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102710KOSDAQ

ENF Technology

50,600
+400 (+0.80%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 100M

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

ENF Technology was established in 2000 and is listed on the KOSDAQ market. The company is classified as a mid-sized enterprise and operates through subsidiaries in Hong Kong, the United States, and South Korea.

The company operates in the electronic materials sector, focusing on the research, development, manufacture, and supply of specialty chemicals for semiconductor and display processes. Its main products include process chemicals, fine chemicals, color pastes, and CMP slurries for semiconductor manufacturing.

Business overview as filed

당사와 연결대상법인은 반도체 및 디스플레이 제조공정용 특수 화학제품을 연구개발 및 제조, 판매하는 전자재료 사업부문으로 이루어져 있습니다. 전자재료 사업 부문의 매출액은 2025년 기준 전년 대비 15.2% 증가한 6,709억원을 달성하였습니다. 전자재료 사업부문의 품목은 크게 프로세스케미칼(식각액, 신너, 현상액, 박리액 등), 화인케미칼(포토레지스트용 원료 등), 칼라페이스트, 반도체 CMP용 Slurry로 구분됩니다.

1) 프로세스케미칼프로세스케미칼은 사용량이 확대됨에 따라(수백톤~수천톤/월) Tank Lorry를 통해 대량 공급체제를 갖추고 공급되고 있으며, 반도체 및 디스플레이 제조업체들의 구매단가 인하 및 공급 안정성 확보, 물류비용 감소를 위해 국산화가 우선적으로 추진되었던 품목입니다. 또한 원료인 석유화학제품 가격의 변동이 원가에 많은 영향을 주기 때문에, 반도체 및 디스플레이 제조업체에서 요구하는 제품의 품질과 관련된 세부 요구조건의 충족뿐만 아니라 가격 경쟁력 또한 시장 내에서의 경쟁 요소 중 하나입니다.이에 당사는 아래와 같은 경쟁력을 확보함으로써 경쟁에 대응해 나가고 있습니다.① 확고한 협력관계를 통한 안정적인 원재료 확보② 공정에서 사용하고 버려지는 폐액을 회수, 정제하여 재사용하는 시스템을 통해 제품을 경쟁력 있는 가격으로 고객에게 공급함으로써 당사는 안정적인 원재료 수급, 고객은 구매단가 인하를 통한 원가 경쟁력 확보로 상호 협력체제를 형성하여 진입장벽을 구축③ 울산, 아산, 천안 공장 운영을 통한 안정적 제조 및 물류 경쟁력 확보④ 중국 현지법인을 통한 중국시장에서의 경쟁력 확보: ENF(GUANGZHOU) TECHNOLOGY⑤ 미국 현지법인을 통한 미국 반도체 판매 시장 확대: ENF(KYLE) TECHNOLOGY2) 반도체 포토레지스트용 원재료 등삼성전자, SK Hynix 반도체 등 주요 반도체 제조사의 포토레지스트의 사용량 증가에 따라 핵심원료인 모노머, 폴리머, 광산발생제 등의 시장 규모도 대폭 확대되고 있습니다. 또한 반도체 회로의 선폭이 미세화됨에 따라 포토레지스트의 사용량 증가가 예상되며 이에 대응하는 당사의 모노머, 폴리머 및 광산발생제 사업은 높은 성장 잠재력을 갖고 있습니다. 당사는 반도체 재료업체들과 포토레지스트를 개발하던 초기부터 포토레지스트용 핵심원료 개발을 시작하여 일본 등 해외 유수업체와 경쟁할 수 있는 기술경쟁력을 확보하고 있으며 국내에서 독보적인 핵심원료 공급업체로 세계를 향해 나아가고 있습니다.3) Color PasteColor Paste는 분산(Dispersion) 기술과 안료나노입자(Pigment Nano Particle) 조절, 안료유도체의 제조기술을 기반으로 하고 있습니다.당사는 2004년부터 개발을 시작하였고, 대기업과의 협력을 통해 상기 기술들을 개발시켰습니다. 컬러페이스트의 종류로는 TFT-LCD의 컬러필터(Color Filter)부를 제조하기 위하여 사용되는 컬러레지스트 (Color Resist)의 주원료인 Red, Green, Blue 컬러페이스트, BCS용 Black재료, WOLED용 R, G, B 컬러페이스트가 있습니다.4) 반도체 CMP공정용 슬러리 CMP(화학적·기계적 평탄화)는 모든 반도체 제조 공정에서 평탄화를 위한 필수 공정입니다. 리소그래피와 박막 증착으로 만들어진 집적 회로는 Pattern 형성 시 DOF (Depth of Focus)를 요구하는 평탄도를 달성하기 위해 CMP공정이 필수입니다. CMP공정에 사용되는 슬러리 소재는 일반적으로 화학 반응 용액에 나노 크기의 연마 입자 분말로 구성됩니다.5) 사업부문 요약 재무현황

제24기, 제25기, 제26기 연결재무제표는 한국채택국제회계기준(K-IFRS)에 따라 작성되었습니다.

Company overview

1. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 이엔에프테크놀로지라고 하며, 영문으로는 ENF Technology Co.,Ltd 라고 합니다.

다. 설립일자 및 존속기간

당사는 반도체/디스플레이 프로세스케미칼 제조 및 판매를 목적으로 2000년 5월 1일 설립되었으며, 2009년 5월 28일자로 상장되어 코스닥시장에서 매매가 개시되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

주소 : 경기도 용인시 기흥구 탑실로35번길 14 (공세동)전화번호 : 031-881-8200홈페이지 : https://www.enftech.com

마. 중소기업 등 해당 여부

당사는「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법」제2조에 따른 중견기업에 해당합니다

바. 주요 사업의 내용

당사는 반도체 및 디스플레이 제조공정용 특수 화학제품을 연구개발 및 제조, 판매하는 전자재료 사업부문으로 이루어져 있습니다.전자재료 사업부문의 품목은 크게 프로세스케미칼(식각액, 신너, 현상액, 박리액 등), 화인케미칼(포토레지스트용 원료등), 칼라페이스트, 반도체 CMP용 Slurry로 구분됩니다.당사의 연결대상회사는 중국투자를 위해 홍콩에 설립된 ENF CHINA HOLDINGS Co.,Ltd.와 미국투자를 위해 미국에 설립된 ENF USA HOLDINGS. INC 가 있습니다.또한, 슬러리 시장 진입을 위해 지분을 취득한 유비머트리얼즈(주)가 있습니다. 사업의 상세 내용은 동 보고서 『 II. 사업의 내용 』을 참고 바랍니다.

사. 신용평가에 관한 사항(1) 최근 3년간 신용평가 내역

(2) 신용등급 체계

'AA'부터 'CCC'까지는 등급내 우열에 따라 '+' 또는 '-'를 부가.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.74%
[4.11%, 8.68%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 44.3% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.95
Beta [0.82, 1.08] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.006%[-0.344%, +0.355%]
R squared
0.54
Observations
252
Trading-time corrected beta
0.92[0.69, 1.15]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M3,1193,3433,8704,2544,8104,8665,2186,8025,7485,8246,7096,988
Revenue growth%—7.1915.789.9313.061.167.2330.36-15.501.3315.19—
Operating incomeKRW 100M379413453356596682260646247593781853
Operating income growth%—9.149.73-21.4867.4814.30-61.85148.60-61.79140.2131.59—
Net incomeKRW 100M290216260290467474180450-232297503566
Net income growth%—-25.5320.2411.5561.071.50-61.97149.51-151.65—69.22—
Attributable to ownersKRW 100M——278288461462185468-175311519572
Attributable to minoritiesKRW 100M——-182612-5-18-58-14-16-7
Operating margin%12.1412.3611.728.3712.4014.014.989.504.3010.1911.6412.21
Net margin%9.316.476.726.829.729.753.466.62-4.045.107.508.10
ROE%——14.7812.9917.3314.935.5712.33-4.867.8311.6011.86
ROA%13.118.469.819.3412.1010.233.096.80-3.534.116.717.12
Debt ratio%52.0753.7038.9738.5643.5747.3868.3269.0979.8380.2666.4860.77
Current ratio%140.82155.75169.86154.08172.40142.67115.95138.14100.0987.54117.81131.88
Quick ratio%98.98122.15131.49116.52126.75103.9881.7688.1466.6162.7487.5994.23
Reserve ratio%1,872.072,212.112,591.343,034.363,648.424,259.244,506.025,160.104,874.365,304.375,986.486,404.42
Free cash flowKRW 100M1181465-136117-116-50682-552212——
FCF margin%3.784.360.14-3.202.43-2.39-9.691.21-9.613.65——
OCF conversion%133.16208.65126.48105.90131.06156.0581.73135.28—362.79204.91—
Capex to revenue%8.639.148.3610.4210.3117.6012.527.7418.6214.87——
Receivable daysdays—60.462.363.561.158.058.150.257.952.341.5—
Inventory daysdays—40.031.729.935.343.145.852.763.458.348.8—
Payable daysdays—55.363.173.774.487.1116.6113.1————
Cash conversion cycledays—45.130.919.722.013.9-12.7-10.1————
EPSKRW2,0591,5301,8382,0413,2853,3321,2633,276-1,2242,1783,6354,007
PERx—15.4914.046.158.7114.3027.126.17—7.7212.9311.46
BPSKRW——13,24715,58518,68821,71023,28126,56525,20727,81331,32733,771
PBRx——1.950.811.532.191.470.760.980.601.501.36
Dividend per shareKRW505010010015015015015050150200—
Payout ratio%2.433.275.444.904.574.5011.884.58—6.895.50—

Consolidated basis

Profit flowKRW 100M

Revenue
6,709
Cost of sales
5,127
Gross profit
1,582
SG&A expenses
801
Operating income
781
Profit before tax
702
Non-operating expenses
79
Net income
503
Income tax expense
199

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
2,2162,5562,6523,1073,8624,6355,8286,6236,5867,2367,493
7598937448651,1721,4902,3662,7062,9243,2222,992
1,4571,6631,9082,2422,6903,1453,4623,9173,6624,0144,501

Income statement

20152016201720182019202020212022202320242025
3,1193,343*3,8704,2544,8104,8665,2186,8025,748*5,8246,709
379413*453356596682260646247*593781
382333*442382592634292638-198*531702
290216260290467474180450-232297503
Basic earnings per shareKRW2,0591,5301,8382,0413,2853,3321,2633,276-1,2242,1783,635
Diluted earnings per shareKRWNot applicableNot applicable1,8382,0413,2853,332*1,262Not applicableNot applicable2,1783,635
Not applicableNot applicable249276462464258467-233372508

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement290216260290467474180450-232297503
Total adjustments to operating cash flowcomputed962356917145266-33159750781528
387451329307612740*1476095181,0791,031
-321-247-387-458-475-877*-690-449-1,036-992-554
-5734-100127-24382*497-10387-183-79
Cash at beginning of periodKRW 100M8594320150126237473453598464385
94320158126237473*453598464385787
Net change in cash and cash equivalentsKRW 100M8238-158-24116245*-46150-131Not applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 26태성회계법인2025-12-31
2024적정의견Term 25태성회계법인2025-12-31
2023적정의견Term 24동현회계법인2025-12-31
2022적정Term 23동현회계법인2022-12-31
2021적정Term 22동현회계법인2022-12-31
2020적정Term 21동현회계법인2022-12-31
2019적정Term 20영앤진회계법인2019-12-31
2018적정Term 19세일회계법인2019-12-31
2017적정Term 18세일회계법인2019-12-31
2016적정Term 17세일회계법인2016-12-31
2015적정Term 16세일회계법인2016-12-31
2014적정Term 15세일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.87
%
%
Cost of equity8.76%
Weighted average cost of capital—
Initial growth11.0%
Effective tax rate28.3%
Base fiscal year2025
Current priceKRW50,600

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model3,018-94.0%
Dividend discount model DDM3,688-92.7%
Discounted cash flow FCFFNo cash flow lines
Discounted cash flow FCFENo cash flow lines
Residual income model RIM49,002-3.2%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.87 × 5.00% = 8.76%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(11.60% × (1 − 5.50%), 0) = 10.97%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 200 × (1 + 2.00%) / (8.76% − 2.00%) = 204 / 0.0676 = 3,018 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 200, g_1 = 10.97%, g_T = 2.00%, r = 8.76%

YearGrowthDividend KRWDiscount factorPresent value KRW
110.97%2220.9195204
28.72%2410.8454204
36.48%2570.7773200
44.24%2680.7147191
52.00%2730.6572180
Terminal value2.00%4,1230.65722,710
Total3,688

P_0 = 3,688 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 31,327 KRW, ROE = 11.60%, payout ratio = 5.50%, r = 8.76%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
131,3273,6352,7448920.9195820
234,7624,0343,0459890.8454836
338,5744,4763,3781,0980.7773853
442,8044,9673,7491,2180.7147871
547,4985,5124,1601,3520.6572888
Terminal value20,4000.657213,407

P_0 = 31,327 + 4,268 + 13,407 = 49,002 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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