ENF Technology (102710) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
ENF Technology makes the chemical materials used in semiconductor and display manufacturing processes. Its main products include process chemicals such as thinners, developers, strippers and etchants, along with raw materials for photoresists, display color paste and CMP slurry, with a heavy skew toward memory processes like DRAM. Revenue rose 15.2% in 2025 to ₩670.9 billion, while net profit jumped 66.9% to ₩51.9 billion, and net profit grew a further 39.7% to ₩19.7 billion in the first quarter of 2026. The point worth noting is that when AI and memory demand feeds through into orders for semiconductor materials, the company's double-digit profit growth and net-cash balance sheet are real strengths, but if memory investment or utilization wobbles, material orders can slow with it, so the downstream semiconductor cycle has to be watched alongside.
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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 ratio, current ratio and interest burden all look healthy.
- Revenue rose 15.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.3% higher than a year earlier.
- ROE is 12.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Korea Alcohol Industrial 26.13% (corporate)
Controlling bloc incl. related parties 35.46%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis Reading
ENF Technology supplies the chemical materials fed into the processes that make semiconductors and displays. The core of its revenue is process chemicals: liquid chemicals that clean off circuits (thinners), reveal the patterns (developers), strip away leftover films (strippers) and etch away the parts that need removing (etchants). On top of this come fine chemicals that serve as raw materials for the light-sensitive resist used to write circuits with light (photoresist monomers and polymers), color paste that produces display colors, and CMP slurry that polishes wafer surfaces flat. Its customers are domestic memory-chip and display makers, with a particularly high weighting toward DRAM processes. In other words, it is a business whose results are tied to downstream utilization: the more chips a semiconductor company produces, the more of these consumable materials it sells.
The latest close is ₩46,300 and the market capitalization is ₩661.5 billion. The price sits above its 20-day moving average (₩40,982) and above its 60-day moving average (₩44,425). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.1, a neutral level. The one-month change is +18.0%, the three-month change is -19.6%, and the position relative to the 52-week high is -26.2%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it outpaced the index by 19.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is solid. ROE (how much the company earns in a year on its own equity) is 11.6%, ahead of its peers among materials companies. The operating margin is 11.6% and the net margin is 7.7%. On valuation, the P/E ratio (how many times a year's earnings the price represents) is 12.74x, P/B (price relative to net assets) is 1.42x, and P/S (price relative to revenue) is 0.82x. The balance sheet is particularly strong: net borrowings are negative ₩78.7 billion, meaning the company holds more cash than debt (a net-cash position). The debt ratio (debt relative to equity) is 66.9%, so the burden is modest. Debt-adjusted metrics also look good: EV/EBIT (enterprise value divided by operating profit, effectively a debt-aware P/E) is 6.4x and EV/EBITDA is 3.9x, both low. The FCF yield (cash actually generated relative to market cap) is high at 17.1%, so cash generation is ample. The P/E alone looks ordinary, but once cash and debt are included the balance sheet looks cheaper still.
Profit growth has been large. Revenue in 2025 rose 15.2% year on year to ₩670.9 billion. Operating profit rose 31.6% to ₩78.1 billion, and net profit rose 66.9% to ₩51.9 billion. Net profit swung from a ₩17.5 billion loss in 2023 to a ₩31.1 billion profit in 2024, then grew again to ₩51.9 billion in 2025 — a recovery-and-expansion phase running from loss to profit to sizeable growth. The first quarter of 2026 continued the trend: revenue of ₩170.9 billion (+8.3%), operating profit of ₩24.9 billion (+16.1%) and net profit of ₩19.7 billion (+39.7%), with profit growth far outpacing revenue growth. If this trajectory continues, full-year 2026 net profit is estimated at around ₩70 billion. In that case the forward P/E at the current market cap is about 7.9x, lower than the 10.6x calculated on last year's confirmed results. In a phase of rising profits, looking through this year's expected earnings rather than past results tends to show the true value more clearly.
Rather than major one-off events, the flow is centered on regular results and shareholder returns. The Q1 2026 report in May 2026 confirmed the growth trend, with revenue of ₩170.9 billion, operating profit of ₩24.9 billion and net profit of ₩19.7 billion. On the same day the company held an investor briefing (IR) to explain the results. In March it disclosed full-year figures via the 2025 business report and had its financial statements approved at the annual general meeting. The dividend is ₩200 per share, for a yield of about 0.5% at the current price. Changes to the CEO and an outside director were also disclosed in March. Overall the pattern is one of steadily communicating results, governance and returns rather than large events that reshape the business itself.
The strengths boil down to three points. First, earnings are genuinely growing fast: net profit turned from loss to profit and then grew 66.9% in 2025, followed by a further 39.7% in the first quarter of 2026. Second, the balance sheet is strong: a net-cash position and a 17% FCF yield mean good cash generation. Third, the valuation is low: ROE is higher than that of peer materials companies, yet the P/E and P/S are actually lower. The caution is equally clear. Results are tied to the utilization and investment of downstream semiconductor and display makers. If the memory cycle slows or customers cut capex, material orders can shrink with it — a common trait of materials companies with heavy exposure to a few large customers. In sum, when AI and memory demand feeds through into orders for semiconductor materials, earnings, balance sheet and valuation are all strong together, but if the downstream semiconductor investment cycle turns, earnings volatility rises.
🔎 Valuation vs peers Undervalued
Compared against domestic listed materials companies with a similar underlying business — chemical materials for semiconductor and display processes.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Soulbrain | 29.27x | 2.13x | 7.72% |
| Wonik Materials | 8.45x | 0.77x | 9.54% |
Soulbrain, the closest business match, carries a high multiple at a P/E of 29x and P/B of 2.2x, whereas ENF Technology trades far lower at a P/E of 10.6x and P/B of 1.23x. It is at a similar level to Wonik Materials (P/E 8.8x), but ENF's ROE of 11.6% is the highest of the three. In other words, its profitability leads while its multiples sit on the lower side. The 10.6x P/E on last year's confirmed results does not reflect the surge in earnings. With net profit having turned from loss to profit and then grown sharply again, the forward P/E on this year's expected earnings falls further to about 7.9x. Adding in the net-cash balance sheet and the 17% FCF yield, the valuation looks low relative to profitability and cash, so it reads as undervalued. That said, this assessment rests on the downstream semiconductor cycle holding up.
Price history Close · MA20 · MA60
The latest close is ₩46,300 and the market capitalization is ₩661.5 billion. The price sits above its 20-day moving average (₩40,982) and above its 60-day moving average (₩44,425). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 57.1, a neutral level. The one-month change is +18.0%, the three-month change is -19.6%, and the position relative to the 52-week high is -26.2%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it outpaced the index by 19.8%. 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 +19.82% / 6M +18.57% / 12M +7.20%
Key metrics Computed vs sector median
Valuation
The P/E of 12.74x is in line with the sector median (14.15x). The P/B of 1.42x 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.
Profitability & financials
Return on equity (ROE) is 12.4%, above the sector average (4.0%). The operating margin is 11.9%. The debt ratio is 63.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $373.1M | $409.2M | $471.3M | +15.19% ↑ faster |
| Operating profit | $16.8M | $41.7M | $54.8M | +31.59% ↓ slower |
| Net profit | -$12.3M | $21.9M | $36.5M | +66.94% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $366.6M | $477.8M | $373.1M | $409.2M | $471.3M |
| Operating profit | $18.3M | $45.4M | $16.8M | $41.7M | $54.8M |
| Net profit | $13.0M | $32.9M | -$12.3M | $21.9M | $36.5M |
| Revenue CAGR | 4-yr avg 6.49% | ||||
Revenue rose 15.2% year over year (2023 ₩531.1 billion → 2024 ₩582.4 billion → 2025 ₩670.9 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 31.6% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.5%. The two-year revenue CAGR is 12.4%. In the most recent quarter (Q1 2026), revenue was 8.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 12.4% points to solid profitability.
- Revenue grew 15.2% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 report disclosed — revenue of ₩170.9 billion, operating profit of ₩24.9 billion and net profit of ₩19.7 billion, up 8.3%, 16.1% and 39.7% year on year respectively, with profit growth far outpacing revenue.Confirms continued profit growth. Net-profit growth (+39.7%) far exceeded revenue growth (+8.3%), a short-term positive showing that margin improvement is continuing. Source
- 2026-05-14IRInvestor briefing (IR) held — the company explained Q1 results and business conditions directly to investors.Official company communication on results and business direction. A neutral-to-positive factor for information transparency. Source
- 2026-03-16Earnings2025 business report disclosed — full-year revenue of ₩670.9 billion (+15.2%), operating profit of ₩78.1 billion (+31.6%) and net profit of ₩51.9 billion (+66.9%) confirmed.Officially confirms the turn from loss in 2023 to profit and sizeable earnings growth. A factor underpinning the medium-term earnings recovery and expansion. Source
- 2026-03-24DividendAt the annual general meeting, financial statements were approved and a cash dividend of ₩200 per share was resolved (26th fiscal year).Continued shareholder returns. The dividend yield of about 0.5% is small, but maintaining a dividend on a profitable footing is neutral-to-positive. Source
- 2026-03-24FilingCEO change disclosed — a shift in management structure.A change of management can affect the medium-term direction of the business. As it is not a change to the business structure itself, the short-term impact is limited. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue, operating profit and net profit | revenue ₩170.9 billion / operating profit ₩24.9 billion / net profit ₩19.7 billion | revenue ₩170.9 billion / operating profit ₩24.9 billion / net profit ₩19.7 billion | Confirmed | link |
| Full-year 2025 revenue, operating profit and net profit | revenue ₩670.9 billion / operating profit ₩78.1 billion / net profit ₩51.9 billion | revenue ₩670.9 billion / operating profit ₩78.1 billion / net profit ₩51.9 billion | Confirmed | link |
| Cash dividend per share | DPS ₩200 | 1 ₩200 | Confirmed | link |
| Estimated full-year 2026 net profit | approx. ₩70.0 billion (forward PER approx. 7.9x) | — | Unverified | link |
Recent filings Source
- 2026-05-14Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-19Disclosure
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-09Disclosure
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Disclosure
📖 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.