C-Site씨싸이트

C-Site's shares have risen sharply over the past year, but the business is only marginally profitable and the valuation looks stretched against its earnings.

C-Site is a Korean knit apparel maker that mainly produces on an OEM basis at subsidiary factories in Guatemala and Indonesia, selling mostly to the United States, with GAP (Old Navy) as a key customer. On trailing twelve-month figures to H1 2026 it has about ₩164.7B in revenue, but operating margin is near zero and net margin is 0.5%. The share price is ₩12,250, with a market capitalisation of about ₩71.5B, after a 81.5% gain over one year.

What stands out

• Trailing revenue is about ₩164.7B, but 2025 revenue fell 2.4% and 2025 net income was a loss of about ₩1.3B, while the trailing twelve months show a small profit of about ₩0.8B.
• Operating margin is roughly 0%, and return on equity is 1.5%, so the profit cushion is very thin.
• Trailing P/E is about 84.8 against a P/B of 1.3, while several listed apparel peers in the data trade at single-digit P/E ratios.
• The filed model gives a DCF base value of ₩999 per share, far below the current price; the bull case is ₩11,605 and the bear case is ₩0. The data does not explain these assumptions in detail.
• Trailing cash of about ₩27.7B exceeds borrowings of about ₩11.1B, and free cash flow is about ₩16.7B, but liabilities are 96.7% of equity.

What to watch

• Shareholders' meeting notices and amendments filed in late October 2026, including the meeting agenda once published.
• Recent 5%+ holding reports and the amended change of largest shareholder filing, which may signal ownership shifts.
• Next results release for full-year 2026, and whether operating profit becomes meaningfully positive; the news feed in the data contains no recent headlines to add context.