Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩48,850, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total loss to shareholders of 59% over the past three years. New Risk • May 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Price Target Changed • May 14
Price target increased by 13% to ₩97,500 Up from ₩86,500, the current price target is an average from 2 analysts. New target price is 29% above last closing price of ₩75,800. Stock is up 41% over the past year. The company is forecast to post earnings per share of ₩711 for next year compared to ₩136 last year. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Major Estimate Revision • Apr 11
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩159.0m to ₩148.6m. EPS estimate also fell from ₩1,037 per share to ₩681 per share. Net income forecast to grow 512% next year vs 62% growth forecast for Chemicals industry in South Korea. Consensus price target down from ₩82,667 to ₩79,333. Share price rose 9.6% to ₩68,800 over the past week. Reported Earnings • Mar 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₩136 (up from ₩155 loss in FY 2024). Revenue: ₩111.7b (up 27% from FY 2024). Net income: ₩1.63b (up ₩3.49b from FY 2024). Profit margin: 1.5% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 78%. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock has risen 31% to ₩71,200. The fair value is estimated to be ₩89,363, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 30
Now 22% undervalued Over the last 90 days, the stock has risen 4.9% to ₩69,100. The fair value is estimated to be ₩88,516, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Dec 22
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.3%). New Risk • Dec 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Declared Dividend • Nov 08
Dividend of ₩250 announced Dividend of ₩250 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 0.4%, which is lower than the industry average of 1.7%. Announcement • Nov 07
Advanced Nano Products Co., Ltd. announces Annual dividend, payable on April 13, 2026 Advanced Nano Products Co., Ltd. announced Annual dividend of KRW 250.0000 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Price Target Changed • May 13
Price target decreased by 36% to ₩95,000 Down from ₩148,750, the current price target is an average from 4 analysts. New target price is 78% above last closing price of ₩53,400. Stock is down 52% over the past year. The company is forecast to post earnings per share of ₩492 next year compared to a net loss per share of ₩155 last year. Buy Or Sell Opportunity • Apr 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ₩53,900. The fair value is estimated to be ₩67,935, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.8% to ₩53,000. The fair value is estimated to be ₩66,936, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ₩155 loss per share (down from ₩1,489 profit in FY 2023). Revenue: ₩87.8b (up 5.5% from FY 2023). Net loss: ₩1.85b (down 111% from profit in FY 2023). Revenue missed analyst estimates by 12%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 05
Advanced Nano Products Co., Ltd., Annual General Meeting, Mar 31, 2025 Advanced Nano Products Co., Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 243-2, techno jungang-ro, yuseong-gu, daejeon South Korea Buy Or Sell Opportunity • Dec 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 38% to ₩58,200. The fair value is estimated to be ₩73,353, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 143% in 2 years. Earnings are forecast to grow by 625% in the next 2 years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩75,900, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 8x in the Chemicals industry in South Korea. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩73,855 per share. Buy Or Sell Opportunity • Nov 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.1% to ₩90,000. The fair value is estimated to be ₩74,944, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 182% in 2 years. Earnings are forecast to grow by 228% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩74,900, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total returns to shareholders of 100% over the past three years. Price Target Changed • Jun 11
Price target decreased by 8.9% to ₩183,333 Down from ₩201,333, the current price target is an average from 3 analysts. New target price is 52% above last closing price of ₩120,300. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₩1,481 for next year compared to ₩1,489 last year. New Risk • May 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 15% Last year net profit margin: 25% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (53% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (13% increase in shares outstanding). Reported Earnings • Mar 20
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ₩1,489 (down from ₩1,811 in FY 2022). Revenue: ₩83.2b (up 4.1% from FY 2022). Net income: ₩16.8b (down 13% from FY 2022). Profit margin: 20% (down from 24% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 63% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Upcoming Dividend • Dec 20
Upcoming dividend of ₩250 per share at 0.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.8%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩377 (vs ₩952 in 3Q 2022) Third quarter 2023 results: EPS: ₩377 (down from ₩952 in 3Q 2022). Revenue: ₩20.5b (down 4.8% from 3Q 2022). Net income: ₩4.40b (down 56% from 3Q 2022). Profit margin: 21% (down from 47% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 66% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 54% per year. New Risk • Sep 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). New Risk • Jun 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: ₩1,811 (vs ₩703 in FY 2021) Full year 2022 results: EPS: ₩1,811 (up from ₩703 in FY 2021). Revenue: ₩79.9b (up 31% from FY 2021). Net income: ₩19.2b (up 158% from FY 2021). Profit margin: 24% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 52% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩109,200, the stock trades at a trailing P/E ratio of 53x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 486% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩146,761 per share. Upcoming Dividend • Dec 21
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 5.8% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩81,500, the stock trades at a trailing P/E ratio of 60x. Average forward P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 436% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 15% share price gain to ₩96,900, the stock trades at a trailing P/E ratio of 71.4x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total returns to shareholders of 489% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩67,400, the stock trades at a trailing P/E ratio of 78.5x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 265% over the past three years. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₩371 (vs ₩216 in 1Q 2021) First quarter 2022 results: EPS: ₩371 (up from ₩216 in 1Q 2021). Revenue: ₩18.8b (up 29% from 1Q 2021). Net income: ₩3.93b (up 73% from 1Q 2021). Profit margin: 21% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 64%, compared to a 23% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ₩110,000 Up from ₩90,000, the current price target is provided by 1 analyst. New target price is 60% above last closing price of ₩68,800. Stock is up 112% over the past year. The company posted earnings per share of ₩703 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩51,300, the stock trades at a trailing P/E ratio of 79.4x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 203% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.4%). Announcement • May 25
Advanced Nano Products Co., Ltd. announced that it expects to receive KRW 2.00006714 billion in funding from KDB Capital Corporation, Investment Arm Advanced Nano Products Co., Ltd. (KOSDAQ:A121600) announced that it will issue 68,620 redeemable preferred stock of face value of KRW 500 per share at issue price of KRW 29,147 per share for gross proceeds of KRW 2,000,067,140 on May 24, 2021. The transaction will include participation from KDB Capital Corporation, Investment Arm. The transaction is through third party allotment method. The preferred shares will be redeemable at KRW 29,147 per share beginning from December 1, 2024 to December 31, 2024. The transaction is expected to close on June 25, 2021. The eligibility data for dividend payout on new shares is January 1, 2021. The transaction has been approved by the board of directors of the company. The preferred shares are subject to a lock up period of one year. Is New 90 Day High Low • Feb 23
New 90-day low: ₩31,250 The company is down 4.0% from its price of ₩32,650 on 25 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 16% over the same period. Announcement • Feb 20
Advanced Nano Products Co., Ltd., Annual General Meeting, Mar 29, 2021 Advanced Nano Products Co., Ltd., Annual General Meeting, Mar 29, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 11
New 90-day high: ₩40,000 The company is up 24% from its price of ₩32,350 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 32% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩120 Per Share Will be paid on the 17th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.3% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (0.9%). Is New 90 Day High Low • Dec 21
New 90-day high: ₩39,500 The company is up 7.0% from its price of ₩36,800 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 22% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ₩27,500 The company is down 2.0% from its price of ₩28,200 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 22% over the same period.