Cosmax NBT: Sharp Share Price Pullback After a Strong Year, With Profit Turning Positive in the Latest 12 Months

Thesis

The data supports a picture of a company whose earnings improved sharply in the latest 12 months to H1 2026: operating income reached ₩19.4B on revenue of ₩335.2B, against only ₩4.0B in 2025. Trailing net income of ₩27.9B is higher than operating income, which suggests non-operating or one-off items contributed. The data does not say what those items were, so the durability of the profit is unclear.

The share price has fallen from a 52-week high of ₩11,200 to ₩5,040, and the low was ₩2,860. The data does not give a reason for the recent drop. Filings show a rights offering decision, a merger completion, a share acquisition, a property sale and debt guarantees to a third party in recent months, so the corporate structure appears to be changing. No news headlines are available in the data.

Foreign ownership rose from 4.2% to 6.0% over 60 days, and foreigners were net buyers over 20 days (₩3.1B) while institutions were net sellers (₩4.4B). Short balance is low at 0.3%.

Business overview

Cosmax NBT is a KOSDAQ-listed company in the Food & Beverage sector, founded in 2002 and listed on 2015-12-16, with 20,628,000 listed shares. Market capitalization is ₩104.0B and enterprise value is ₩210.5B. The data does not describe its products or customers.

Revenue was ₩289.3B in 2021, rose to ₩328.2B in 2022 and ₩333.6B in 2023, then fell to ₩318.0B in 2024 and ₩287.5B in 2025 (-9.6%). The latest 12 months to H1 2026 show ₩335.2B, a recovery to above the 2023 level.

Financial analysis

These figures come from filed financial statements. Annual operating margins were 2.2% (2021), 0.7% (2022), 3.6% (2023), 3.1% (2024) and 1.4% (2025). Net income was negative in every year from 2021 to 2025, ranging from -₩5.8B to -₩15.0B, with ROE between -11.5% and -29.6%.

The last 12 months to H1 2026 show operating margin of 5.8%, net margin of 8.3% and ROE of 37.2%. Free cash flow was ₩18.4B.

The balance sheet is leveraged: liabilities to equity is 262.1%, borrowings are ₩159.2B and cash is ₩52.7B, so net borrowings are about ₩106.6B. The high ROE partly reflects a small equity base after past losses.

Valuation

On trailing figures the P/E is 3.7, P/B is 1.1 and P/S is 0.3. EV/EBITDA is not available. Dividend yield is 0.0%. The P/E is low mainly because trailing net income is above operating income, so it depends on the profit holding up.

Its own history shows year-end P/B of 2.2 (2021), 2.0 (2022), 3.7 (2023), 1.1 (2024) and 1.6 (2025); the current 1.1 is at the low end. Year-end P/E was not available in those years because of losses.

Peers in the data: Samyang Foods P/E 19.4 and P/B 6.2; Orion 10.6 and 1.1; Nongshim 12.5 and 0.8; Otoki 17.6 and 0.6; CJ Cheiljedang P/E not available and P/B 0.4. Cosmax NBT's P/E is below all peers with a P/E.

The valuation model estimate (fair_value_model) is not available for this company, so there is no model estimate per share to compare with the ₩5,040 price.

Catalysts

• The rights offering (paid-in capital increase) decision filed on 2026-07-15 could change the share count and balance sheet.
• The merger completion report on 2026-06-30 and the share acquisition filed on 2026-07-15 point to structural changes that may show up in future results.
• The sale of property, plant and equipment filed on 2026-07-28 could affect cash and borrowings.
• Foreign ownership rising from 4.2% to 6.0% and foreign net buying of ₩3.1B over 20 days show changing investor participation.
• The debt guarantee decision to a third party, amended on 2026-09-09 and 2026-10-16, may be followed by further disclosures.

Risks

• Net income was negative in each of the five years 2021 to 2025, so the latest profit has a short track record.
• Trailing net income exceeds operating income, so the profit may include non-recurring items that the data does not explain.
• Liabilities to equity of 262.1% and borrowings of ₩159.2B leave the company exposed to financing costs.
• Debt guarantees to a third party add potential obligations, and details are not in the data.
• The share price fell 32.2% in one month, and institutions were net sellers of ₩4.4B over 20 days, showing high volatility and uneven demand.

Closing view

The filings show a clear improvement in the latest 12 months, with revenue back above ₩335B, an operating margin of 5.8% and positive net income after five loss-making years. Multiples are low against both peers and its own history, but they rest on a short period of profit that the data does not fully explain. High leverage, a rights offering, debt guarantees and a steep recent share price decline add uncertainty, and no model estimate is available. The evidence is mixed and the next filings will show whether the improvement holds.

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

• [Amendment] Decision on Debt Guarantee to Third PartyOct 16, 2026
• [Amendment] Decision on Debt Guarantee to Third PartySep 9, 2026
• Half-year report (Jun 2026)Aug 13, 2026
• Preliminary earnings (consolidated)Aug 7, 2026
• Sale of property, plant and equipmentJul 28, 2026
• Rights offering (paid-in capital increase) decisionJul 15, 2026
• Acquisition of shares in another companyJul 15, 2026
• 5%+ holding reportJul 6, 2026
• Insider shareholding reportJul 2, 2026
• Insider shareholding reportJul 2, 2026
• Merger Completion Report (Merger)Jun 30, 2026
• Quarterly report (Mar 2026)May 15, 2026
• Daily prices up to 2026-10-21
• Financial statements, trailing 12 months as of H1 2026

Report history

1. Oct 22, 2026InitiationStart of coverage (reader request)Cosmax NBT: Sharp Share Price Pullback After a Strong Year, With Profit Turning Positive in the Latest 12 Months