Savitchem is a resource-recycling company that extracts core rechargeable-battery metals such as nickel, cobalt and lithium from spent batteries and process waste liquids and supplies them to cathode-material makers, while also refining waste acids from semiconductor and display plants for resale. It is building out a renewable-energy recovery business that reclaims valuable metals from end-of-life solar panels, so its raw-material supply grows as electric-vehicle battery and solar waste accumulates. A March 3, 2026 filing confirmed full-year 2025 results (revenue of ₩38.4 billion, an operating loss of ₩9.4 billion and a net loss of ₩18.0 billion), and the Q1 quarterly report on May 15 showed revenue of ₩13.5 billion, an operating loss of ₩0.5 billion and a net loss of ₩0.3 billion, with the loss narrowing noticeably on a quarterly basis. What stands out lately is that, on the strength side, revenue is recovering (up 26.6% year over year and 36.3% in the latest quarter) on a structurally growing supply of waste as feedstock, the current ratio is a comfortable 373%, and the share price sits roughly 66% below its high; on the caution side, the company is still loss-making at both the operating and net line, the annual loss actually deepened, and the key question is whether the recovery expectations embedded in a P/B of 1.72x are borne out by a real narrowing of the quarterly loss.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 26.6% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 36.3% higher than a year earlier.
- ROE is -39.8% (total-net basis). It is below the sector average.
- Operating margin is -24.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder SK IL Eco Synergy Value-up No.1 22.59% (individual)
Controlling bloc incl. related parties 57.38%
With the controlling bloc holding 57%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Savitchem is a resource-recycling company that reclaims valuable metals from waste and sells them.
- It earns money along two main lines.
- One extracts core rechargeable-battery metals such as nickel, cobalt and lithium from spent batteries and process waste liquids and supplies them as feedstock to cathode-material makers; the other refines waste acids discharged by semiconductor and display plants and resells them as industrial chemicals.
- On top of this, it is building out a renewable-energy recovery business that crushes and filters end-of-life or broken solar panels to recover valuable metals such as silicon, silver and sodium nitrate.
- In short, the backbone of the business is "pulling valuable raw materials out of what would otherwise be discarded," and as electric-vehicle batteries and solar waste accumulate, its raw material (waste) supply only grows.
- With a market cap of ₩78.1 billion, it is on the smaller side, so alongside the business itself it is worth watching how a single financing or earnings-change filing affects the share price and finances.
- The latest close is ₩12,570 and the market cap is ₩70.9 billion.
- The price sits below both the 20-day line (₩15,740) and the 60-day line (₩22,938).
- Trading under both its short- and mid-term moving averages, the trend is subdued.
- RSI (an indicator that gauges upward versus downward force over the past 14 days on a 0-100 scale) is 25.6, close to a depressed zone.
- The price is down 32.4% over one month and 53.3% over three months, and sits 69.2% below its 52-week high.
- Relative strength versus the KOSDAQ is 43 (1-99, weighting recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 57% of all stocks by strength.
- Over the past three months it has lagged the index by 38.2%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The most recent annual (2025) revenue was ₩38.4 billion, with an operating loss of ₩9.4 billion and a net loss of ₩18.0 billion — still in the red.
- The operating margin was -24.5% and ROE (how much profit is generated on shareholders' equity in a year) was -39.8%, so profitability is clearly in negative territory.
- Financial stability, however, is relatively resilient: the debt ratio (debt against shareholders' equity) is 182.4%, and the current ratio (assets convertible to cash within a year against debt due within a year) is 373%, so short-term liquidity is ample.
- The P/E ratio (how many times a year's profit the price is) cannot be calculated because profit is negative, so such companies are viewed via P/B (how many times book value the price is) instead.
- The current P/B is 1.56x, above the roughly 1.0x median of the chemicals sector, but this also means the market is pricing in not "today's earnings" but some of the future value of recovering revenue and the recycling business.
- In other words, rather than flatly calling the current P/B expensive, it is better read as a gauge of whether profit turns positive and those expectations are actually filled.
- The revenue trend has turned upward again.
- Annual revenue rose 26.6% from ₩30.3 billion in 2024 to ₩38.4 billion in 2025, and the latest quarter (Q1 2026) came in at ₩13.5 billion, up 36.3% year over year, accelerating the pace of growth.
- If this trend continues, full-year revenue this year could reach the ₩60 billion range (about ₩61.1 billion).
- The reason revenue is expanding again lies in the business structure: as electric-vehicle and energy-storage-system adoption rises, demand for rechargeable-battery metals recovered from spent batteries is reviving, and the new pillar of solar-panel recycling adds to the raw material (waste) to be processed and the range of items recovered.
- Profit, however, has yet to follow.
- The operating loss deepened from ₩4.9 billion in 2023 to ₩6.2 billion in 2024 and ₩9.4 billion in 2025, largely reflecting a combination of capacity expansion, early-stage new-business costs and weak metal prices.
- In sum, this is a stage where "revenue is recovering quickly and the raw-material supply environment is favorable, but the inflection point where that growth converts into profit has not yet been confirmed." The key is when operating profit turns positive on top of the higher revenue.
- Recent disclosures center on earnings.
- On March 3, 2026, a filing on a change of more than 30% in revenue/profit structure confirmed and disclosed full-year 2025 results (revenue ₩38.4 billion, operating loss ₩9.4 billion, net loss ₩18.0 billion).
- It captured the trend of a loss that widened from the prior year as-is, serving as a reference point for gauging when profitability recovers.
- On May 15, 2026, the Q1 2026 quarterly report (including a correction) followed, showing Q1 revenue of ₩13.5 billion, an operating loss of ₩0.5 billion and a net loss of ₩0.3 billion — the loss visibly thinner on a quarterly basis.
- Whether the quarterly loss keeps thinning as revenue grows is the point to watch, and beyond earnings, when financing or share-count-change filings appear, it is worth checking their impact on the financials.
- This is a stock with relatively clear strengths and weaknesses.
- On the strong side, it recovers valuable metals from structurally growing waste (spent batteries and end-of-life solar panels) as feedstock, so its revenue base is favorable, and revenue is in fact recovering quickly (up 26.6% year over year and 36.3% in the latest quarter).
- With a 373% current ratio it also has short-term liquidity, so it has the stamina to weather the recovery phase.
- The price is roughly 66% below its high with RSI at a depressed level, so with expectations cooled there is room to react when recovery signals appear.
- On the weak side, it is clear: both operating and net profit remain in the red and the annual loss has deepened, so the inflection point where higher revenue converts into profit has not yet been verified.
- A P/B of 1.72x already reflects some recovery expectation, so if a path emerges where the quarterly loss narrows toward breakeven, that expectation gains a basis, whereas if the loss persists it can turn into a burden.
- In short, this is a stock that is strong when revenue recovery and a narrowing quarterly loss are confirmed together, and weak when revenue grows but profit improvement is slow to appear.
🔎 Valuation vs peers Overvalued
A peer set within chemicals adjacent by market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HDC Hyundai EP | 3.58x | 0.33x | 9.29% |
| Tonymoly | 12.66x | 1.19x | 9.43% |
| Nano | 13.53x | 2.23x | 16.46% |
The primary reference was a public-data peer set within chemicals adjacent by market cap. The current P/E ratio (how many times a year's profit the price is) is not available, and the P/B (how many times book value the price is) is 1.56x. That said, for smaller-cap names, profit swings and financing filings have an outsized effect, so no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩61.1 billion | — | — |
| Next quarter | Q2 2026 | ₩18.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩12,570 and the market capitalization is ₩70.9 billion. The price sits below its 20-day moving average (₩15,740) and below its 60-day moving average (₩22,938). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 25.6, near oversold territory. The one-month change is -32.4%, the three-month change is -53.3%, and the position relative to the 52-week high is -69.2%. Relative strength versus the KOSDAQ is 43 (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 43% of all stocks. Over the past three months it lagged the index by 38.2%. 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 -38.16% / 6M -48.26% / 12M -23.23%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.56x is above the sector median (0.97x).
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 -39.8%, below the sector average (4.0%). The operating margin is -24.5%. The debt ratio is 182.4%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $30.5M | $20.1M | $25.4M | +26.55% ↑ faster |
| Operating profit | -$3.2M | -$4.1M | -$6.2M | — |
| Net profit | -$778,690 | -$7.1M | -$12.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $22.1M | $31.9M | $30.5M | $20.1M | $25.4M |
| Operating profit | $3.7M | $6.8M | -$3.2M | -$4.1M | -$6.2M |
| Net profit | $2.9M | $5.1M | -$778,690 | -$7.1M | -$12.0M |
| Revenue CAGR | 4-yr avg 3.55% | ||||
Revenue rose 26.6% year over year (2023 ₩46.0 billion → 2024 ₩30.3 billion → 2025 ₩38.4 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 3.5%. The two-year revenue CAGR is -8.6%. In the most recent quarter (Q1 2026), revenue was 36.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 26.6% year over year, a sign of growth.
Points to watch
- 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
- 2026-03-03EarningsChange of 30% or more in revenue or profit structure (15% for large corporations): full-year revenue ₩38.4 billion · operating loss ₩9.4 billion · net loss ₩18.0 billionThis is recent confirmed or preliminary earnings data. Check whether it points in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2026-05-15Earnings[Correction] Quarterly report (Mar 2026): Q1 2026 revenue ₩13.5 billion · operating loss ₩0.5 billion · net loss ₩0.3 billionThis is recent confirmed or preliminary earnings data. Check whether it points in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2026-05-15Earnings[Correction] Quarterly report (Mar 2026): Q1 2026 revenue ₩13.5 billion · operating loss ₩0.5 billion · net loss ₩0.3 billionThis is recent confirmed or preliminary earnings data. Check whether it points in the same direction 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 | ₩12,570 | ₩12,570 | Confirmed | link |
| Latest quarterly results | revenue ₩13.5 billion, operating profit -₩0.5 billion | revenue ₩13.5 billion, operating profit -₩0.5 billion | Confirmed | link |
| Annual results | revenue ₩38.4 billion, operating profit -₩9.4 billion | revenue ₩38.4 billion, operating profit -₩9.4 billion | Confirmed | link |
| Earnings disclosure source text | revenue30%: revenue ₩38.4 billion · operating profit -₩9.4 billion · net profit -₩18.0 billion | revenue30%: revenue ₩38.4 billion · operating profit -₩9.4 billion · net profit -₩18.0 billion | Confirmed | link |
| Earnings disclosure source text | [] (2026.03): 2026 1 revenue ₩13.5 billion · operating profit -₩0.5 billion · net profit -₩0.3 billion | [] (2026.03): 2026 1 revenue ₩13.5 billion · operating profit -₩0.5 billion · net profit -₩0.3 billion | Confirmed | link |
| Earnings disclosure source text | [] (2026.03): 2026 1 revenue ₩13.5 billion · operating profit -₩0.5 billion · net profit -₩0.3 billion | [] (2026.03): 2026 1 revenue ₩13.5 billion · operating profit -₩0.5 billion · net profit -₩0.3 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOwnership-change filing
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report (amended)
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
📖 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.