CNG Hitech is a machinery and equipment company that earns its living by supplying the equipment and chemical materials needed for semiconductor and display manufacturing processes to its customers. Its revenue comes from equipment deliveries when customers build new production lines, together with the steady supply of materials and components while those lines run, so the company's results are tied directly to the investment cycles and utilization of the downstream chipmakers and display makers it serves. In March 2026 it filed a voluntary disclosure of a corporate value-up plan, and it signed back-to-back single supply contracts worth ₩19.5 billion in February (12.9% of recent revenue) and ₩38.1 billion in April (19.4%), the two together equal to roughly one third of last year's revenue. What stands out recently is that last year revenue and profit rose together to produce an ROE of 13.6%, and with a P/E of 6.2x, a P/B of 0.85x and a 4.4% dividend yield the shares look cheap, but first-quarter revenue fell sharply and operating profit turned negative, so how the story is judged hinges on whether the booked supply contracts flow into revenue later this year and pull profit back onto last year's track.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 29.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 78.8% lower than a year earlier.
- ROE is 13.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Hong Sa-mun 15.31% (individual)
Controlling bloc incl. related parties 36.61%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- CNG Hitech is classified in the machinery and equipment sector and earns money by supplying the equipment and chemical materials used in semiconductor and display manufacturing to its customers.
- Revenue comes from equipment deliveries booked when customers build new lines or expand facilities, and from the steady flow of materials and components consumed while those lines run.
- As a result its results are tied directly to the investment cycles and utilization of the downstream semiconductor and display makers.
- With a market capitalization of about ₩121.5 billion it is a small- to mid-cap name, so a single large supply contract or one funding-related disclosure tends to have an outsized effect on a full year's revenue and profit.
- The latest close is ₩12,000 and market capitalization is ₩116.7 billion.
- The price sits below its 20-day line (₩13,445) and its 60-day line (₩17,480).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the strength of gains versus declines over the past 14 days on a 0-100 scale) is 36.6, a neutral level.
- The one-month change is -14.6%, the three-month change is -25.0%, and the price is -52.1% from its 52-week high.
- Relative strength versus the KOSDAQ is 60 (on a 1-99 scale, converted from returns against the index over the past year with heavier weight on the recent period; higher means stronger than the market).
- That places it in roughly the top 39% of all stocks by strength.
- Over the past three months it lagged the index by 3.9%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- For the full year 2025, revenue was ₩196.2 billion, operating profit ₩24.7 billion and net profit ₩19.5 billion.
- The operating margin was 12.6% and ROE (a profitability measure of how much a company earns in a year on its own equity) was 13.6%, above the peer average.
- The debt ratio (debt relative to equity) is 138%, but with a current ratio of 279% and an interest coverage ratio of 44x, the ability to repay debt and the near-term cash position are ample, so the financial-health read is 'stable.' On price, based on trailing results the P/E (how many times a year's profit the share price represents) is 5.97x and the P/B (how many times book value the share price represents) is 0.81x, both in a low range.
- In other words, judged solely on last year's earnings and the assets on hand, the stock is priced cheaply.
- The reason the valuation read comes out as 'Overvalued' is not trailing earnings but this year's expected profit, which is explained further in the growth section.
- Viewed over several years, the top line has clearly grown.
- Revenue moved from ₩166.7 billion in 2023 to ₩151.2 billion in 2024 and ₩196.2 billion in 2025, rising 29.8% year over year last year to climb back up.
- The recovery in profit was steeper still: operating profit rose 91% from ₩12.9 billion in 2024 to ₩24.7 billion in 2025, and net profit went from ₩6.9 billion to ₩19.5 billion, roughly 2.8x.
- A business structure in which equipment and material demand rises alongside a revival in downstream semiconductor and display investment showed up in last year's earnings rebound.
- This year, however, the grain is different.
- First-quarter 2026 revenue was ₩17.1 billion, down 78.8% from the same period a year earlier, and operating profit was -₩2.2 billion, a loss.
- Equipment deliveries tend to be lumpy from quarter to quarter depending on when customers invest, so it is hard to define a whole year by a single quarter's number, but the start was undeniably weak.
- The P/E based on this year's (2026) forecast profit, which reflects this trend, is set higher than the trailing P/E (6.2x).
- This is not because the shares have become more expensive but because the profit expected this year is set lower (around ₩3.9 billion) than last year's (₩19.5 billion).
- In sum, the stock is cheap against assets and last year's profit, but measured against the pace of this year's profit recovery, some expectation is priced in.
- Recent disclosures offer clues on direction.
- On March 31, 2026 it filed a corporate value-up plan as a voluntary disclosure; since this is material the company itself put forward, treat it as a primary basis for the outlook if it contains concrete figures and as a directional reference if it does not.
- The clue that ties directly to revenue is the supply contracts.
- On February 9, 2026 it signed a single supply contract worth ₩19.5 billion (12.9% of recent revenue), and on April 13 another worth ₩38.1 billion (19.4%); combined, the two equal about one third of last year's revenue.
- Over what period these amounts are recognized as revenue, and whether they are one-off or recurring transactions, are the key variables for the results recovery in the latter half of this year and next.
- This is a name with relatively clear strengths and weaknesses.
- The strength is that last year's results were genuinely good.
- Revenue and profit rose together to produce an ROE of 13.6%, the share price against that profit and those assets is cheap at a P/E of 6.2x and a P/B of 0.85x, and the dividend yield is high at 4.4%.
- The finances are stable too, with ample debt-repayment capacity and liquidity.
- The point to note is this year's start.
- Because first-quarter revenue fell sharply and operating profit turned negative, expectations that this year's profit will not match last year's are already reflected.
- Ultimately the stock is judged on whether, as the year progresses, the booked supply contracts flow into revenue and pull profit back onto last year's track.
- If that recovery is confirmed, today's low asset and dividend value comes to the fore as a strength; if the weak quarterly results drag on, the valuation burden on this year's earnings basis may show first.
- The keys are to watch last year's results, this year's quarters, and the timing of revenue recognition on the supply contracts together.
🔎 Valuation vs peers Overvalued
A peer set of machinery-and-equipment names with similar market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HB Solution | 4.43x | 0.48x | 10.76% |
| Hyundai Everdigm | 24.40x | 0.59x | 2.42% |
| Cowin Tech | 66.64x | 0.66x | 0.99% |
Within machinery and equipment, we looked first at a public-data peer set of comparable market capitalization. The current P/E (how many times a year's profit the share price represents) is 5.97x and the P/B (how many times book value the share price represents) is 0.81x. That said, for smaller-cap names the impact of earnings swings and funding disclosures is large, so we did not rely on trailing-year 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 | ₩66.1 billion | — | ₩3.9 billion |
| Next quarter | Q2 2026 | ₩15.8 billion | — | ₩0.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩12,000 and the market capitalization is ₩116.7 billion. The price sits below its 20-day moving average (₩13,445) and below its 60-day moving average (₩17,480). 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 -14.6%, the three-month change is -25.0%, and the position relative to the 52-week high is -52.1%. Relative strength versus the KOSDAQ is 60 (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 61% of all stocks. Over the past three months it lagged the index by 3.9%. 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 -3.90% / 6M -17.16% / 12M -6.26%
Key metrics vs sector median
Valuation
The P/E of 5.97x is below the sector median (14.44x). The P/B of 0.81x is below the sector median (1.44x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.6%, above the sector average (5.0%). The operating margin is 12.6%. The debt ratio is 138.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $110.5M | $100.2M | $130.0M | +29.77% ↑ faster |
| Operating profit | $8.4M | $8.6M | $16.4M | +91.20% ↑ faster |
| Net profit | $8.5M | $4.6M | $12.9M | +183.72% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $67.2M | $127.8M | $110.5M | $100.2M | $130.0M |
| Operating profit | $4.9M | $16.9M | $8.4M | $8.6M | $16.4M |
| Net profit | $3.3M | $11.2M | $8.5M | $4.6M | $12.9M |
| Revenue CAGR | 4-yr avg 17.94% | ||||
Revenue rose 29.8% year over year (2023 ₩166.7 billion → 2024 ₩151.2 billion → 2025 ₩196.2 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 91.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 17.9%. The two-year revenue CAGR is 8.5%. In the most recent quarter (Q1 2026), revenue was 78.8% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.6%, is on the high side.
- ROE of 13.6% points to solid profitability.
- Revenue grew 29.8% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-31UpdateCorporate value-up plan (voluntary disclosure): check the company's original plan documentThis is planning material the company put forward directly. If it contains figures, treat it as a primary basis for the outlook box; if not, treat it only as directional material. Source
- 2026-04-13ContractSingle supply contract signed: contract value ₩38.1 billion, 19.4% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction determines the medium-term reading. Source
- 2026-02-09ContractSingle supply contract signed: contract value ₩19.5 billion, 12.9% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction determines the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩12,000 | ₩12,000 | Confirmed | link |
| Latest quarterly results | revenue ₩17.1 billion, operating profit -₩2.2 billion | revenue ₩17.1 billion, operating profit -₩2.2 billion | Confirmed | link |
| Annual results | revenue ₩196.2 billion, operating profit ₩24.7 billion | revenue ₩196.2 billion, operating profit ₩24.7 billion | Confirmed | link |
| Outlook/plan disclosure original text | : | : | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩38.1 billion · revenue 19.4% | ㆍapprox. : approx. ₩38.1 billion · revenue 19.4% | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩19.5 billion · revenue 12.9% | ㆍapprox. : approx. ₩19.5 billion · revenue 12.9% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-04Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-04-27OwnershipLargest-shareholder ownership change report (amended)
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-13Single supply/sales contract
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-25Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-19OwnershipOwnership-change filing
📖 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.