Seokkyung AT handles ultra-fine particles (nanomaterials) tens of thousands of times thinner than a strand of hair, with dental materials that strengthen cavity-treatment resin as its largest revenue source, followed by external additives for copier and printer toner and antimicrobial and cosmetic materials, making it a supplier of core additive materials that determine the performance of other companies' products. A February 2026 results-confirmation disclosure showed a sharp rise in 2025 operating profit, while full-scale orders and mass production of new products such as cosmetic silica and solid-state electrolytes remain the next checkpoints. What stands out lately is that low-debt, cash-rich finances, an operating margin in the 20% range, a stable core business that supplies steadily once it passes certification, and a low forward P/E on this year's expected earnings are strengths, while the ordering and mass production of new materials carry time and uncertainty, and quarterly results can swing on a high base or a temporary slowdown in the core business.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 27.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.8% lower than a year earlier.
- ROE is 8.6% (total-net basis). It is above the sector average.
- Operating margin is 22.2%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lim Hyung-seop 25.04% (individual)
Controlling bloc incl. related parties 40.58%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis
- Seokkyung AT handles ultra-fine particles (nanomaterials) tens of thousands of times thinner than a strand of hair.
- Its largest revenue source is dental materials, making supplements mixed into cavity-treatment dental resin to raise strength and X-ray visibility, along with 3D-printing dental materials.
- Its second pillar is 'toner external additives,' added to copier and printer toner to control powder flowability and static properties, and it also supplies antimicrobial and color cosmetic materials and functional coating materials.
- In other words, it sells core additive materials that determine the performance of other companies' products rather than finished goods, so once it passes a customer's certification it supplies steadily for a long time, while new entry takes time.
- The latest close is ₩34,850 and the market cap is ₩190.1 billion.
- The price sits below its 20-day line (₩39,800) and below its 60-day line (₩47,968).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 32.8, a neutral level.
- The one-month change is -19.3%, the three-month change is -30.6%, and the price sits -52.9% from its 52-week high.
- Relative strength versus the KOSDAQ is 53 (on a 1-99 scale, computed from returns against 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 47% of all stocks by strength.
- Over the past three months it lagged the index by 6.9%.
- Chart readings are best viewed together with trading volume and disclosure dates.
- This is a company with a solid financial structure.
- The debt ratio (debt against equity) is a low 23.2%, the current ratio (cash-like assets against debt due within a year) is a very ample 997%, and with an interest coverage ratio of 37x the interest burden is effectively nil.
- Profitability is also high for a materials company, with an operating margin of 22.2% and a net margin of 21.7%, and ROE (how much is earned in a year on equity) of 8.6% is above the peer average.
- On valuation, the P/E (how many times one year's earnings the price is) on last year's confirmed earnings is 55x and the P/B (how many times net assets the price is) is 4.7x.
- But it is premature to read that trailing figure as 'expensive.' As the temporarily large non-operating income in 2024 dropped out, 2025 net profit fell 12% despite a strong core business, so last year's earnings, the denominator, look depressed for a year.
- In such an earnings-inflection phase, the forward P/E on this year's expected earnings is closer to reality, and that figure (45x) is not only lower than the trailing figure but also not burdensome among profitable peers.
- The top line has climbed steadily.
- Revenue grew about 20% annually on average over the past three years, and in 2025 it rose 27% year-on-year to ₩17.5 billion, with the pace of growth actually quickening.
- Operating profit surged 93% to ₩3.9 billion, lifting the core business's earnings power a notch.
- Net profit fell 12% to ₩3.8 billion, but this was a base effect from the disappearance of temporarily large non-operating gains in 2024, not a deterioration of the core business.
- First-quarter 2026 came in below the same period a year earlier, with revenue of ₩4.56 billion (-7.8%), operating profit of ₩1.28 billion (-37.7%) and net profit of ₩1.40 billion (-18.9%), mainly because of a high base from an unusually strong first quarter last year.
- In absolute terms, this single quarter's net profit (₩1.4 billion) alone equals about 37% of last year's full-year net profit, so despite quarter-to-quarter swings, this was not a quarter in which the earnings power itself collapsed.
- Behind the forward P/E on this year's earnings coming in below the trailing figure is a flow in which new materials such as large-diameter cosmetic silica, hollow silica and solid-state electrolytes are added to revenue on top of the stable core of dental and toner materials.
- Materials that pass a customer's certification tend to be supplied steadily after entry, so if the new-material lines are fully loaded, there is ample room for the top line and profit to grow together.
- The disclosure flow is relatively calm.
- A February 2026 disclosure of a change of 30% or more in revenue and profit structure confirmed 2025 results (a sharp rise in operating profit); March brought the business report, the general meeting and a stock-option grant to employees; and the first-quarter report came out in May.
- The business report contained a revenue mix centered on dental materials and toner external additives, along with the R&D status of new materials.
- There has been no major momentum disclosure such as a large single supply contract or capacity expansion yet, and whether disclosures of full-scale orders and mass production emerge for new products the company has flagged, such as large-diameter cosmetic silica, hollow silica and solid-state electrolytes, is the next checkpoint.
- The strengths are clear.
- Low-debt, cash-rich, solid finances, a high operating margin in the 20% range, and a stable core business of dental and toner materials that supplies for a long time once it passes a customer's certification provide support.
- On top of that, it is expanding into high-value new materials such as cosmetic silica, solid-state electrolytes and semiconductor packaging materials, leaving ample room for growth if successful.
- On price too, the fact that the forward P/E on this year's expected earnings, rather than the trailing earnings depressed by a one-off last year, comes in lower and at a level that is not excessive among profitable peers is favorable, paired with the deeply corrected current position.
- The cautions are that the ordering and mass production of new materials carry time and uncertainty, and that quarterly results can swing on a high base, as in the first quarter, or a temporary slowdown in the core business.
- In sum, this is a stock that reads strongly in a phase where the core business's stability and new-material revenue become visible together, and weakly in a phase where new-product timelines slip and the quarterly slowdown drags on.
🔎 Valuation vs peers Overvalued
Small-cap nano and precision-materials names selling core additive materials rather than finished goods are the peers. Nano Materials (nano materials for batteries and CMP) and Chunbo (battery materials) are closest in business character, and many are currently at an earnings inflection or in loss, so simple P/E comparison requires caution.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nano (Nano New Materials) | 326.84x | 2.16x | 0.66% |
| Chunbo | 0.00x | 1.02x | -13.64% |
| CIS | 20.28x | 1.15x | 5.66% |
A P/E of 62x, a P/B of 5.4x and a P/S of 13.5x are on the high side even within the peer group. That said, Nano Materials (P/E 431, ROE 0.7%) and Chunbo (loss-making) are at an earnings trough, so their multiples are themselves distorted, and Seokkyung AT, which is profitable with an ROE of 8.6%, is qualitatively in a better position. Even so, growth expectations are largely priced in, so the premium is thick, and the trailing P/E is hard to take at face value because net profit inflected on the disappearance of 2024 non-operating income. Until new-material revenue actually comes through in results, this is a phase of heavy multiple burden, so it is viewed as overvalued; still, since there is room for a re-valuation on a forward basis once new-product mass production becomes visible, a one-sided conclusion of 'expensive' is avoided.
Price history Close · MA20 · MA60
The latest close is ₩34,850 and the market capitalization is ₩190.1 billion. The price sits below its 20-day moving average (₩39,800) and below its 60-day moving average (₩47,968). 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 32.8, a neutral level. The one-month change is -19.3%, the three-month change is -30.6%, and the position relative to the 52-week high is -52.9%. Relative strength versus the KOSDAQ is 53 (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 53% of all stocks. Over the past three months it lagged the index by 6.9%. 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 -6.94% / 6M -35.05% / 12M -27.23%
Key metrics vs sector median
Valuation
The P/E of 50.05x is above the sector median (14.79x). The P/B of 4.31x is above the sector median (0.97x).
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 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.6%, above the sector average (4.0%). The operating margin is 22.2%. The debt ratio is 23.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $8.1M | $9.2M | $11.6M | +27.00% ↑ faster |
| Operating profit | $2.3M | $1.3M | $2.6M | +93.04% ↑ faster |
| Net profit | $2.3M | $2.9M | $2.5M | -12.40% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.0M | $8.2M | $8.1M | $9.2M | $11.6M |
| Operating profit | $1.9M | $3.1M | $2.3M | $1.3M | $2.6M |
| Net profit | $2.1M | $2.8M | $2.3M | $2.9M | $2.5M |
| Revenue CAGR | 4-yr avg 17.97% | ||||
Revenue rose 27.0% year over year (2023 ₩12.2 billion → 2024 ₩13.8 billion → 2025 ₩17.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 93.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 18.0%. The two-year revenue CAGR is 19.9%. In the most recent quarter (Q1 2026), revenue was 7.8% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 27.0% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-12EarningsDisclosure of a change of 30% or more in 2025 revenue and profit structure. A confirmatory disclosure signaling that operating profit rose sharply year-on-year.Officially confirms the surge in operating profit. That said, net profit fell on the prior year's non-operating-income base, so the quality of earnings should be viewed together (medium term neutral to positive). Source
- 2026-03-18Filing2025 business report filed. Contains a revenue mix centered on dental materials and toner external additives and the R&D status of new materials.A primary source for reviewing the annual business structure and the progress of new ventures (medium term neutral). Source
- 2026-03-27FilingFiling of a stock-option grant to employees (amended filing). Disclosed together with the general meeting results.The talent-attraction and motivation side is positive, but potential dilution from a future increase in the share count warrants caution (short term neutral). Source
- 2026-05-14EarningsQ1 2026 report filed. Revenue ₩4.56 billion, operating profit ₩1.28 billion, net profit ₩1.40 billion, a decline year-on-year.Confirms a quarterly slowdown due to a high base. The pace of the core business's recovery and the reflection of new products are the key for later quarters (short term negative, medium term neutral). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 operating profit growth rate | +93.0% (operating profit ₩3.9 billion) | operating profit approx. 92.7% | Confirmed | link |
| 2025 revenue | ₩17.6 billion | ₩17.5 billion | Confirmed | link |
| Q1 2026 results | revenue ₩4.6 billion, operating profit ₩1.3 billion, net profit ₩1.4 billion | revenue ₩4.6 billion, operating profit ₩1.3 billion, net profit ₩1.4 billion | Confirmed | link |
| 2026 estimated net profit (in-house) | approx. ₩4.6 billion | — | Unverified | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Amended filing
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-02-12EarningsEarnings 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.