Cenotec쎄노텍

Cenotec's trailing profits have recovered sharply from losses in 2023 and 2024, though the share price remains well below its 52-week high.

Cenotec, a Korean maker of advanced ceramic materials including battery cathode additives, reported trailing twelve-month revenue of ₩42.4B... wait, of ₩42.4B in revenue and a net income of ₩3.8B through H1 2026, with a 9.8% operating margin. Shares closed at ₩996 on 2026-10-16, up 15.3% over one year but roughly 54% below the 52-week high of ₩2,145.

What stands out

• Revenue rose from ₩31.1B in 2023 to ₩35.6B in 2025, and trailing revenue to H1 2026 is ₩42.4B.
• Operating income moved from a loss of ₩1.1B in 2023 to ₩3.2B in 2025 and ₩4.2B on a trailing basis.
• Net debt looks modest: cash of ₩1.3B against borrowings of ₩560M, with liabilities at 90.7% of equity.
• A filing dated 2026-10-16 and a news report say the company signed a ₩12.9B supply contract for secondary battery additives, the single largest item in the recent filing list.
• The company's DCF-based fair value model gives a base case of ₩1,996, with a bear case of ₩1,309 and a bull case of ₩3,115; these are model outputs, not forecasts.

What to watch

• Whether the ₩12.9B battery additive contract and other supply deals show up in future revenue and margins.
• Share buyback and convertible bond filings, which may affect the share count and dilution; the data does not give details of their size or terms.
• Exchange designation concern notice from 2026-08-06 tied to the share price being below ₩1,000; the data does not say whether any further action is planned.