KNW (105330) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
KNW is a small-cap that earns money on two fronts: automotive interior materials (such as lami-sponge and vehicle tapes) under its automotive-parts materials line, and optical films and blanket coating materials for MLCCs under its electronic-parts materials line. It produces at plants in Paju and Ulsan in Korea as well as in China and Vietnam, and also serves local Chinese auto-parts demand. Preliminary Q1 2026 results disclosed in May 2026 (revenue ₩16.6 billion, operating loss ₩1.1 billion, net loss ₩1.5 billion) and finalized 2025 annual results from February (revenue ₩81.1 billion, operating loss ₩3.0 billion, net loss ₩5.8 billion) capture a loss-making trend. What stands out lately is a two-sided picture: revenue, which fell in 2024, rose again in 2025 to show signs of recovery, and its two business lines plus domestic and overseas production bases leave room for earnings should demand recover; but with operating and net profit both in consecutive losses and a debt ratio of 118.8% and current ratio of 79.9% weighing on the balance sheet, whether revenue converts into profit is the fork in the road for its P/B of 1.16x.
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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 “Automobiles & Parts”, a type typically read first through P/E.
Autos and parts live and die by unit sales and volume, but they are a mature industry that generates steady profit on scale. For this kind of business earnings are the heart of the story, so price-to-earnings (P/E) — the price set against net profit — is the first thing to read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 73.8%).
- The most recent full-year net result was a loss.
- Revenue rose 3.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 15.1% lower than a year earlier.
- ROE is -4.7% (total-net basis). It is below the sector average.
- Operating margin is -3.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder BGF Eco Materials 56.75% (corporate)
Controlling bloc incl. related parties 56.75%
With the controlling bloc holding 57%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
KNW makes money on two tracks. One is automotive-parts materials, where it makes interior materials that go inside cars (lami-sponge, vehicle tapes, nonwovens for heated wires, and the like) and supplies them to automakers and parts firms. The other is electronic-parts materials, covering optical films and the blanket coating materials needed to make MLCCs (small components used in electronic products). Production takes place at plants in Paju and Ulsan in Korea, as well as in China and Vietnam, and it also serves local auto-parts demand through Chinese subsidiaries (Beijing and Changzhou). As a small-cap with a market capitalization of ₩141.8 billion, it warrants watching not just the underlying business but also how a single disclosure affects earnings and the share count.
The latest close is ₩7,200 and the market capitalization is ₩115.3 billion. The price sits above its 20-day moving average (₩6,239) and below its 60-day moving average (₩7,980). 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 56.2, a neutral level. The one-month change is +12.5%, the three-month change is -33.0%, and the position relative to the 52-week high is -33.0%. 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 outpaced the index by 1.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩81.1 billion, with an operating loss of ₩3.0 billion and a net loss of ₩5.8 billion. The operating margin was -3.6% and ROE (how much is earned in a year on shareholders' equity) was -4.7%, so profitability is still in negative territory. The debt ratio (debt against shareholders' equity) is 218.8% and the current ratio (assets convertible to cash immediately against debt due within a year) is 79.9%, meaning debt exceeds equity and short-term liquidity is tight, so the balance sheet has points to view conservatively. The P/E ratio (how many times a year's earnings the share price is) cannot be computed because of the loss, and the P/B ratio (how many times book value the share price is) is 0.96x. A P/B of 1.16x is not far off book value in itself, but this is a stage where the valuation call becomes clear only once earnings turn positive.
Revenue fell from ₩95.4 billion in 2023 to ₩78.5 billion in 2024, then rose 3.3% again to ₩81.1 billion in 2025, showing signs of recovery with the pace picking up. Earnings, however, went the other way. Operating profit swung from a ₩5.2 billion profit in 2023 to consecutive losses in 2024 and 2025, and net profit also turned to a ₩5.8 billion loss in 2025. In the most recent quarter, Q1 2026, revenue of ₩16.6 billion (-15.1% year on year), an operating loss of ₩1.1 billion, and a net loss of ₩1.5 billion showed the losses still continuing. Based on the company's disclosures, 2026 annual revenue is estimated at around ₩68.1 billion, while on the profit side no figures confirming a swing to positive have yet appeared. This year's watch points, then, are whether revenue grows again and whether the loss narrows.
On May 7, 2026, preliminary Q1 results (revenue ₩16.6 billion, operating loss ₩1.1 billion, net loss ₩1.5 billion) were disclosed. Earlier, on February 10, 2026, a disclosure that annual profit and loss had changed by 30% or more finalized 2025 annual results (revenue ₩81.1 billion, operating loss ₩3.0 billion, net loss ₩5.8 billion). All of these capture a loss-making trend, so it is worth checking whether any one-off factors were involved and whether the next quarter continues in the same direction.
The stronger side is revenue. Revenue that fell in 2024 rose again in 2025 to show signs of recovery, and its two pillars of automotive interior materials and optical and electronic materials, together with domestic and overseas production bases, leave room for earnings to follow as demand revives. The side to be careful about is profitability and the balance sheet. Operating and net profit are in consecutive losses, and with a debt ratio of 118.8% and a current ratio of 79.9% weighing on debt and short-term cash, it needs confirming whether higher revenue translates into profit. In short, this is a stock that strengthens if the revenue recovery leads to a swing to profit and a narrowing loss, and weakens if the losses drag on or additional fund-raising becomes necessary. A P/B of 1.16x is not far from book value, so ultimately whether earnings turn is the fork in the road for the valuation.
🔎 Valuation vs peers Overvalued
Compared against auto-parts names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Movenex | 5.39x | 0.27x | 3.95% |
| Hwaseung Corporation | 1.73x | 0.46x | 26.05% |
| Daechang Forging | 5.55x | 0.48x | 9.05% |
Within auto parts, we prioritized public-data comparables with nearby market capitalization. The current P/E ratio (how many times a year's earnings the share price is) cannot be determined, and the P/B ratio (how many times book value the share price is) is 0.96x. That said, because smaller-cap names are heavily swayed by earnings swings and capital-raising disclosures, we did not draw firm conclusions from last year's finalized figures alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩68.1 billion | — | — |
| Next quarter | Q2 2026 | ₩17.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,200 and the market capitalization is ₩115.3 billion. The price sits above its 20-day moving average (₩6,239) and below its 60-day moving average (₩7,980). 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 56.2, a neutral level. The one-month change is +12.5%, the three-month change is -33.0%, and the position relative to the 52-week high is -33.0%. 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 outpaced the index by 1.7%. 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 +1.70% / 6M +75.22% / 12M +60.40%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.96x is above the sector median (0.46x).
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 -4.7%, below the sector average (5.0%). The operating margin is -3.6%. The debt ratio is 132.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $67.0M | $55.1M | $56.9M | +3.31% ↑ faster |
| Operating profit | $3.7M | -$1.6M | -$2.1M | — |
| Net profit | $1.4M | $2.4M | -$4.1M | -267.58% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $50.5M | $70.0M | $67.0M | $55.1M | $56.9M |
| Operating profit | $5.4M | $10.7M | $3.7M | -$1.6M | -$2.1M |
| Net profit | $716,538 | $12.7M | $1.4M | $2.4M | -$4.1M |
| Revenue CAGR | 4-yr avg 3.07% | ||||
Revenue rose 3.3% year over year (2023 ₩95.4 billion → 2024 ₩78.5 billion → 2025 ₩81.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.1%. The two-year revenue CAGR is -7.8%. In the most recent quarter (Q1 2026), revenue was 15.1% 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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 73.8%).
- 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
- 2026-05-07EarningsPreliminary operating results on a consolidated basis (fair disclosure): Q1 2026 revenue ₩16.6 billion, operating loss ₩1.1 billion, net loss ₩1.5 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-02-10EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: annual revenue ₩81.1 billion, operating loss ₩3.0 billion, net loss ₩5.8 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-02-10EarningsPreliminary operating results on a consolidated basis (fair disclosure): Q1 2026 revenue ₩16.6 billion, operating loss ₩1.1 billion, net loss ₩1.5 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,200 | ₩7,200 | Confirmed | link |
| Latest quarterly results | revenue ₩16.6 billion, operating profit -₩1.1 billion | revenue ₩16.6 billion, operating profit -₩1.1 billion | Confirmed | link |
| Annual results | revenue ₩81.1 billion, operating profit -₩3.0 billion | revenue ₩81.1 billion, operating profit -₩3.0 billion | Confirmed | link |
| Earnings disclosure (original text) | 2026 1 revenue ₩16.6 billion · operating profit -₩1.1 billion · net profit -₩1.5 billion | 2026 1 revenue ₩16.6 billion · operating profit -₩1.1 billion · net profit -₩1.5 billion | Confirmed | link |
| Earnings disclosure (original text) | revenue30%: revenue ₩81.1 billion · operating profit -₩3.0 billion · net profit -₩5.8 billion | revenue30%: revenue ₩81.1 billion · operating profit -₩3.0 billion · net profit -₩5.8 billion | Confirmed | link |
| Earnings disclosure (original text) | 2026 1 revenue ₩16.6 billion · operating profit -₩1.1 billion · net profit -₩1.5 billion | 2026 1 revenue ₩16.6 billion · operating profit -₩1.1 billion · net profit -₩1.5 billion | Confirmed | link |
| Basis of the forecast box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-27Disclosure
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-17Disclosure
- 2026-03-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-23OwnershipOwnership-change filing
- 2026-03-19Shareholders' meeting notice
- 2026-03-17Disclosure
- 2026-03-11PeriodicAnnual business 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.