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126340KOSDAQ

Vina Tech

87,000
-7,700 (-8.13%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

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

Vina Tech was established on July 26, 1999. The company is listed on the KOSDAQ market and is classified as a venture business and a small and medium enterprise.

The company develops and produces core materials and components for super capacitors and hydrogen fuel cells. Its business segments include energy storage devices and hydrogen energy solutions, supplying products to global markets through its domestic and Vietnamese operations.

Business overview as filed

비나텍은 친환경 고출력 에너지 저장 장치인 슈퍼커패시터(Super Capacitor)와 차세대 미래 에너지원인 수소연료전지(Fuel Cell)의 핵심 소재 및 부품을 연구, 개발, 양산하는 글로벌 친환경 에너지 선도 기업입니다. 전 세계적인 탄소중립 트렌드와 산업 전반의 전력화의 가속화 속에서, 당사의 기술력은 에너지 효율을 극대화하고 안정적인 전력망을 구축하는 핵심 인프라 기술로 확고히 자리 잡고 있습니다.

글로벌 시장조사기관들에 따르면, 전 세계 에너지 저장 및 전력 제어 솔루션 시장은 신재생 에너지 전환과 첨단 IT 인프라 확충에 힘입어 견조한 성장을 이어갈 것으로 전망됩니다. 특히 2026년을 기점으로 고출력, 장수명, 폭넓은 구동 온도 특성을 자랑하는 슈퍼커패시터가 기존 이차전지의 한계를 보완하고 대체하는 필수 전력 솔루션으로 대두되며 그 채택률이 급증하고 있습니다.

이러한 시장 패러다임 변화의 중심에는 AI 데이터센터(AIDC)의 폭발적인 증가와 스마트 전력망(Grid) 시장의 개화가 자리하고 있습니다. 대규모 연산 처리에 따른 막대한 전력 소모와 발열을 제어하기 위해 무정전 전원장치(UPS) 및 피크 전력 제어의 중요성이 극대화됨에 따라, 고효율 슈퍼커패시터 수요는 폭발적으로 증가하는 추세입니다. 비나텍은 이러한 거대한 시장의 흐름에 선제적으로 대응하여, 올해를 기점으로 기존 단일 '셀(Cell)' 중심의 공급을 넘어 '시스템(System)' 단위로 사업 영역을 본격 확장하며 질적·양적 성장의 새로운 궤도에 진입하고 있습니다.

나아가 당사는 미래 성장 동력인 수소연료전지 사업 부문에서도 확고한 기술 초격차를 통해 다가올 거대 시장을 준비하고 있습니다. 수소 생태계는 현재 본격적인 상용화 시점을 향해 기술적 진보를 거듭하고 있는 단계로, 비나텍은 세계 최고 수준의 탄소 소재 기술력을 기반으로 고분자 전해질 연료전지(PEMFC) 및 수전해 분야에서 독보적인 진입장벽을 구축해 나아가고 있습니다. 단기적인 외형 팽창에 연연하기보다 핵심 소재부터 부품에 이르는 내재화와 지속적인 R&D 투자를 통해, 수소 경제가 본격 개화하는 시점에 글로벌 시장을 선점할 수 있는 강력한 펀더멘털을 다지고 있습니다.

성장하는 전방 시장의 수요에 부응하기 위해, 당사는 베트남 해외법인에 생산능력 확대를 위한 투자를 진행하며 견고한 글로벌 공급망 체계를 완성해 나가고 있습니다. 결과적으로 비나텍은 단순한 부품 제조사를 넘어, 다가오는 AI 인프라 및 친환경 에너지 시대의 패러다임 변화를 주도하는 '종합 전력 및 에너지 솔루션 기업'으로서 지속적인 시장 확대와 기업가치 상승을 달성해 나아가고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용 중소기업 등 해당 여부

2. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "비나텍 주식회사"라고 하고, 영문으로 "VINATECH CO.,LTD"라고 표기합니다.

3. 설립일자

당사는 1999년 7월 26일에 설립되었습니다.

4. 본사의 주소, 전화번호, 홈페이지 주소

5. 중소기업 해당 여부

당사는 본 증권신고서 제출일 현재 중소기업기본법 제2조 및 기본법 시행령 제3조에 의한 중소기업에 해당됩니다.

6. 벤처기업 해당 여부

당사는 본 보고서 작성기준일 현재 벤처기업육성에 관한 특별조치법 제25조의 규정에 따른 벤처기업에 해당됩니다.

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

8.25%
[5.67%, 12.17%] · 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 77.2% (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

1.04
Beta [0.79, 1.29] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.393%[-0.295%, +1.082%]
R squared
0.24
Observations
252
Trading-time corrected beta
1.14[0.64, 1.64]
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

2019202020212022202320242025TTM
RevenueKRW 100M4284674907075505968221,065
Revenue growth%—9.184.8644.32-22.218.4237.99—
Operating incomeKRW 100M6064569430-811822
Operating income growth%—6.03-11.5866.23-67.53-365.73——
Net incomeKRW 100M44467511720-97-70-420
Net income growth%—4.7662.4155.70-83.06-589.01——
Attributable to ownersKRW 100M44467511720-91-59-405
Attributable to minoritiesKRW 100M—————-6-11-15
Operating margin%14.0313.6311.4913.235.52-13.542.162.05
Net margin%10.309.8815.3116.523.60-16.22-8.51-39.38
ROE%23.3910.6314.9219.143.08-10.79-7.34-44.83
ROA%9.455.737.618.751.52-5.49-3.46-16.19
Debt ratio%147.4185.5996.03118.65102.31109.86158.54194.72
Current ratio%92.85222.79144.47124.35112.7481.1485.68125.27
Quick ratio%68.04186.00102.84101.0994.9162.0653.2479.20
Reserve ratio%743.341,578.931,799.282,117.162,120.691,740.651,851.842,177.88
Free cash flowKRW 100M-23-68-242-1256-483-254—
FCF margin%-5.33-14.61-49.46-17.701.11-81.05-30.92—
OCF conversion%91.1358.0257.7197.47660.46———
Capex to revenue%14.7120.3558.2933.8022.6575.3023.55—
Receivable daysdays—94.0103.388.0114.5115.2111.1—
Inventory daysdays—69.795.577.987.982.4120.8—
Payable daysdays—223.7241.1116.766.257.765.5—
Cash conversion cycledays—-60.0-42.249.3136.1139.9166.5—
EPSKRW1,0771,0031,4832,1983521,540-960-5,641
PERx—54.4432.4318.20131.9618.51——
BPSKRW—8,8569,63711,15111,07313,84311,85112,581
PBRx—6.174.993.594.192.066.076.59
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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

2019202020212022202320242025
4668069851,3331,3001,7612,023
2783724827236579221,240
188434502610643839782

Income statement

2019202020212022202320242025
428467490707550596822
6064569430-8118
6047798617-74-43
44467511720-97-70
Basic earnings per shareKRW1,0771,003*1,4832,198*352*1,540*-960
Diluted earnings per shareKRW1,0771,003*1,4832,198*352*1,540*-960
43408112615-75-85

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement44467511720-97-70
Total adjustments to operating cash flowcomputed-4-19-32-3111629
4027*43114131-34-61
-65-354*-81-235-37-399-182
23331*90215-70361225
Cash at beginning of periodKRW 100M15131770160183115
13177016018311595
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 27삼도회계법인2025-12-31
2024적정의견Term 26삼도회계법인2025-12-31
2023적정의견Term 25삼도회계법인2025-12-31
2022적정 의견Term 24삼도회계법인2022-12-31
2021적정 의견Term 23삼도회계법인2022-12-31
2020적정 의견Term 22삼도회계법인2022-12-31
2019적정 의견Term 21삼정회계법인2019-12-31
2018적정 의견Term 20상록회계법인2019-12-31
2017적정 의견Term 19상록회계법인2019-12-31

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.

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 5Y0.86
%
%
Cost of equity8.68%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW87,000

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-8,751-110.1%
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% + 0.86 × 5.00% = 8.68%

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(-7.34% × (1 − 0.00%), 0) = 0.00%

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

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 = 11,851 KRW, ROE = -7.34%, payout ratio = 0.00%, r = 8.68%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
111,851-8691,029-1,8980.9201-1,746
210,982-806953-1,7590.8466-1,489
310,176-746883-1,6300.7790-1,270
49,430-692819-1,5100.7168-1,083
58,738-641759-1,4000.6595-923
Terminal value-21,3660.6595-14,091

P_0 = 11,851 + -6,511 + -14,091 = -8,751 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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