PNT (137400) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
PNT makes and sells roll-to-roll equipment (coaters, presses, slitters) used in the electrode process for secondary batteries, holding the global share lead in this field, where battery equipment for EVs and ESS makes up most of its revenue in an order-driven business. A contract worth about ₩106.8 billion supplied to a North American battery maker was completed in March and April, and February preliminary results confirmed that 2025 revenue and profit fell sharply on weakness in the downstream battery industry, though an order backlog of about ₩1.5 trillion remains. What stands out most is that the competitiveness of staying profitable with a double-digit ROE even through the downcycle, a valuation that looks low given the earnings recovery, and the earnings visibility from the ₩1.5 trillion backlog are strengths, while a further slowdown in downstream battery investment could delay new orders and make revenue wobble once the backlog is worked off, and the debt ratio is high.
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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 “Battery Equipment” (Secondary Batteries · Battery Materials, Parts & Equipment), a type typically read first through forward P/E.
Battery equipment makers hinge on the capacity expansions of cell producers, so profit swings widely between order-rich and order-lean years. Because booked orders turn into future revenue and earnings, forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Revenue fell 28.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 33.2% lower than a year earlier.
- ROE is 11.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 13.0%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jun-seob 14.46% (individual)
Controlling bloc incl. related parties 14.83%
With the controlling bloc holding 15%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
PNT is a company that makes and sells the process equipment used to build secondary batteries. Batteries are made by unwinding and winding thin films of cathode, anode and separator (the roll-to-roll method), and PNT supplies the key equipment for this, such as coaters that apply materials, presses that compress by pressing, and slitters that cut to the required width. It holds the global share lead in this electrode-process roll-to-roll equipment field. Most revenue comes from battery equipment for EVs and ESS, with the rest from equipment that makes materials such as copper foil and optical film. It is a classic order-driven business in which revenue arises when battery makers order equipment as they build or expand plants.
The latest close is ₩31,750 and the market capitalization is ₩752.2 billion. The price sits above its 20-day moving average (₩29,338) and below its 60-day moving average (₩37,420). 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 50.9, a neutral level. The one-month change is -4.9%, the three-month change is -45.2%, and the position relative to the 52-week high is -47.9%. 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 16.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation metrics are on the low side versus peers. The P/E ratio (how many times a year's earnings the price represents) is about 11x. The P/B (how many times book equity the price represents) is 1.04x. A good number of battery-equipment competitors have fallen into the red on the weak cycle. PNT, by contrast, has held onto profitability with an ROE (how much is earned on equity in a year) of 10.7%. The operating margin is also solid at 12.8%. The debt ratio (debt relative to equity) is somewhat high at 248%. That said, the nature of the order business means advance payments and contract liabilities received upfront from customers are booked as liabilities, which has a large effect. The interest coverage ratio is 14x, so the ability to service interest is ample. For reference, net debt (total borrowings less cash) is about ₩245.2 billion. EV/EBIT (enterprise value divided by operating profit, a debt-adjusted version of the P/E) is about 11x. Even adjusting for debt, the burden relative to earnings is not heavy.
Over five years, revenue grew steeply from ₩377.7 billion in 2021 to ₩1,035.0 billion in 2024. That was a period when equipment orders piled up on the EV battery expansion boom. In 2025, however, on softer EV demand, revenue fell to ₩744.9 billion (-28%) and operating profit to ₩95.6 billion (-42%), a big step down from the peak. The company officially attributed the decline to lower revenue and profit from weakness in the downstream secondary-battery industry. Q1 2026 revenue was ₩101.4 billion (-33%), still in decline. Net profit, however, was ₩20.1 billion, up 95% year over year. What lies ahead matters more. The company's secured order backlog is about ₩1.5 trillion, twice its 2025 annual revenue. As this backlog begins to be recognized as revenue, 2026 is likely to pass the trough and enter a recovery phase. On a forward basis, reflecting the earnings recovery, the current price is at about 9x earnings, priced even cheaper than on last year's results.
There are two things at the heart of recent disclosures. First, an equipment contract worth about ₩106.8 billion (denominated in dollars) supplied to a North American battery maker was processed as completed in March and April. That means a transaction with a large overseas customer has been wrapped up as actual revenue. Second, the February preliminary-results disclosure confirmed that 2025 revenue and profit fell sharply year over year, with the company citing weakness in the downstream battery industry as the cause. It amounts to the company itself acknowledging a downcycle. On the other hand, the order backlog of about ₩1.5 trillion and customer diversification into North America, Europe and China remain grounds for recovery.
The strong condition is a resumption of the battery-expansion cycle. If EV and ESS investment revives, orders flow to PNT, the global leader in electrode equipment. A backlog of ₩1.5 trillion already underpins 2026 earnings visibility. Staying profitable with a double-digit ROE through a downcycle in which many competitors are in the red shows business competitiveness. The weak condition is a further slowdown in downstream demand. If battery makers delay expansions, new orders are delayed. Revenue could then wobble again once the backlog is worked off. With a high debt ratio, a prolonged weak cycle leaves room for the financial burden to grow. In sum, the valuation is on the low side once the earnings recovery is factored in, but the pace of that recovery hinges on when downstream battery investment resumes.
🔎 Valuation vs peers Undervalued
Domestic battery-equipment companies that make electrode, assembly and material process equipment for secondary batteries are taken as the effective peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CIS | 20.44x | 1.13x | 3.84% |
| M-Plus | 5.62x | 1.04x | 25.79% |
| Philoptics | 0.00x | 5.69x | -14.63% |
| Yunsung F&C | 0.00x | 0.83x | -10.54% |
| Hana Technology | 0.00x | 1.10x | -5.78% |
Among the peer set, the ones that stayed profitable are roughly CIS (a P/E of about 23x) and MPLUS. Philoptics, Yunsung F&C and Hana Technology are in the red on the weak cycle. PNT, at a P/E of about 11x, trades at about half the level of profitable coating-equipment competitor CIS. On last year's results, the P/E may look somewhat high, since it comes after earnings turned down from a peak. But reflecting an earnings recovery that factors in the ₩1.5 trillion backlog, on a forward basis it falls to about 9x earnings. Given that it held onto profitability and market position even through the downcycle, it is judged to be in an undervalued zone relative to earnings.
Price history Close · MA20 · MA60
The latest close is ₩31,750 and the market capitalization is ₩752.2 billion. The price sits above its 20-day moving average (₩29,338) and below its 60-day moving average (₩37,420). 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 50.9, a neutral level. The one-month change is -4.9%, the three-month change is -45.2%, and the position relative to the 52-week high is -47.9%. 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 16.2%. 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 -16.24% / 6M -14.54% / 12M -6.93%
Key metrics Computed vs sector median
Valuation
The P/E of 10.12x is below the sector median (14.07x). The P/B of 1.04x is in line with the sector median (1.01x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 11.7%, above the sector average (2.0%). The operating margin is 13.0%. The debt ratio is 150.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $383.1M | $727.1M | $523.3M | -28.03% ↓ slower |
| Operating profit | $54.7M | $115.2M | $67.2M | -41.66% ↓ slower |
| Net profit | $49.0M | $99.7M | $52.2M | -47.63% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $265.4M | $293.5M | $383.1M | $727.1M | $523.3M |
| Operating profit | $38.2M | $54.6M | $54.7M | $115.2M | $67.2M |
| Net profit | $37.6M | $42.3M | $49.0M | $99.7M | $52.2M |
| Revenue CAGR | 4-yr avg 18.50% | ||||
Revenue fell 28.0% year over year (2023 ₩545.4 billion → 2024 ₩1.0 trillion → 2025 ₩744.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 41.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 18.5%. The two-year revenue CAGR is 16.9%. In the most recent quarter (Q1 2026), revenue was 33.2% lower 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 11.7% points to solid profitability.
Points to watch
- Revenue fell 28.0% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-04-30UpdateAn electrode-process equipment supply contract worth about ₩106.8 billion (denominated in dollars) for a North American battery maker was amended and disclosed as completed. It is the wrap-up of an order won in January 2023.A transaction with a large overseas customer is closed out as actual revenue and recognized. Note, though, that it is the working-off of an existing backlog rather than a new order. Source
- 2026-03-31UpdateThe contract amount and counterparty information for an electrode-equipment supply contract with the same North American customer were amended and disclosed. The total is about ₩113.1 billion (on a dollar basis), with the counterparty disclosed as a 'North American secondary-battery maker.'It confirms the securing of a large overseas customer. Note, though, its character as an amendment of a past order rather than new in-progress volume. Source
- 2026-02-23EarningsDisclosure of 2025 consolidated preliminary results. Revenue of ₩744.9 billion (-28.0%), operating profit of ₩95.6 billion (-41.4%), net profit of ₩68.7 billion (-51.7%). The company explicitly cited lower revenue and profit due to the downstream secondary-battery industry as the cause of the decline.It officially confirms the sharp drop in results versus the 2024 peak. It reflects the battery-equipment downcycle. Source
- 2026-05-13FilingFiling of the Q1 2026 quarterly report. Revenue of ₩101.4 billion (-33.2%) continues the decline, but net profit of ₩20.1 billion rose 95% year over year.Revenue still reflects the downcycle, but net profit improved. It suggests a possible passing of the trough as the backlog is worked off. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue (consolidated) | ₩744,889,433,349 | ₩744,889,433,349 | Confirmed | link |
| 2025 operating profit (consolidated) | ₩95,648,148,084 | ₩95,648,148,084 | Confirmed | link |
| North American supply-contract amount | approx. ₩106.8 billion | ₩106,751,484,295 | Confirmed | link |
| 2026 estimated net profit (forward) | approx. 900 (forward PER approx. 9x) | — | Unverified | link |
Recent filings Source
- 2026-05-13PeriodicQuarterly report
- 2026-04-30Single supply/sales contract (amended)
- 2026-03-31Single supply/sales contract (amended)
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-04Disclosure
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
- 2026-02-26OwnershipOwnership-change filing
- 2026-02-23EarningsEarnings 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.