Smcg에스엠씨지

Smcg, a Korean cosmetic glass packaging maker, is profitable on a trailing basis but its shares have fallen about a third over the past year.

Smcg makes glass cosmetic containers and accessories, mainly for filling companies serving cosmetics brands in Korea and overseas. For the twelve months to H1 2026 it reported revenue of ₩58.9B...

What stands out

• Trailing revenue is about ₩58.9B with operating income of about ₩5.2B, an operating margin of 8.9%, and net income of about ₩3.9B.
• Net income swung from a loss of about ₩2.1B in 2024 to a profit of about ₩1.3B in 2025, and 2025 revenue grew 2.2%.
• Trailing free cash flow is negative at about -₩2.7B, and liabilities are 77.9% of equity against cash of about ₩2.3B and borrowings of about ₩1.1B.
• The shares closed at ₩3,300, up 20.7% over one month but down 33.7% over one year, and sit well below the 52-week high of ₩5,180.
• The filings list is dominated by 5%+ holding reports and insider shareholding reports, and foreign ownership slipped from 2.5% to 2.2% over 60 days.

What to watch

• The company's next periodic results and whether free cash flow turns positive, given the trailing deficit.
• Further 5%+ holding and insider shareholding filings, which may signal changes in major holders.
• The gap between the shares and the internal DCF range of ₩470 to ₩3,102 per share; the base case is ₩1,425, and this is a model output, not a forecast.