BCNC (146320) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
BCNC is a KOSDAQ-listed company grouped under the site's classification in the game sector, but a string of disclosures on new plant construction/expansion and facility investment — with the investment amounts raised — reveals it to be a company expanding its production facilities. Revenue reached about ₩87.6 billion in 2025, rising for a third straight year, while operating and net profit, which were losses in 2024, turned positive; preliminary first-quarter 2026 results were revenue of ₩23.7 billion, operating profit of ₩0.8 billion, and net profit of ₩0.3 billion. What stands out lately is a two-sided setup: if the earnings recovery and revenue growth continue together with the facility-investment effect, the appeal of this earnings-inflection phase — where the 131x P/E calculated on last year's earnings looks higher than reality — comes alive, but with a debt ratio of 126.1% and a current ratio of 92.9% leaving little financial headroom, the burden could stand out if the thin profit narrows again.
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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 “Semiconductor Materials & Components” (Semiconductors & IT Components · Semiconductors), a type typically read first through forward P/E.
Semiconductor materials and components supply the inputs used in chip fabrication, and results move sharply ahead of and behind the chip investment cycle and customers' fab utilization. Because future earnings from recovering demand matter more than results already booked, the forward P/E — based on expected earnings — is the first lens.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 89.7%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 13.2% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 19.5% higher than a year earlier.
- ROE is 1.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Don-han 50.53% (individual)
Controlling bloc incl. related parties 52.18%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
BCNC is a KOSDAQ-listed company with revenue of about ₩87.6 billion in 2025. On the site's classification it is grouped in the game sector, but the clues closest to its actual business are best revealed in the disclosures the company itself has filed. Into 2026 it filed a series of disclosures on new plant construction/expansion and facility investment and amended them to raise the investment amounts, showing it to be a company expanding its production facilities. With a market cap of ₩150.8 billion its scale is not especially large, so it helps to watch how each disclosure affects results and the share count alongside the business flow itself.
The latest close is ₩9,870 and the market capitalization is ₩126.3 billion. The price sits above its 20-day moving average (₩9,632) and below its 60-day moving average (₩12,252). 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 48.0, a neutral level. The one-month change is -11.4%, the three-month change is -45.4%, and the position relative to the 52-week high is -45.6%. Relative strength versus the KOSDAQ is 48 (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 48% of all stocks. Over the past three months it lagged the index by 18.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Full-year 2025 revenue was ₩87.6 billion, with operating profit of ₩3.9 billion and net profit of ₩1.1 billion. The operating margin was 4.5%, and ROE (how much is earned in a year on equity) was 1.5%. The P/E ratio (how many times a year's earnings the share price is) looks high at 131x, but this is not because the company is weak — it is because it is the first year net profit has just turned positive, so the earnings serving as the comparison base are still small. In such an earnings-inflection phase, a P/E calculated on a single year's earnings can look inflated versus the actual business value, so it is premature to call the high number a 'burden' on the basis of the figure alone. The P/B (how many times book value the share price is) is 1.60x. That said, with a debt ratio (debt relative to equity) of 226.1% and a current ratio (readily cashable assets against debt due within a year) of 92.9%, financial headroom is not ample.
Revenue rose for three straight years — ₩65.3 billion in 2023, ₩77.4 billion in 2024, and ₩87.6 billion in 2025 — and the most recent quarter was also ₩23.7 billion, up 19.5% from the same period a year earlier. The more notable change is in earnings. Operating profit swung from a -₩2.0 billion loss in 2024 to a +₩3.9 billion profit in 2025, and net profit likewise turned from a loss to a +₩1.1 billion profit. As the first year crossing from loss to profit, the margin itself is still low, but the direction is clearly upward. Into 2026, the disclosures raising the amounts for new plant construction/expansion and facility investment read as a signal that the company is building out more production capacity to meet growing demand. If the revenue flow keeps its current pace, 2026 revenue is positioned to rise to around the ₩98 billion range.
The most recent major disclosures center on the facility-investment flow. On April 29, 2026 and June 15, 2026, the company filed amended new facility-investment disclosures raising the total investment amount for plant construction/expansion and facility investment; as planning material the company itself presented, this serves as a primary basis for gauging the direction of future production and revenue. On the same April 29, it also disclosed preliminary first-quarter 2026 results (revenue ₩23.7 billion, operating profit ₩0.8 billion, net profit ₩0.3 billion). Reading whether the quarterly results are in line with the annual trend and whether any one-off factors are present, alongside the investment disclosures, gives a better read on the grain of the business.
The strengths are distinct. Revenue rose for three straight years and grew by double digits in the most recent quarter, while operating and net profit, which were losses in 2024, turned positive in 2025. On top of this, the company is itself raising its facility-investment amounts, showing a will to grow. In such an earnings-inflection phase, the 131x P/E calculated on last year's earnings tends to look higher than reality, so it is hard to call the shares expensive on the number alone. On the other hand, the cautions are clear. With a debt ratio of 126.1% there is more debt than equity, the current ratio of 92.9% means debt due within a year exceeds readily usable assets, and operating profit barely covers interest. In sum, this is a strong picture if the earnings recovery and revenue growth continue together with the facility-investment effect, but a structure that weakens if the thin profit narrows again or the financial burden grows.
🔎 Valuation vs peers Overvalued
A comparison set of game-sector names with adjacent market caps.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Neowiz Holdings | 5.67x | 0.55x | 11.22% |
| Korea BNC | 63.25x | 0.79x | 1.21% |
| Able C&C | 21.18x | 3.93x | 24.27% |
We looked first at a public-data comparison set of game-sector names with similar market caps. The current P/E (how many times a year's earnings the share price is) is 109.91x and the P/B (how many times book value the share price is) is 1.60x. However, because smaller-cap names are heavily affected by earnings swings and financing disclosures, we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩98.4 billion | — | — |
| Next quarter | Q2 2026 | ₩23.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩9,870 and the market capitalization is ₩126.3 billion. The price sits above its 20-day moving average (₩9,632) and below its 60-day moving average (₩12,252). 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 48.0, a neutral level. The one-month change is -11.4%, the three-month change is -45.4%, and the position relative to the 52-week high is -45.6%. Relative strength versus the KOSDAQ is 48 (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 48% of all stocks. Over the past three months it lagged the index by 18.7%. 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 -18.66% / 6M -7.69% / 12M -2.03%
Key metrics Computed vs sector median
Valuation
The P/E of 109.91x is above the sector median (26.76x). The P/B is 1.60x.
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
The operating margin is 4.5%. The debt ratio is 128.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $45.9M | $54.4M | $61.5M | +13.20% ↓ slower |
| Operating profit | -$29,406 | -$1.4M | $2.8M | — |
| Net profit | $869,764 | -$1.6M | $807,084 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $45.2M | $57.6M | $45.9M | $54.4M | $61.5M |
| Operating profit | $6.5M | $8.1M | -$29,406 | -$1.4M | $2.8M |
| Net profit | $5.2M | $7.0M | $869,764 | -$1.6M | $807,084 |
| Revenue CAGR | 4-yr avg 8.04% | ||||
Revenue rose 13.2% year over year (2023 ₩65.3 billion → 2024 ₩77.4 billion → 2025 ₩87.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.0%. The two-year revenue CAGR is 15.8%. In the most recent quarter (Q1 2026), revenue was 19.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 13.2% year over year, a sign of growth.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 89.7%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-15Update[Amendment] New facility investment: New facility investment / (2026.06.15) amended filing of new facility investment; amendment date 2026-06-15; 1. Amended disclosure document: new facility investment; 2. Original filing date: 2026-04-29; 3. Reason for amendment: change in total investment amount from a change in the plant construction/expansion amount; 4. Amended item: before / after — 2. Investment detailsThis is planning material the company itself presented. Where figures are given, treat them as a primary basis for the outlook box; where none are given, treat it only as directional material. Source
- 2026-04-29EarningsPreliminary operating results (fair disclosure): first-quarter 2026 revenue ₩23.7 billion · operating profit ₩0.8 billion · net profit ₩0.3 billionThis is recently confirmed or preliminary earnings material. Check whether it is in line with the annual trend and whether any one-off factors are present. Source
- 2026-04-29Update[Amendment] New facility investment: New facility investment / (2026.04.29) amended filing of new facility investment; amendment date 2026-04-29; 1. Amended disclosure document: new facility investment; 2. Original filing date: 2026-04-15; 3. Reason for amendment: change in total investment amount from a change in the facility-investment amount; 4. Amended item: before / after — 2. Investment detailsThis is planning material the company itself presented. Where figures are given, treat them as a primary basis for the outlook box; where none are given, treat it only as directional material. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩9,870 | ₩9,870 | Confirmed | link |
| Most recent quarterly results | revenue ₩23.7 billion, operating profit ₩0.8 billion | revenue ₩23.7 billion, operating profit ₩0.8 billion | Confirmed | link |
| Annual results | revenue ₩87.6 billion, operating profit ₩3.9 billion | revenue ₩87.6 billion, operating profit ₩3.9 billion | Confirmed | link |
| Original outlook/plan disclosure | [amended] : /(2026.06.15) 2026-06-15 1. 2. 2026-04-29 3. 4. 2. | [amended] : /(2026.06.15) 2026-06-15 1. 2. 2026-04-29 3. 4. 2. | Confirmed | link |
| Original earnings disclosure | 2026 1 revenue ₩23.7 billion · operating profit ₩0.8 billion · net profit ₩0.3 billion | 2026 1 revenue ₩23.7 billion · operating profit ₩0.8 billion · net profit ₩0.3 billion | Confirmed | link |
| Original outlook/plan disclosure | [amended] : /(2026.04.29) 2026-04-29 1. 2. 2026-04-15 3. 4. 2. - | [amended] : /(2026.04.29) 2026-04-29 1. 2. 2026-04-15 3. 4. 2. - | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-29Amended filing
- 2026-04-24Material-fact report (amended)
- 2026-04-22Disclosure
- 2026-04-22Material-fact report
- 2026-04-15Amended filing
- 2026-03-24Shareholders' meeting notice
- 2026-03-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-18Amended filing
- 2026-03-16PeriodicAnnual 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.