Bionote makes animal diagnostic reagents, rapid diagnostic kits for both humans and animals, and their key raw materials—antigens and antibodies. Since the pandemic, its core business has resettled at an annual scale of roughly ₩90-120 billion, and as a major shareholder of SD Biosensor, valuation changes in its holdings move net profit substantially. In Q1 2026, core-business revenue rose +14.5% and operating profit +35.2%; alongside a March corporate-value-enhancement disclosure, the dividend yield is in the 5% range and the share price sits at roughly one-third of net assets (P/B 0.30x). What stands out lately is that if core-business earnings keep trending up and the value of its holdings stabilizes, the low P/B and forward P/E come into focus as undervaluation; but net profit is heavily swayed by the valuation of the SD Biosensor stake, so a large valuation loss can swing annual net profit into the red even when the core business is profitable.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 15.1% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 14.5% higher than a year earlier.
- ROE is -5.8% (controlling-interest basis). It is below the sector average.
- Operating margin is 14.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Cho Young-sik 34.99% (individual)
Controlling bloc incl. related parties 73.21%
With the controlling bloc holding 73%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Bionote makes and sells animal diagnostic reagents and immunodiagnostic products for both humans and animals (rapid diagnostic kits that give quick on-site results and their key raw materials, antigens and antibodies).
- During the pandemic it supplied antigen-diagnostic raw materials in large volumes, lifting 2021 revenue to ₩622.4 billion, and after demand normalized its core business—centered on animal diagnostics and immunodiagnostic raw materials—resettled at an annual scale of roughly ₩90-120 billion.
- Another major axis is its holdings.
- Bionote is a major shareholder of SD Biosensor (137310), which grew sharply on COVID diagnostics, and changes in the value of this stake and various financial assets move the company's net profit substantially.
- So the company's true nature comes into focus only by separating "money earned from the core business" from "valuation gains and losses on holdings."
- The latest close is ₩4,570, with a market cap of ₩465.6 billion.
- The price sits below its 20-day (₩4,622) and 60-day (₩4,862) moving averages.
- Trading under both short- and mid-term averages, the trend is subdued.
- The RSI (a gauge that measures the balance of upward and downward strength over the past 14 days on a 0-100 scale) is 43.9, a neutral reading.
- The one-month change is -3.2%, the three-month change -5.8%, and the price sits 26.7% below its 52-week high.
- Relative strength versus the KOSPI is 18 (on a 1-99 scale that weights recent one-year returns against the index more heavily toward recent periods; higher means stronger than the market), placing it roughly in the top 82% for strength among all stocks.
- Over the past three months it lagged the index by 25.2%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- On a confirmed basis for last year, the P/E ratio (how many times one year's profit the share price represents) cannot be calculated because annual net income was a loss.
- What matters, though, is that this loss came not from a weak core business but from valuation losses on holdings dragging down net profit.
- The P/B (how many times per-share net assets the share price represents) is 0.30x, trading at about one-third of per-share net assets of ₩14,833.
- In other words, whether viewed by earnings or by assets, the price sits in a cheap zone, so the absence of a trailing P/E need not be seen as a weakness; for a company whose profit inflects with valuation gains and losses, the future core-business profit (forward P/E) is closer to the real picture.
- The debt ratio (debt relative to equity) is 103%, but much of the debt is long-term rather than borrowings due soon, so the current ratio—cash-like assets versus debt due within a year—is a very ample 3,101%.
- The drop from ₩622.4 billion in 2021, as the pandemic windfall faded, remains visible on the five-year chart, but stripping out that windfall, the core business alone trends clearly upward.
- Revenue rose three years in a row—₩90.1 billion in 2023, ₩102.8 billion in 2024, and ₩118.3 billion in 2025 (a two-year average of +14.6%, with the pace gradually quickening)—and operating profit swung from a -₩47.0 billion loss in 2023 to ₩12.2 billion in 2024 and ₩16.7 billion in 2025, rising for two straight years after turning positive.
- In Q1 2026 the core-business recovery continued, with revenue of ₩32.6 billion (+14.5% YoY) and operating profit of ₩6.3 billion (+35.2%).
- The grounds for this year's expected earnings (the core-business profit underlying the forward P/E) are clear: revenue in the animal and immunodiagnostic core business is growing at double digits each quarter, and with an operating margin around 14% holding, revenue growth is flowing straight into operating-profit growth (+35% in Q1).
- The large swings in quarterly net profit stem from the timing at which valuation of holdings is reflected, and this should be viewed separately from the core-business growth trend.
- Recent disclosures break into core-business results, shareholder returns, and holdings-related risk.
- The May 2026 preliminary Q1 fair disclosure and quarterly report confirm that core-business revenue and operating profit both rose (revenue +14.5%, operating profit +35.2%).
- The March corporate-value-enhancement voluntary disclosure sets out how the company will raise shareholder returns and capital efficiency while the share price sits well below net assets, and should be viewed alongside the dividend yield reaching the 5% range.
- Meanwhile, a late-March filing of litigation and other claims is a voluntary disclosure with a modest claim amount, but it is an item to watch for follow-on developments and any impact on the valuation of holdings.
- This stock should be read along two axes: "steady core-business earnings" and "the direction of the value of its holdings." The core business, even after stripping out the pandemic windfall, has grown revenue for three straight years and turned operating profit positive, and the forward P/E based on that core-business profit is distinctly lower than leading peers (in the mid-to-high 30x range).
- The share price is about one-third of net assets (P/B 0.30x) and the dividend yield is high in the 5% range, so whether viewed by earnings, assets, or dividends, the price sits in a cheap zone.
- The cautionary point is that the company's net profit is swayed far more by the valuation of holdings such as the SD Biosensor stake than by the core business; if a large valuation loss lands at once as in 2025, annual net profit turns negative even though the core business is profitable.
- In short, if core-business earnings keep trending up and the value of holdings stabilizes, there is ample room for the current low P/B and forward P/E to come into focus as undervaluation, while in quarters where the valuation of holdings swings sharply, net profit can swing into the red—both to be viewed together.
🔎 Valuation vs peers Inconclusive
The peer set prioritizes Korean diagnostics companies that grew alongside COVID diagnostics and are passing through the same phase of normalizing holdings and core business. Large biopharmaceutical contract-manufacturing and biosimilar companies, whose core-business scale and margins differ, are kept only as references given their different business character.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SD Biosensor | — | 0.33x | -21.98% |
| Samsung Biologics | 34.37x | 8.23x | 23.95% |
| Celltrion | 37.26x | 2.23x | 5.98% |
This company is hard to value on core-business earnings alone. Last year's confirmed P/E cannot be calculated because of a net loss (driven by the valuation of holdings), and that loss came from holdings rather than the core business. So a method that separately adds the operating value of the core business to the value of the equity stake and financial assets fits the business substance better than a consolidated-earnings multiple. The closest peer, SD Biosensor (P/B 0.37x), also trades well below net assets, showing that both companies are passing through the post-COVID normalization of holdings and core business together and receiving similar discounts. The turn of core-business operating profit into the black (forward approximated by seasonality at about ₩22.4 billion this year) and the P/B 0.32x discount are strengths, but until the direction of the value of holdings that drives net assets is confirmed, it is hard to conclude undervalued, so this is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩36.6 billion | approx. ₩6.7 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩4,570 and the market capitalization is ₩465.6 billion. The price sits below its 20-day moving average (₩4,622) and below its 60-day moving average (₩4,862). 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 43.9, a neutral level. The one-month change is -3.2%, the three-month change is -5.8%, and the position relative to the 52-week high is -26.7%. Relative strength versus the KOSPI is 18 (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 18% of all stocks. Over the past three months it lagged the index by 25.2%. 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 -25.20% / 6M -48.53% / 12M -61.55%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.31x is below the sector median (1.37x).
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 -5.8%, below the sector average (3.0%). The operating margin is 14.1%. The debt ratio is 103.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $59.7M | $68.1M | $78.4M | +15.12% ↑ faster |
| Operating profit | -$31.2M | $8.1M | $11.1M | +36.76% |
| Net profit | -$13.6M | $36.6M | -$58.0M | -258.33% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $412.5M | $317.9M | $59.7M | $68.1M | $78.4M |
| Operating profit | $310.7M | $195.8M | -$31.2M | $8.1M | $11.1M |
| Net profit | $448.4M | $204.0M | -$13.6M | $36.6M | -$58.0M |
| Revenue CAGR | 4-yr avg -33.97% | ||||
Revenue rose 15.1% year over year (2023 ₩90.1 billion → 2024 ₩102.8 billion → 2025 ₩118.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 36.8% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -34.0%. The two-year revenue CAGR is 14.6%. In the most recent quarter (Q1 2026), revenue was 14.5% higher 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 5.0%, is on the high side.
- Revenue grew 15.1% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-13EarningsFair-disclosure of preliminary Q1 2026 consolidated results — revenue ₩32.6 billion, operating profit ₩6.3 billion, confirming the core-business recoveryCore-business revenue and operating profit rose +14.5% and +35.2% YoY, respectively. Net profit should be viewed separately from the core-business trend, given that the quarter reflects valuation of holdings. Source
- 2026-05-14UpdateMarch 2026 quarterly report — disclosure of confirmed Q1 financial statementsConfirms the preliminary revenue and profit. The primary source for verifying the composition of equity and financial-asset holdings and the impact of valuation gains and losses. Source
- 2026-03-26FilingCorporate-value-enhancement voluntary disclosure — setting out a shareholder-return and capital-efficiency direction to address the low share price relative to net assets (P/B 0.32x)A mid-term factor showing intent for shareholder returns, alongside a high dividend yield (4.7%). The actual scale and execution of returns need confirmation via follow-on disclosures. Source
- 2026-03-31UpdateVoluntary disclosure of litigation and other claims (claim below a set amount)A voluntary disclosure with a modest claim amount, but a short-term risk item to watch for follow-on developments and any impact on the valuation of holdings. Source
- 2026-03-18Update2025 business report — annual operating profit of ₩16.7 billion in the black, but net loss of -₩87.5 billion from valuation losses on holdingsThe key source where a profitable core business and a net loss diverge. The source confirms the loss stems from the valuation of holdings rather than operations. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B (share price to per-share net assets) | 0.32x | 0.32x | Confirmed | link |
| 2025 annual operating profit / net income | operating profit ₩16.7 billion / -₩87.5 billion | operating profit ₩16.7 billion / -₩87.5 billion | Confirmed | link |
| Q1 2026 core-business results | revenue ₩32.6 billion / operating profit ₩6.3 billion | revenue ₩32.6 billion / operating profit ₩6.3 billion | Confirmed | link |
| 2026 seasonality-approximated full-year operating profit | approx. ₩22.4 billion | — | Unverified | link |
| Latest closing price | ₩4,570 | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-05-13EarningsFair-disclosure notice
- 2026-04-21OwnershipOwnership-change filing
- 2026-04-21OwnershipLargest-shareholder ownership change report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Litigation disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual 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.