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 226.1% and a current ratio of 92.9% leaving little financial headroom, the burden could stand out if the thin profit narrows again.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 226.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 92.9%).
- 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 below 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
- 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 closing price is ₩9,940 and the market cap is ₩127.2 billion.
- The price sits below the 20-day line (₩12,031) and below the 60-day line (₩14,555).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward strength over the past 14 days on a 0–100 scale) is 36.6, a neutral level.
- The one-month change is -19.5%, the three-month change is -20.4%, and the position versus the 52-week high is -45.2%.
- Relative strength versus the KOSDAQ is 64 (1–99, converting the past year's return versus the index with more recent weighting — higher means stronger than the market).
- That places it around the top 36% of all stocks by strength.
- Over the past three months it outpaced the index by 0.3%.
- It helps to read the chart alongside trading volume and disclosure dates.
- 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 1.62x.
- 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 226.1% 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 | 5.12x | 0.50x | 9.66% |
| Korea BNC | 57.83x | 0.70x | 1.21% |
| Able C&C | 17.42x | 2.84x | 16.31% |
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 110.69x and the P/B (how many times book value the share price is) is 1.62x. 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 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 ₩9,940 and the market capitalization is ₩127.2 billion. The price sits below its 20-day moving average (₩12,031) and below its 60-day moving average (₩14,555). 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 36.6, a neutral level. The one-month change is -19.5%, the three-month change is -20.4%, and the position relative to the 52-week high is -45.2%. Relative strength versus the KOSDAQ is 64 (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 64% of all stocks. Over the past three months it outpaced the index by 0.3%. 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 +0.32% / 6M -23.23% / 12M +9.26%
Key metrics vs sector median
Valuation
The P/E of 110.69x is above the sector median (14.98x). The P/B of 1.62x is in line with the sector median (1.58x).
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 1.5%, below the sector average (10.0%). The operating margin is 4.5%. The debt ratio is 226.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $43.3M | $51.3M | $58.0M | +13.20% ↓ slower |
| Operating profit | -$27,743 | -$1.4M | $2.6M | — |
| Net profit | $820,575 | -$1.5M | $761,440 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $42.6M | $54.4M | $43.3M | $51.3M | $58.0M |
| Operating profit | $6.1M | $7.7M | -$27,743 | -$1.4M | $2.6M |
| Net profit | $4.9M | $6.6M | $820,575 | -$1.5M | $761,440 |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 13.2% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 226.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 92.9%).
- 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 | ₩9,940 | ₩9,940 | 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 | []: /(2026.06.15) 2026-06-15 1. 2. 2026-04-29 3. 4. 2. | []: /(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 | []: /(2026.04.29) 2026-04-29 1. 2. 2026-04-15 3. 4. 2. - | []: /(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
- 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.