JIO (418550) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
JIO is a materials specialist whose main product is carbon nanotube (CNT) conductive additive used in the cathodes of secondary batteries to help electricity flow, and it also makes and sells physical- and chemical-measurement and analysis instruments and metal tanks. In 2026 large supply contracts that each exceed half of its recent revenue have come one after another, including ₩53.6 billion in March (68.2% of recent revenue) and ₩10.1 billion in April, but revenue has fallen for two straight years and both operating and net profit are in the red, so a recovery has not yet been confirmed in the results. What stands out most recently is that if downstream battery demand revives and the new supply contracts feed quickly into quarterly revenue, the low valuation of a 0.80x P/B, a 21.9% debt ratio and a 543% current ratio, together with a solid balance sheet, could serve as a springboard for recovery; conversely, if demand is slow to return and revenue recognition on the contracts is delayed, the loss-making stretch could run longer.
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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 “Battery Materials, Parts & Equipment” (Secondary Batteries), a type typically read first through EV/EBITDA.
Battery materials, parts, and equipment names run heavy capital spending and depreciation alongside the industry's capacity build-out, so net income alone poorly reflects real cash generation. That makes EV/EBITDA — operating cash before depreciation, plus debt — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- The most recent full-year net result was a loss.
- Revenue fell 33.4% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 34.8% lower than a year earlier.
- ROE is -4.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -7.7%.
- 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 Kang Deuk-ju 28.11% (individual)
Controlling bloc incl. related parties 35.72%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis Reading
JIO is a carbon-materials company whose main product is CNT (carbon nanotube) conductive additive used in the cathodes of secondary batteries (rechargeable batteries). CNT conductive additive is an added material that helps electricity flow inside a battery, and it is directly tied to the performance of batteries for electric vehicles and energy-storage systems. Alongside this it makes and sells physical- and chemical-measurement and analysis instruments, metal tanks and similar vessels. Its headquarters are in Songdo, Incheon, and it is a certified venture company specializing in materials. With a market cap of ₩136.9 billion it is a small-to-mid-cap stock, so beyond the flow of the business, a single disclosure such as a large supply contract tends to have an outsized effect on its results and share price.
The latest close is ₩4,330 and the market capitalization is ₩138.6 billion. The price sits above its 20-day moving average (₩4,024) and below its 60-day moving average (₩5,793). 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 49.2, a neutral level. The one-month change is -1.5%, the three-month change is -63.4%, and the position relative to the 52-week high is -69.9%. Relative strength versus the KOSDAQ is 21 (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 20% of all stocks. Over the past three months it lagged the index by 45.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩55.2 billion, with operating profit of -₩4.2 billion and net profit of -₩7.4 billion, so it is loss-making. The operating margin is -7.7% and ROE (how much is earned in a year on equity) is -4.4%. Still, its balance-sheet strength itself is solid. The debt ratio (debt against equity) is a low 21.9%, and the current ratio (assets that can be turned to cash against debt due within a year) is 543%, leaving ample room on short-term funding. On valuation, the P/E ratio (how many times a year's earnings the price is) cannot be computed because of the losses, while the P/B (how many times book value the price is) is 0.82x. A P/B below 1x means the price is set below the company's net assets, so it is in a cheap zone relative to asset value. The current losses stem from a pause in downstream battery demand, so the key on profitability is whether it recovers along with a return in demand.
Revenue fell for two straight years, from ₩114.5 billion in 2023 to ₩82.9 billion in 2024 and ₩55.2 billion in 2025, and the first quarter of 2026 was also down 34.8% from a year earlier at ₩7.2 billion. Operating and net profit have both stayed in the red. The main thread of this slowdown is less a company-specific problem than the flow of downstream EV and battery demand cooling once, which pulled down CNT conductive-additive shipments along with it. So the clue to a recovery in growth lies in the volume it can win back when demand returns, and the signal for that is the large supply contracts disclosed one after another in 2026 at ₩53.6 billion (68.2% of recent revenue) and ₩10.1 billion. Which quarter this contract volume starts feeding into revenue, and at what pace, will decide the direction of this year's and next year's results. It is not yet the stage to conclude that earnings have turned to a profit, so it is appropriate to track whether the revenue recovery from contract fulfillment and a narrowing of the losses show up each quarter.
In 2026 large supply-contract disclosures came one after another. On March 26 a single-sale/supply contract of ₩53.6 billion (68.2% of recent revenue) was disclosed as a correction, and on April 8 and April 20 contracts of ₩10.1 billion each (18.3% of revenue) followed. Because a large contract exceeding half of revenue is included, the contract amount and supply term, and whether the deal is one-off or repeatable, are central to future revenue recognition and mid-term interpretation. Checking the delivery schedule and terms in the original contract helps gauge when it will show up in results.
JIO's strengths and weaknesses are relatively clear. There are three strengths. First, at a 0.80x P/B the price is set below net assets, so it is in a cheap zone against assets. Second, with a 21.9% debt ratio and a 543% current ratio, its short-term balance-sheet strength is sturdy, giving it room to ride out a demand recovery. Third, large supply contracts exceeding half of revenue have come one after another in 2026. The weaknesses are just as clear. Revenue has fallen for two straight years and both operating and net profit are in the red, so a recovery has not yet been confirmed in the results. In short, if downstream battery demand revives and the newly won supply contracts feed quickly into quarterly revenue, the low P/B and solid balance sheet could be a springboard that builds the recovery. Conversely, if demand is slow to return and revenue recognition on the contracts is delayed, the loss-making stretch could run longer, so whether the revenue recovery and a narrowing of the losses actually appear in quarterly results is the yardstick for judgment.
🔎 Valuation vs peers Undervalued
A set of professional, scientific and technical-services companies of comparable market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dohwa Engineering | 23.33x | 0.70x | 2.89% |
| Hanmi Global | 10.73x | 0.85x | 6.24% |
| Sungdo E&C | 4.08x | 0.40x | 11.13% |
We looked first at a public-data peer set of similar market cap within professional, scientific and technical services. The current P/E ratio (how many times a year's earnings the price is) cannot be determined, and the P/B (how many times book value the price is) is 0.82x. That said, smaller-cap names are heavily affected by earnings swings and financing disclosures, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩29.6 billion | — | — |
| Next quarter | Q2 2026 | ₩8.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩4,330 and the market capitalization is ₩138.6 billion. The price sits above its 20-day moving average (₩4,024) and below its 60-day moving average (₩5,793). 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 49.2, a neutral level. The one-month change is -1.5%, the three-month change is -63.4%, and the position relative to the 52-week high is -69.9%. Relative strength versus the KOSDAQ is 21 (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 20% of all stocks. Over the past three months it lagged the index by 45.7%. 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 -45.66% / 6M -29.79% / 12M -51.12%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.82x is in line with the sector median (0.85x).
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 -4.4%, below the sector average (5.0%). The operating margin is -7.7%. The debt ratio is 19.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $80.4M | $58.2M | $38.8M | -33.42% ↓ slower |
| Operating profit | $8.4M | -$3.8M | -$3.0M | — |
| Net profit | $12.2M | -$6.2M | -$5.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $55.3M | $47.5M | $80.4M | $58.2M | $38.8M |
| Operating profit | -$2.8M | -$1.6M | $8.4M | -$3.8M | -$3.0M |
| Net profit | -$10.3M | -$4.0M | $12.2M | -$6.2M | -$5.2M |
| Revenue CAGR | 4-yr avg -8.50% | ||||
Revenue fell 33.4% year over year (2023 ₩114.5 billion → 2024 ₩82.9 billion → 2025 ₩55.2 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -8.5%. The two-year revenue CAGR is -30.6%. In the most recent quarter (Q1 2026), revenue was 34.8% lower 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
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 33.4% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-04-20Contract[Correction] Single-sale/supply contract signed: contract amount ₩10.1 billion, 18.3% of recent revenueThe contract amount and term are central to future revenue recognition. Whether it is a one-off or a repeatable deal shapes the mid-term interpretation. Source
- 2026-04-08ContractSingle-sale/supply contract signed: contract amount ₩10.1 billion, 18.3% of recent revenueThe contract amount and term are central to future revenue recognition. Whether it is a one-off or a repeatable deal shapes the mid-term interpretation. Source
- 2026-03-26Contract[Correction] Single-sale/supply contract signed: contract amount ₩53.6 billion, 68.2% of recent revenueThe contract amount and term are central to future revenue recognition. Whether it is a one-off or a repeatable deal shapes the mid-term interpretation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,330 | ₩4,330 | Confirmed | link |
| Latest quarterly results | revenue ₩7.2 billion, operating profit -₩2.0 billion | revenue ₩7.2 billion, operating profit -₩2.0 billion | Confirmed | link |
| Annual results | revenue ₩55.2 billion, operating profit -₩4.2 billion | revenue ₩55.2 billion, operating profit -₩4.2 billion | Confirmed | link |
| Original contract disclosure text | [amended] single supply contract signed: contract value ₩10.1 billion · vs recent revenue 18.3% | [amended] single supply contract signed: contract value ₩10.1 billion · vs recent revenue 18.3% | Confirmed | link |
| Original contract disclosure text | single supply contract signed: contract value ₩10.1 billion · vs recent revenue 18.3% | single supply contract signed: contract value ₩10.1 billion · vs recent revenue 18.3% | Confirmed | link |
| Original contract disclosure text | [amended] single supply contract signed: contract value ₩53.6 billion · vs recent revenue 68.2% | [amended] single supply contract signed: contract value ₩53.6 billion · vs recent revenue 68.2% | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-20Disclosure
- 2026-04-20Single supply/sales contract (amended)
- 2026-04-08Single supply/sales contract
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
📖 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.