MS Autotech엠에스오토텍

MS Autotech is back to a small operating profit on revenue of about ₩1.8T, but trailing net income is a loss of ₩64B and the share price has fallen over the past year.

The group makes automotive body parts for carmakers including Hyundai and Kia, and the listed company now mainly earns dividends, rent and management fees as a holding company after a 2024 spin-off. Trailing twelve-month operating margin is 2.7% and net margin is -3.5%, with liabilities at 159.5% of equity and ₩172B of cash. The shares closed at ₩1,780 on 2026-10-16, down 25.4% over one year but up 12.7% over three months.

What stands out

• Trailing revenue is about ₩1.82T, slightly above 2025's ₩1.74T, while 2025 net loss was about ₩109B, so profitability has weakened over the last few years.
• Operating income has fallen from ₩175B in 2023 to ₩49B on a trailing basis, and the operating margin is now 2.7%.
• Free cash flow is reported at about ₩112B on a trailing basis, which is positive even though net income is negative.
• The data gives price-to-book of 0.6 and no usable P/E because earnings are negative; the dividend yield is 0%.
• Recent filings include a decision on overseas listing of a subsidiary, a shareholder impact assessment covering that listing, and an amended half-year report.

What to watch

• The outcome and shareholder impact of the planned overseas listing of a subsidiary, as described in the October 2026 filings.
• Whether operating margin holds above break-even and net income turns positive in the next reported periods, given the trailing loss.
• The company's own internal fair-value estimate is ₩424 per share, far below the current price, and its bull case is ₩8,499; the data gives no reason to rely on either, so treat the spread as a model output rather than a signal.