BCNC Co Ltd
BCNC Co Ltd designs and manufactures semiconductor materials and equipment for the production of integrated circuits, primarily serving the global semiconductor industry.
Business. BCNC Co Ltd (146320.KQ) is a South Korean semiconductor company engaged in the design, development, and manufacturing of semiconductor products. The firm operates within the Technology Equipment sector, specifically focusing on the Semiconductors industry. Headquarters are located in South Korea, and the company is listed on the Korea Exchange under the ticker 146320.KQ. Specific operating segments and geographic revenue breakdowns are not disclosed in the available data.
Analyst recommendations
2 analysts · consensus BuyAt a glance
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- Peers
- EarningsQ2 2026 earnings (expected)2026-07-23 · estimated · Intel (INTC)
- EarningsQ2 2026 earnings (expected)2026-08-26 · estimated · NVIDIA (NVDA)
- EarningsQ3 2026 earnings (expected)2026-09-28 · estimated · Broadcom (AVGO)
- Macro
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
- Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
- Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
- Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
BCNC Co Ltd (146320.KQ) is a South Korean semiconductor company engaged in the design, development, and manufacturing of semiconductor products. The firm operates within the Technology Equipment sector, specifically focusing on the Semiconductors industry. Headquarters are located in South Korea, and the company is listed on the Korea Exchange under the ticker 146320.KQ. Specific operating segments and geographic revenue breakdowns are not disclosed in the available data.
BCNC Co Ltd maintains a debt-to-equity ratio of 0.76, indicating a moderate reliance on debt financing, while its current ratio of 0.81 suggests potential short-term liquidity constraints. The company's free cash flow is negative at -7,782,313,260 KRW, and capital expenditures are substantial at -9,932,267,440 KRW, reflecting ongoing investment in infrastructure and operations. Despite these outflows, the company holds 5,943,926,450 KRW in cash and equivalents, which is insufficient to cover its long-term debt of 57,439,809,190 KRW, resulting in a net cash deficit.
Profitability metrics show a return on equity of 0.73% and a return on assets of 0.37%, both of which are below the industry median for semiconductor firms, indicating underperformance in capital efficiency and asset utilization. Gross profit of 3,883,723,990 KRW represents 21.9% of total revenue, but operating income of 406,909,380 KRW and net income of 550,769,700 KRW suggest thin margins and limited operating leverage.
The company's revenue is not segmented by product or geography in the available data, but its exposure is inferred to be concentrated in the semiconductor equipment and materials market, which is highly cyclical and dependent on global demand for semiconductors. No specific geographic breakdown is provided, but the firm's operations are likely centered in South Korea, given its listing on the Korean Exchange.
Outlook data is not available for BCNC Co Ltd, but the company's recent financial performance shows a decline in free cash flow and a significant increase in capital expenditures, which may signal a strategic shift or expansion phase. Analysts have assigned a mean price target of 18,000 KRW, with a mean recommendation of 1.50, indicating a cautiously optimistic view despite the company's current financial constraints.
The risk assessment highlights medium liquidity risk and low dilution risk, but the key flag of negative net cash after subtracting total debt suggests potential refinancing challenges in the near term. No recent filings or transcripts are available to provide additional context on management's strategy or operational developments.
- BCNC Co Ltd has a moderate debt load but faces liquidity constraints due to negative free cash flow and insufficient cash reserves to cover long-term debt.
- The company's profitability metrics are below industry medians, indicating inefficiencies in capital and asset utilization.
- Analysts maintain a cautiously optimistic stance with a mean price target of 18,000 KRW, but the company's financial position suggests near-term refinancing risks.
- No geographic or segment-level revenue breakdown is available, limiting visibility into diversification and exposure.
- Capital expenditures are substantial, suggesting a focus on infrastructure or expansion, but this has not yet translated into improved profitability.
Bull / Bear case
Generated · model-assistedAnalysts project 33.7% upside to KRW 18,000, reflecting strong buy consensus on current valuation.
Operating income surged 135.1% year-over-year, demonstrating significant operational improvement and cost control.
Cash conversion ratio of 0.97 outperforms the cohort median of 0.91, showing efficient cash generation.
Free cash flow turned positive to KRW 4.8 billion in FY2026, reversing previous negative trends.
High credit risk flags potential solvency issues, exacerbated by rising long-term debt levels.
Debt-to-equity ratio of 0.76 is in the bottom quartile, significantly higher than the cohort median.
ROE of 0.73% lags the cohort median of 2.16%, indicating poor capital efficiency.
Capex intensity of -0.56 is in the bottom quartile, suggesting heavy investment relative to revenue.
In focus — financials by report
Revenue KRW 23.92B, +14,8% YoY; Operating income +150,5% YoY.
- ▍Revenue KRW 23.92B, +14,8% YoY
- ▍Operating income +150,5% YoY
- ▍Net income +133,0% YoY
- ▍Free cash flow +122,9% YoY
- ▍Net margin 3.0%
Revenue KRW 21.88B, +13,4% YoY; Operating income +811,5% YoY.
- ▍Revenue KRW 21.88B, +13,4% YoY
- ▍Operating income +811,5% YoY
- ▍Net income +386,6% YoY
- ▍Free cash flow +127,6% YoY
- ▍Net margin 6.9%
Revenue KRW 21.94B, +12,4% YoY; Operating income +818,5% YoY.
- ▍Revenue KRW 21.94B, +12,4% YoY
- ▍Operating income +818,5% YoY
- ▍Net income +173,8% YoY
- ▍Free cash flow +131,4% YoY
- ▍Net margin 0.6%
Revenue KRW 19.84B, +11,9% YoY; Operating income −116,0% YoY.
- ▍Revenue KRW 19.84B, +11,9% YoY
- ▍Operating income −116,0% YoY
- ▍Net income −316,6% YoY
- ▍Free cash flow +104,8% YoY
- ▍Net margin -6.0%
Revenue KRW 20.83B; Operating income -KRW 2.05B.
- ▍Revenue KRW 20.83B
- ▍Operating income -KRW 2.05B
- ▍Net margin -10.3%
Revenue KRW 19.29B; Operating income -KRW 189.4M.
- ▍Revenue KRW 19.29B
- ▍Operating income -KRW 189.4M
- ▍Net margin -2.7%
Revenue KRW 19.52B; Operating income -KRW 223.8M.
- ▍Revenue KRW 19.52B
- ▍Operating income -KRW 223.8M
- ▍Net margin -0.9%
Revenue KRW 17.74B; Operating income KRW 406.9M.
- ▍Revenue KRW 17.74B
- ▍Operating income KRW 406.9M
- ▍Net margin 3.1%
Revenue KRW 87.58B, +13,2% YoY; Operating income +290,7% YoY.
- ▍Revenue KRW 87.58B, +13,2% YoY
- ▍Operating income +290,7% YoY
- ▍Net income +150,3% YoY
- ▍Free cash flow +120,6% YoY
- ▍Net margin 1.3%
Revenue KRW 77.37B, +18,5% YoY; Operating income −13 073,6% YoY.
- ▍Revenue KRW 77.37B, +18,5% YoY
- ▍Operating income −13 073,6% YoY
- ▍Net income −284,3% YoY
- ▍Free cash flow −60,5% YoY
- ▍Net margin -2.9%
Revenue KRW 65.31B, −20,4% YoY; Operating income −100,1% YoY.
- ▍Revenue KRW 65.31B, −20,4% YoY
- ▍Operating income −100,1% YoY
- ▍Net income −87,6% YoY
- ▍Free cash flow +19,3% YoY
- ▍Net margin 1.9%
Revenue KRW 82.05B, +27,6% YoY; Operating income +24,7% YoY.
- ▍Revenue KRW 82.05B, +27,6% YoY
- ▍Operating income +24,7% YoY
- ▍Net income +36,3% YoY
- ▍Free cash flow −1 120,8% YoY
- ▍Net margin 12.2%
Valuation TTM
Revenue by segment
Business relationships
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Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 659,39 |
| Revenue | —no estimate | —no estimate | 109,1B KRW |
| Operating income | —no estimate | —no estimate | 12,8B KRW |
Options
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sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
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Risk factors
- Net cash is negative after subtracting total debt.
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- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- BCNC Co Ltd Market data — financials · 2026-05-26
- BCNC Co Ltd Market data — analyst estimates · 2026-05-26