Cosmo AM&T (005070) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Cosmo AM&T makes cathode materials, a key component of EV batteries; about 72% of its 2025 separate revenue (about ₩456.3 billion) came from cathode materials, with the rest from the functional-film and copier-toner materials businesses it has run for a long time - a structure that places high-growth battery materials on top of stable film and toner. Its strength is single-crystal cathode material, favored by carmakers and battery firms for good battery life and thermal stability; at an industry trough it instead decided to invest about ₩155 billion in cathode production facilities to serve European customers, raising the funds through convertible bonds and a rights offering. What stands out lately is that the defensive strengths of revenue turning up again in 2026, single-crystal technology and European expansion offering room to convert volume into profit, and film and toner cushioning the bottom, sit alongside cautions to confirm through quarterly results: revenue has turned but the company is still in the red, and expansion has increased debt and interest, so a slow recovery would raise the burden.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Cathode Materials” (Secondary Batteries · Battery Materials, Parts & Equipment), a type typically read first through EV/EBITDA.
Cathode materials carry heavy capacity expansion and depreciation, so looking at net income alone gets distorted by capex and capital structure. That makes EV/EBITDA — enterprise value against operating cash generation before depreciation — the first lens. But in a loss-making stretch, say from a slide in raw-material prices, that metric breaks down, so EV/Sales — enterprise value against revenue — steps in to size the business against its scale.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 19.9% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 7.8% higher than a year earlier.
- ROE is -0.1% (total-net basis). It is below the sector average.
- Operating margin is 0.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Cosmo Chemical 27.19% (corporate)
Controlling bloc incl. related parties 29.31%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Cosmo AM&T makes cathode materials for EV batteries (materials used in the cathode, which stores and releases electricity in a battery). Of its 2025 separate-basis revenue of about ₩456.3 billion, cathode materials account for about 72%. The rest is the functional-film business (about ₩115.2 billion; thin-film materials used in smartphones, displays and the like) it has run for a long time, plus copier-toner materials. In short, high-growth battery materials sit on top of stable film and toner businesses. Its particular strength is single-crystal cathode material, made by forming particles into a single crystal; this approach offers good battery life and thermal stability, and is favored by carmakers and battery firms.
The latest close is ₩35,900 and the market capitalization is ₩1.2 trillion. The price sits above its 20-day moving average (₩35,200) and below its 60-day moving average (₩42,160). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.2, a neutral level. The one-month change is -7.8%, the three-month change is -43.9%, and the position relative to the 52-week high is -45.2%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 33.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
2025 was the year the company turned to a loss. Net profit was -₩500 million, a small loss, and ROE (how much is earned in a year on equity) was -0.1%. The size of the loss itself is small, so it is effectively near break-even. The P/E ratio (how many times a year's earnings the share price is) cannot be calculated because earnings are negative, and the P/B (how many times book net assets the price is) is 2.21x. The debt ratio (debt against equity) is a somewhat high 145%, and interest costs have grown as expansion investment was funded with debt. A metric worth watching is cash flow. The FCF yield (cash actually generated relative to market cap) is 7.3%, so unlike the accounting loss, actual cash is being generated steadily - a result reflecting the traits of an equipment-heavy company with large depreciation. On the other hand, EV/EBIT (enterprise value including debt divided by operating profit) comes out very high because operating profit is near zero, which is close to an illusion arising in a period when earnings have bottomed.
Revenue more than doubled from ₩305.9 billion in 2021 to ₩629.6 billion in 2023 in just two years, a period of rapid growth riding the EV and battery boom. But revenue then fell for two straight years, in 2024 (-9.5%) and 2025 (-19.9%), as slowing EV growth dragged down the whole battery-materials industry. Operating profit also shrank sharply, from ₩32.3 billion in 2023 to ₩2.4 billion in 2025. Yet there is a sign of a turn: Q1 2026 revenue was ₩122.7 billion, up 7.8% from the same period a year earlier - volume beginning to return. Profit, however, has not yet recovered. Q1 operating profit declined and net profit stayed in the red at -₩3.6 billion. It is the classic look of the start of a recovery, where revenue turns first and profit follows.
The most important move is expansion investment. At an industry trough, the company instead decided to invest about ₩155 billion in cathode production facilities. It is investment to serve European customers, with funds raised through convertible bonds and a rights offering. Because a large investment was decided during weak results, there is short-term pressure from higher interest and a larger share count, but over the medium term it can become a springboard for volume expansion. During the funding process, several disclosures of major-shareholder stake changes appeared. In April the company made a fair disclosure of preliminary Q1 results.
Strong and weak conditions divide clearly. The strong condition is a recovery in battery demand. Revenue began rising again in 2026, and if the differentiated single-crystal cathode technology and European expansion align, volume can convert into profit. Stable film and toner businesses cushioning the bottom also make it more defensive than pure cathode-material peers - indeed, its loss is shallower than competitors'. The weak condition is a delayed profit recovery and financial burden. Revenue has turned but profit is still in the red, and expansion has increased debt and interest, so a slow recovery would raise the burden. In short, this is a phase of confirming through quarterly results whether the revenue rebound carries through to a profit rebound.
🔎 Valuation vs peers Inconclusive
The peer group is domestic materials makers producing cathode materials for EV batteries; with most in the red at an industry trough, P/E comparison is meaningless, so relative position is read via P/B and the size of the loss (ROE).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| EcoPro BM | 254.72x | 5.61x | 2.28% |
| L&F | 0.00x | 4.86x | -79.27% |
| Lotte Energy Materials | 0.00x | 0.95x | -9.51% |
With earnings negative, comparison by P/E is impossible. Net profit was a loss in 2025, but its shallow size - effectively near break-even - differs from competitors. A P/B of 2.56x is a middle position, lower than the leading cathode-material names and higher than copper-foil makers. However, at an industry trough, even if the price looks cheap against book net assets (the P/B denominator), the timing of a profit recovery is uncertain, so calling it undervalued outright is difficult. Conversely, driving it toward overvalued on the 2025 loss and high debt ratio alone would also be a stretch, since revenue has already begun to rebound and cash-generating power (FCF yield of 7.3%) is being maintained. Until the trajectory of a profit recovery is confirmed in quarterly results, it is most accurate not to conclude in either direction.
Price history Close · MA20 · MA60
The latest close is ₩35,900 and the market capitalization is ₩1.2 trillion. The price sits above its 20-day moving average (₩35,200) and below its 60-day moving average (₩42,160). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.2, a neutral level. The one-month change is -7.8%, the three-month change is -43.9%, and the position relative to the 52-week high is -45.2%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 33.1%. 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 -33.06% / 6M -43.56% / 12M -53.26%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.21x is above the sector median (0.90x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.8%, 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 -0.1%, below the sector average (4.0%). The operating margin is 0.5%. The debt ratio is 50.5%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $442.3M | $400.2M | $320.5M | -19.91% ↓ slower |
| Operating profit | $22.7M | $17.6M | $1.7M | -90.49% ↓ slower |
| Net profit | $19.0M | $12.4M | -$367,305 | -102.96% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $214.9M | $341.1M | $442.3M | $400.2M | $320.5M |
| Operating profit | $15.3M | $22.8M | $22.7M | $17.6M | $1.7M |
| Net profit | $12.6M | $19.5M | $19.0M | $12.4M | -$367,305 |
| Revenue CAGR | 4-yr avg 10.51% | ||||
Revenue fell 19.9% year over year (2023 ₩629.6 billion → 2024 ₩569.7 billion → 2025 ₩456.3 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 90.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.5%. The two-year revenue CAGR is -14.9%. In the most recent quarter (Q1 2026), revenue was 7.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 19.9% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-28EarningsFair disclosure of preliminary Q1 2026 results. Revenue rose year on year, but profit was pre-recovery with a continuing net loss.The revenue rebound is an early signal of an industry recovery, but the continuing profit loss suggests time is still needed before a full recovery (medium term). Source
- 2026-06-09FilingLarge-holding report disclosure. Major-shareholder stake changes tied to expansion funding (convertible bonds and a rights offering).A rights offering and convertible bonds can dilute per-share value by increasing the share count, but the funds secured go into cathode expansion (short-term burden, medium-term growth resource). Source
- 2026-06-02FilingCorrection disclosure to the 2025 annual report and the Q1 2026 report. Annual and quarterly financial figures finalized.With finalized financials, the 2025 swing to a net loss and the Q1 2026 revenue recovery are confirmed in the documents (medium term). Source
- 2026-03-24FilingDisclosure of the regular general shareholders' meeting outcome. Approval of financial statements and handling of board-related agenda items.With routine agenda items on governance and dividends settled, the direct impact on earnings is limited (short-term neutral). Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-02PeriodicQuarterly report (amended)
- 2026-06-02PeriodicAnnual business report (amended)
- 2026-05-29Corporate governance report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipOwnership-change filing
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-28EarningsFair-disclosure notice
- 2026-04-10OwnershipOwnership-change filing
- 2026-03-24Shareholders' meeting notice
- 2026-03-24Disclosure
📖 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.