PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
CNT85, a Shinan Group affiliate operating plant, filter press, and construction (Insville) segments, posted consecutive operating profits in the first two quarters of 2026 after a large net loss in 2025, though its market capitalization sits close to KOSDAQ's revised listing-maintenance threshold.
Operating profit turned positive in both Q1 2026 (KRW 0.17bn) and Q2 2026 (KRW 0.53bn), marking a recovery from the large Q4 2025 loss.
Full-year 2025 revenue fell to KRW 47.5bn from KRW 67.0bn a year earlier, with a single Q4 operating loss of KRW 8.94bn and net loss of KRW 11.55bn driving the annual deficit.
As of the September 5 close, market capitalization is roughly KRW 18.9bn, close to the KRW 20bn KOSDAQ market-cap delisting threshold that took effect in July 2026.
Largest shareholder Shinan Capital together with the Park Sun-seok family's related parties holds roughly 45% of shares, and intercompany related-party transactions reportedly run in the double digits.
The board approved a stock consolidation in March 2026, and total shares outstanding have been sharply reduced from roughly 74 million to about 14.8 million currently.
CNT85 operates through three business segments: plant, filter press, and construction.
The plant segment designs and builds industrial facilities, incineration and power-generation equipment, and environmental pollution-prevention devices, while the filter press segment manufactures and sells filter presses, filter plates, and filter cloths.
The construction segment operates housing development and real-estate management business under the 'Insville' brand. The company has expanded overseas through plant projects in Uzbekistan and the Maldives.
Under the Insville brand, the construction segment has delivered apartment complexes including Geomdan Shinan Insville Urban First (1,073 units), Godeok Shinan Insville Signature (613 units), and Daejeon Yuseong Shinan Insville Rivera the City (108 units) across the greater Seoul area and regional new towns.
CNT85 is a Shinan Group affiliate whose largest shareholder is Shinan Capital, with children of group chairman Park Sun-seok also becoming shareholders through the Insville merger.
Given Shinan Group's construction-rooted structure, intercompany related-party transactions are reported to run relatively high across affiliates, and CNT85 is no exception.
The company's shares were suspended from trading for four years starting in 2019 following embezzlement allegations against former management, before Shinan Capital's capital injection and a court-approved rehabilitation plan led to the resumption of trading in March 2023, followed by the absorption merger of Insville later that year to form the current three-segment structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.8B | -₩600M | −7.4% |
| 2025Q3 | ₩14B | -₩700M | −5.3% |
| 2025Q4 | ₩19.6B | -₩8.9B | −45.5% |
| 2026Q1 | ₩14.2B | ₩200M | 1.2% |
| 2026Q2 | ₩10B | ₩500M | 5.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩32.1B | ₩1.5B | ₩1.4B | 4.8% | 6.8% | 146.1% |
| 2023 | ₩50.2B | ₩900M | ₩8.4B | 1.8% | 11.6% | 48.8% |
| 2024 | ₩67B | -₩1.4B | -₩1.3B | −2.1% | −1.9% | 25.9% |
| 2025 | ₩47.5B | -₩11.3B | -₩12.7B | −23.7% | −21.7% | 45.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
On an annual basis, revenue was KRW 32.08bn with operating profit of KRW 1.53bn and net profit of KRW 1.38bn in 2022.
In 2023, revenue rose to KRW 50.17bn with operating profit of KRW 0.88bn (operating margin 1.8%), while net profit of KRW 8.37bn far exceeded operating profit; given that the Insville absorption merger was finalized at year-end 2023, this net profit figure likely reflects a substantial one-time merger-related item.
In 2024, revenue increased to KRW 67.04bn, but operating profit swung to a loss of KRW 1.41bn and net profit to a loss of KRW 1.35bn.
In 2025, revenue declined to KRW 47.50bn from the prior year, while the operating loss widened sharply to KRW 11.27bn (operating margin -23.7%) and the net loss to KRW 12.66bn; on a quarterly basis, a single Q4 2025 operating loss of KRW 8.94bn and net loss of KRW 11.55bn accounted for most of the annual deficit.
By contrast, 2026 has shown a recovery, with Q1 revenue of KRW 14.19bn, operating profit of KRW 0.17bn, and net profit of KRW 0.91bn, followed by Q2 revenue of KRW 9.99bn, operating profit of KRW 0.53bn, and net profit of KRW 0.31bn — two consecutive quarters of operating and net profit.
Still, cumulative owner net profit over the trailing four quarters (Q3 2025 through Q2 2026) remains a loss of KRW 10.60bn, as the large Q4 2025 loss continues to weigh on the most recent one-year window.
Equity rose sharply from KRW 20.27bn in 2022 to KRW 72.30bn in 2023, then declined sequentially to KRW 71.11bn in 2024 and KRW 58.46bn in 2025 as consecutive net losses eroded capital.
The debt ratio fell from 146.1% in 2022 to 48.8% in 2023 and 25.9% in 2024, before rising again to 45.6% in 2025, while operating cash flow, positive in 2022-2023, turned negative for two straight years at -KRW 11.07bn in 2024 and -KRW 8.30bn in 2025.
CNT85's plant segment operates in the industrial-facility and environmental pollution-control equipment market, making it sensitive to tightening environmental regulations both domestically and abroad.
The company has previously stated its intention to expand plant equipment investment in response to strengthening environmental rules.
Overseas, it has a track record of executing projects in emerging markets such as Uzbekistan and the Maldives, positioning these regions as areas with growth potential relative to the domestic market.
The filter press business occupies a niche within industrial filtration equipment, competing against larger integrated environmental engineering firms.
The construction segment, through the Insville brand, is exposed to the domestic housing pre-sale market, linking its performance to conditions in the real-estate project-financing market and the pre-sale cycle.
Meanwhile, across the broader KOSDAQ market, listing-maintenance requirements based on market capitalization were tightened from July 1, 2026, with new delisting criteria introduced for stocks trading below KRW 1,000, increasing pressure on small-cap issuers generally to pursue capital-structure measures — a backdrop against which many small KOSDAQ companies similar to CNT85 have pursued stock consolidations.
The two consecutive quarters of operating profit in 2026 can be read as a sign that normalization is under way across business segments following the large one-time loss in Q4 2025.
The company has previously indicated a direction of expanding plant equipment investment and enhancing order competitiveness in response to tightening environmental regulations, leaving overseas plant order wins as a key variable for future results.
The construction segment, with its track record of apartment supply across the greater Seoul area and regional new towns under the Insville brand, could see results affected by the progress of ongoing or planned pre-sale projects.
Following the March 2026 board-approved stock consolidation that sharply reduced total shares outstanding, changes in free float and trading liquidity are also worth monitoring going forward.
No specific revenue or profitability guidance for the second half of 2026 or beyond has been publicly identified, so quarter-by-quarter disclosed results remain the primary basis for tracking the trend.
As market capitalization sits near the newly tightened KOSDAQ listing-maintenance threshold, the trajectory of market cap itself, separate from operating results, is also a factor to watch.
The current share price trades at a notable discount to net asset value per share, reflecting both the erosion of equity from consecutive net losses in 2024-2025 and the absence of dividend payments.
Compared with the profitable 2022-2023 period, the trailing one-year window remains in loss territory, though two consecutive quarters of operating profit in the first half of 2026 point to a possible change in direction. With no dividends paid, shareholder-return comparisons remain limited.
Given that total shares outstanding were sharply reduced through the stock consolidation, it is also worth noting that per-share metrics disclosed going forward reflect a structural change that makes direct comparison with the pre-consolidation period difficult.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Both operating profit and net profit turned positive in Q1 and Q2 2026, showing a recovery after the large Q4 2025 loss. This can be read as a sign that segment-level normalization is under way. Whether this profitability persists over the coming quarters will need to be confirmed through further disclosures.
The plant segment has accumulated experience executing overseas projects in Uzbekistan and the Maldives, while the filter press business maintains a stable product lineup in the niche industrial filtration space.
The company has previously secured orders across a diversified customer base, including a secondary-battery facility contract with a multinational client and a special painting facility order from Korean Air. This diversified customer and geographic base can help reduce dependence on any single project.
The construction segment has an established track record of supplying apartments across greater Seoul new towns and regional metropolitan areas under the Insville brand, with completed or ongoing projects identified in Geomdan, Godeok, and Daejeon Yuseong, among other locations.
Given the sizable net assets involved at the time of the Insville merger, the construction segment appears to have played a role in supplementing the group's financial capacity.
A single Q4 2025 operating loss of KRW 8.94bn and net loss of KRW 11.55bn drove the annual deficit, contributing to equity declining from KRW 72.30bn in 2023 to KRW 58.46bn in 2025. Operating cash flow was also negative for two consecutive years in 2024-2025.
While H1 2026 showed a return to profit, the trailing-four-quarter cumulative owner net profit remains deeply in loss territory.
Current market capitalization is approximately KRW 18.9bn, close to the KRW 20bn KOSDAQ market-cap delisting threshold that took effect in July 2026. Depending on share price and float movements, the distance to this threshold could narrow or widen, warranting ongoing observation of market-cap trends.
The stock consolidation approved in March coincided in timing with efforts to address this listing-maintenance requirement.
Ownership is concentrated, with largest shareholder Shinan Capital and related parties of the Park Sun-seok family holding roughly 45%, and the chairman's family became shareholders through the Insville merger.
Intercompany related-party transactions are reported to run in the double digits, leaving alignment with minority shareholder interests as a point worth monitoring. Given the group's structure with many unlisted affiliates, board composition also remains centered on the controlling family.
Having recorded consecutive net losses in 2024 and 2025, with a particularly large one-time loss in Q4 2025, the possibility of similarly large losses recurring in a future quarter cannot be ruled out. Whether the H1 2026 profitability represents a sustainable trend still requires confirmation over additional quarters.
Market capitalization sits close to the KRW 20bn KOSDAQ delisting threshold that took effect in July 2026, meaning that future share-price or float changes could make compliance with listing-maintenance requirements a market focal point, separate from underlying business fundamentals.
With related-party transactions among Shinan Group affiliates reported to run relatively high, the independence of transaction terms and their alignment with minority-shareholder interests remain items that warrant ongoing scrutiny, alongside the concentrated ownership structure held by the largest shareholder and related parties.
Once Q3 2026 results are disclosed, it will be possible to check whether the profitability seen in Q1-Q2 extends to a third consecutive quarter.
It is worth checking how market capitalization trends relative to the KRW 20bn KOSDAQ delisting threshold, and whether any related disclosures or exchange actions follow.
Watching for disclosures of new Insville pre-sale projects or new domestic/overseas plant orders can help gauge the future revenue base.
Once full-year 2026 results are finalized, it will be important to confirm whether the H1 profitability trend held on an annual basis and whether the audit opinion contains any notable issues.
CNT85 is a Shinan Group-affiliated construction and building-materials company operating plant, filter press, and construction (Insville) segments, having arrived at its current structure through a 2019-2023 trading suspension, court-led rehabilitation, and the Insville merger.
In 2025, a large one-time loss in Q4 sharply widened the annual net loss, but Q1-Q2 2026 showed signs of recovery with two consecutive quarters of operating and net profit.
Still, on a trailing-four-quarter basis the company remains in a net loss position, alongside negative operating cash flow and declining equity over 2024-2025.
Market capitalization sitting close to the KRW 20bn KOSDAQ listing-maintenance threshold tightened in July 2026, along with concentrated ownership by the largest shareholder and related parties and relatively high intercompany related-party transactions, are factors that warrant continued attention.
With total shares outstanding sharply reduced following the March stock consolidation, future float and market-cap trends also merit observation.
On balance, the H1 2026 turnaround signal coexists with the large 2025 loss and proximity to the listing-maintenance threshold, making upcoming quarterly results and market-cap trends the key variables to watch.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.