UTI (179900) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
UTI is a company that grinds and processes glass (tempered glass) to make the 'camera window cover glass' that covers smartphone camera lenses; it entered Samsung Electronics' first-tier supplier ranks with the Galaxy Note 5 in 2015, and almost all of its revenue is exports (₩19.9 billion in 2025). It has drawn $25 million from Corning and is building a new plant in Vietnam to prepare 2026 mass production of flexible glass for foldable phones. The past year has centered on convertible bonds: in May 2026 the early-redemption date arrived for its largest first-series convertible bond (₩54.15 billion), but unable to repay it at once the company agreed to split the redemption into three dates with 15% annual accrued interest, then covered it with the proceeds of a newly issued sixth-series bond. What stands out now is that, alongside its first-tier Samsung supplier status, the Corning tie-up, and a foldable-glass mass-production growth story, an asset-based undervaluation with the P/B down to 1.12x is a strength; against that, as long as capacity utilization stays around 20% the loss continues, and a debt ratio of 227.5% together with repeated convertible bonds and early redemptions raises dilution and liquidity-strain burdens, so whether mass production actually books as revenue and lifts utilization is what sets the direction.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Camera Modules & Optical Components” (Semiconductors & IT Components · Electronic Components), a type typically read first through forward P/E.
Camera-module and optics suppliers provide the parts that go into smartphone and automotive cameras, and results swing with new-model launch cycles and customer volumes. Because future earnings from a fresh product cycle matter more than results already booked, the forward P/E — reflecting expected earnings — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 308.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 43.9%).
- The most recent full-year net result was a loss.
- Revenue rose 7.6% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.4% higher than a year earlier.
- ROE is -57.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -241.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Park Deok-young 16.62% (individual)
Controlling bloc incl. related parties 23.73%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
UTI earns revenue by grinding and processing glass (tempered glass). Its main product is the 'camera window cover glass' that covers smartphone camera lenses; it entered Samsung Electronics' first-tier supplier ranks with the Galaxy Note 5 in 2015 and has supplied a cumulative total of more than 1.2 billion units. Almost all of its revenue is exports (₩19.9 billion of ₩19.9 billion in 2025), and it is effectively tied into Samsung's supply chain. By product, 2025 revenue was ₩13.0 billion for camera windows (64.9%), ₩4.4 billion for slimming (22.2%, receiving Corning glass and grinding it thin to supply Samsung), and ₩2.6 billion for other (12.9%, including flexible-glass samples), so a structure once concentrated in a single business - camera windows made up 97.4% in 2023 - is diversifying. Flexible glass for foldable phones has finished development and is preparing for 2026 mass production; for this the company drew $25 million from Corning (currently a shareholder with an 8.4% stake) and is building a new plant in Binh Phuc, Vietnam.
The latest close is ₩1,970 and the market capitalization is ₩39.0 billion. The price sits below its 20-day moving average (₩2,775) and below its 60-day moving average (₩10,388). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 29.2, near oversold territory. The one-month change is -51.9%, the three-month change is -90.3%, and the position relative to the 52-week high is -93.0%. Relative strength versus the KOSDAQ is 1 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 1% of all stocks. Over the past three months it lagged the index by 85.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual (2025) basis, the P/E ratio (how many times a year's profit the price represents) cannot be computed because of the loss. The P/B (how many times net assets the price represents) is 0.69x, meaning the price has come down to nearly the same level as the company's book net assets (about ₩3,300 per share). In other words, at the current price the stock is hard to call expensive against asset value; if anything it has come near its assets. Profitability, however, is clearly weak. ROE (how much is earned in a year on equity) is -57.1% and the operating margin is -241.9%, a large loss, and the core cause is low utilization - camera-window utilization was just 18.8% in 2025 (20.7% in 2024, 16.5% in 2023), so with the plant expanded but volumes unfilled, fixed costs book straight through as losses. There is also a financial burden: the debt ratio (borrowings against equity) is 327.5% and the current ratio is 55.3%, so debt due within a year exceeds assets convertible to cash right away. In sum, it has grown cheap against assets, but weaknesses of loss and debt come with it, so utilization rising and the P&L turning need to be watched together.
Revenue fell by more than half over five years, from ₩45.2 billion (2021) to ₩20.0 billion (2025) (a five-year average of -18.5%). Still, the bottom was 2024 (₩18.6 billion), and 2025 turned back up to ₩20.0 billion (+7.6%); this was less a recovery in camera windows themselves than the result of slimming and other new businesses filling the gap (camera windows alone fell to ₩13.0 billion in 2025 from ₩15.7 billion the year before). Operating profit/loss widened from -₩2.2 billion in 2021 to -₩48.3 billion in 2025, and Q1 2026 revenue of ₩4.8 billion (+1.4%) was essentially flat, with an operating loss of -₩13.2 billion. The road ahead comes down to two things: whether flexible glass for foldables actually reaches mass production in 2026 and books as revenue, and whether utilization rises enough to shrink the loss. The Corning tie-up and the new Vietnam plant are preparation in that direction, and the fact that new businesses are quickly growing their share of revenue is a positive change. The company has offered no official profit outlook for this year, so profit recovery is accurately watched by confirming quarter by quarter whether utilization and new-product revenue actually rise.
The past year is hard to explain without convertible bonds. In 2024-2025 the company issued bonds across series one through five (series one ₩54.15 billion, series five ₩52.0 billion, and others), and a considerable portion of these was converted into shares, increasing the share count (about 715,000 new shares issued in 2025 alone). May 2026 brought a key event: the early-redemption date arrived for the largest, first-series convertible bond (₩54.15 billion) - the right by which investors demand their principal back - but unable to repay at once, the company agreed with bondholders to split the redemption into three dates (5/22, 5/29, 6/5) and to pay 15% annual accrued interest. It then covered this redemption with the proceeds of a newly issued sixth-series convertible bond. This is a signal of a phase of repaying debt with debt while cash is tight, so the rise in share count (dilution) and cash flow have to be watched together.
This is a stock where strengths and weaknesses split sharply. (Strengths) It has the stable supply position of a first-tier Samsung Electronics supplier, a strategic tie-up and equity participation with Corning, and a growth story in 2026 mass production of flexible glass for foldables, and with the price having fallen sharply the P/B has come down to 1.12x, so the price has come near net assets - a cheap zone against assets. (Cautions) On the other side, as long as utilization stays around 20% the loss continues, and a 327.5% debt ratio together with repeated convertible bonds and early redemptions raises dilution and liquidity-strain burdens, while the sharp short-term drop itself can be seen as that unease being priced in. So 'whether foldable-glass mass production actually books as revenue and profit and lifts utilization' is the condition for strengthening, and 'whether mass production is delayed or the bond-redemption burden continues with utilization low' is the condition for weakening. Rather than concluding one way or the other, it is a stock to watch through quarterly results and disclosures, viewing the opportunity from how cheap it has become alongside the risks of loss and finances.
🔎 Valuation vs peers Overvalued
The peer group was built from stocks whose business substance is 'foldable / cover glass components within the Samsung supply chain,' placing UTI's position alongside another loss-making cover-glass maker (JNTC), a foldable-materials maker (Fine M-Tec), and a profitable foldable-component maker (KH Vatec).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| JNTC | — | 3.75x | -36.97% |
| Fine M-Tec | — | 1.67x | -7.63% |
| KH Vatec | 12.40x | 0.92x | 5.60% |
Because of the loss, comparison via P/E is impossible, so P/B and ROE are used. UTI's P/B of 5.36x is higher even than that of the same loss-making cover-glass maker JNTC (3.83x), and stands more than fivefold apart from the profitable foldable-component maker KH Vatec (0.97x). Its ROE of -57.1% is the lowest in the peer group while its P/B is the highest, a structure in which a premium rests not on current profit but on the future expectation of foldable mass production. Last year's confirmed (trailing) metrics are of limited meaning because of the loss, and on a forward basis there is no official company outlook, so only a DART seasonality approximation of revenue (about ₩18.3 billion) can be referenced while profit cannot be estimated. Rather than concluding 'cheap' or 'expensive,' it is more appropriate to view this as a zone where expectations are already priced in and to confirm whether mass-production results fill those expectations.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩4.2 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,970 and the market capitalization is ₩39.0 billion. The price sits below its 20-day moving average (₩2,775) and below its 60-day moving average (₩10,388). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 29.2, near oversold territory. The one-month change is -51.9%, the three-month change is -90.3%, and the position relative to the 52-week high is -93.0%. Relative strength versus the KOSDAQ is 1 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 1% of all stocks. Over the past three months it lagged the index by 85.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -85.87% / 6M -88.51% / 12M -91.49%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.69x is below the sector median (0.86x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -57.1%, below the sector average (4.0%). The operating margin is -241.9%. The debt ratio is 308.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $13.6M | $13.0M | $14.0M | +7.61% ↑ faster |
| Operating profit | -$13.9M | -$22.7M | -$33.9M | — |
| Net profit | -$20.8M | -$16.0M | -$26.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $31.8M | $25.6M | $13.6M | $13.0M | $14.0M |
| Operating profit | -$1.6M | -$3.3M | -$13.9M | -$22.7M | -$33.9M |
| Net profit | $902,022 | -$8.4M | -$20.8M | -$16.0M | -$26.3M |
| Revenue CAGR | 4-yr avg -18.47% | ||||
Revenue rose 7.6% year over year (2023 ₩19.4 billion → 2024 ₩18.6 billion → 2025 ₩20.0 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -18.5%. The two-year revenue CAGR is 1.6%. In the most recent quarter (Q1 2026), revenue was 1.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 308.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 43.9%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-26UpdateEarly-redemption date arrived for the first-series convertible bond (₩54.15 billion); by agreement with bondholders the redemption was split into three dates (5/22, 5/29, 6/5) with 15% annual accrued interest paid. The proceeds of the next convertible bond were specified as the top-priority source of redemption funds.In the short term, a signal that reveals a liquidity strain and a refinancing (repaying debt with debt) burden. In the medium term, the possibility of additional dilution from new bond issuance must also be watched. Source
- 2026-05-29FilingVoluntary disclosure of the results of the sixth-series private convertible bond issuance. Used as the source of funds to redeem the immediately preceding first-series CB.It clears the short-term redemption burden, but on conversion the share count rises and existing shareholders' stakes may be diluted. Source
- 2026-03-23Earnings2025 business report filed. Revenue ₩20.0 billion (+7.6%), operating loss -₩48.3 billion, utilization 18.8%. Product mix diversified to camera windows 64.9%, slimming 22.2%, other 12.9%.Confirms a transition phase in which new businesses (slimming, flexible) prop up revenue. The core caution, however, is that low utilization keeps the loss going. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩4.8 billion (+1.4%), operating loss -₩13.2 billion.Revenue flat, loss ongoing. Need to confirm the point at which foldable-glass mass production feeds into quarterly results. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Convertible-bond issuance
- 2026-06-01Material-fact report (amended)
- 2026-05-29Disclosure
- 2026-05-29Convertible-bond issuance
- 2026-05-28OwnershipAmended filing
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-26Material-fact report (amended)
- 2026-05-22Convertible-bond issuance
- 2026-05-21Material-fact report
- 2026-05-20Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Amended filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.