COSMAX BTI is a holding company that leads its group by owning stakes in subsidiaries rather than making products itself, and its value centers on COSMAX (about 27% stake), a leading cosmetics ODM company; the holding company's worth tracks how well its subsidiaries make and sell cosmetics, along with their exports and factory utilization. It confirmed its annual results for the March fiscal year at revenue of ₩645.2 billion, operating profit of ₩27.0 billion, and net profit of ₩29.2 billion, presented a revenue plan for this year through a corporate value-up plan, and in May its subsidiary COSMAX announced an expansion of its Pyeongtaek plant worth about ₩60.5 billion. What stands out recently is that the value of its listed holdings far exceeds its market cap, leaving it trading at roughly a 71% discount while its core subsidiary sits in an undervalued, export-strong phase; a ROE of 10.6% and a 4.7% dividend yield are strengths, but its value is heavily driven by subsidiary earnings, so a downturn in cosmetics exports could shake it as well.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 8.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 33.0% higher than a year earlier.
- ROE is 10.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.2%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Seo Seong-seok 22.61% (individual)
Controlling bloc incl. related parties 63.01%
With the controlling bloc holding 63%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Undervalued71% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Cosmax NBT | 43.53% |
| Cosmax | 27.23% |
🔎 In-depth analysis
- COSMAX BTI is a holding company that leads the entire group by owning stakes in its subsidiaries rather than making products directly.
- Its value centers on COSMAX (about 27% stake), a leading player in cosmetics ODM (where a brand owner does the planning and the manufacturer handles the research, development, and production on its behalf).
- In other words, the company's earnings and value are closely tied to how well COSMAX and the other subsidiaries make and sell cosmetics.
- Because income flows in from subsidiary dividends as well as trademark and management-advisory fees, the holding company's value rises alongside improvements in subsidiary exports and utilization.
- The latest close is ₩18,670, and market capitalization is ₩179.3 billion.
- The price sits above its 20-day line (₩17,942) and above its 60-day line (₩18,402).
- Being above both the short- and medium-term moving averages, the trend is on the favorable side.
- The RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 53.5, a neutral level.
- The one-month change is +4.5%, the three-month change is +16.6%, and the position versus the 52-week high is -24.4%.
- Relative strength against the KOSPI is 43 (on a 1-99 scale, converted from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- This places it in roughly the top 57% of all stocks by strength.
- Over the past three months it lagged the index by 6.8%.
- Chart interpretation is best done alongside trading volume and the dates of disclosures.
- The latest annual figures are revenue of ₩645.2 billion, operating profit of ₩27.0 billion, and net profit of ₩29.2 billion.
- ROE (how much is earned in a year on equity) is 10.6%, above the average for peer holding companies, and the payout ratio is about 40% with a dividend yield of 4.7%, on the high side.
- The P/E ratio (how many times a year's earnings the price represents) is 6.14x and the P/B (how many times book value the price represents) is 0.65x, so the price is low relative to both earnings and book value.
- The debt ratio of 257.9% looks high on the surface, but holding and finance-type companies structurally carry large liabilities, so it is hard to judge them by the same yardstick as ordinary manufacturers.
- Above all, the value of its listed subsidiary stakes (about ₩0.58 trillion) far exceeds its market cap (about ₩0.17 trillion), making it clearly cheap relative to asset value.
- Revenue dipped once from ₩628.6 billion in 2023 to ₩597.6 billion in 2024, then rose again to ₩645.2 billion in 2025, while operating profit recovered over the same span from ₩20.2 billion to ₩16.8 billion to ₩27.0 billion, a +60.7% increase year over year.
- Net profit grew sharply for two straight years, posting +77.5% in the prior year.
- The recovery is even clearer in recent quarters.
- First-quarter 2026 revenue was ₩205.2 billion, up +33.0% from a year earlier, and operating profit was ₩16.4 billion, up +150.9%.
- This is attributed to a rebound in cosmetics ODM exports at core subsidiary COSMAX, which lifted utilization and profitability together.
- The 2026 expansion of the Pyeongtaek plant (an investment of about ₩60.5 billion) also lays the groundwork for handling future volume.
- The company's voluntary disclosure puts this year's planned revenue at about ₩645.2 billion.
- Recent disclosures concentrate on results and investment.
- On March 11, 2026, the company confirmed and amended its annual results at revenue of ₩645.2 billion, operating profit of ₩27.0 billion, and net profit of ₩29.2 billion, and on March 26 it directly presented this year's revenue plan through a corporate value-up plan (voluntary disclosure).
- On May 19, its subsidiary COSMAX announced it would expand a plant in the Pyeongtaek Goryeom industrial complex at a scale of about ₩60.5 billion.
- It is notable that confirmed results, a commitment to enhancing shareholder value, and subsidiary expansion investment all emerged around the same time.
- This stock's strengths are clear.
- It is a holding company that owns a top-tier cosmetics ODM subsidiary, yet it trades at roughly a 71% discount because the value of its listed holdings far exceeds its market cap.
- Even allowing for the usual 30-50% holding-company discount, the discount is deep, and it is not easily explained given that core subsidiary COSMAX sits in an undervalued, high-growth (strong-export) phase.
- On top of that, a ROE of 10.6% and a 4.7% dividend yield support profitability and shareholder returns.
- On the other side, because the company's value is heavily driven by subsidiary earnings, it could be shaken if the cosmetics export cycle or subsidiary utilization turns down.
- In short, it is strong when cosmetics ODM exports hold firm and subsidiary value is reflected normally, and weaker when the export cycle slows.
🔎 Valuation vs peers Undervalued
A comparison set of holding companies with adjacent market caps.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ubiquoss Holdings | 6.72x | 0.52x | 7.68% |
| Hite Jinro Holdings | — | 0.34x | -0.47% |
| Hansol Holdings | — | 0.21x | -0.11% |
The primary comparison is against public-data peers with nearby market caps among holding companies. The current P/E ratio (how many times a year's earnings the price represents) is 6.14x, and the P/B (how many times book value the price represents) is 0.65x. However, smaller-cap names are heavily affected by earnings swings and financing disclosures, so this is not treated as conclusive based on last year's confirmed results alone. The basis for the outlook box is DART disclosures.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩6,452 | — | — |
| Next quarter | Q2 2026 | ₩221.2 billion | ₩38.5 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩18,670 and the market capitalization is ₩179.3 billion. The price sits above its 20-day moving average (₩17,942) and above its 60-day moving average (₩18,402). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.5, a neutral level. The one-month change is +4.5%, the three-month change is +16.6%, and the position relative to the 52-week high is -24.4%. Relative strength versus the KOSPI is 43 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 43% of all stocks. Over the past three months it lagged the index by 6.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -6.79% / 6M -13.21% / 12M -57.54%
Key metrics vs sector median
Valuation
The P/E of 6.14x is in line with the sector median (6.67x). The P/B of 0.65x is above the sector median (0.49x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.6%, above the sector average (5.0%). The operating margin is 4.2%. The debt ratio is 257.9%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $416.6M | $396.1M | $427.6M | +7.96% ↑ faster |
| Operating profit | $13.4M | $11.1M | $17.9M | +60.67% ↑ faster |
| Net profit | $6.0M | $10.9M | $19.4M | +77.50% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $381.8M | $409.2M | $416.6M | $396.1M | $427.6M |
| Operating profit | $7.9M | $2.3M | $13.4M | $11.1M | $17.9M |
| Net profit | $9.4M | -$4.3M | $6.0M | $10.9M | $19.4M |
| Revenue CAGR | 4-yr avg 2.88% | ||||
Revenue rose 8.0% year over year (2023 ₩628.6 billion → 2024 ₩597.6 billion → 2025 ₩645.2 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 60.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.9%. The two-year revenue CAGR is 1.3%. In the most recent quarter (Q1 2026), revenue was 33.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.2%, is on the high side.
- ROE of 10.6% points to solid profitability.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-26UpdateCorporate value-up plan (voluntary disclosure): revenue of ₩645.2 billionThis is planning material presented directly by the company. If it contains figures, it is treated as primary evidence for the outlook box; if not, it is used only as directional material. Source
- 2026-05-19UpdateNew facility investment, etc. (major management matter of a subsidiary): new facility investment / (2026.05.19) subsidiary COSMAX to expand a plant in the Pyeongtaek Goryeom industrial complex — investment amount ₩60.5 billion, shareholders' equity ₩612,343,808,452This is planning material presented directly by the company. If it contains figures, it is treated as primary evidence for the outlook box; if not, it is used only as directional material. Source
- 2026-03-11Earnings[Amended] Change of 30% or more (15% for large corporations) in revenue or profit-loss structure: annual revenue ₩645.2 billion · operating profit ₩27.0 billion · net profit ₩29.2 billionThis is recently confirmed or preliminary results material. It is examined for whether it moves in the same direction as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩18,670 | ₩18,670 | Confirmed | link |
| Latest quarterly results | revenue ₩205.2 billion, operating profit ₩16.4 billion | revenue ₩205.2 billion, operating profit ₩16.4 billion | Confirmed | link |
| Annual results | revenue ₩645.2 billion, operating profit ₩27.0 billion | revenue ₩645.2 billion, operating profit ₩27.0 billion | Confirmed | link |
| Outlook/plan disclosure source | : revenue ₩6,452 | : revenue ₩6,452 | Confirmed | link |
| Outlook/plan disclosure source | : /(2026.05.19) 1. - 2. 60,500,000,000 612,343,808,452 | : /(2026.05.19) 1. - 2. 60,500,000,000 612,343,808,452 | Confirmed | link |
| Results disclosure source | []revenue30%: revenue ₩645.2 billion · operating profit ₩27.0 billion · net profit ₩29.2 billion | []revenue30%: revenue ₩645.2 billion · operating profit ₩27.0 billion · net profit ₩29.2 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipLargest-shareholder ownership change report (amended)
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-27OwnershipLargest-shareholder ownership change report
- 2026-05-20Amended filing
- 2026-05-19Disclosure
- 2026-05-19Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.