Able C&C is a company that makes and sells cosmetics centered on its color and skincare brand 'MISSHA.' Domestically it uses road-shop, online, and health-and-beauty channels, while overseas it is expanding into the United States, Japan, Europe, and beyond, to the point that as of Q1 2026 the overseas share accounts for a substantial portion of revenue, as it shifts its makeup from a road-shop brand into a global beauty exporter. On April 1, 2026 it decided on a corporate value-up plan and a year-end dividend, and in May it continued treasury-share acquisition under a trust contract; in the May 13 quarterly report, Q1 operating profit came in at roughly double the year-earlier level. What stands out lately is that the highest ROE in its peer set at 16.3%, a 4.2% dividend, earnings momentum with operating profit around double, and a P/E of about 18x on confirmed profit that falls to about 11x on this year's profit are strengths, while a meaningful part of the growth depends on the U.S. and digital channels, so margins can swing with exchange rates, local distribution, and marketing costs.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 1.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.2% higher than a year earlier.
- ROE is 16.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.4%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Leaf & Vine 61.52% (corporate)
Controlling bloc incl. related parties 62.02%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Able C&C is a company that makes and sells cosmetics centered on its color and skincare brand 'MISSHA.' It plans and sells finished skincare and color products directly, generating revenue through road-shop, online, and health-and-beauty channels domestically, and through exports and local distribution overseas in the United States, Japan, Europe, the Middle East, Latin America, and elsewhere.
- The core of the business lately is a shift in its center of gravity from 'domestic stagnation to overseas growth,' with the overseas share as of Q1 2026 having grown large enough to account for a substantial portion of total revenue.
- In other words, from its starting point as a Korean road-shop brand, it is reshaping itself into a global beauty exporter, and its performance is driven by results in the U.S. and digital-commerce channels.
- The latest close is ₩9,460 and market capitalization is ₩246.1 billion.
- The price sits below its 20-day moving average (₩10,218) and below its 60-day average (₩12,218).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 38.9, a neutral level.
- The one-month change is -9.7%, the three-month change is -18.1%, and the position versus the 52-week high is -40.3%.
- Relative strength versus the KOSPI is 31 (1-99, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 69% of all stocks by strength.
- Over the past three months it lagged the index by 34.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Profitability stands out among cosmetics peers.
- ROE (how much is earned per year on equity) is 16.3%, more than double the peer set (4-9%), with an operating margin of 7.4% and a net margin of 5.8%.
- The dividend yield is a high 4.2% and the payout ratio (the share of earnings paid out as dividends) reaches 76%, returning a substantial part of profit to shareholders.
- The finances are also stable, with a debt ratio (debt versus equity) of 89%, a current ratio (readily usable assets versus debt due within a year) of 227%, and an interest coverage ratio of 8.6x.
- The P/E (how many times one year's profit the stock trades at) looks high at about 18x on last year's confirmed profit (trailing), above the peer set (about 10-13x), but that is because last year was one in which the company had just emerged from losses and the profit base was still small.
- Recalculated on this year's increased profit, the P/E comes down to about 11x, in fact equal to or below the peer set.
- This means the company with the highest ROE in the group trades at a similar or lower earnings multiple, so this is not a zone where one can conclude 'expensive' from the surface trailing number alone.
- Over five years the trajectory is a 'turnaround': from a deep net loss of -₩43.3 billion in 2021, it turned to profit in 2022, then posted ₩6.1 billion in 2023, ₩14.5 billion in 2024, and ₩14.1 billion in 2025 as earnings power took hold.
- In 2025 growth paused for a breath, with revenue +1.1%, operating profit -1.3%, and net profit -2.9%, but it re-accelerated in Q1 2026.
- Revenue was ₩61.4 billion (+10.2%), operating profit ₩9.4 billion (+91.1%), and net profit ₩8.9 billion (+96.1%), with profit roughly double the year-earlier level.
- This is not a mere seasonal effect but a structural change in which the overseas and digital channels grew as a share of the mix and their margins improved, so that the same revenue converted into more profit.
- As a result, this year's profit is likely to step up to a level clearly above last year's, and reflecting that, this year's forward P/E is calculated notably lower than the roughly 18x confirmed (trailing) P/E for last year.
- The point to watch is whether this overseas-growth margin improvement continues into the next quarter, and there is as yet no basis to view this as the end of the cycle (a signal that profit is about to turn down again).
- Recent disclosures run along two threads.
- First, shareholder returns: on April 1, 2026 the company issued a corporate value-up plan (voluntary disclosure), decided on a year-end dividend in April, and in May followed with status reports on treasury-share acquisition under a trust contract.
- The high payout ratio and treasury-share buying are showing up as actual actions, not just words.
- Second, earnings: the May 13 quarterly report (Q1 2026) confirmed a first quarter in which operating profit grew to roughly double the year-earlier level.
- Separately, there was a May 12 'clarification of rumor or media report' disclosure; because such clarification disclosures respond to unverified information circulating in the market, the facts should be judged only from the company's original disclosures, and it can be a near-term source of price movement.
- The strengths are clear.
- The highest ROE in the peer set (16.3%) and dividend yield (4.2%), earnings momentum with Q1 2026 operating profit up roughly double, and a shareholder-return intent that runs through treasury shares and dividends all come together.
- Moreover, even though the P/E on last year's confirmed profit looks high at about 18x, on this year's increased profit it comes down to about 11x, equal to or below the peer set, so the picture is one of buying the best earner at a comparable earnings multiple.
- The point to watch is that a meaningful part of the growth depends on overseas markets (especially the U.S. and digital channels), so margins can swing with exchange rates, local distribution, and marketing costs.
- In sum, the appeal comes alive when overseas growth continues to prove itself in results in the next quarter and profit growth persists, while the pace of earnings improvement can slow if domestic weakness lengthens, overseas growth decelerates, or exchange rates turn unfavorable.
🔎 Valuation vs peers Fairly valued
A comparison against domestic cosmetics brand houses (such as MISSHA, Clio, Tonymoly, and It's Hanbul, which make and sell their own skincare and color cosmetics brands).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Clio | 14.87x | 0.83x | 5.58% |
| Tonymoly | 12.66x | 1.19x | 9.43% |
| It's Hanbul | 13.61x | 0.58x | 4.29% |
At the current price the P/E of 19.1x is above the peer set (11.7-13.8x), a premium on the surface. However, this multiple is on last year's confirmed (trailing) profit, and last year was one in which the company had just emerged from losses and the absolute profit base was still recovering, so the multiple prints high, a limitation to note. That ROE is more than double the peer set and the dividend yield is the highest are factors that justify a premium, and when profit grows quickly as in Q1 2026, the forward multiple comes down to peer-group levels. Conversely, if overseas growth decelerates, the high trailing multiple can become a burden. At this point, rather than conclude 'undervalued' or 'overvalued,' it is reasonable to view it as 'fairly valued,' hinging on whether profit growth is sustained.
Price history Close · MA20 · MA60
The latest close is ₩9,460 and the market capitalization is ₩246.1 billion. The price sits below its 20-day moving average (₩10,218) and below its 60-day moving average (₩12,218). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 38.9, a neutral level. The one-month change is -9.7%, the three-month change is -18.1%, and the position relative to the 52-week high is -40.3%. Relative strength versus the KOSPI is 31 (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 31% of all stocks. Over the past three months it lagged the index by 34.1%. 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 -34.10% / 6M -41.93% / 12M -47.29%
Key metrics vs sector median
Valuation
The P/E of 17.42x is above the sector median (14.98x). The P/B of 2.84x is above the sector median (1.58x). 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 10.7%, 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 16.3%, above the sector average (10.0%). The operating margin is 7.4%. The debt ratio is 89.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $151.5M | $158.6M | $160.4M | +1.15% ↓ slower |
| Operating profit | $6.5M | $12.1M | $11.9M | -1.33% ↓ slower |
| Net profit | $4.1M | $9.6M | $9.4M | -2.88% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $174.3M | $164.3M | $151.5M | $158.6M | $160.4M |
| Operating profit | -$14.8M | $6.6M | $6.5M | $12.1M | $11.9M |
| Net profit | -$28.7M | $620,002 | $4.1M | $9.6M | $9.4M |
| Revenue CAGR | 4-yr avg -2.05% | ||||
Revenue rose 1.1% year over year (2023 ₩228.5 billion → 2024 ₩239.2 billion → 2025 ₩242.0 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 1.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -2.1%. The two-year revenue CAGR is 2.9%. In the most recent quarter (Q1 2026), revenue was 10.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 4.6%, is on the high side.
- ROE of 16.3% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 1.1% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-13EarningsQ1 2026 quarterly report disclosure. Revenue ₩61.4 billion, operating profit ₩9.4 billion (+91.1% year over year), net profit ₩8.9 billion (+96.1%), as margin improvement in overseas and digital channels lifted profit.Near term: positive for sentiment as earnings momentum comes to the fore. Medium term: whether overseas growth is proven in results is the key to any re-valuation. Source
- 2026-04-01IRVoluntarily disclosed a corporate value-up plan (voluntary disclosure). Presented its direction on shareholder returns and enhancing corporate value to the market.Near and medium term: supports expectations for shareholder returns such as dividends and treasury shares. Actual delivery needs confirmation through follow-up disclosures. Source
- 2026-05-12DividendDisclosed a status report on treasury-share acquisition under a trust contract. Confirmed that treasury-share acquisition is actually underway.Medium term: favorable for strengthening shareholder returns by reducing outstanding shares and raising per-share value. Source
- 2026-04-09DividendDecision on cash and in-kind dividends (correction filing). Decided on the year-end dividend payment.Near and medium term: a return policy that underpins a dividend yield in the 4% range. Source
- 2026-05-12UpdateA 'clarification of rumor or media report' disclosure. The company's clarification of unverified market information, with the facts to be confirmed from the original disclosure.Near term: a source of price volatility driven by unverified information. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-13DividendCash/stock dividend decision
- 2026-05-13PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-12Disclosure
- 2026-04-09DividendCash/stock dividend decision (amended)
- 2026-04-01Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-25Disclosure
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit 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.