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.
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 below 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
- 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 ₩2,400 and the market capitalization is ₩164.1 billion.
- The price sits below the 20-day line (₩2,666) and below the 60-day line (₩3,264).
- Trading below both the short- and mid-term moving averages, the trend looks subdued.
- The RSI (a supplementary indicator that measures upward versus downward force over the past 14 days on a 0-100 scale) is 34.2, a neutral level.
- The one-month change is -15.5%, the three-month change is -34.5%, and the position versus the 52-week high is -60.3%.
- Relative strength against the KOSDAQ is 35 (1-99, computed from return versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 66% of all stocks by strength.
- Over the past three months it lagged the index by 13.3%.
- Chart reading is best done alongside trading volume and filing dates.
- 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 57.83x, 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 | 5.12x | 0.50x | 9.66% |
| BCNC | 110.69x | 1.62x | 1.46% |
| Able C&C | 17.42x | 2.84x | 16.31% |
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 57.83x and the P/B (how many times book value the share price is) is 0.70x. 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 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 ₩2,400 and the market capitalization is ₩164.1 billion. The price sits below its 20-day moving average (₩2,666) and below its 60-day moving average (₩3,264). 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 34.2, a neutral level. The one-month change is -15.5%, the three-month change is -34.5%, and the position relative to the 52-week high is -60.3%. Relative strength versus the KOSDAQ is 35 (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 35% of all stocks. Over the past three months it lagged the index by 13.3%. 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 -13.31% / 6M -41.86% / 12M -54.67%
Key metrics vs sector median
Valuation
The P/E of 57.83x is above the sector median (14.98x). The P/B of 0.70x is below 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 1.2%, below the sector average (10.0%). The operating margin is 1.7%. The debt ratio is 16.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $53.7M | $59.1M | $63.6M | +7.47% ↓ slower |
| Operating profit | $4.0M | $7.1M | $1.1M | -84.77% ↓ slower |
| Net profit | $17.0M | $8.8M | $1.9M | -78.68% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.7M | $28.0M | $53.7M | $59.1M | $63.6M |
| Operating profit | -$7.4M | -$6.7M | $4.0M | $7.1M | $1.1M |
| Net profit | -$116.8M | -$29.6M | $17.0M | $8.8M | $1.9M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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 | ₩2,400 | ₩2,400 | 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
- 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.