Namuga (190510) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Namuga makes and supplies camera modules used in smartphones, with most of its revenue coming from Samsung Electronics smartphones, its largest customer. It is one of the few Korean firms that holds all three approaches to 3D sensing modules that measure distance — ToF, structured light, and stereo. In March it announced a corporate value-up plan and granted stock options, and its May Q1 quarterly report confirmed a near-term slowdown in results; a supplier selection it disclosed in its IR to provide 3D sensing modules for a global automaker's robot platform marks the start of revenue diversification from 2026. What stands out is that its strengths are a P/E of 7.1x, an ROE of 14.6%, a 5.7% dividend yield, its 3D sensing technology, and new supply to robots and automakers. On the other hand, its concentration on a single customer, Samsung Electronics, makes results swing with order timing, and because the new revenue is still small in scale, filling the near-term gap will take time.
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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.
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 ratio, current ratio and interest burden all look healthy.
- Revenue rose 2.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 30.3% lower than a year earlier.
- ROE is 11.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.4%.
- 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 Dreamtech 39.01% (corporate)
Controlling bloc incl. related parties 39.01%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
Namuga makes and supplies camera modules used in smartphones. Its largest customer is Samsung Electronics smartphones, and most of its revenue comes from there. The structure is such that the better the Galaxy series sells and the higher the camera specifications, the more Namuga's revenue grows alongside. Beyond simple cameras, it also makes 3D sensing modules that measure distance (such as ToF, which gauges depth from the time light takes to hit an object and return), and it is one of the few Korean firms to hold all three approaches — ToF, structured light, and stereo. More recently it has been expanding beyond smartphones into 3D sensors used in robots and automobiles, putting it in a phase of diversifying a revenue base that has been tilted toward a single customer, Samsung Electronics.
The latest close is ₩13,850 and the market capitalization is ₩195.1 billion. The price sits above its 20-day moving average (₩13,032) and below its 60-day moving average (₩14,968). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.0, a neutral level. The one-month change is +10.6%, the three-month change is -27.1%, and the position relative to the 52-week high is -48.5%. Relative strength versus the KOSDAQ is 55 (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 55% of all stocks. Over the past three months it outpaced the index by 11.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
At a P/E of 6.81x (how many times a year's earnings the share price is worth) and a P/B of 1.00x (how many times equity the price is worth), the shares are cheap on both an earnings and an asset basis relative to peer component makers. ROE (how much is earned on equity in a year) is 14.6%, higher than the peer group (MCNEX 13.4%, Partron 6.6%), and the dividend yield is 5.7% (₩728 per share) with a payout ratio of about 41%, showing steady shareholder returns. Its finances are solid too: the debt ratio (debt against equity) is about 150%, a manageable level for a manufacturer, and with a current ratio of 250% and an interest coverage ratio of 22x it has room in both short-term liquidity and its ability to cover interest. The 7.1x P/E is based on finalized 2025 earnings, while the forward P/E on this year's expected earnings is 11.2x. Because earnings are in a phase of dipping for a year on the order cycle, the forward figure naturally rose — yet even this forward P/E is below the peer median. In other words, even accounting for earnings taking a breather, the valuation is not in a burdensome zone, and on asset value (P/B of 1.04x, forward P/B of 0.99x) the shares sit almost at net asset level.
In 2025, revenue was ₩459.9 billion (+2.1% YoY) and operating profit was ₩28.2 billion (+34.5%), improving core profitability, while net profit slipped 3.8% to ₩25.1 billion. The five-year revenue path (2021-2025: ₩502.9 billion, ₩519.3 billion, ₩365.6 billion, ₩450.4 billion, ₩459.9 billion) shows a highly cyclical business that plunged deeply once before recovering. The heart of this business is the smartphone order schedule of its largest customer, Samsung Electronics, and the first quarter of 2026 bent sharply lower — revenue -30.3%, operating profit -58.8%, and net profit -51.8% (year on year). The first quarter is usually the strongest of the year thanks to new Galaxy launches, so a weak first quarter means this year's earnings step down a notch from last year. The 11.2x forward P/E on this year's expected earnings reflects exactly that reduced profit — it is not a figure arbitrarily inflated or a single quarter simply annualized. That said, the current weakness looks closer to a trough where orders are thin than to a cycle peak, and the company said it has been selected to supply 3D (iToF) sensing modules for a global automaker's robot platform, with supply beginning in 2026. Refilling smartphone orders and adding new revenue from robots and automakers is the engine to lift earnings from this year onward.
On March 30, 2026, the company voluntarily disclosed a corporate value-up plan setting out its direction on shareholder returns such as dividends and on improving enterprise value, and on the same day granted stock options to employees, tidying up its compensation framework. It held two investor briefings (IR), on February 25 and April 10, to explain its business status and new-business direction directly. On May 15 it released its Q1 2026 quarterly report, confirming a near-term slowdown in results. The big-picture business development is its selection, disclosed in the company's official IR, as a supplier of 3D (iToF) sensing modules for a global automaker's robot platform, with supply starting in 2026. As the first case of broadening revenue that had been concentrated in Samsung Electronics smartphones into automobiles and robots, this carries meaning for the medium-term direction.
The strengths are clear: a low valuation at a P/E of 7.1x and P/B of 1.04x, high profitability with an ROE of 14.6%, steady shareholder returns via a 5.7% dividend leading into the value-up plan, and 3D sensing technology spanning ToF, structured light, and stereo that serves as a springboard for new supply to robots and automakers. The 11.2x forward P/E on this year's earnings is also below the peer median, so even allowing for earnings taking a breather, this is not a stock with a heavy price burden. What to watch is that revenue is heavily concentrated in a single customer, Samsung Electronics, so results swing with its order timing — and that volatility actually showed in the first quarter of 2026. The new automotive and robot revenue is only just starting and small in scale, so filling the near-term gap will take time. In short, this is a stock where a low valuation and high dividend and profitability come to the fore when Samsung orders recover and new 3D sensor revenue ramps up, and where the swings in quarterly earnings show plainly when orders stay thin for long or new revenue expands slowly.
🔎 Valuation vs peers Inconclusive
Compared against Korean component makers whose main business is smartphone camera modules (MCNEX, Partron), which share a similar structure where results hinge on orders from set-makers such as Samsung Electronics.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| MCNEX | 6.42x | 0.84x | 11.71% |
| Partron | 8.26x | 0.54x | 7.25% |
Within the peer P/E range of 7-10x, Namuga at 8.57x (on last year's finalized earnings, trailing) is middling, and its P/B of 1.25x is somewhat higher than peers but not excessive given its higher ROE. This P/E, however, has the limitation of being set against 2025 earnings just before they turned lower. With Q1 2026 net profit down 51.8%, a conservative view of this year's earnings puts the forward multiple above the trailing one. In other words, the static numbers alone make it hard to declare the shares cheap; the undervaluation only materializes once a recovery in Samsung orders and expansion of new-business revenue are confirmed — so the verdict is Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩13,850 and the market capitalization is ₩195.1 billion. The price sits above its 20-day moving average (₩13,032) and below its 60-day moving average (₩14,968). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.0, a neutral level. The one-month change is +10.6%, the three-month change is -27.1%, and the position relative to the 52-week high is -48.5%. Relative strength versus the KOSDAQ is 55 (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 55% of all stocks. Over the past three months it outpaced the index by 11.8%. 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 +11.75% / 6M -21.26% / 12M -5.55%
Key metrics Computed vs sector median
Valuation
The P/E of 7.77x is below the sector median (15.45x). The P/B of 1.14x is above 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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.6x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 11.9%, above the sector average (4.0%). The operating margin is 5.4%. The debt ratio is 55.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $256.8M | $316.4M | $323.1M | +2.11% ↓ slower |
| Operating profit | $16.0M | $14.7M | $19.8M | +34.54% ↑ faster |
| Net profit | $16.5M | $18.3M | $17.6M | -3.83% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $353.3M | $364.8M | $256.8M | $316.4M | $323.1M |
| Operating profit | $16.1M | $22.7M | $16.0M | $14.7M | $19.8M |
| Net profit | $11.2M | $22.0M | $16.5M | $18.3M | $17.6M |
| Revenue CAGR | 4-yr avg -2.21% | ||||
Revenue rose 2.1% year over year (2023 ₩365.6 billion → 2024 ₩450.4 billion → 2025 ₩459.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 34.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -2.2%. The two-year revenue CAGR is 12.2%. In the most recent quarter (Q1 2026), revenue was 30.3% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 5.3%, is on the high side.
- ROE of 11.9% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 2.1% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-30FilingAnnouncement of a corporate value-up plan (voluntary disclosure) — setting out the direction on shareholder returns and improving enterprise valueFormalizes the durability of shareholder-return policy such as dividends. Medium-term, it is favorable for easing the valuation discount, but the effect is larger only if accompanied by an earnings recovery. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue ₩97.9 billion (-30.3%), operating profit ₩3.9 billion (-58.8%), net profit ₩4.5 billion (-51.8%, year on year)A sharp near-term drop in results. As a signal of a possible slowdown in Samsung Electronics orders, it is a factor lowering this year's earnings expectations. Source
- 2026-04-10IRInvestor briefing (IR) held — explaining business status and new-business directionA forum where the company explains its business flow directly, useful for checking progress on new 3D sensing and automotive work. Source
- 2026-03-30FilingFiling on stock options granted to employees — refining the compensation frameworkA matter of attracting and motivating talent. Favorable for retaining key people over the long run, though it carries some potential for share dilution. Source
- 2026-03-18Filing2025 business report filed — annual revenue of ₩459.9 billion and net profit of ₩25.1 billion finalizedConfirms 2025 results. Operating profit improved but net profit slipped slightly, so the quality of earnings relative to the top line warrants a check. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit | ₩25.1 billion | (2025.12) | Confirmed | link |
| Q1 2026 net profit YoY | -51.8% | (2026.03) | Confirmed | link |
| Fact of the corporate value-up plan disclosure | 2026-03-30 (major) | DART | Confirmed | link |
| 2026 estimated net profit (this year's forecast) | approx. 160(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-10Disclosure
- 2026-03-30Disclosure
- 2026-03-30Disclosure
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-09Shareholders' meeting notice
- 2026-02-25Shareholders' meeting notice
- 2026-02-25Disclosure
- 2026-02-25Shareholders' meeting notice
📖 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.