Mirae Nanotech (095500) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Mirae Nanotech is a materials company that makes optical films which make TV and display screens brighter and sharper, supplying them to Samsung Electronics' large QLED TVs of 65 inches and up. Through its 2022 acquisition of Mirae Advanced Materials (an 85% stake), it expanded into the secondary-battery materials business, supplying lithium compounds for battery cathode materials to large domestic cathode-material makers. It completed a treasury-share disposal in January 2026 and disclosed a decline in 2025 results in February, yet its secondary-battery-materials subsidiary supported net profit, and Q1 net profit rose year on year, showing a structure in which the subsidiary's growth offsets weakness in the core business. What stands out recently is that, at a P/B of 0.76x and with a forward P/E on this year's expected earnings similar to or below peers, the price is not much of a burden on the premise that the earnings recovery continues; on the other hand, if the optical-film demand slump drags on, or given how much net profit leans on the subsidiary and non-operating items, that durability could waver, and a debt-to-equity ratio of 120% and an interest-coverage ratio below 1x are financial points to check together.
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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 “Other Materials” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Materials businesses ride cycles in raw-material prices and downstream demand, so profits balloon in good years and can swing to losses in bad ones. When earnings are this uneven, current-year multiples lose reliability, so price-to-book (P/B) — the share price against asset value — 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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 13.5% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 26.2% lower than a year earlier.
- ROE is 4.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.7%.
- 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 Kim Chul-young 19.73% (individual)
Controlling bloc incl. related parties 22.5%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Mirae Nanotech is a company that makes optical films (thin sheets that gather or diffuse light) which make TV and display screens brighter and sharper. About half of its revenue comes from here, and in particular they go into Samsung Electronics' large QLED TVs of 65 inches and up. On top of this, in 2022 it acquired Mirae Advanced Materials (currently an 85% stake) and expanded into the secondary-battery (battery) materials business. This subsidiary supplies lithium compounds used in battery cathode materials (the key material forming a battery's positive electrode) to large domestic cathode-material makers. In sum, it is a materials company that holds both 'display optical film (core business) + secondary-battery materials (growth axis)'; classified under rubber and plastics by industry code, its actual business is closer to display and battery materials.
The latest close is ₩6,930 and the market capitalization is ₩214.9 billion. The price sits above its 20-day moving average (₩6,870) and below its 60-day moving average (₩7,601). 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 49.3, a neutral level. The one-month change is -10.0%, the three-month change is -38.1%, and the position relative to the 52-week high is -48.9%. Relative strength versus the KOSDAQ is 32 (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 32% of all stocks. Over the past three months it lagged the index by 5.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/B (how many times net assets the share price is) is 0.63x, so it trades below its book net assets. The P/E (how many times a year's earnings the share price is) is 15.55x on last year's confirmed earnings (trailing), and there is a reason this number alone looks high. As 2025 net profit fell temporarily, the denominator shrank and the multiple looks large - a common illusion at companies whose earnings are passing a bottom. On a forward P/E based on this year's expected earnings, it is much lower than the trailing 16.49x. Given that peers' P/Es are mostly in the 8-11x range, this year's earnings-based multiple is similar to or below peers, so there is no need to read the trailing P/E literally as 'expensive.' On profitability, ROE (how much is earned in a year on equity) is 4.6%, the operating margin is 3.9% and the net margin is 2.6%, still not high. The financials warrant a look: the debt-to-equity ratio (debt relative to equity) is somewhat high at 220%, the current ratio (assets quickly convertible to cash against debt due within a year) is 92.6%, slightly below 100%, and the interest-coverage ratio (how many times operating profit covers interest) is below 1x, so operating profit alone covers the interest burden only tightly. In sum, the asset and earnings-value side is priced low, while the financial structure has limited slack.
The top line and earnings point in different directions. Revenue fell for two straight years, from 694.0 billion won in 2023 to 622.3 billion won in 2024 to 538.5 billion won in 2025, and Q1 2026 revenue also fell 26% year on year, against a backdrop of slowing TV demand for the core optical-film business. Earnings, by contrast, show a clear recovery track. Net profit turned to a profit of 22.1 billion won in 2024 and 13.8 billion won in 2025 from losses of -7.9 billion won in 2022 and -1.2 billion won in 2023, and Q1 2026 net profit was 10.3 billion won, actually up 8.8% year on year. Q1 net profit (10.3 billion won) exceeds operating profit (8.5 billion won), meaning profit was added beyond the core business from the subsidiary and non-operating items. In other words, even as revenue scale shrank, the secondary-battery-materials subsidiary supported profit so that total net profit grew. The forward P/E on this year's expected earnings falling also reflects the assumption that earnings, having passed last year's bottom, continue the recovery seen in Q1. The wider this recovery grows, the more the core-business revenue decline halts and the subsidiary's supply expands.
The recent flow centers on the treasury-share disposal, results changes, and routine disclosures. In January 2026 it decided on and completed a treasury-share disposal, putting shares it held onto the market, and in February a disclosure of a change of 30% or more in revenue or profit structure reported the decline in 2025 results. This was followed by the March annual general meeting and business report and the May Q1 quarterly report. The most meaningful change on the business side is the expansion of secondary-battery-materials supply by the 85% subsidiary Mirae Advanced Materials, showing a structure in which the subsidiary's growth offsets weakness in the core business (optical film).
The key is how to read the mixed picture of 'earnings recovery amid a weak core business.' Optical-film revenue is falling, but the secondary-battery-materials subsidiary supported net profit so that Q1 net profit rose year on year. On valuation, a P/B of 0.76x is below net assets, and the forward P/E on this year's expected earnings is similar to or below peers, so on the premise that the earnings recovery continues, the price is not much of a burden. The strong case is clear: if the subsidiary's revenue and profit actually expand and the core-business revenue decline halts, a recovery scenario of rising earnings with a low valuation gains momentum. Conversely, the weak case is twofold: if the optical-film demand slump drags on, and if - given how much net profit leans on the subsidiary and non-operating items rather than the core business - that profit's durability wavers. Also, with a debt-to-equity ratio of 120%, a current ratio of 92.6% and an interest-coverage ratio below 1x, the limited slack in debt and short-term funding is a point to check together. In sum, it is a recovery candidate whose asset and earnings value is priced low, with clear strengths, but whether earnings quality and financial headroom support that recovery to the end is the fork.
🔎 Valuation vs peers Inconclusive
Compared with listed companies among display and electronic-component materials makers whose business character is close; display and electronic-materials makers are taken as the reference group given the optical-film (core business) and materials diversification.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Innox Advanced Materials | 7.13x | 1.00x | 12.61% |
| KNJ | 8.79x | 2.18x | 26.48% |
The comparables Innox Advanced Materials (P/E 10.0x, ROE 14.8%) and KNJ (P/E 11.2x, ROE 26.4%) have growing earnings and higher profitability (ROE 4.6% for Mirae Nanotech). So on the trailing P/E of 16.2x alone, Mirae Nanotech looks expensive. But this largely reflects the shrunken denominator from 2025 net profit being at an inflection (trough). Reflecting earnings recovering this year as in Q1, the forward multiple falls to a level similar to or below peers (about 9.3x). In other words, (a) profitability versus peers is still inferior, but (b) there is an asset-value discount in the P/B of 0.75x, and (c) last year's trailing P/E has a limit in looking overvalued due to the earnings trough. Because the outcome hinges heavily on whether the earnings recovery actually continues, it is hard to conclude either way, so the verdict is Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩6,930 and the market capitalization is ₩214.9 billion. The price sits above its 20-day moving average (₩6,870) and below its 60-day moving average (₩7,601). 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 49.3, a neutral level. The one-month change is -10.0%, the three-month change is -38.1%, and the position relative to the 52-week high is -48.9%. Relative strength versus the KOSDAQ is 32 (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 32% of all stocks. Over the past three months it lagged the index by 5.5%. 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 -5.50% / 6M -19.13% / 12M -37.97%
Key metrics Computed vs sector median
Valuation
The P/E of 15.55x is above the sector median (9.49x). The P/B of 0.63x is above the sector median (0.53x).
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 9.2%, 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 4.3%, in line with the sector average (4.0%). The operating margin is 3.7%. The debt ratio is 93.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $487.6M | $437.2M | $378.3M | -13.46% ↓ slower |
| Operating profit | $9.6M | $17.5M | $14.7M | -15.81% ↓ slower |
| Net profit | -$853,182 | $15.5M | $9.7M | -37.39% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $321.9M | $344.5M | $487.6M | $437.2M | $378.3M |
| Operating profit | $16.6M | $6.8M | $9.6M | $17.5M | $14.7M |
| Net profit | $15.6M | -$5.6M | -$853,182 | $15.5M | $9.7M |
| Revenue CAGR | 4-yr avg 4.12% | ||||
Revenue fell 13.5% year over year (2023 ₩694.0 billion → 2024 ₩622.3 billion → 2025 ₩538.5 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 15.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.1%. The two-year revenue CAGR is -11.9%. In the most recent quarter (Q1 2026), revenue was 26.2% lower 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
- Revenue fell 13.5% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-24FilingDisclosure of a change of 30% or more (15% for KOSDAQ) in 2025 revenue or profit structure - reporting a year-on-year decline in revenue and profitOfficially confirms that the top line and profit shrank on slowing demand for the core optical-film business. Negative for short-term sentiment, but already substantially reflected in the weak share price. Source
- 2026-03-19Earnings2025 business report filed - consolidated revenue 538.5 billion won, operating profit 20.9 billion won, net profit 13.8 billion won (down year on year)Confirms a second straight year of revenue decline. That said, versus the loss-making 2022-2023, the profit trend is maintained, so the underlying earnings strength itself is in a recovery phase. Source
- 2026-05-15EarningsQ1 2026 quarterly report - revenue 124.3 billion won (YoY -26%), operating profit 8.5 billion won (YoY -25%), net profit 10.3 billion won (YoY +8.8%)Revenue and operating profit fell, but net profit rose. Net profit exceeding operating profit suggests the subsidiary and non-operating contribution grew, a point at which to check earnings quality. Source
- 2026-01-29FilingTreasury-share disposal decision - decided to dispose of held treasury shares (disposal results reported thereafter on January 30)A matter affecting the number of freely floating shares. Depending on the purpose and method of disposal, it can act as a short-term supply-demand variable, so the terms need checking. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated net profit | ₩13.8 billion | approx. ₩13.8 billion | Confirmed | link |
| Q1 2026 net profit versus the same period a year earlier | +8.75% | 1 (2026.03) | Confirmed | link |
| Mirae Advanced Materials stake | 85.0% | 85.0% | Confirmed | link |
| 2026 in-house estimated net profit (forward basis) | approx. ₩24.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-05-20OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-06OwnershipOwnership-change filing
- 2026-03-26Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-04Disclosure
- 2026-03-04Shareholders' meeting notice
- 2026-02-26Shareholders' meeting notice
- 2026-02-24EarningsEarnings filing
- 2026-02-19OwnershipOwnership-change 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.