We consider an asymptotic iterative decoding analysis of spatially-coupled split-component codes used for communication over binary symmetric channel (BSC) with hard-decision decoding at the receiver. The proposed analysis takes into account the impact of mis-corrections that occur in component code decoding. The analysis technique models flows of corrections and mis-corrections that occur throughout the decoding process in the entire coupled code chain. The results for spatially-coupled split-component codes with BCH component codes demonstrate that the analysis provides significantly more accurate estimates of the iterative decoding threshold values.