1. What’s Happening at MSC Co., Ltd.?

MSC achieved remarkable growth in the first half of 2025, reaching ₩99.05 billion in revenue, a significant increase of ₩7.065 billion compared to the same period last year. The growth was primarily driven by strong performance in the processed seafood and seasoning product segments. The preliminary Q2 results further solidified this positive trend, with revenue at ₩50.8 billion, operating profit at ₩9.1 billion, and net income at ₩6.1 billion, all showing an upward trajectory from the previous quarter.

2. Drivers of Growth and Underlying Risks

This growth is attributed to strategic R&D investments (₩2.075 billion, representing 2.1% of revenue) and securing technological leadership through 23 patent registrations, as well as global expansion efforts through subsidiaries in Myanmar and Shanghai. A low debt-to-equity ratio of 27.8% further underscores the company’s sound financial health. However, sluggish performance in the beverage segment, sensitivity to exchange rate fluctuations, and dependence on a specific customer for 12.9% of revenue pose potential challenges to future growth. Furthermore, the possibility of continued interest rate hikes and volatility in raw material prices represent external environmental risks.

3. What’s Next? Analyzing Investment Scenarios

  • Positive Scenario: Continued growth in key business segments, tangible results from R&D efforts, and a sustained weakening of the Korean Won could create momentum for stock price appreciation.
  • Negative Scenario: A global economic slowdown, sharp increases in raw material prices, interest rate hikes, prolonged sluggishness in the beverage segment, deteriorating performance of major clients, and a strengthening Korean Won could put downward pressure on earnings and stock price.

4. Action Plan for Investors

While MSC holds significant growth potential, continuous attention to managing external environmental changes and internal risks is crucial. Investors should consider the following factors when developing their investment strategies:

  • Monitor the company’s strategies for securing new growth engines and diversifying its business.
  • Assess the company’s risk management measures related to exchange rate volatility and customer concentration.
  • Analyze the potential impact of changes in macroeconomic indicators such as interest rates, raw material prices, and exchange rates.