C&C International is a color-cosmetics ODM specialist that develops and manufactures products on behalf of beauty brands that plan and market them. Lip products such as lipstick and lip gloss make up its largest share, followed by eye products like eyeshadow, and it has recently built up its skincare research organization to expand into sun care and functional categories. On May 11, 2026, its preliminary results signaled a Q1 revenue recovery (+7.4%), on May 26 it approved a treasury-share trust agreement, and in March it filed its business report and completed governance changes, including a CEO change, at the annual shareholders' meeting. What stands out lately is a set of strengths: a top line that scaled rapidly over five years, low debt and ample liquidity, a P/B of 0.8x that is steeply discounted versus peers, a forward P/E of 17.6x reflecting a profit recovery, and the treasury-share purchase. On the other hand, its ROE in the 4% range is the lowest among ODM peers, an operating-margin recovery has yet to show up in Q1 figures, and its heavy concentration in color cosmetics and specific categories means the pace and extent of the profitability recovery is the pivot.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 2.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.4% higher than a year earlier.
- ROE is 4.0% (total-net basis). It is above the sector average.
- Operating margin is 7.7%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Beauty Synergy 41.22% (corporate)
Controlling bloc incl. related parties 75.03%
With the controlling bloc holding 75%, control is very secure but the free float is thin.
🔎 In-depth analysis
- C&C International is a color-cosmetics ODM (a model in which the manufacturer directly develops and produces the product the client requests) specialist that develops and manufactures products on behalf of the brands that plan and market them.
- Most of its revenue comes from color products, and within that, lip products such as lipstick and lip gloss make up the largest share, followed by eye products like eyeshadow and eyeliner.
- In other words, this is not a company building its own brands; its core business is being a "manufacturing partner" that quickly turns global and domestic beauty brands' new products into finished formulations and designs for delivery.
- Recently, to offset a structure skewed toward color cosmetics, it has built up its skincare (basic cosmetics) research organization to expand into sun care and functional items.
- It is classified under "chemicals" by industry code, but its business and results are best understood as cosmetics manufacturing.
- The latest close is ₩20,150 and market capitalization is ₩274.6 billion.
- The price sits below its 20-day line (₩20,401) and below its 60-day line (₩23,097).
- Trading below both the short- and medium-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the last 14 days on a 0-100 scale) is 46.5, at a neutral level.
- The one-month change is +4.6%, the three-month change is -20.0%, and the position versus the 52-week high is -58.3%.
- Relative strength versus the KOSDAQ is 49 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 51% of all stocks by strength.
- Over the past three months it outpaced the index by 6.4%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Financial stability is a clear strength.
- The debt ratio (debt relative to equity) is a very low 23.5%, and the current ratio (assets convertible to cash within a year versus debt due within a year) is 321%, leaving ample short-term coverage.
- Profitability sits a notch lower: the ROE (how much is earned in a year on equity) is 4.0%, below ODM peers (mostly 14-22%), with an operating margin of 7.7% and a net margin around 5.0%.
- On valuation, the trailing P/E (on last year's confirmed profit, how many times one year's profit the share price trades at) of 20.2x looks high, but it is calculated on a "profit trough" where 2025 net profit nearly halved in a single year, so it is hard to call expensive as is.
- In fact, the forward P/E (on this year's expected profit) of 19.22x is lower than the trailing figure, a picture in which the multiple converges toward the peer group (mid-15-16x range) as profit normalizes.
- Above all, the P/B (how many times net assets the price trades at) of 0.8x means it trades below net assets and, compared with ODM peers (2.3-3.0x), at a steep discount, placing it among the cheapest in this industry on an asset-value basis.
- Over the long run the top line has scaled steeply.
- Revenue grew from ₩91.3 billion in 2021 to ₩288.5 billion in 2025, a five-year CAGR in the low-30% range, and set a record high again in 2025 at +2.0%.
- Profit has a different texture: operating profit fell from ₩32.1 billion in 2023 to ₩29.0 billion in 2024 and ₩22.2 billion in 2025, and net profit dropped nearly by half from the prior year to ₩14.3 billion in 2025.
- In other words, it passed through a profitability-adjustment phase where "revenue grows but margins are compressed." A key turn appears in 2026.
- Q1 revenue rose again to ₩70.8 billion (+7.4%) and net profit increased to ₩5.1 billion (+25.2%), with the revenue recovery beginning to build back atop a bottomed-out profit.
- The forward P/E on this year's expected profit dropping to 17.6x from last year's basis (20.2x) reflects exactly this recovery: if revenue growth continues and net profit revives as in Q1, the profit base climbs above last year's trough.
- That said, Q1 operating profit was still weak at ₩3.0 billion (-46.6%), so how firmly the recovery carries through to core-business margin improvement is the point that determines the quality of this year's growth.
- Recent developments can be summarized as "an attempt to pass through a profit trough plus shareholder-value enhancement." On May 11, 2026, preliminary results (fair disclosure) signaled a Q1 revenue recovery (+7.4%), and on the 8th of the same month it held an investor briefing (IR) to explain directly its plans to offset the color-skewed structure and expand skincare.
- On May 26 it approved a treasury-share trust agreement, officially signaling its intent on shareholder returns and value enhancement during a period of weak share performance.
- In March, alongside filing its 2025 business report, it completed governance changes, including a CEO change, at the annual shareholders' meeting.
- Following the disclosures and IR directly rather than general news, the key point is that, amid top-line growth and shareholder returns proceeding together, the recovery in core-business operating margin is at a confirmation stage.
- The strengths are clear on several fronts: a top line scaled rapidly over five years, very low debt and ample liquidity, a P/B (0.8x) steeply discounted versus peers, a profit trajectory climbing from last year's trough (forward P/E 17.6x), and a shareholder-return signal in the treasury-share trust.
- On asset value it is among the cheapest in this industry, and if profit normalizes as in Q1, the multiple moves closer to the peer group.
- What to watch is profitability.
- An ROE in the 4% range is the lowest among ODM peers, an operating-margin recovery has yet to show up in Q1 figures, and with revenue concentrated in color cosmetics and specific categories, it is sensitive to downstream brand orders and industry shifts.
- In short, if the revenue recovery feeds through to a rebound in operating margin and category diversification such as skincare takes hold, the asset discount and profit recovery come to the fore together in a strong phase; conversely, if color-cosmetics orders slow or margin pressure lingers, it weakens.
- This is a stock where the pace and extent of the profitability recovery is the pivot.
🔎 Valuation vs peers Inconclusive
Based on the business reality of being a cosmetics ODM/OEM manufacturing partner rather than an own-brand player, the comparison set is other Korean cosmetics contract manufacturers.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cosmax | 16.00x | 3.53x | 22.05% |
| Kolmar Korea | 19.40x | 2.67x | 13.74% |
| Cosmecca Korea | 20.10x | 3.61x | 17.98% |
Against three cosmetics ODM peers with the same business reality, C&C International is the cheapest on a net-asset basis (P/B 0.80x) but the weakest on profitability (ROE in the 4% range). In other words, it is valued as "cheap on assets, low on profit." Its P/E of 19.9x being higher than the peer group is less because the company is expensive and more because 2025 profit fell to a trough, shrinking the denominator (profit). The trailing P/E has this limitation of looking expensive relative to reality at a profit inflection, so it is more reasonable to view it alongside the forward P/E on this year's expected profit as revenue recovers. Until a rebound in profitability is confirmed, it is hard to settle on cheap or expensive, so this is treated as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩20,150 and the market capitalization is ₩274.6 billion. The price sits below its 20-day moving average (₩20,401) and below its 60-day moving average (₩23,097). 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 46.5, a neutral level. The one-month change is +4.6%, the three-month change is -20.0%, and the position relative to the 52-week high is -58.3%. Relative strength versus the KOSDAQ is 49 (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 49% of all stocks. Over the past three months it outpaced the index by 6.4%. 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 +6.38% / 6M -25.47% / 12M -42.48%
Key metrics vs sector median
Valuation
The P/E of 19.22x is above the sector median (14.79x). The P/B of 0.77x is below the sector median (0.97x).
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 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.264x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.0%, in line with the sector average (4.0%). The operating margin is 7.7%. The debt ratio is 23.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $146.0M | $187.5M | $191.2M | +1.98% ↓ slower |
| Operating profit | $21.3M | $19.2M | $14.7M | -23.45% ↓ slower |
| Net profit | $20.8M | $21.5M | $9.5M | -55.96% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $60.5M | $86.6M | $146.0M | $187.5M | $191.2M |
| Operating profit | $1.5M | $11.6M | $21.3M | $19.2M | $14.7M |
| Net profit | -$3.9M | $10.9M | $20.8M | $21.5M | $9.5M |
| Revenue CAGR | 4-yr avg 33.33% | ||||
Revenue rose 2.0% year over year (2023 ₩220.3 billion → 2024 ₩282.9 billion → 2025 ₩288.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 23.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 33.3%. The two-year revenue CAGR is 14.4%. In the most recent quarter (Q1 2026), revenue was 7.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 2.0% 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
- 2026-05-26UpdateApproval of a treasury-share trust agreement (a treasury-share purchase for the purpose of enhancing shareholder value)Short term: supports the downside on the supply-demand side and confirms intent on shareholder returns. Medium term: shows the company's direction to raise capital efficiency during a period of weak share performance. Source
- 2026-05-11EarningsQ1 2026 consolidated preliminary results (fair disclosure) - revenue ₩70.8 billion (+7.4% YoY), operating profit ₩3.0 billion (-46.6%), net profit ₩5.1 billion (+25.2%)Short term: the revenue recovery signal is positive, but weak operating profit means a margin recovery is unconfirmed. Medium term: whether the top-line rebound feeds through to a profitability rebound is the key point to watch. Source
- 2026-05-08IRInvestor briefing (IR) held - the company explained its business status and direction directly (offsetting the color-centric structure, expanding skincare)Short term: stronger investor communication. Medium term: a venue to gauge progress on the strategy to ease color concentration and diversify categories. Source
- 2026-03-31FilingAnnual shareholders' meeting results and CEO change - governance change completed alongside the fiscal 2025 closeShort term: a change in the management structure. Medium term: execution capacity under the new management is a point to watch. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-26TreasuryMaterial-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-05-11EarningsFair-disclosure notice
- 2026-05-08Disclosure
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
📖 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.