PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
MS Autotech posted its largest quarterly operating profit in the recent window in 2026Q2, yet net income attributable to owners has remained in the red for five consecutive quarters since 2025Q2.
2026Q2 revenue of KRW 504.8 billion and operating profit of KRW 35.5 billion marked the strongest quarter in the recent five-quarter window.
In contrast, owners' net income was negative in every quarter from 2025Q2 to 2026Q2, with the latest four-quarter sum around -KRW 63.6 billion.
The company shifted to a holding structure through an August 2024 spin-off that created MS Autosys and the absorption-merger of top shareholder Simwon.
Core subsidiary Myungshin Industry supplies hot-stamped parts to Hyundai/Kia and Tesla, and its Simwon North America plant in Texas is tied to Cybercab production.
Revenue contracted from about KRW 2.08 trillion in 2023 to KRW 1.78 trillion in 2024 and KRW 1.74 trillion in 2025, reflecting a domestic OEM demand slowdown.
Founded in 1990 and listed on KOSDAQ in 2010, MS Autotech specializes in automotive body parts, producing Moving, Side and Floor modules that form a vehicle's structural frame.
The company independently developed Korea's first hot-stamping process, which combines high-temperature forming with rapid quenching, building expertise in lightweight, high-strength body components.
In August 2024 it spun off its Gyeongju plant operations into MS Autosys and converted to a holding-company structure, and in the same year absorbed its then-largest shareholder, privately held Simwon, to simplify a duplicative upper-tier ownership structure.
Hot-stamping production for the group is concentrated in core subsidiary Myungshin Industry, which diversified its customer base by beginning to supply parts for Tesla's Model 3 at an annual scale of roughly 400,000 units starting in the third quarter of 2017.
Since then, the share of revenue tied to the Hyundai Motor Group has relatively declined while exposure to Tesla and other global EV makers has grown. Overseas production bases include an Indian subsidiary (MSI) and the Simwon North America plant in Texas, which supplies parts linked to Tesla's Cybercab production.
Domestic hot-stamping competitors include Sungwoo Hitech affiliate Samyoung Hot Stamping, Shinyoung, and Iljitech. More recently, the company has been filing patents for new technologies such as an EV battery thermal-runaway blocking system to prepare for the future mobility market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩441.8B | ₩7B | 1.6% |
| 2025Q3 | ₩467.5B | ₩13.9B | 3.0% |
| 2025Q4 | ₩428.9B | -₩12.3B | −2.9% |
| 2026Q1 | ₩420.1B | ₩11.9B | 2.8% |
| 2026Q2 | ₩504.8B | ₩35.5B | 7.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩2T | ₩149.1B | ₩43.4B | 7.4% | 23.6% | 233.9% |
| 2023 | ₩2.1T | ₩174.8B | ₩12B | 8.4% | 5.7% | 192.5% |
| 2024 | ₩1.8T | ₩96.3B | ₩1.6B | 5.4% | 0.5% | 156.3% |
| 2025 | ₩1.7T | ₩31.3B | -₩108.6B | 1.8% | −59.2% | 166.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual results improved from revenue of KRW 2.025 trillion and operating profit of KRW 149.1 billion (7.4% margin) in 2022 to revenue of KRW 2.082 trillion and operating profit of KRW 174.8 billion (8.4%) in 2023, before revenue fell to KRW 1.778 trillion and operating profit slipped to KRW 96.3 billion (5.4%) in 2024.
In 2025, revenue was KRW 1.741 trillion with operating profit of just KRW 31.3 billion (1.8%), and net income attributable to owners swung to a loss of KRW 108.6 billion.
Owners' net income had already been shrinking — from KRW 43.4 billion in 2022 to KRW 12.0 billion in 2023 and KRW 1.6 billion in 2024 — before turning negative in 2025.
On a quarterly basis, 2025Q2 revenue was KRW 441.8 billion with operating profit of KRW 7.0 billion and an owners' net loss of KRW 51.0 billion; 2025Q3 revenue reached KRW 467.5 billion with operating profit of KRW 13.9 billion and a net loss of KRW 16.3 billion; and 2025Q4 was the weakest, with revenue of KRW 428.9 billion, an operating loss of KRW 12.3 billion, and a net loss of KRW 28.6 billion. 2026Q1 saw an operating recovery to revenue of KRW 420.1 billion and operating profit of KRW 11.9 billion, though the net loss continued at KRW 4.8 billion, and 2026Q2 delivered the strongest result in the window — revenue of KRW 504.8 billion and operating profit of KRW 35.5 billion — yet the owners' net loss persisted at KRW 14.0 billion, marking five straight quarters in the red.
On the consolidated balance sheet, equity attributable to owners stood at KRW 183.3 billion at end-2025 versus a much larger non-controlling interest of KRW 454.1 billion, suggesting that how profit is allocated across subsidiaries materially affects the owners' share of net income.
One market data provider's commentary on the 2026Q1 results noted that while auto-parts revenue rose, cost pressure and rising expenses hurt profitability, and attributed part of the drag to one-off costs tied to restructuring following the holding-company conversion.
The domestic auto-parts industry is closely tied to the Hyundai Motor Group's domestic sales trend; one media outlet attributed weaker parts demand — and a negative impact on MS Autotech — to a slump in Hyundai Motor Group's home-market sales.
At the same time, the company diversified its customer base by supplying Tesla's Model 3 since 2017, and more recently its Simwon North America plant in Texas has drawn attention for its link to Tesla's Cybercab production.
However, one report noted that a related entity's operating profit fell 32% over the past year due to a direct hit from US tariff policy, illustrating how shifts in the trade environment can immediately affect profitability.
Regarding the pace of Cybercab mass production, Tesla CEO Elon Musk has said initial output would be "agonizingly slow,
Based on disclosed information, 2026Q1 revenue rose year on year but profitability weakened due to cost pressure and rising expenses, while 2026Q2 showed a notable recovery in quarterly operating profit.
With the holding-company conversion and the Simwon absorption-merger now complete, whether one-off restructuring costs continue to fade will be a key factor shaping the path of owners' net income going forward.
On the overseas front, the Simwon North America plant in Texas is linked to Tesla's Cybercab production, and the company has previously pursued a second Texas plant, making North American capacity expansion an important variable.
That said, the pace of any increase in parts-supply volume remains fluid since it depends on Tesla's own Cybercab ramp-up schedule.
The company is also filing patents for new technologies such as an EV battery thermal-runaway blocking system, signaling an effort to broaden its portfolio beyond hot stamping into safety- and battery-related areas.
Whether Hyundai Motor Group's domestic sales recover, and how the tariff and trade environment evolves, are additional variables that could influence the earnings trajectory ahead.
With owners' net income remaining negative across the latest four reported quarters, the company sits in a range where a conventional price-to-earnings multiple is difficult to compute.
Looking at the relationship between the share price and net asset value per share, the current price trades below book value per share, placing it in a discount-to-net-assets position.
Based on the most recent fiscal year, no cash dividend was paid, which limits the attractiveness of the stock from a dividend-yield perspective for now.
Over a multi-year view, profitability moved from a relatively healthy period in 2022-2023 toward shrinking profit and an eventual net loss in 2024-2025, while 2026 has shown early signs of recovery at the operating-profit level.
The direction of this profitability shift can serve as a reference point for gauging whether owners' net income might return to positive territory going forward.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Operating profit jumped from KRW 11.9 billion in 2026Q1 to KRW 35.5 billion in 2026Q2, the strongest quarter in the window, contrasting with the KRW 12.3 billion operating loss in 2025Q4. Revenue over the same stretch rose from KRW 420.1 billion to KRW 504.8 billion. Despite quarter-to-quarter volatility, the recent direction points to an operating-level recovery.
Myungshin Industry has supplied hot-stamped parts for Tesla's Model 3 since 2017, and its Simwon North America plant in Texas is linked to Tesla's Cybercab production.
The broadening of the customer base from a Hyundai/Kia-centric structure to global EV makers can act as a buffer against demand swings at any single automaker.
Through the 2024 absorption-merger of Simwon and the spin-off, the company cleared a duplicative upper-tier ownership structure and converted to a holding-company system. It has said it expects this to improve management transparency, strengthen subsidiary-level accountability, and improve relationships with customers.
Owners' net income was negative in all five quarters from 2025Q2 through 2026Q2, and the latest four-quarter sum remains around -KRW 63.6 billion. Even as operating profit recovered, the net loss persisted, meaning operating-level improvement has not directly translated into owners' bottom-line results.
Annual revenue fell for two straight years, from KRW 2.082 trillion in 2023 to KRW 1.778 trillion in 2024 and KRW 1.741 trillion in 2025. One outlet attributed the decline to weaker parts demand stemming from a domestic sales slump at core customer Hyundai Motor Group.
According to one report, a related entity's operating profit fell 32% over the past year due to a direct hit from US tariff policy. As the weight of North American production grows, the sensitivity of profitability to trade policy and currency swings could also increase.
Revenue is concentrated among a small number of large customers, namely Hyundai/Kia and Tesla, so changes in any one customer's production plans or demand can directly affect results. Volumes tied to new-model ramps such as the Cybercab carry relatively higher uncertainty.
At end-2025, non-controlling interests (KRW 454.1 billion) were far larger than equity attributable to owners (KRW 183.3 billion) within consolidated equity, so how profit is allocated among subsidiaries heavily influences owners' net income. The possibility that a subsidiary's financial or credit risk could spread across the group cannot be ruled out.
A case has already been confirmed in which a change in US tariff policy directly hit profitability of North American operations. Given production and sales spanning multiple countries, currency fluctuations are also a variable that can affect results.
This is the statutory filing deadline for the 2026Q3 report; it will be important to check whether Q3 revenue, operating profit, and owners' net income continue the recovery trend.
Further updates on the pace of Tesla's Cybercab ramp-up and progress at its new Mexico plant may emerge, warranting a check on any resulting change in related parts-supply volume.
It will be worth monitoring whether, and how quickly, the proposed second Texas plant for Simwon North America advances, since expanded North American capacity is directly tied to medium-term supply volume.
Once full-year 2026 results are disclosed, it will be possible to check whether owners' net income has turned positive and whether one-off costs tied to the holding-company conversion have faded.
MS Autotech is a body-parts specialist built on hot-stamping technology, with multiple large automotive customers including Hyundai/Kia and Tesla, and it completed a holding-company conversion and governance simplification in 2024. 2026Q2 showed signs of recovery with the largest quarterly operating profit in the window, but net income attributable to owners has remained negative for five consecutive quarters since 2025Q2.
Annual results peaked in 2023 before revenue and margins contracted in 2024-2025, a trend some analysis links to a domestic sales slump at core customer Hyundai Motor Group.
At the same time, the Simwon North America plant in Texas is linked to Tesla's Cybercab production, pointing to potential North American demand growth, though a case has already been confirmed in which US tariff policy hit the profitability of a related entity.
Non-controlling interests substantially exceed owners' equity within consolidated capital, meaning how profit is allocated across subsidiaries will likely continue to shape the path of owners' net income.
The next quarterly report (statutory deadline November 16, 2026), the pace of Tesla's Cybercab ramp-up, and any North American capacity expansion are key variables for gauging the earnings trajectory ahead. This report is for informational purposes and does not constitute investment advice or a buy/sell recommendation.
Report written 2026-10-02 · Data as of 2026-10-01
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