Chunbo (278280) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Chunbo is a fine-chemicals company that synthesizes chemical materials directly; its largest axis is electrolyte additives and electrolyte salts (LiPO2F2, LiFSI, etc.) that raise battery life, low-temperature performance and safety, joined by etchants and cleaning materials for semiconductors and displays and pharmaceutical and agrochemical intermediates, so its results are swayed by the electric-vehicle and semiconductor end markets. In the first quarter of 2026 revenue rose 14.7% year over year, halting four years of shrinking top line and showing signs of a rebound, and annual operating profit swung to a surplus after two years of losses; however, subsidiary convertible-bond issuance and repeated exercise of conversion rights mean share dilution is under way. What stands out lately is that if battery end-market demand recovers so the revenue rebound continues and profit settles into a surplus footing, its conservative valuation around a P/B of 1x becomes a strength; on the other hand, with a debt ratio in the 101% range and a current ratio below 40%, it could weaken if a demand-recovery delay or dilution burden comes to the fore.
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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 “Electrolytes” (Secondary Batteries · Battery Materials, Parts & Equipment), a type typically read first through EV/EBITDA.
Electrolyte materials are a capacity-heavy business with large expansion investment, depreciation that weighs on profit, and debt often in the mix. So EV/EBITDA — enterprise value, including debt, against operating cash generation — reflects the underlying profitability better than net-income measures.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 39.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 7.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 14.7% higher than a year earlier.
- ROE is -13.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Sang-yul 28.23% (individual)
Controlling bloc incl. related parties 47.44%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis Reading
Chunbo is a fine-chemicals company that synthesizes chemical materials directly and sells them. Its largest axis is electrolyte materials for secondary (lithium-ion) batteries: additives mixed in small amounts into the electrolyte to lift a battery's life, low-temperature performance and safety, and electrolyte salts (P-based electrolytes such as LiPO2F2, and next-generation salts like LiFSI that lower fire risk). Its second axis is etchants and cleaning materials used in semiconductor and display processes, joined by fine-chemical products such as pharmaceutical and agrochemical intermediates. In other words, it is a structure where "when batteries sell well, electrolyte materials sell well, and when semiconductor utilization is high, process materials sell well," so its results are heavily swayed by the upstream-industry (electric-vehicle and semiconductor) cycle.
The latest close is ₩34,350 and the market capitalization is ₩420.9 billion. The price sits above its 20-day moving average (₩33,248) and below its 60-day moving average (₩40,332). 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 48.7, a neutral level. The one-month change is -3.1%, the three-month change is -46.2%, and the position relative to the 52-week high is -56.7%. Relative strength versus the KOSDAQ is 34 (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 34% of all stocks. Over the past three months it lagged the index by 17.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's confirmed results, net profit was in deficit so the P/E ratio (how many times one year's earnings the price represents) cannot be calculated at all. So we look at the asset-based metric P/B (how many times net asset value per share the price represents), at 1.11x, almost the same as the chemicals sector median (1.16x) and lower than the electrolyte and materials firms compared (Enchem 1.22x, Foosung 5.78x, Soulbrain 2.56x). It is priced most conservatively of all against net assets, so the P/B itself is hard to view as a "burden." On profitability, ROE (how much is earned in a year on equity) is still negative at -13.6%, though the annual operating margin of 2.8% confirms a swing to a surplus from the prior two years' operating losses. The financial side clearly warrants attention: the debt ratio (debt versus equity) is 200.6%, so debt is twice equity, the current ratio (assets to be converted to cash right away versus debt due within a year) is 39.3%, so short-term repayment capacity is tight, and the interest-coverage ratio is also below 1x. In sum, on an asset-value basis it is priced on the cheap side, but this is a phase where financial stability and an earnings recovery must come along in equal measure.
Over five years, revenue rose from ₩271.6 billion in 2021 to a peak of ₩328.9 billion in 2022, then came down to ₩182.7 billion in 2023, ₩144.9 billion in 2024 and ₩133.8 billion in 2025 as electric-vehicle battery demand cooled. That said, the pace of decline is easing, with the drop narrowing from -20.7% in 2024 to -7.6% in 2025. Operating profit swung from the ₩50-billion range in 2021-2022 to deficits in 2023-2024, then turned to a ₩3.7 billion surplus in 2025. The key change is in the most recent quarter. Q1 2026 revenue of ₩40.8 billion rose 14.7% versus the year-earlier period, a rebound in the top line - a signal different in tone from the four years of negative growth. That said, the same quarter's operating profit of -₩3.4 billion and net profit of -₩9.5 billion are still in deficit, reading as an early-recovery picture where "revenue turns first and profit follows with a lag." The company has not disclosed an official numeric annual plan, so there is no basis to assert this year's outlook, and it is a stage of confirming the direction of the revenue top line and the timing of the swing to a profit surplus through quarterly results. That electrolyte-material utilization is the spot that reacts first when electric-vehicle and ESS demand recovers is the driver of the top-line recovery.
Recent disclosures center on subsidiary funding and mezzanine (convertible-bond) matters. On May 22, 2026 a subsidiary decided to issue a convertible bond, and on May 29 that issuance result was disclosed; since convertible bonds can later turn into shares, funds come in but future equity dilution and consolidated financial burden must be viewed together, a double-edged item. Also, into this year, disclosures of conversion-right exercise (2026-03-18, 04-22, 04-29, 06-04, etc.) recurred, so the flow of past issuances turning into shares and raising the share count continues. On March 30 there was an IR session, on March 24 the results of the annual general meeting, and on May 15 the Q1 2026 quarterly report was disclosed, providing venues to confirm the confirmed results and the company's stance.
Starting with the strengths, Q1 2026 revenue rose 14.7% year over year, halting four years of shrinking top line and showing signs of a rebound, and annual operating profit swung to a surplus after two years of losses. Battery materials such as electrolyte additives and next-generation salts (LiFSI, etc.) are the spot where utilization reacts first when electric-vehicle and ESS demand recovers, and the P/B around 1x is the most conservative of the peer set, so it is priced on the cheap side against net assets. Points to note alongside are finances and profit. With a debt ratio in the 101% range, a current ratio below 40% and an interest-coverage ratio below 1x, financial capacity is tight; share dilution is under way through convertible bonds and conversion-right exercise; and even as revenue grows, quarterly profit is still in deficit. In sum, this stock is strong "when battery end-market demand recovers so the revenue rebound continues and profit settles into a surplus footing," and weak "when the demand recovery is delayed or financial and dilution burdens come to the fore." The top line has already shown signs of passing the trough, so following whether the swing to a profit surplus and financial improvement are confirmed in quarterly results is the key.
🔎 Valuation vs peers Inconclusive
Rather than the simple chemicals sector, it was grouped by the actual business of "secondary-battery electrolyte and fine-chemical materials" and compared against electrolyte and materials firms whose data is verifiable on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Enchem | — | 0.95x | -14.38% |
| Foosung | 199.19x | 3.08x | 1.59% |
| Soulbrain | 29.27x | 2.13x | 7.72% |
Enchem, whose core business of electrolyte materials is most similar, and Chunbo are both loss-making, so a P/E comparison does not hold. On a net-asset P/B basis, Chunbo (1.23x) is the lowest of the peer set, reading as a spot where expectations have cooled, but this is also the result of the market having already reflected the deficit, negative growth and financial burden, making "cheap" hard to assert. Last year's confirmed trailing figures are of limited meaning because of the deficit, and future profit (forward) can only be gauged by a DART seasonality approximation (only revenue can be derived, profit cannot) since there is no official company outlook. Until an earnings inflection is confirmed, withholding a valuation verdict is reasonable.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩38.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩34,350 and the market capitalization is ₩420.9 billion. The price sits above its 20-day moving average (₩33,248) and below its 60-day moving average (₩40,332). 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 48.7, a neutral level. The one-month change is -3.1%, the three-month change is -46.2%, and the position relative to the 52-week high is -56.7%. Relative strength versus the KOSDAQ is 34 (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 34% of all stocks. Over the past three months it lagged the index by 17.5%. 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 -17.52% / 6M -14.59% / 12M -25.46%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.97x is in line with 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.
Profitability & financials
Return on equity (ROE) is -13.6%, below the sector average (4.0%). The operating margin is 2.8%. The debt ratio is 82.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $128.3M | $101.8M | $94.0M | -7.63% ↑ faster |
| Operating profit | -$5.7M | -$16.0M | $2.6M | — |
| Net profit | -$29.3M | -$19.2M | -$40.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $190.8M | $231.0M | $128.3M | $101.8M | $94.0M |
| Operating profit | $35.6M | $39.7M | -$5.7M | -$16.0M | $2.6M |
| Net profit | $30.7M | $26.2M | -$29.3M | -$19.2M | -$40.6M |
| Revenue CAGR | 4-yr avg -16.21% | ||||
Revenue fell 7.6% year over year (2023 ₩182.7 billion → 2024 ₩144.9 billion → 2025 ₩133.8 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is -16.2%. The two-year revenue CAGR is -14.4%. In the most recent quarter (Q1 2026), revenue was 14.7% higher 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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 39.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 7.6% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-22FilingA subsidiary decided to issue a convertible bond (subsidiary key management matter).In the short term funds flow in, but in the mid term equity dilution upon conversion and consolidated financial burden must be viewed together, a double-edged item. Source
- 2026-05-29FilingThe above subsidiary's convertible-bond securities-issuance result confirmed (voluntary disclosure).A disclosure confirming the funding is complete; the future conversion schedule and consolidated debt flow must be viewed together with subsequent reports. Source
- 2026-06-04FilingExercise of conversion rights by existing convertible-bond holders (conversion into shares).A dilution factor raising shares issued; as it has recurred this year, the degree of per-share value dilution needs confirming on a cumulative basis. Source
- 2026-05-15EarningsFiled the Q1 2026 quarterly report (revenue of ₩40.8 billion, operating loss of ₩3.4 billion).Revenue rose year over year but quarterly profit was in deficit; an official material confirming the lag between top-line recovery and profit recovery. Source
- 2026-03-30IRDisclosure of holding an IR session.A venue where the company explains its business and results status directly, a clue for gauging electrolyte-material utilization and the direction of upstream demand. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-04Disclosure
- 2026-05-29Disclosure
- 2026-05-22Convertible-bond issuance
- 2026-05-15PeriodicQuarterly report
- 2026-04-29Disclosure
- 2026-04-29Amended filing
- 2026-04-22Disclosure
- 2026-03-30Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-18Disclosure
- 2026-03-16PeriodicAnnual business report (amended)
- 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.