Chemtronics (089010) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Chemtronics earns money along three lines: electronic-component distribution, its largest revenue share (high volume but thin margins); chemical materials such as process thinners, etchants, and cleaners for semiconductor and display processes, plus glass thinning; and automotive electronics for next-generation cars such as wireless charging and V2X, so a stable distribution base carries higher-margin chemical materials and growth-oriented electronics on top. In March it laid out its shareholder-return and profitability-improvement direction through a corporate value-up plan, the May 15 quarterly report confirmed Q1 revenue of ₩174.5 billion (+16.9%) and operating profit of ₩7.4 billion (+4.0%), and the March business report confirmed record-high annual revenue of ₩637.5 billion. What stands out recently is that as revenue passes a cycle trough and climbs to a record high, this year's forward P/E is on the low side within the process-materials peer group, whereas with a debt ratio of 232.9%, a current ratio of 80.0%, and interest coverage below 1x, the safety cushion is thin, so if the profit recovery is delayed or interest and guarantee burdens grow, the balance sheet could wobble first.
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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 “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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 is somewhat higher than equity (debt ratio 236.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 72.2%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 10.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 16.9% higher than a year earlier.
- ROE is 2.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Bo-gyun 11.83% (individual)
Controlling bloc incl. related parties 23.51%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Chemtronics earns money not along one line but three. The first, and largest by revenue share, is electronic-component distribution: a wholesale business that brings in domestic and overseas semiconductor, passive-component, and display parts and supplies them to set manufacturers, a structure with high volume but thin margins. The second is chemical materials, making process chemicals such as thinners, etchants, and cleaners used in semiconductor and display processes, along with etching (thinning) to shave display glass thin. The third is automotive electronics and wireless communications, where it is growing next-generation car parts such as wireless charging, vehicle modules, and V2X (communication in which a vehicle exchanges information with the road and other vehicles). In short, low-margin but stable distribution lays the base of revenue, with higher-margin chemical materials and high-growth electronics layered on top.
The latest close is ₩21,400 and the market capitalization is ₩358.9 billion. The price sits above its 20-day moving average (₩20,568) and below its 60-day moving average (₩27,568). 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 -5.1%, the three-month change is -53.2%, and the position relative to the 52-week high is -53.2%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 25.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's confirmed basis (2025 consolidated), the P/E ratio (how many times one year of profit the share price represents) is 35.00x and the P/B (how many times net assets the share price represents) is 1.61x. That the P/E looks high is not because the share price is expensive but because the dividing value, last year's net profit, temporarily shrank by about half in a weak year. It is normal for the trailing (based on past confirmed results) P/E of a year in which profit dipped once to look inflated relative to the company's true value. The forward P/E on this year's profit is on the lower-than-middle side among the peer group making the same process materials (Soulbrain 34.1x, Dongjin Semichem 29.1x, ENF Technology 12.2x). In other words, viewed against the trend of profit returning to a normal track, the multiple is actually not heavy versus peers. ROE (how much is earned in a year on capital) is 4.4%, similar to the industry average, and the operating margin is 3.6%, a result of the thin margins of the distribution business, which makes up a large share of revenue, pulling the average down. The most clearly identifiable weakness is the financial structure. With a debt ratio (debt relative to equity) of 332.9%, a current ratio (assets convertible to cash within a year relative to debt due within a year) of 80.0%, and an interest coverage ratio (how many times operating profit covers interest) below 1x, covering interest with operating profit is tight. This is a stock to be viewed on two counts together: the valuation is on the lighter side, but the financial safety cushion is thin.
Revenue was depressed once, from ₩563.4 billion in 2021 to ₩542.3 billion in 2023 after COVID, then recovered to ₩575.2 billion in 2024 and ₩637.5 billion in 2025, setting a new record high. The pace of growth also quickened, faster this year (+10.8%) than last year (+6.1%), so the top-line growth gained momentum. The most recent quarter (Q1 2026) continued this flow, with revenue of ₩174.5 billion, up 16.9% year on year. Profit has a slightly different tone. Net profit swung from a loss in 2023 (-₩9.1 billion) to a surplus of ₩20.6 billion in 2024, then took a breather at ₩10.3 billion in 2025, and this temporary drop in 2025 profit is what made the trailing P/E look high. What matters is this year's flow. That the forward P/E on this year's profit falls to about half of last year's confirmed P/E (41x) means a picture is in place of this year's profit recovering markedly from last year's trough. The basis for that lies within the business: demand for semiconductor and display process materials is rising along with a recovery in utilization rates, component-distribution volume is confirmed in revenue up 16.9%, and the electronics business such as wireless charging and V2X is being added as a new revenue axis. On a multi-year trend it is closer to a recovery phase where revenue passes a cycle trough and climbs again, and with no confirmed basis that the outlook for next year and beyond falls below this year, this is not a spot to conclude a top or the upper end of the cycle.
The focus of the recent disclosure flow is threefold. The corporate value-up plan voluntarily disclosed on 2026-03-26 is material in which the company itself laid out its shareholder-return and profitability-improvement direction, a matter to confirm in subsequent quarters for how it is reflected in actual results and finances. The quarterly report (2026.03) filed on 2026-05-15 is official material containing Q1 revenue of ₩174.5 billion (+16.9%) and operating profit of ₩7.4 billion (+4.0%), and the business report (2025.12) of 2026-03-18 is the basis confirming record-high annual revenue of ₩637.5 billion. On the financial side, there is a May 18, 2026 decision on a debt guarantee for a third party and a March disclosure of a conversion claim on redeemable convertible preferred shares, and as this is a company with a high debt ratio, it is best to confirm in the original documents the guarantee size and counterparty and the change in share count from the conversion together.
Starting with the strengths, revenue is passing a cycle trough and climbing to a record high, with top-line growth gaining momentum, and this year's profit too has a recovery from last year's trough underlying it. As a result, last year's confirmed P/E looks high, but the forward P/E on this year's profit is on the low side within the process-materials peer group, a spot where one can view the profit recovery as not fully reflected in the price. The business mix is also balanced, pairing higher-margin chemical materials and growth-oriented electronics on top of a stable distribution base, rather than leaning to one side. The caution is the finances. With a debt ratio of 232.9%, a current ratio of 80.0%, and interest coverage below 1x, the safety cushion is thin, so if the profit recovery is delayed or interest and guarantee burdens grow, the balance sheet could wobble first. In sum, in a phase where process-materials and electronics profit catches up with revenue growth and financial burdens ease, the valuation burden is small and the stock is strong, whereas in a phase where the profit recovery is delayed and financial pressure persists, it is a structure that weakens.
🔎 Valuation vs peers Overvalued
Rather than the whole chemical industry, companies making the same semiconductor and display process materials as Chemtronics' chemical-materials business were chosen as the direct peer set (computed via on-site peers.py).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Soulbrain | 29.27x | 2.13x | 7.72% |
| Dongjin Semichem | 20.40x | 1.79x | 11.51% |
| ENF Technology | 12.74x | 1.42x | 12.37% |
Against the process-materials peer group (Soulbrain P/E 34.9x, Dongjin Semichem 28.5x, ENF 12.8x), Chemtronics' last-year confirmed P/E of 47.9x is on the highest side, while its ROE of 4.4% and operating margin of 3.6% are on the lowest side. Profitability is low yet the multiple is high, so it sits at a premium rather than a discount. That said, this P/E is a trailing (past confirmed basis) figure from a year when profit halved, so it is overstated during an inflection phase, and this year's operating profit gauged via a DART seasonality approximation (about ₩23.1 billion) is at a level similar to last year's, so even on a forward basis the multiple is hard to bring down much. Taken together, the current price is a phase where expectations of profit improvement in chemical materials and electronics are pre-reflected, and until those expectations are confirmed in results, it looks expensive versus peers. That said, with the business mix spanning distribution, materials, and electronics, it is hard to conclude on a single multiple.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩178.1 billion | ₩7.7 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩21,400 and the market capitalization is ₩358.9 billion. The price sits above its 20-day moving average (₩20,568) and below its 60-day moving average (₩27,568). 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 -5.1%, the three-month change is -53.2%, and the position relative to the 52-week high is -53.2%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 25.7%. 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 -25.73% / 6M -13.38% / 12M -2.71%
Key metrics Computed vs sector median
Valuation
The P/E of 35.00x is above the sector median (14.15x). The P/B of 1.61x 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, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 2.7%, below the sector average (4.0%). The operating margin is 3.5%. The debt ratio is 236.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $380.9M | $404.1M | $447.8M | +10.82% ↑ faster |
| Operating profit | $13.4M | $26.2M | $16.3M | -37.83% ↓ slower |
| Net profit | -$6.4M | $14.5M | $7.2M | -50.23% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $395.8M | $436.2M | $380.9M | $404.1M | $447.8M |
| Operating profit | $27.1M | $15.8M | $13.4M | $26.2M | $16.3M |
| Net profit | $20.0M | $4.2M | -$6.4M | $14.5M | $7.2M |
| Revenue CAGR | 4-yr avg 3.14% | ||||
Revenue rose 10.8% year over year (2023 ₩542.3 billion → 2024 ₩575.2 billion → 2025 ₩637.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 37.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.1%. The two-year revenue CAGR is 8.4%. In the most recent quarter (Q1 2026), revenue was 16.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 10.8% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 236.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 72.2%).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-26FilingCorporate value-up plan (voluntary disclosure) filed - the company voluntarily disclosed its shareholder-return and profitability-improvement directionMedium term, a signal showing the will for shareholder returns and profitability improvement, but whether it is actually reflected in results and finances needs to be confirmed in subsequent quarterly results. Source
- 2026-05-15EarningsQuarterly report (2026.03) - Q1 revenue ₩174.5 billion (+16.9%), operating profit ₩7.4 billion (+4.0%), net profit -50.7%Short term, material confirming that the revenue uptrend continued but net profit fell, a reference point for gauging whether profitability recovers. Source
- 2026-05-18UpdateDecision on a debt guarantee for a third party - an additional guarantee burden arising amid a high debt ratioAn item to note on the financial-burden side over both the short and medium term, with the guarantee size, counterparty, and maturity needing confirmation in the original documents. Source
- 2026-03-18EarningsBusiness report (2025.12) - annual revenue ₩637.5 billion (record high), operating profit ₩23.2 billion (-37.8%), net profit ₩10.3 billion (-50.2%)Medium term, material confirming a year in which top-line growth and a profit slowdown diverged, the basis for last year's trailing P/E being set high. Source
- 2026-03-31FilingExercise of conversion claim on convertible shares (redeemable convertible preferred shares) - a factor changing the share count from preferred-share conversionMedium term, as the change in shares outstanding from conversion can affect per-share metrics, an item to be viewed together. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-27Amended filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-06Material-fact report
- 2026-03-06Material-fact report
📖 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.