MSC엠에스씨

MSC is a small, profitable Korean food-additive maker trading at a low multiple, with its shares down 23% over the past year.

MSC's trailing twelve-month revenue is about ₩203B with operating income of about ₩32B and net income of about ₩27B, giving a 15.8% operating margin for the period to H1 2026. Revenue has grown modestly since 2024 after a dip in 2023, and the stock trades at about 4.8x earnings and 0.6x book value. Recent filings cover the half-year report, insider shareholding and the earlier dividend decision, while the data contains no news headlines.

What stands out

• Revenue rose 4.2% in 2025 to ₩198B, after growth of just 0.4% in 2024 and a 7.5% decline in 2023.
• Operating margin has edged up from 12.1% in 2022 to 15.8% on a TTM basis, and net margin is 13.2%.
• Borrowings of ₩60B exceed cash of ₩40B, though liabilities to equity is 46.5%, which is moderate.
• The DCF fair value model gives a base of ₩20,424 against a ₩7,300 close, with a bear of ₩12,765 and a bull of ₩33,805; these are model outputs, not forecasts.
• Shares returned 20.5% over three months but are still down 23% over one year, and foreign ownership slipped from 2.2% to 1.9% over 60 days.

What to watch

• Results for the period ending September 2026 and the next filings, as no forward guidance is included in the data.
• Whether the 1.8% dividend yield is maintained, since the dividend decision is listed only as a February 2026 filing without amounts.
• Trading interest is thin, with retail investors net sellers of about ₩401M over 20 days and no short-selling balance reported.