BCnC비씨엔씨

BCnC's trailing profit has recovered to a thin margin, but the share price is down 42% over the past year and the balance sheet carries heavy borrowings.

BCnC makes quartz, silicon and ceramic consumable parts for semiconductor etching and thin-film deposition, selling to chipmakers and equipment makers in Korea and abroad. On a trailing basis to H1 2026 it reported revenue of about ₩96.3B, operating income of ₩5.0B and net income of ₩3.0B, a clear step up from the losses of 2024. The share price is at ₩9,250, well below its 52-week high of ₩19,050.

What stands out

• Trailing revenue of ₩96.3B is up from ₩87.6B in 2025 and ₩77.4B in 2024, with operating margin at 5.2% versus a loss-making 2024.
• Trailing ROE is 3.9%, and the valuation is high on earnings at a P/E of 39.9 against peers in the data that mostly trade at lower P/E ratios.
• Borrowings of ₩97.2B against cash of ₩15.0B leave liabilities at 146% of equity, so debt is a key feature of the balance sheet.
• Foreign ownership rose from 2.1% to 3.8% over 60 days, while retail and institutional investors were net sellers over the last 20 days.
• Recent filings include a half-year report for June 2026, preliminary earnings on 27 July 2026, and several 5%+ holding and insider shareholding reports, but no news headlines were provided.

What to watch

• The full-year 2026 results and any update to the trailing profit figures, as the data only covers H1 2026.
• Progress on the borrowings and short-term debt increase, given the high liabilities-to-equity ratio.
• Further 5%+ holding and insider shareholding filings, which may show changes in major ownership.