Nano (187790) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Nano is a company in the chemicals sector. Last year it posted annual revenue of ₩85.7 billion, operating profit of ₩5.5 billion and net profit of ₩7.0 billion, and with a market cap of about ₩99.5 billion, individual disclosures such as supply contracts and facility investments have a relatively large effect on its revenue and profit. There was a single supply contract worth ₩4.7 billion (5.3% of recent revenue) in July 2025, annual results were confirmed in a change filing in February 2026, and in November 2025 there was a corrected filing on new facility investment reflecting a change in the final-payment date. The strengths to note are an ROE of 16.5% that puts profitability ahead of peers, multi-year growth in both revenue and core-business profit, and a price that has fallen more than half from its 52-week high; the caution is that Q1 2026 revenue fell year over year and swung to a quarterly loss, and a debt ratio of 120.7% is somewhat high, so the key is whether the contract and investment disclosures translate into actual revenue.
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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 “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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 3.3% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 19.2% lower than a year earlier.
- ROE is 16.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.5%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Shin Dong-woo 9.82% (individual)
Controlling bloc incl. related parties 10.49%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
On a full-year basis last year, the company posted revenue of ₩85.7 billion, operating profit of ₩5.5 billion and net profit of ₩7.0 billion. As a company that is not large, with a market cap of about ₩99.5 billion, its structure is one in which a single individual disclosure such as a supply contract or facility investment has a relatively large effect on revenue and profit, alongside the business flow itself. So it helps to look at what products the company makes money from together with whether recent disclosures translate into actual results.
The latest close is ₩2,875 and the market capitalization is ₩88.7 billion. The price sits above its 20-day moving average (₩2,869) and below its 60-day moving average (₩4,265). 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 45.2, a neutral level. The one-month change is -16.2%, the three-month change is -55.9%, and the position relative to the 52-week high is -60.5%. Relative strength versus the KOSDAQ is 82 (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 82% of all stocks. Over the past three months it lagged the index by 36.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Last year's annual revenue was ₩85.7 billion, with operating profit of ₩5.5 billion and net profit of ₩7.0 billion. The operating margin is 6.5%, and the ROE (how much is earned in a year on equity) is a solid 16.5%, above the peer average. The debt ratio (debt versus equity) of 220.7% means debt somewhat exceeds equity, an area worth checking on an ongoing basis. The P/E ratio (how many times a year's profit the share price is) is 12.61x and the P/B (how many times book value the share price is) is 2.20x. The P/B looks higher than the peer set, but this also reflects an ROE above peers, indicating efficient use of capital, so it is hard to call it simply expensive. That said, last year's net profit includes the effect of a normalization from the large profit in the prior year (₩22.6 billion), so when reading the metrics it is more accurate to distinguish the profit that comes steadily from operations from one-off factors.
Revenue rose over several years, from ₩51.3 billion in 2021 to ₩85.7 billion in 2025, and over the same span operating profit grew from ₩900 million to ₩5.5 billion. In particular, last year's operating profit jumped sharply from the prior year (₩1.66 billion), a picture of core-business profitability improving a notch. By contrast, in the most recent quarter, Q1 2026, revenue of ₩11.0 billion fell 19.2% year over year, and with an operating loss of -₩900 million and a net loss of -₩1.1 billion, it recorded a quarterly loss. So while revenue and core-business profit have both grown over the multi-year trend, early this year demand or utilization appears to have weakened temporarily. There is no separate confirmed profit guidance from the company for this year's full-year outlook, so it is a stage of confirming direction through the flow of quarterly results and future disclosures.
Looking at the recent flow of disclosures, there was a single supply contract in July 2025 (contract amount ₩4.7 billion, 5.3% of recent revenue), where whether it is a one-off or a repeatable transaction shapes the medium-term reading of revenue. In February 2026, annual results (revenue ₩85.7 billion, operating profit ₩5.5 billion, net profit ₩7.0 billion) were confirmed and disclosed in a change filing. In addition, in November 2025 there was a corrected filing on new facility investment, a company planning document in which the investment period and amount were adjusted following a change in the final-payment date. Such disclosures serve as a primary basis for gauging how future revenue and capacity might move.
Nano's strengths are clear. An ROE of 16.5% puts profitability ahead of peers, both revenue and core-business profit have grown over multiple years, and the share price has fallen more than half from its 52-week high with the RSI in depressed territory, a phase where expectations are set low. On the other hand, the points to check are that Q1 2026 revenue fell year over year and swung to a quarterly loss, that the debt ratio of 120.7% is somewhat high, and that with a small market cap a single individual disclosure can move results and the share count sharply. In short, the core-business profitability and the depressed price are strengths, and the key to filling the weaknesses is whether the quarterly-results recovery early this year and the contract and investment disclosures translate into actual revenue.
🔎 Valuation vs peers Overvalued
A comparison set of chemicals names close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Tonymoly | 11.84x | 1.10x | 10.89% |
| Taekyung Industrial | 8.16x | 0.43x | 7.64% |
| HDC Hyundai EP | 3.82x | 0.35x | 8.49% |
Within chemicals, we prioritized a public-data comparison set close in market cap. The current P/E ratio (how many times a year's profit the share price is) is 12.61x and the P/B (how many times book value the share price is) is 2.20x. That said, for smaller-cap names, swings in profit and funding disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed results 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 | ₩57.9 billion | — | — |
| Next quarter | Q2 2026 | ₩14.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩2,875 and the market capitalization is ₩88.7 billion. The price sits above its 20-day moving average (₩2,869) and below its 60-day moving average (₩4,265). 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 45.2, a neutral level. The one-month change is -16.2%, the three-month change is -55.9%, and the position relative to the 52-week high is -60.5%. Relative strength versus the KOSDAQ is 82 (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 82% of all stocks. Over the past three months it lagged the index by 36.9%. 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 -36.94% / 6M +8.51% / 12M +45.93%
Key metrics Computed vs sector median
Valuation
The P/E of 12.61x is in line with the sector median (14.15x). The P/B of 2.20x is above the sector median (0.90x).
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 9.8%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 16.5%, above the sector average (4.0%). The operating margin is 6.5%. The debt ratio is 161.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $61.9M | $62.2M | $60.2M | -3.30% ↓ slower |
| Operating profit | $1.1M | $1.2M | $3.9M | +233.40% ↑ faster |
| Net profit | -$3.3M | $15.9M | $4.9M | -68.99% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $36.0M | $46.9M | $61.9M | $62.2M | $60.2M |
| Operating profit | $615,868 | -$2.5M | $1.1M | $1.2M | $3.9M |
| Net profit | -$10.4M | -$9.1M | -$3.3M | $15.9M | $4.9M |
| Revenue CAGR | 4-yr avg 13.70% | ||||
Revenue fell 3.3% year over year (2023 ₩88.1 billion → 2024 ₩88.6 billion → 2025 ₩85.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 233.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.7%. The two-year revenue CAGR is -1.4%. In the most recent quarter (Q1 2026), revenue was 19.2% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 16.5% points to solid profitability.
Points to watch
- Revenue fell 3.3% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-07-18ContractSingle supply contract (voluntary disclosure): contract amount ₩4.7 billion, 5.3% of recent revenueThe contract amount and period are key to future revenue recognition. Whether it is a one-off or a repeatable transaction shapes the medium-term reading. Source
- 2026-02-13EarningsChange of 30% or more in revenue or earnings structure (15% for large corporations): annual revenue ₩85.7 billion, operating profit ₩5.5 billion, net profit ₩7.0 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2025-11-28Update[Correction] New facility investment: New facility investment / (2025.11.28) New facility investment, corrected filing. Correction date 2025-11-28. 1. Filing corrected: new facility investment. 2. Filing date of the corrected document: 2025-01-24. 3. Reason for correction: adjustment of investment period and change in investment amount following a change in the final-payment date. 4. Corrected items: item, before, afterA planning document put forward directly by the company. If it contains figures, treat it as the primary basis for the forecast box; if not, read it only as a directional cue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,875 | ₩2,875 | Confirmed | link |
| Latest quarterly results | revenue ₩11.0 billion, operating profit -₩0.9 billion | revenue ₩11.0 billion, operating profit -₩0.9 billion | Confirmed | link |
| Annual results | revenue ₩85.7 billion, operating profit ₩5.5 billion | revenue ₩85.7 billion, operating profit ₩5.5 billion | Confirmed | link |
| Contract disclosure text | single supply contract signed (voluntary disclosure): contract value ₩4.7 billion · vs recent revenue 5.3% | single supply contract signed (voluntary disclosure): contract value ₩4.7 billion · vs recent revenue 5.3% | Confirmed | link |
| Earnings disclosure text | revenue30%: revenue ₩85.7 billion · operating profit ₩5.5 billion · net profit ₩7.0 billion | revenue30%: revenue ₩85.7 billion · operating profit ₩5.5 billion · net profit ₩7.0 billion | Confirmed | link |
| Outlook/plan disclosure text | [amended] : /(2025.11.28) 2025-11-28 1. 2. 2025-01-24 3. 4. | [amended] : /(2025.11.28) 2025-11-28 1. 2. 2025-01-24 3. 4. | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-05OwnershipOwnership-change filing
- 2026-05-27Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-04-29PeriodicAnnual business report (amended)
- 2026-04-29Audit report (amended)
- 2026-04-29Amended filing
- 2026-04-29PeriodicAnnual business report (amended)
- 2026-04-29Audit report (amended)
- 2026-04-29Disclosure
- 2026-04-29PeriodicAnnual business report (amended)
- 2026-04-29PeriodicAnnual business report (amended)
📖 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.