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Advanced Nano Products · 121600 · Chemicals

Advanced Nano Products: Earnings Recovering From a Weak 2024-2025, Shares Up Sharply Over Three Months

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Advanced Nano Products closed at ₩59,800 on 2026-10-21, up 47.3% over three months but down 6.3% over one year. Trailing results to H1 2026 show revenue of ₩129.3B and an operating margin of 8.2%, a recovery from 2024 and 2025 but still below 2022 and 2023 levels.

Written Oct 22, 2026 · Data as of Oct 21, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports an earnings recovery. Trailing operating income of ₩10.6B compares with ₩4.7B in 2025 and ₩3.0B in 2024, and trailing net income of ₩15.4B is well above the ₩1.6B reported for 2025. Free cash flow is positive at ₩17.6B.

The data does not show that margins are back to prior peaks: the operating margin was 21.1% in 2022 and 14.3% in 2023, versus 8.2% now. Trailing ROE is 6.0%, against 12.8% in 2022. Net income above operating income suggests non-operating items contribute, though the data does not say which.

The share price has risen 47.3% in three months and sits at 62.8% of the 52-week high of ₩95,300, well above the low of ₩33,200. Valuation multiples are high relative to the earnings base. No valuation model estimate is available, and no recent news headlines are in the data.

Business overview

Advanced Nano Products (나노신소재) is a Chemicals company listed on KOSDAQ since 2011-02-09, founded in 2000. It has 12,262,191 listed shares and a market capitalisation of about ₩733.3B. Revenue grew from ₩61.1B in 2021 to ₩111.7B in 2025, with growth of 30.9% in 2022 and 27.3% in 2025 and low single-digit growth in 2023 and 2024. The data does not describe its products or customers.

Financial analysis

These figures come from filed financial statements. Annual revenue was ₩61.1B (2021), ₩79.9B (2022), ₩83.2B (2023), ₩87.8B (2024) and ₩111.7B (2025). Operating income peaked at ₩16.8B in 2022 and fell to ₩3.0B in 2024 before recovering to ₩4.7B in 2025. Net income was ₩19.2B in 2022, ₩16.8B in 2023, a loss of ₩1.9B in 2024 and ₩1.6B in 2025.

Trailing twelve months to H1 2026: revenue ₩129.3B, operating income ₩10.6B (8.2% margin), net income ₩15.4B (11.9% margin), ROE 6.0%. Liabilities to equity is 47.9%. Cash is ₩73.2B against borrowings of ₩82.3B, so net borrowings are about ₩9.1B. Free cash flow is ₩17.6B.

Valuation

On trailing figures the shares trade at a P/E of 47.7, P/B of 2.8, P/S of 5.7 and EV/EBITDA of 29.6, with a dividend yield of 0.4% and an enterprise value of about ₩656.5B. Year-end P/B was 2.5 in 2025, 2.9 in 2024, 6.2 in 2023 and 4.8 in 2022, so the current P/B is within the recent range but below 2021-2023 levels. Year-end P/E was 374.6 in 2025 and 88.2 in 2023, so the current P/E is lower than those on recovering earnings.

Listed peers show P/B of 0.3 to 2.3 (LG Chem 0.5, Hanwha Solutions 0.7, Hanwha 0.4, SKC 2.3, KCC 0.3). Several have no meaningful P/E. Advanced Nano Products' P/B is above all of them, though these peers are much larger companies. The valuation model estimate per share is not available, so there is no model comparison with the ₩59,800 price.

Catalysts

  • The half-year report filed on 2026-08-14 and preliminary earnings on 2026-08-07 set the latest trailing numbers, and the next results will show whether the margin recovery continues.
  • A treasury share sale decision on 2026-09-18 and a disposal results report on 2026-10-13 show the company has been selling treasury shares.
  • On 2026-09-21 the company filed on acquiring convertible bonds and bonds with warrants before maturity, which may affect its capital structure, though the data gives no details.
  • Several insider shareholding reports (2026-08-05, 09-29, 10-02, 10-12) and 5%+ holding reports (2026-08-10, 09-09) point to ongoing changes in ownership.
  • Institutions net bought ₩16.3B over the last 20 days, which may reflect rising domestic interest.

Risks

  • Margins remain well below 2022-2023 levels, and earnings fell sharply in 2024 and 2025, showing volatility.
  • The trailing P/E of 47.7 and EV/EBITDA of 29.6 leave valuation sensitive to any earnings setback.
  • Net income exceeds operating income, so part of the profit may not come from core operations and may not recur.
  • Foreign investors net sold ₩9.4B over 20 days and foreign ownership fell from 7.2% to 6.0% in 60 days.
  • Borrowings of ₩82.3B exceed cash of ₩73.2B, and the 47.3% three-month price rise could reverse, as the 1-year return is still negative.

Closing view

The filings show a company recovering from a weak 2024-2025, with higher revenue, positive free cash flow and trailing profit well above last year. Profitability and returns are still below 2022-2023, and the multiples already reflect much of the improvement after a strong three-month share price move. Flows are mixed, with institutions buying and foreign investors selling. No valuation model estimate or news is available, so the evidence is balanced and depends on whether the recovery continues in coming results.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 22, 2026InitiationStart of coverage (reader request)Advanced Nano Products: Earnings Recovering From a Weak 2024-2025, Shares Up Sharply Over Three Months

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information