C&C International씨앤씨인터내셔널

C&C International's profits have shrunk sharply from 2023–2024 peaks, and its shares have fallen about 51% over the past year.

C&C International is a Korean color cosmetics contract manufacturer (ODM) making lip, eye and base products for other brands, with plants in Gyeonggi Province and Shanghai. Trailing twelve-month revenue is about ₩292.8B, but operating margin is 4.3% and net margin 0.9%, down from 14.6% operating margin in 2023. The shares closed at ₩19,620, roughly half the 52-week high of ₩40,800.

What stands out

• Revenue has grown from ₩91.3B in 2021 to ₩288.5B in 2025, but 2025 growth slowed to 2% and profit fell from ₩32.4B net income in 2024 to ₩14.3B in 2025.
• Trailing results to H1 2026 show operating income of ₩12.5B and net income of ₩2.8B, with ROE at 1%.
• The company reports ₩119.2B in cash and no borrowings, with liabilities at 20% of equity, though trailing free cash flow is negative at about -₩3.2B.
• The filed DCF base fair value is ₩46,583, which is well above the current price; the bear case is ₩30,380. This model is the company's own filed-data estimate, not a forecast, and it rests on assumptions that may not hold.
• Trailing P/E is about 96 and P/B about 0.8. Peers like Cosmax and Kolmar Korea trade at lower P/E ratios but higher P/B.
• Foreign ownership rose slightly to 0.5% and the 20-day flow shows net foreign selling, while the company has filed several buyback trust contracts in 2026.

What to watch

• Next quarterly and annual results, to see whether margins recover from the trailing 4.3% operating margin.
• Progress on the buyback trust arrangements and any further status reports on share acquisition.
• Free cash flow turning positive, given the negative trailing figure, and whether cash balances are used for investment or shareholder returns.