Ecopro HN (383310) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Ecopro HN is an eco-friendly solutions company that sells cleanroom chemical filters that capture air contamination in semiconductor and display fabs, environmental equipment that reduces fine dust, volatile organic compounds (VOCs) and greenhouse gases, and industrial water-treatment systems. In 2025, revenue of ₩141.1 billion was down 39.9% from the prior year, but in the first quarter of 2026 profit revived, with revenue of ₩34.7 billion and operating profit of ₩5.0 billion, up 47.7% from ₩3.4 billion a year earlier. The recent point of interest is that, on the one hand, demand for chemical filters driven by expanding semiconductor capex and high-margin greenhouse-gas-reduction equipment orders are lifting profit; on the other hand, large orders take about a year to be booked as revenue, so quarterly results are uneven, and if the order flow is cut off, earnings could wobble again.
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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 “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 39.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.7% higher than a year earlier.
- ROE is 4.6% (total-net basis). It is above the sector average.
- Operating margin is 9.4%.
- 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 Ecopro 31.09% (corporate)
Controlling bloc incl. related parties 31.23%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis Reading
Ecopro HN makes money not from secondary batteries but from eco-friendly environmental equipment. Its core business runs along four lines. First, cleanroom chemical filters are consumables that filter airborne molecular contaminants (AMC) in the ultra-precise processes of semiconductor and display fabs to protect yield; at about ₩54.8 billion of revenue in 2025, this is the largest line. Second, fine-dust reduction solutions are equipment that removes volatile organic compounds (VOCs) with microwaves, at about ₩21.2 billion. Third, high-margin greenhouse-gas-reduction solutions account for about ₩36.8 billion, and fourth, industrial water-treatment solutions about ₩24.6 billion. In short, the two pillars of earnings are consumables revenue tied to the semiconductor boom and orders for environmental equipment that goes into fabs and plants.
The latest close is ₩23,250 and the market capitalization is ₩487.7 billion. The price sits below its 20-day moving average (₩24,418) and below its 60-day moving average (₩27,717). 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 43.2, a neutral level. The one-month change is -15.2%, the three-month change is -28.8%, and the position relative to the 52-week high is -47.2%. Relative strength versus the KOSDAQ is 52 (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 outpaced the index by 9.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The financial structure is stable. The debt-to-equity ratio (debt relative to equity) is 150.6%, but with a current ratio of 286.9% there is ample short-term liquidity. Because net debt is negative, it is in fact in a net-cash position, with cash exceeding debt by ₩44.4 billion. Profitability is at the early stage of recovery. As of 2025 the ROE (how much is earned in a year on equity) was 4.3% and the operating margin 8.3%, still low. The valuation metrics are calculated on last year's depressed earnings, so they look heavier than reality. The P/E ratio (how many times one year's earnings the share price represents) on last year's results is 38.2x, but that is a figure from a point when 2025 earnings were at a bottom. EV/EBIT (a debt-adjusted P/E, enterprise value including debt divided by operating profit) looks high at 48x, again because of the depressed operating profit. The FCF yield (the ratio of actual cash generated to market cap) is -6.6%, as capex and working-capital investment ran ahead and last year's cash flow was negative. With thick net cash, there is more than enough capacity to absorb this negative cash flow.
Revenue has swung for three years running. It grew to ₩228.9 billion in 2023 and ₩234.5 billion in 2024, then fell 39.9% to ₩141.1 billion in 2025. This sharp drop is not a broken business but a project-based feature in which the timing of large environmental-equipment orders being booked as revenue bunches up and then thins out. Profit followed the same rhythm, with 2025 operating profit falling to ₩11.7 billion and net profit to ₩13.2 billion. But the inflection point has already passed. First-quarter 2026 operating profit rose 47.7% year on year to ₩5.0 billion and net profit 22.7% to ₩4.5 billion. Demand for chemical filters revived on expanding semiconductor capex, and as the share of high-margin greenhouse-gas-reduction equipment grew, the operating margin climbed to the mid-14% range on a first-quarter basis. The company expects large domestic and overseas orders for greenhouse-gas-reduction equipment to be signed within the second quarter, and because it takes about a year from order to revenue recognition, these results will be reflected in stages across the second half of this year and the first half of next.
This year's disclosures center on an earnings recovery and stronger shareholder returns. In the preliminary-results disclosure on April 29, the first-quarter profit rebound was confirmed. On April 30 the company made a voluntary disclosure of a corporate value-up plan, signaling its commitment to shareholder returns and improved capital efficiency. On March 30 it signed a single sales/supply contract, showing that environmental-equipment orders are continuing. At the March AGM it confirmed a dividend of ₩200 per share (a payout ratio of 31.7%). It held two IR sessions, in April and May, to share the progress of the business.
It is accurate to view this as an environmental-equipment company passing through an earnings inflection. The strengths are clear. The net-cash structure makes the balance sheet solid. Chemical filters tied to the semiconductor boom and high-margin greenhouse-gas equipment are pushing profit higher at the same time. The P/E on last year's results looks high because it is a figure from a year when earnings were at a bottom, and on this year's basis, as earnings normalize, the burden falls sharply. There are also cautions. Large orders take about a year to be booked as revenue, so quarterly results are uneven. If the order pipeline is cut off, the top line could shrink again as it did in 2025. One should also keep in mind that this is a structure in which earnings depend heavily on the semiconductor capex cycle and customers' new-line startup schedules.
🔎 Valuation vs peers Fairly valued
In line with the substance of the business - semiconductor-process consumables (chemical filters) and environmental and water-treatment equipment rather than secondary-battery materials - the peer set is semiconductor-materials and consumables companies and environmental businesses.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| TCK (Tokai Carbon Korea) | 28.44x | 3.76x | 14.30% |
| Insun ENT | 0.00x | 0.44x | -3.54% |
| TKG Huchems | 10.71x | 0.73x | 6.70% |
The P/E of 38.2x on last year's results is a figure from a year when 2025 earnings were at a bottom, so it looks heavier than reality. On this year's basis, as earnings normalize, the multiple falls sharply. Compared with Tokai Carbon Korea (TCK), which overlaps in the character of semiconductor-process consumables (P/E of 36x and an operating margin of 27.8% on last year's results), Ecopro HN has lower margins and ROE for now but is in the midst of an earnings recovery. Taking together the fact that net cash backstops a substantial part of market cap and that a stable 31.7% payout ratio is maintained, the current valuation, accounting for the earnings inflection, is judged to fall in a fair range - neither clearly cheap nor expensive. That said, because it is a structure in which earnings wobble sharply at the point orders are booked as revenue, the valuation should be viewed on an annual and order-pipeline basis rather than by quarterly results.
Price history Close · MA20 · MA60
The latest close is ₩23,250 and the market capitalization is ₩487.7 billion. The price sits below its 20-day moving average (₩24,418) and below its 60-day moving average (₩27,717). 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 43.2, a neutral level. The one-month change is -15.2%, the three-month change is -28.8%, and the position relative to the 52-week high is -47.2%. Relative strength versus the KOSDAQ is 52 (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 outpaced the index by 9.2%. 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 +9.19% / 6M -17.90% / 12M -13.19%
Key metrics Computed vs whole-market median
Valuation
The P/E of 36.89x is above the whole-market median (12.97x). The P/B of 1.60x is above the whole-market median (0.84x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
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 4.6%, above the whole-market average (3.0%). The operating margin is 9.4%. The debt ratio is 47.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $160.8M | $164.7M | $99.1M | -39.85% ↓ slower |
| Operating profit | $29.4M | $17.0M | $8.2M | -51.67% ↓ slower |
| Net profit | $23.6M | $15.1M | $9.3M | -38.65% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $63.9M | $153.3M | $160.8M | $164.7M | $99.1M |
| Operating profit | $9.7M | $29.1M | $29.4M | $17.0M | $8.2M |
| Net profit | $8.1M | $22.7M | $23.6M | $15.1M | $9.3M |
| Revenue CAGR | 4-yr avg 11.61% | ||||
Revenue fell 39.9% year over year (2023 ₩228.9 billion → 2024 ₩234.5 billion → 2025 ₩141.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 51.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.6%. The two-year revenue CAGR is -21.5%. In the most recent quarter (Q1 2026), revenue was 0.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 39.9% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-29EarningsFair-disclosure of preliminary first-quarter 2026 results - revenue of ₩34.7 billion, operating profit of ₩5.0 billion (+47.7% year on year), net profit of ₩4.5 billion (+22.7%). Margins rebounded on recovering chemical-filter demand and a larger share of greenhouse-gas equipment.Confirmation of a near-term earnings inflection. An occasion for the valuation, depressed by last year's results, to ease as earnings normalize. Source
- 2026-04-30FilingVoluntary disclosure of a corporate value-up plan - setting out a direction for shareholder returns and improved capital efficiency.A medium-term signal of stronger shareholder returns. Combined with net-cash capacity, it supports the sustainability of dividends and returns. Source
- 2026-03-30UpdateSigned a single sales/supply contract - confirming continued environmental-equipment orders.Reinforces the medium-term revenue pipeline. Because there is a lead time from order to revenue recognition, it will be reflected sequentially in future quarters. Source
- 2026-03-24DividendAGM outcome - confirmed a 2025 year-end dividend of ₩200 per share (payout ratio of 31.7%).Maintains a stable dividend. The dividend yield is around 0.8%. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-04-30Disclosure
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-07EarningsEarnings disclosure
- 2026-04-07Disclosure
- 2026-03-30Single supply/sales contract
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-13Audit 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.