Korea BNC (256840) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Korea BNC is a company that makes and sells aesthetic and bio-healthcare products—hyaluronic-acid fillers that plump the skin to smooth wrinkles, botulinum-toxin drugs that temporarily relax muscles, collagen tissue fillers, and functional derma cosmetics—which it researches, develops, and manufactures in-house and sells at home and abroad, and it holds a subsidiary that develops aesthetic medical devices. In August 2025 and March 2026 there were voluntary filings related to the first- and second-instance rulings in a lawsuit to cancel orders for drug recall, disposal, and provisional manufacturing suspension, and on March 31, 2026 it voluntarily filed a value-up plan. What stands out lately is that debt is low, cash capacity is large, and a P/B of 0.76x—below net asset value—provides a downside safety cushion on the value side while revenue has risen three years in a row; on the other hand, operating and net profit have fallen sharply over the past two to three years and turned to a loss in the most recent quarter, so ultimately whether profit thickens again and the litigation risk subsides will drive the assessment.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Toxins & Fillers (Aesthetics)” (Biotech & Pharmaceuticals · Pharmaceuticals (profitable)), a type typically read first through forward P/E.
Toxin and filler companies frequently ride growth phases as they expand into overseas markets and win new approvals, so trailing profits can miss where the business is heading. That is why forward P/E — the share price against expected future 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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 7.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 18.4% lower than a year earlier.
- ROE is 1.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 1.7%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Wan-gyu 19.29% (individual)
Controlling bloc incl. related parties 19.59%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Korea BNC is a company that makes and sells aesthetic and bio-healthcare products. Its main products are hyaluronic-acid (a component that helps the skin hold moisture) fillers that plump the skin to smooth wrinkles, botulinum-toxin drugs that temporarily relax muscles, collagen tissue fillers that fill damaged tissue, and functional derma cosmetics. It researches, develops, and manufactures medical devices, drugs, and cosmetics in-house and sells and distributes them at home and abroad, and it holds a subsidiary that develops aesthetic medical devices. Its official classification is listed differently, but the actual center of gravity of the business is in aesthetic and skin-related products. Because the company is not large, it is worth examining together how a single filing about a new-product approval or about litigation or funding affects results and the share count.
The latest close is ₩2,625 and the market capitalization is ₩179.5 billion. The price sits above its 20-day moving average (₩2,400) and below its 60-day moving average (₩2,762). 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 55.6, a neutral level. The one-month change is +2.9%, the three-month change is -32.6%, and the position relative to the 52-week high is -56.6%. Relative strength versus the KOSDAQ is 26 (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 25% of all stocks. Over the past three months it outpaced the index by 2.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a recent annual basis, revenue was ₩95.9 billion, operating profit ₩1.6 billion, and net profit ₩2.8 billion. The operating margin is 1.7% and ROE (how much is earned in a year on shareholders' equity) is 1.2%, so profitability itself is still thin. The financial structure, by contrast, is sturdy: the debt ratio (debt relative to equity) is low at 16.4%, and the current ratio (cash-like assets relative to debt due within a year) reaches about 9x, so short-term funding capacity is ample. The trailing P/E ratio (share multiple based on the past year's profit) is 63.25x, which looks high on the surface, but that is the result of using the small net profit of a year in which profit temporarily thinned as the denominator, so it is hard to read directly as 'expensive.' The indicator more worth noting is the P/B (how many times book value the share price is), at 0.76x, meaning the market capitalization is below the company's net assets. A company with little debt and large cash capacity trading below book value can be seen as a safety cushion on the value side.
Revenue rose three years in a row—₩81.0 billion in 2023, ₩89.2 billion in 2024, and ₩95.9 billion in 2025—continuing a gentle upward trend (about an 8.8% two-year average). The profit trend, however, looks different from revenue. Operating profit fell sharply from ₩10.7 billion in 2024 to ₩1.6 billion in 2025, and net profit came down from ₩25.7 billion in 2023 to ₩2.8 billion in 2025. In the most recent first quarter of 2026, revenue was ₩20.7 billion, down 18.4% year on year, and operating profit of -₩1.5 billion and net profit of -₩1.3 billion produced a quarterly loss. The annual revenue outlook is set at about ₩93.7 billion, reflecting the confirmed first-quarter figure—this only means the top line is expected to hold at a size similar to the prior year, not that profit will recover immediately. In short, this company's growth story can be summed up as 'revenue is holding up but profit has thinned,' and whether it can lift margins again is the key going forward.
The filing flow splits broadly into litigation and company plans. In August 2025 and March 2026 there were voluntary filings related to the first- and second-instance rulings in a lawsuit to cancel orders for drug recall, disposal, and provisional manufacturing suspension; because these are matters that can affect product supply and revenue, the direction of the outcome is worth continuing to track. On March 31, 2026, through a voluntary filing of a value-up plan, the company itself set out a direction for enhancing value. Plan-type material that a company puts out is referenced as a primary basis for a results outlook when it contains figures, and only as directional material when it does not.
This stock's strengths and weaknesses are fairly clearly divided. The strength is the financials: debt is low, cash capacity is large, and with the shares below net assets (book value) at a P/B of 0.76x, there is a downside safety cushion on the value side. Revenue has also risen three years in a row, so the top line is holding. The weakness is profitability: operating and net profit have fallen sharply over the past two to three years, and the most recent quarter turned to a loss. The high trailing P/E, too, stems from thinned profit rather than an expensive price, so in the end whether profit thickens again drives the assessment. In sum, it is a phase where, if margins recover and litigation and filing risk subside, the low P/B and clean financials could serve as a platform for re-valuation, and conversely a phase where, if quarterly losses continue, weak profit could hold the price back even as revenue holds up.
🔎 Valuation vs peers Overvalued
A peer set close in market capitalization within the game category.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Neowiz Holdings | 5.67x | 0.55x | 11.22% |
| BCNC | 109.91x | 1.60x | 1.46% |
| Able C&C | 21.18x | 3.93x | 24.27% |
We looked first at a public-data peer set close in market capitalization within the game category. The current P/E ratio (how many times a year's profit the share price is) is 63.25x and the P/B (how many times book value the share price is) is 0.79x. That said, smaller-cap stocks are heavily affected by profit swings and financing-related filings, so we did not draw firm conclusions from figures based on last year's confirmed results 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 | ₩93.7 billion | — | — |
| Next quarter | Q2 2026 | ₩23.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩2,625 and the market capitalization is ₩179.5 billion. The price sits above its 20-day moving average (₩2,400) and below its 60-day moving average (₩2,762). 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 55.6, a neutral level. The one-month change is +2.9%, the three-month change is -32.6%, and the position relative to the 52-week high is -56.6%. Relative strength versus the KOSDAQ is 26 (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 25% of all stocks. Over the past three months it outpaced the index by 2.5%. 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 +2.52% / 6M -23.80% / 12M -48.70%
Key metrics Computed vs sector median
Valuation
The P/E of 63.25x is above the sector median (15.02x). The P/B of 0.79x is below the sector median (1.10x).
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 1.2%, above the sector average (1.0%). The operating margin is 1.7%. The debt ratio is 19.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $56.9M | $62.7M | $67.4M | +7.47% ↓ slower |
| Operating profit | $4.2M | $7.5M | $1.1M | -84.77% ↓ slower |
| Net profit | $18.0M | $9.3M | $2.0M | -78.68% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.7M | $29.7M | $56.9M | $62.7M | $67.4M |
| Operating profit | -$7.9M | -$7.1M | $4.2M | $7.5M | $1.1M |
| Net profit | -$123.8M | -$31.4M | $18.0M | $9.3M | $2.0M |
| Revenue CAGR | 4-yr avg 39.60% | ||||
Revenue rose 7.5% year over year (2023 ₩81.0 billion → 2024 ₩89.2 billion → 2025 ₩95.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 84.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 39.6%. The two-year revenue CAGR is 8.8%. In the most recent quarter (Q1 2026), revenue was 18.4% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue rose 7.5% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-16EarningsOther management matter (voluntary filing) (second-instance ruling in the lawsuit to cancel orders for drug recall, disposal, and provisional manufacturing suspension): 2026 Q1 revenue ₩20.7 billion, operating profit -₩1.5 billion, net profit -₩1.3 billionThis is recent confirmed or provisional results data. Check whether it points in the same direction as the annual trend and whether one-off factors are involved. Source
- 2025-08-29EarningsOther management matter (voluntary filing) (first-instance ruling in the lawsuit to cancel orders for drug recall, disposal, and provisional manufacturing suspension): 2026 Q1 revenue ₩20.7 billion, operating profit -₩1.5 billion, net profit -₩1.3 billionThis is recent confirmed or provisional results data. Check whether it points in the same direction as the annual trend and whether one-off factors are involved. Source
- 2026-03-31UpdateValue-up plan (voluntary filing): confirm the original company planThis is plan-type material the company presented itself. When it contains figures, treat it as a primary basis for the outlook box; when it does not, treat it only as directional material. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,625 | ₩2,625 | Confirmed | link |
| Latest quarterly results | revenue ₩20.7 billion, operating profit -₩1.5 billion | revenue ₩20.7 billion, operating profit -₩1.5 billion | Confirmed | link |
| Annual results | revenue ₩95.9 billion, operating profit ₩1.6 billion | revenue ₩95.9 billion, operating profit ₩1.6 billion | Confirmed | link |
| Results filing (original text) | 2026 1 revenue ₩20.7 billion · operating profit -₩1.5 billion · net profit -₩1.3 billion | 2026 1 revenue ₩20.7 billion · operating profit -₩1.5 billion · net profit -₩1.3 billion | Confirmed | link |
| Results filing (original text) | 2026 1 revenue ₩20.7 billion · operating profit -₩1.5 billion · net profit -₩1.3 billion | 2026 1 revenue ₩20.7 billion · operating profit -₩1.5 billion · net profit -₩1.3 billion | Confirmed | link |
| Outlook / plan filing (original text) | — | — | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-27Disclosure
- 2026-04-08PeriodicAnnual business report (amended)
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Litigation disclosure
📖 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.