PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Powered by growth at mobile-parts subsidiary NanoTech, System and Application Technologies (SAT) has posted four consecutive quarters of profit following a loss in Q2 2025, marking an earnings recovery phase.
Vietnam-based subsidiary NanoTech grew its H1 2026 revenue 83.2% year-on-year on strong demand tied to Samsung's Galaxy Z Fold8.
Annual earnings peaked in 2022 (operating profit around KRW 11.1 billion), softened through 2023-2024, then 2025 revenue hit a four-year high, signaling a recovery.
After a net loss of roughly KRW 2.7 billion in Q2 2025, the company has stayed profitable for four straight quarters through Q2 2026.
Major shareholder F-Net and the CEO recently made open-market share purchases, and F-Net has flagged a further buying program running through late September.
The company combines stable public-sector revenue from its ITS (overloaded-vehicle enforcement) and calibration businesses with mobile parts, packaging film, and chemical materials operations.
Founded in 1998 and listed on KOSDAQ in 2006, SAT built its business on the design, development, and manufacturing of electronic control devices.
Its operations span three main pillars: an ITS segment handling manufacture, installation, and maintenance of overloaded-vehicle enforcement equipment plus a calibration business; a mobile die-cutting and packaging segment run through Vietnamese subsidiary NanoTech; and a chemical materials segment via Withers Chemical.
NanoTech operates a production base in Vietnam making mobile die-cut components and printed materials, supplying primarily Samsung Electronics' mobile division. NanoTech accounts for the largest share of consolidated revenue, which introduces earnings volatility tied to smartphone new-model launch cycles.
The packaging segment is expanding into new OPS (oriented polystyrene) film products to meet rising demand tied to growing K-food exports such as instant noodles. Chemical materials subsidiary Withers Chemical has relatively stable revenue, though improving its profitability remains a watch point.
The ITS and calibration businesses, serving public agencies and local governments, are considered the lower-volatility side of the revenue base. The controlling shareholder is F-Net, part of the Heungah tire group, with the company run under a co-CEO structure led by Sung-won Jung and Hee-chang Kim.
Together, this diversified portfolio of public infrastructure, mobile parts, packaging, and chemical materials businesses provides a cushion against swings in any single segment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩35.2B | -₩200M | −0.5% |
| 2025Q3 | ₩41.1B | ₩1.9B | 4.5% |
| 2025Q4 | ₩47.9B | ₩3.1B | 6.6% |
| 2026Q1 | ₩42.2B | ₩1.2B | 2.9% |
| 2026Q2 | ₩48.6B | ₩2B | 4.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩174.4B | ₩11.1B | ₩9.1B | 6.4% | 9.1% | 63.8% |
| 2023 | ₩152.2B | ₩4.7B | ₩1.6B | 3.1% | 1.6% | 61.9% |
| 2024 | ₩155.1B | ₩3.4B | ₩2.5B | 2.2% | 2.5% | 57.9% |
| 2025 | ₩159.7B | ₩3.9B | ₩800M | 2.4% | 0.8% | 57.1% |
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
Annual revenue declined from KRW 174.37 billion in 2022 to KRW 152.15 billion in 2023 and KRW 155.08 billion in 2024, then rose again to KRW 159.73 billion in 2025, a four-year high.
Operating profit peaked at KRW 11.09 billion (6.4% margin) in 2022, slowed to KRW 4.71 billion (3.1%) in 2023 and KRW 3.35 billion (2.2%) in 2024, before improving modestly to KRW 3.91 billion (2.4%) in 2025.
Net profit attributable to owners fell sharply from KRW 9.14 billion in 2022 to KRW 1.62 billion in 2023 and KRW 2.53 billion in 2024, then dropped further to KRW 0.79 billion in 2025, diverging from the operating-profit trend.
On a quarterly basis, Q2 2025 posted revenue of KRW 35.22 billion with an operating loss of KRW 0.18 billion and a net loss attributable to owners of KRW 2.70 billion — a net loss far larger than the operating loss.
Profitability then continued through Q3 2025 (revenue KRW 41.13 billion, operating profit KRW 1.87 billion, net profit KRW 2.08 billion) and Q4 2025 (revenue KRW 47.90 billion, operating profit KRW 3.15 billion, net profit KRW 2.86 billion), extending a three-quarter profit streak.
Into 2026, both Q1 (revenue KRW 42.17 billion, operating profit KRW 1.23 billion, net profit KRW 1.81 billion) and Q2 (revenue KRW 48.58 billion, operating profit KRW 2.04 billion, net profit KRW 1.86 billion) remained profitable.
This trajectory lines up with media-reported H1 2026 cumulative results (revenue roughly KRW 90.7 billion, operating profit roughly KRW 3.3 billion, net profit roughly KRW 3.6 billion), with growth at mobile-parts subsidiary NanoTech cited as the main driver of the recovery.
That said, the gap between 2025's operating profit and the lower owners' net profit suggests some influence from non-operating items or minority-interest allocation effects.
The mobile parts and packaging market that NanoTech operates in is tied closely to smartphone new-model sales momentum, particularly in the foldable lineup. Indeed, the H1 2026 earnings improvement was directly attributed to expanded component demand following strong sales of Samsung's Galaxy Z Fold8.
NanoTech's H1 revenue rose 83.2% year-on-year to KRW 38.4 billion, driving the consolidated earnings recovery. The packaging (OPS) segment is benefiting from rising film demand from instant-noodle makers as K-food exports expand.
The ITS (overloaded-vehicle enforcement) market is largely a public-procurement business tied to government and local-authority road management budgets, weighted more toward stable cash generation than growth.
In contrast, the mobile die-cutting and packaging market swings with smartphone makers' new-model launch timing and design-change cycles, leaving the segment fairly dependent on a specific customer.
Competitively, the company competes on cost and quality with other die-cutting and film-processing firms in Vietnam, meaning order volumes can shift with customers' vendor-diversification policies.
The company has stated a plan to sustain revenue growth centered on NanoTech through the second half. It also outlined plans to expand its business through a new plant under F1 Global Food, a business currently being pursued.
A company representative said continued positive market reception for new Galaxy models could support NanoTech-led revenue growth through the rest of the year.
However, the company indicated that revenue recognition from the F1 Global Food plant will not become substantial until 2027, meaning the new business will take time to show up in results.
Major shareholder F-Net has recently made open-market purchases of company shares and has announced a further buying program running through the end of September 2026. The CEO has also been confirmed to have purchased shares on the open market, which can be read as a move toward stronger accountable management.
Whether the year-on-year revenue growth seen since 2023 continues, and whether that growth translates into improved operating margins, are the key items to watch going forward.
The company's earnings trajectory has shifted from a loss in Q2 2025 to four consecutive profitable quarters. Its price-to-book ratio tends to trade at a discount to net asset value, which could be read as the market not yet fully pricing in the durability of the earnings recovery.
A cash dividend was resolved based on fiscal year 2025 results, keeping the shareholder-return policy in place. That said, as a small-cap stock with relatively limited trading volume and liquidity, its valuation metrics can swing more sharply than larger peers.
How consistently the NanoTech-led revenue and profit recovery feeds through the financial statements going forward remains a variable that could influence the market's assessment.
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
NanoTech grew its H1 2026 revenue 83.2% year-on-year on strong sales of Samsung's Galaxy Z Fold8, driving the consolidated turnaround to profit. Four straight profitable quarters since the Q2 2025 loss also point to a degree of continuity in the recovery.
Major shareholder F-Net and the CEO have recently made open-market share purchases, and F-Net has flagged a further buying program through late September. This can be read as management and the controlling shareholder signaling commitment to the company's medium-term direction.
Stable public-sector revenue from the ITS (overloaded-vehicle enforcement) and calibration businesses is complemented by mobile parts, packaging, and chemical materials operations, reducing reliance on any single industry cycle. A favorable trend of rising packaging film demand tied to growing K-food exports is also underway.
Operating margin has stayed in the 2-3% range from 2023 through 2025, down from 6.4% in 2022, meaning revenue recovery has not directly translated into markedly higher profitability. Owners' net profit has also come in below operating profit in some years, indicating sensitivity to non-operating factors.
NanoTech, the key driver of the earnings improvement, is heavily dependent on Samsung Electronics' mobile division, so weaker sales of a specific new model or changes in vendor policy could directly affect results.
As a small-cap stock with relatively limited market capitalization and trading activity, price-related metrics can be quite volatile, and valuation can shift quickly with supply-and-demand changes.
A significant portion of NanoTech's revenue comes from transactions with Samsung Electronics' mobile division, so changes in the customer's production plans or order volumes could directly affect results.
With its production base located in Vietnam, the company is exposed to overseas operating risks such as Vietnamese dong/dollar exchange rate movements and rising local labor and power costs.
While profitability has continued since the Q2 2025 loss, the company's operating margin has previously fallen from around 6% to around 2%, so further quarterly results are needed to assess whether the current recovery represents a structural improvement.
A point to check on the progress of major shareholder F-Net's additional open-market share purchase program (1.5 million common shares).
Worth checking whether NanoTech-led revenue growth and operating margin improvement continued into the third quarter.
A point to verify whether revenue recognition from the F1 Global Food plant actually begins and how much the new business contributes to consolidated results.
Worth monitoring Samsung Galaxy new-model sales momentum and any resulting changes in NanoTech's order volumes.
SAT has entered an earnings recovery phase, staying profitable for four consecutive quarters after a loss in Q2 2025. The core driver has been mobile-parts subsidiary NanoTech, with expanded volumes tied to strong sales of Samsung's Galaxy Z Fold8 flowing directly into H1 2026 results.
However, operating margin has remained in the 2-3% range since peaking in 2022, so whether revenue recovery translates into materially higher profitability warrants further confirmation.
Stable public-sector revenue from the ITS and calibration businesses, alongside diversification into packaging and chemical materials, can be viewed as a structural factor reducing dependence on any single industry cycle.
Open-market purchases by the controlling shareholder and CEO, along with new business plans such as the F1 Global Food plant, are variables to watch going forward.
Ultimately, whether this recovery reflects a temporary product cycle or a more structural improvement will be determined by upcoming quarterly results and the progress of new business initiatives.
Report written 2026-09-05 · Data as of 2026-09-04
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