Pino (formerly Skymoons Technology) was originally a telecom-equipment company, but after a Hong Kong affiliate of CNGR, China's largest precursor maker, became the largest shareholder with about 29.9% in 2024, its business shifted; it is now a secondary-battery value-chain company that makes NCM precursor, the intermediate material one step ahead of cathode material for EV batteries, and supplies it to L&F, a leading domestic cathode maker. A swing to profit in Q1 2026 was confirmed and supply contracts with L&F are actually stacking up, with revenue up more than eightfold in a year, but share-count increases via a rights offering and convertible bonds have proceeded alongside. What stands out lately is that, with the share-price pullback, the P/E on this year's earnings has fallen to about 12x, so value appeal can surface as much as earnings normalize; but with revenue leaning heavily on the L&F share, this customer's orders feed straight into results, and it is an early-transition company also exposed to further dilution and trade and regulatory conditions.
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 rose 763.1% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 96.8% higher than a year earlier.
- ROE is -5.9% (total-net basis). It is below the sector average.
- Operating margin is 3.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Zoomwe Hong Kong New Energy Technology Co., Ltd 31.37% (corporate)
Controlling bloc incl. related parties 44.95%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- Pino (formerly Skymoons Technology) was originally a company that made RF repeaters and telecom equipment used in mobile base stations.
- In 2024, when Zoomwe Hong Kong, a Hong Kong affiliate of CNGR, China's largest precursor maker, became the largest shareholder with about 29.9% through a third-party allotment rights offering, the business changed greatly.
- Most of revenue now comes from 'precursor.' Precursor is the intermediate material at the step before cathode material, a core part of EV batteries, and NCM precursor — a mix of nickel, cobalt, and manganese — is the mainstay.
- Pino supplies this NCM precursor to L&F, a leading domestic cathode maker, and L&F takes it and makes battery cathode material.
- In other words, where Pino truly earns its money is not telecom equipment but the secondary-battery value chain, making and supplying the 'material for battery material.'
- The recent close is ₩5,480 and market cap is ₩456.6 billion.
- The price sits below the 20-day line (₩7,398) and the 60-day line (₩10,749).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the balance of up- and down-moves over the last 14 days on a 0-100 scale) is 26.6, close to depressed territory.
- The one-month change is -40.2%, the three-month change is -42.6%, and it sits -70.5% from its 52-week high.
- Relative strength versus the KOSDAQ is 83 (on a 1-99 scale, weighting recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 16% of all stocks by strength.
- Over the last three months it lagged the index by 25.2%.
- Chart reading is best done alongside trading volume and the dates disclosures were filed.
- Because 2025 net profit on confirmed full-year results was a loss, a trailing P/E (a price multiple computed on last year's earnings) cannot be derived.
- The P/B (how many times the company's net assets the price is) is 4.59x, above the electrical-equipment sector median (2.13x), but against the actual peer group of secondary-battery materials stocks (EcoPro BM at 8.15x P/B, L&F at 6.5x, and so on) it is similar or even lower, so it is hard to call the P/B simply 'high.' More important is that this company is at an earnings inflection.
- Q1 2026 operating profit (₩9.5 billion) already exceeded full-year 2025 operating profit (₩8.8 billion), and net profit for the same quarter also swung to a ₩8.9 billion profit.
- So the trailing indicators computed on last year's loss are already stale, and with the recent share-price pullback, the P/E on this year's earnings has fallen to about 12x.
- Against secondary-battery materials peers (whose P/Es run into the hundreds or cannot be derived due to losses), that is clearly a low seat, a structure in which the valuation burden shrinks quickly as earnings normalize.
- The debt-to-equity ratio is 166.6%, hard to call heavy, and the current ratio of 215% leaves short-term solvency ample.
- That said, since last year's interest coverage ratio was below 1x, what remains is to confirm whether this year's profit trend firms up on a full-year basis.
- Five-year revenue stagnated and shrank in its telecom-equipment days — ₩11.3 billion (2021), ₩11.4 billion (2022), ₩7.0 billion (2023) — then grew explosively to ₩30.7 billion (2024) and ₩264.8 billion (2025) as the precursor business took off.
- That is +763.1% in a single year, and operating profit swung from a loss in 2023 to a ₩8.8 billion profit in 2025.
- In the most recent quarter (Q1 2026), cumulative revenue of ₩109.1 billion was +96.8% versus the same period last year, with operating profit of ₩9.5 billion and net profit of ₩8.9 billion — a swing to profit.
- That Q1 revenue alone topped 40% of last year's annual revenue, and that quarterly operating profit already overtook last year's full-year figure, shows the growth pace directly.
- The reasons this year's earnings grow this much are clear: precursor orders from L&F, a large cathode customer, are stacking up as actual supply contracts; NCM precursor demand for EV batteries provides support; and through the CNGR affiliate, its largest shareholder, it has advantages in sourcing raw materials such as nickel and cobalt and in production capacity.
- Unlike its telecom-equipment days, it is now in a phase where revenue and earnings grow together by increasing volume within a proven value chain.
- There is some seasonality with revenue skewing toward Q4, so quarterly variance can occur, but this is a point to factor in when comparing quarters, not something that negates the annual trend.
- The events that shaped the flow run along two lines.
- The first is core-business results: the April 2026 single supply-contract disclosure shows NCM precursor supply to L&F is stacking up as actual contracts, and the May quarterly report officially confirmed the Q1 swing to profit.
- The April investor briefing (IR) was a venue to directly explain the progress of the precursor business.
- The second is changes in capital and governance: as with the April 2026 disclosure of the results of a third-party-allotment rights offering and the June disclosure of exercise of convertible-bond conversion rights, funding needed for business expansion came alongside a rise in share count (dilution).
- March also brought a change of CEO and the results of the annual general meeting.
- Taken together, the disclosures paint a company in transition where 'the core business grows fast while the external funding and new share issuance to support that growth also increase.'
- The strengths are clear.
- The business has been reshaped around precursor, a core secondary-battery material; it secured a large customer in L&F, with revenue up more than eightfold in a year and a Q1 swing to profit in which quarterly operating profit already exceeded last year's full-year figure.
- With the recent share-price pullback, the P/E on this year's earnings has fallen to about 12x, a low seat compared with the same secondary-battery materials peers, so value appeal can surface as much as earnings normalize.
- The points to view alongside are equally clear.
- With revenue leaning heavily on the L&F share, this customer's utilization and order flow feed straight into results, and because the largest shareholder is China's CNGR affiliate, sourcing raw materials is favorable but exposure to shifts in trade and regulatory conditions remains.
- Per-share value dilution is also under way as share count rises via the rights offering and convertible bonds.
- In sum, this company is strong 'when precursor demand and L&F orders continue and quarterly profit firms up on a full-year basis,' and relatively weak 'when a single customer's orders decline or further dilution continues.' As an early-transition company with a history of losses, it is natural to watch, confirming the trend of quarterly profit settling in on a full-year basis.
🔎 Valuation vs peers Inconclusive
The base sector is 'electrical equipment,' but since the actual business is precursor for secondary-battery cathodes, secondary-battery materials stocks in the same value chain were taken as the peer group; L&F is also a key customer of Pino. On-site figures were confirmed with tools/peers.py.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ecopro BM | 277.09x | 6.31x | 2.28% |
| POSCO Future M | 402.54x | 3.19x | 0.79% |
| L&F | — | 5.51x | -79.27% |
| Lotte Energy Materials | — | 1.05x | -9.51% |
(a) The actual peer group of secondary-battery materials stocks has P/Bs distributed as EcoPro BM 9.3x, L&F 7.58x, and POSCO Future M 4.04x, and Pino's 5.33x sits in the middle of this range, not far off. (b) However, Pino is early in its business transition, with a history of losses and single-customer dependence lingering, so even at the same P/B the discount factors are larger on stability and earnings quality. (c) The trailing P/E on last year's confirmed results cannot be derived because of the loss, and with the Q1 swing to profit it is at an inflection where earnings change rapidly, so past indicators alone make it hard to declare it cheap or expensive. With no official company forecast figures disclosed, the forward grounds rest only at the level of the seasonality approximation below, so on balance 'inconclusive' is appropriate.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩69.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩5,480 and the market capitalization is ₩456.6 billion. The price sits below its 20-day moving average (₩7,398) and below its 60-day moving average (₩10,749). 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 26.6, near oversold territory. The one-month change is -40.2%, the three-month change is -42.6%, and the position relative to the 52-week high is -70.5%. Relative strength versus the KOSDAQ is 83 (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 84% of all stocks. Over the past three months it lagged the index by 25.2%. 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 -25.16% / 6M +19.10% / 12M +32.58%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.59x is above the sector median (2.15x).
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.
Profitability & financials
Return on equity (ROE) is -5.9%, below the sector average (2.0%). The operating margin is 3.3%. The debt ratio is 166.6%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.6M | $20.3M | $175.5M | +763.08% ↑ faster |
| Operating profit | -$1.4M | $5,042 | $5.9M | +116185.79% |
| Net profit | -$1.3M | -$1.6M | -$3.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.5M | $7.6M | $4.6M | $20.3M | $175.5M |
| Operating profit | $1.3M | $969,421 | -$1.4M | $5,042 | $5.9M |
| Net profit | $1.5M | $1.1M | -$1.3M | -$1.6M | -$3.9M |
| Revenue CAGR | 4-yr avg 120.23% | ||||
Revenue rose 763.1% year over year (2023 ₩7.0 billion → 2024 ₩30.7 billion → 2025 ₩264.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 116185.8% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 120.2%. The two-year revenue CAGR is 516.5%. In the most recent quarter (Q1 2026), revenue was 96.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 763.1% year over year, a sign of growth.
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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-08UpdateSingle supply-contract signed with L&F for NCM precursor (supply of a core material for secondary-battery cathodes)A key disclosure showing that core-business precursor revenue is accumulating as actual contracts. However, with revenue concentrated on a specific customer, not only the contract size and revenue-recognition timing but also whether the customer base diversifies should be viewed alongside. Source
- 2026-04-06FilingResults of a third-party-allotment rights offering (voluntary disclosure) — external funding and new-share issuance confirmedThere is a positive side of securing funds needed for business expansion and a negative side of existing shareholders being diluted as share count rises. The financial-improvement effect and the degree of dilution should be weighed together. Source
- 2026-05-15EarningsQuarterly report (2026.03) disclosure — Q1 revenue ₩109.1 billion and operating profit ₩9.5 billion, confirming a swing to profitAn official document confirming that the precursor business's profitability turned positive on a quarterly basis. Whether this profit carries through the full year amid the Q4-skewed seasonality is the next point to watch. Source
- 2026-04-10IRInvestor briefing (IR) held — explanation of the direction of the precursor and secondary-battery materials businessA venue where the company directly explains the progress of its business transition. It offers clues to check whether official forecast figures were presented and whether customer and capacity-expansion plans were made concrete. Source
- 2026-06-01UpdateExercise of convertible-bond (3rd tranche) conversion rights — further dilution from bonds converting into sharesDebt converts into shares, easing the financial burden, but per-share value is diluted as shares outstanding rise. How much convertible volume remains needs checking. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Most recent quarter (Q1 2026) cumulative operating profit | ₩9.5 billion(approx. ₩9.5 billion) | (2026.03) DART | Confirmed | link |
| 2025 annual revenue | ₩264.8 billion | (2025.12) DART | Confirmed | link |
| Largest shareholder (governance) | CNGR Zoomwe Hong Kong approx. 29.9% | DART | Confirmed | link |
| Latest closing price | ₩5,480 | — | Unverified | link |
| Seasonality-approximated annual revenue | approx. ₩551.4 billion | — | Unverified | link |
Recent filings
- 2026-06-01Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-10Disclosure
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-08Single supply/sales contract
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-06Paid-in capital increase
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-27PeriodicAnnual business report (amended)
📖 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.