 24% above the low of 101,398 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 155,046 KRW is for.
Which stocks are comparable to Mi Chang Oil?
From the same area (Energy) we also value Reliance Industries Limited, Valero Energy Corporation, Marathon Petroleum Corporation, Phillips 66, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mi Chang Oil stock attractive at the current price?
The data as of Sep 24, 2026: price 125,300 KRW, calculated fair value 155,046 KRW (+24%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 003650 calculated?
We run Mi Chang Oil through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 155,046 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Mi Chang Oil currently trades 24 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mi Chang Oil (003650)?
The closing price on Sep 23, 2026 was 125,300 KRW. Our model-based fair value is 155,046 KRW, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mi Chang Oil right now?
Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits below our cautious bear case: the market assumes less than even our pessimistic scenario. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Mi Chang Oil
How large is the market capitalisation of Mi Chang Oil (003650)?
The market capitalisation of Mi Chang Oil is 219B KRW (≈ $161M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mi Chang Oil (003650)?
The price-to-sales ratio of Mi Chang Oil is 0.53 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Mi Chang Oil (003650)?
The dividend yield of Mi Chang Oil is 2.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mi Chang Oil (003650)?
The net margin of Mi Chang Oil is 17.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mi Chang Oil (003650)?
The return on equity (ROE) of Mi Chang Oil is 16.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mi Chang Oil (003650)?
On an EBIT basis the return on assets of Mi Chang Oil is 10.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mi Chang Oil (003650)?
The operating margin of Mi Chang Oil is 10.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mi Chang Oil (003650)?
Revenue at Mi Chang Oil is growing +10.9% versus a year earlier (3y avg −1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mi Chang Oil (003650)?
Earnings per share at Mi Chang Oil are growing +87.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mi Chang Oil (003650) carry?
The net debt of Mi Chang Oil is 16.2B KRW (fiscal year 2024, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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