FNS Tech (083500) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
FNS Tech is a machinery and equipment company that supplies equipment and materials used in display and semiconductor processes, and as a small-cap, a single new-order disclosure can weigh heavily on its revenue and earnings. In March 2026 it voluntarily disclosed a corporate value enhancement plan, in May it signed a ₩5.4 billion supply contract (7.3% of annual revenue), and its full-year results disclosed in February were revenue of ₩73.7 billion, operating profit of ₩10.3 billion, and net profit of ₩8.7 billion. What stands out recently is that the Q1 earnings inflection (operating profit +197.2%), a forward P/E of 5.75x, an ROE of 10.4% reflecting solid profitability, and a price -38.4% off the 52-week high all read as undervaluation signals; on the other hand, full-year revenue fell 16.8% year on year, so the top line is not yet steadily rising, and the earnings path could differ depending on whether the single supply contract proves repeatable.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Display Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Equipment suppliers see orders and results move sharply ahead of and behind their customers' investment decisions, so trailing profits can miss where the business is heading. That is why forward P/E — the share price against expected future earnings — is the first lens.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 16.8% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.9% lower than a year earlier.
- ROE is 12.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.2%.
- 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 Han Kyung-hee 23.8% (individual)
Controlling bloc incl. related parties 32.91%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis Reading
FNS Tech belongs to the machinery and equipment group, and its core business is supplying equipment and materials used in the processes that make displays and semiconductors. As a small-cap with a market capitalization of ₩118.8 billion, each new-order disclosure tends to have a relatively large impact on revenue and earnings, on top of the flow of the business itself. So the key to understanding the business is to look at which customers it supplies with what and how much, and whether that contract is a one-off or repeats.
The latest close is ₩13,000 and the market capitalization is ₩108.0 billion. The price sits above its 20-day moving average (₩12,776) and below its 60-day moving average (₩16,345). 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 47.9, a neutral level. The one-month change is -4.5%, the three-month change is -39.5%, and the position relative to the 52-week high is -44.0%. Relative strength versus the KOSDAQ is 58 (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 59% of all stocks. Over the past three months it lagged the index by 4.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent full-year revenue was ₩73.7 billion, operating profit ₩10.3 billion, and net profit ₩8.7 billion. The operating margin is 14.1%, and ROE (how much is earned per year on equity) is 10.4%, above the sector average. The debt ratio (debt versus equity) is 145.4%, the current ratio (assets convertible to cash versus debt due within a year) is 198.9%, and the interest coverage ratio (how many times operating profit covers interest) is 7.47x, so the finances are stable. The current P/E ratio (how many times one year's earnings the share price is) is 12.83x and P/B (how many times book value the share price is) is 1.29x, but these figures are based on last year's confirmed earnings. For an inflecting stock like this whose earnings are rising quickly, the real picture shows through by looking at this year's earnings rather than past earnings, and the P/E on this year's expected earnings is 5.75x, low versus the sector and an undervaluation signal. In other words, rather than reading the current trailing P/E and P/B as a burden, it is more accurate to understand them as multiples that naturally fall as earnings climb.
Operating profit is the clearest growth axis. It rose sharply for two straight years—₩2.3 billion in 2023, ₩8.8 billion in 2024, and ₩10.3 billion in 2025—while revenue over the same period climbed from ₩38.9 billion to around ₩73.7 billion. The key is the most recent quarter. Q1 2026 revenue was ₩12.9 billion, almost flat year on year (-0.9%), yet operating profit was ₩3.5 billion (+197.2% year on year) and net profit ₩3.2 billion (+130.9%). Revenue being similar while profit jumped about threefold means the structure is shifting toward one where the same revenue leaves more profit, whether from a larger share of high-margin products or a lighter cost and fixed-cost burden. This year's expected operating profit is around ₩30.8 billion and net profit ₩20.7 billion, a picture in which the high profitability confirmed in Q1 carries through the year, grounded in display and semiconductor equipment demand and an improving product mix. That said, full-year revenue itself fell 16.8% year on year, so the top line is still choppy, and it is worth also confirming whether the earnings improvement translates into top-line growth through new orders.
Recent disclosures directly show the company's direction. On March 24, 2026 it voluntarily disclosed a corporate value enhancement plan, presenting its own plan to lift value. If figures are included, they serve as primary evidence for the outlook; if only a direction is given, they serve as a reference for reading the flow. On May 7, 2026 it signed a ₩5.4 billion supply contract, equal to 7.3% of recent annual revenue. Whether this contract ends as a one-off or leads to repeat business will shape the mid-term read. On February 4, 2026 a disclosure of a revenue/profit change of 30% or more reported full-year revenue of ₩73.7 billion, operating profit of ₩10.3 billion, and net profit of ₩8.7 billion. It is worth checking whether the confirmed or provisional results move in the same direction as the annual trend and whether there are any one-off factors.
The strengths are clear. It is in an earnings-inflection phase with rapidly rising profit (Q1 operating profit +197.2%), the undervaluation signal is distinct with a P/E of 5.75x on this year's expected earnings, and it pairs solid profitability (ROE 10.4%) with stable debt, liquidity, and interest burden. On top of that, the share price is -38.4% off the 52-week high, so results and price point in opposite directions. The points to watch are that full-year revenue fell 16.8% year on year, so the top line is not yet steadily rising, and that, as a small-cap, the actual earnings path can differ depending on whether a single supply contract is a one-off or repeats. In sum, if the high profitability confirmed in Q1 leads to top-line growth through new orders, the undervaluation appeal comes strongly into focus; conversely, if the earnings improvement proves a one-off or the revenue recovery is slow, the case weakens accordingly.
🔎 Valuation vs peers Undervalued
A peer set within machinery and equipment that is adjacent by market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Keyang Electric Machinery | — | 4.95x | -162.51% |
| PIE | — | 2.08x | -39.68% |
| KSP | 16.54x | 1.28x | 8.28% |
Within machinery and equipment, we first looked at a public-data peer set close by market capitalization. The current P/E ratio (how many times one year's earnings the share price is) is 12.83x and P/B (how many times book value the share price is) is 1.29x. That said, for lower-market-cap names, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩107.8 billion | ₩30.8 billion | ₩20.7 billion |
| Next quarter | Q2 2026 | ₩29.2 billion | ₩13.5 billion | ₩8.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩13,000 and the market capitalization is ₩108.0 billion. The price sits above its 20-day moving average (₩12,776) and below its 60-day moving average (₩16,345). 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 47.9, a neutral level. The one-month change is -4.5%, the three-month change is -39.5%, and the position relative to the 52-week high is -44.0%. Relative strength versus the KOSDAQ is 58 (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 59% of all stocks. Over the past three months it lagged the index by 4.7%. 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 -4.68% / 6M +8.74% / 12M -1.04%
Key metrics Computed vs sector median
Valuation
The P/E of 12.83x is in line with the sector median (14.07x). The P/B of 1.29x is above the sector median (1.01x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.1%, 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 12.5%, above the sector average (2.0%). The operating margin is 17.2%. The debt ratio is 42.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $27.3M | $62.2M | $51.7M | -16.75% ↓ slower |
| Operating profit | $1.6M | $6.2M | $7.3M | +17.54% ↓ slower |
| Net profit | $1.2M | $9.8M | $6.1M | -37.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $46.4M | $47.5M | $27.3M | $62.2M | $51.7M |
| Operating profit | $1.7M | $4.1M | $1.6M | $6.2M | $7.3M |
| Net profit | $1.1M | $3.4M | $1.2M | $9.8M | $6.1M |
| Revenue CAGR | 4-yr avg 2.75% | ||||
Revenue fell 16.8% year over year (2023 ₩38.9 billion → 2024 ₩88.5 billion → 2025 ₩73.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 17.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.8%. The two-year revenue CAGR is 37.6%. In the most recent quarter (Q1 2026), revenue was 0.9% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 12.5% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 16.8% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-24UpdateCorporate value enhancement plan (voluntary disclosure): check the company's plan in the original filingThis is plan-type material the company presented directly. If figures are included, treat them as primary evidence for the outlook box; if not, treat it only as directional material. Source
- 2026-05-07ContractSingle sale/supply contract signed (voluntary disclosure): contract amount ₩5.4 billion, 7.3% of recent revenueThe contract amount and term are the key to future revenue recognition. Whether it is a one-off or a repeatable transaction shapes the mid-term read. Source
- 2026-02-04EarningsRevenue or profit-structure change of 30% or more (15% for large corporations): full-year revenue ₩73.7 billion, operating profit ₩10.3 billion, net profit ₩8.7 billionThis is the most recent confirmed or provisional results. Check whether it moves in the same direction as the annual trend and whether there are one-off factors. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩13,000 | ₩13,000 | Confirmed | link |
| Latest quarterly results | revenue ₩12.9 billion, operating profit ₩3.5 billion | revenue ₩12.9 billion, operating profit ₩3.5 billion | Confirmed | link |
| Annual results | revenue ₩73.7 billion, operating profit ₩10.3 billion | revenue ₩73.7 billion, operating profit ₩10.3 billion | Confirmed | link |
| Outlook/plan disclosure original text | — | — | Confirmed | link |
| Contract disclosure original text | single supply contract signed (voluntary disclosure): contract value ₩5.4 billion · vs recent revenue 7.3% | single supply contract signed (voluntary disclosure): contract value ₩5.4 billion · vs recent revenue 7.3% | Confirmed | link |
| Results disclosure original text | revenue30%: revenue ₩73.7 billion · operating profit ₩10.3 billion · net profit ₩8.7 billion | revenue30%: revenue ₩73.7 billion · operating profit ₩10.3 billion · net profit ₩8.7 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-19Disclosure
- 2026-05-18OwnershipOwnership-change filing
- 2026-05-13PeriodicQuarterly report
- 2026-05-07Single supply/sales contract
- 2026-04-27Disclosure
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-12Amended filing
📖 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.