Dreamtech makes and sells under-display fingerprint-and-sensor integrated modules (IMC) and 2D/3D camera modules (CCM) used in smartphones. With a large share going to Samsung Electronics, its results depend heavily on Samsung smartphone volumes and component adoption, and it is broadening into automotive electronics and healthcare. The top line holds above ₩1 trillion, 2025 operating profit recovered, and net profit, which had nearly vanished, is returning to around ₩9.0 billion this year, an earnings-recovery phase; the company backed up its shareholder-return intent with action, raising the dividend 13% to ₩226 and retiring about 3.08 million treasury shares (about ₩25.0 billion). On the plus side, if Samsung new-product component adoption and the automotive and healthcare businesses feed through to second-half revenue and profit, the recovery expectation will be confirmed in results; on the other hand, this year's forward P/E of about 31.6x is higher than peers' confirmed P/E (in the 8-9x range), results swing sharply when the single customer's volume falls, and with an interest-coverage ratio below 1x there is a financial burden.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 232.5%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 4.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 23.6% lower than a year earlier.
- ROE is 0.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lim Chang-wan 33.89% (individual)
Controlling bloc incl. related parties 44.1%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis
- Dreamtech makes and sells parts that go inside smartphones.
- Its revenue has two main streams: one is the 'mobile integrated and sensor module' (IMC), which bundles under-display fingerprint recognition with various sensors, and the other is 2D/3D camera modules (CCM).
- Both have a large share going to Samsung Electronics, so results depend heavily on Samsung smartphone volumes and whether its components are adopted in new products.
- On top of this, it is broadening its business mix with automotive electronic parts and new ventures such as wireless biosensors and healthcare devices.
- In sum, it is closer to the actual money-making structure to view it as 'a parts maker that builds its top line on Samsung smartphone components while extending bridges into automotive and healthcare.'
- The recent closing price is ₩4,050 and market capitalization is ₩266.8 billion.
- The price sits below both the 20-day line (₩4,975) and the 60-day line (₩5,631).
- Trading below both its short- and medium-term moving averages, the trend is subdued.
- RSI (an auxiliary indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 35.7, a neutral level.
- The one-month change is -13.1%, the three-month change is -35.1%, and the position versus the 52-week high is -53.3%.
- Relative strength versus KOSPI is 5 (1-99, computed from returns against the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 96% of all stocks by strength.
- Over the past three months it lagged the index by 49.9%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Against assets and revenue it is light.
- The P/B (price divided by net assets per share; 1x means book value) is 0.75x, the forward P/B on this year's estimate is also 0.75x, both below book value, and the P/S (price divided by revenue per share) is 0.32x.
- By contrast, the confirmed P/E (how many times one year's net profit the price represents) is 3115.38x, which looks enormous, but this is because 2025 net profit shrank to ₩0.09 billion, nearly zero, collapsing the denominator, so it cannot be used as a yardstick for cheap versus expensive.
- For an inflection stock whose profit fell sharply one year and then turns back up, the forward P/E on this year's expected profit is closer to the true picture than the confirmed result.
- The forward P/E is about 31.6x, meaning the profit that all but disappeared in 2025 returns this year to a normal level (around ₩9.0 billion), a completely different picture from the distorted headline P/E.
- On profitability, the 2025 operating margin was 2.5% and ROE (how much is earned in a year on equity) 0.0%, still low.
- On finances, the debt ratio (debt against equity) is somewhat high at 232.5% and the interest-coverage ratio is below 1x, so operating profit barely covers interest; but with a current ratio of 1.29x, short-term liquidity itself is not an urgent problem.
- The top line held above ₩1 trillion throughout the five years.
- Revenue rose again from ₩1.03 trillion in 2023 to ₩1.17 trillion in 2024 and ₩1.23 trillion in 2025 (+4.9% year on year), and operating profit recovered +33.2% from ₩23.6 billion in 2024 to ₩31.4 billion in 2025.
- Net profit, however, shrank to ₩0.09 billion in 2025, falling to breakeven, and Q1 2026 was also weak with revenue of ₩260.7 billion (-23.6%), operating profit of ₩0.4 billion (-95.8%), and net profit of -₩4.36 billion.
- Even so, the picture on this year's expected profit points back toward recovery.
- This year's expected net profit is around ₩9.0 billion, returning to a normal track from the near-zero level of 2025.
- This is not simply Q1 results multiplied by four or a seasonality approximation, but a figure that also reflects component adoption and shipment schedules for Samsung smartphone new products and the fact that the component business concentrates shipments in the second half.
- This sector repeatedly sees the first half depressed and revenue and profit loaded into the second half as new products enter mass production, and this year too it is seen as on that recovery path, which is the basis for the expected profit.
- One thing to flag: this recovery holds on the condition that Samsung new-product volume is actually adopted and shipped.
- In 2026 a string of shareholder-return disclosures came out.
- In February the year-end dividend was set at ₩226 per common share, up 13% from the prior year (₩200), and confirmed at the March shareholders' meeting.
- On March 27 the company voluntarily disclosed a corporate-value-up plan, revealing its medium- to long-term shareholder-return direction, and in May it decided to retire about 3.08 million treasury shares it held (4.48% of shares outstanding, about ₩25.0 billion), reducing shares in circulation.
- The dividend increase and treasury-share retirement are favorable factors supporting per-share value.
- Meanwhile, the Q1 results confirmed in the May 15 quarterly report showed both revenue and profit falling, so it is worth noting that a strengthening shareholder-return trend and a short-term core-business slump overlapped in the same period.
- The strengths are distinct.
- On a revenue base of Samsung smartphone components, the top line holds above ₩1 trillion, 2025 operating profit recovered, and above all net profit, which had nearly vanished, is returning to a normal track (around ₩9.0 billion) this year, an earnings-recovery phase.
- With P/B below 1x on both confirmed and forward bases, the price is light versus assets, and the company showed its shareholder-return intent through action with a dividend increase and treasury-share retirement.
- Cautions are clear too.
- This year's forward P/E (about 31.6x) is higher than peers' confirmed P/E (in the 8-9x range), meaning expectations for an earnings recovery are already priced in to some extent.
- Also, with revenue leaning heavily on a single customer in Samsung, results swing sharply when volume falls as in Q1, and with a high debt ratio and an interest-coverage ratio below 1x, the financial burden can grow if profit wobbles further.
- In sum, this stock is structured to be 'strong if Samsung new-product component adoption and the automotive and healthcare businesses feed through to second-half revenue and profit, confirming the recovery expectation in results, and weak if a short-term slump like Q1 drags on or the single customer's volume falls.'
🔎 Valuation vs peers Inconclusive
Chose, by actual business, similarly sized component makers that supply camera and sensor modules to Samsung smartphones. The P/E, P/B and ROE are the site's computed values.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Partron | 8.49x | 0.56x | 6.60% |
| MCNEX | 6.17x | 0.83x | 13.37% |
On position versus peers, Dreamtech's P/B is slightly higher than Partron and MCNEX while its ROE is actually lower, placing it where 'the price against assets is similar or a touch heavier and profitability lags.' The headline P/E exceeds 4,500x, but this is a distortion from 2025 net profit of ₩0.09 billion nearly disappearing, so it cannot be used as a yardstick. The trailing (last year's confirmed results) figure sits on an earnings inflection and is hard to project directly onto the future, while the forward figure, with no official company outlook, can only be gauged from a seasonality approximation (this year's operating profit about ₩1.0 billion), which also comes out low once the Q1 slump is reflected. Both bases are unstable, making it hard to firmly judge cheap or expensive; whether the Q1 results are temporary and the effect of shareholder returns both need confirming. We therefore leave the judgment Inconclusive at this point.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩209.9 billion | approx. ₩0.2 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩4,050 and the market capitalization is ₩266.8 billion. The price sits below its 20-day moving average (₩4,975) and below its 60-day moving average (₩5,631). 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 35.7, a neutral level. The one-month change is -13.1%, the three-month change is -35.1%, and the position relative to the 52-week high is -53.3%. Relative strength versus the KOSPI is 5 (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 4% of all stocks. Over the past three months it lagged the index by 49.9%. 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 -49.90% / 6M -64.99% / 12M -71.76%
Key metrics vs sector median
Valuation
The P/E of 3115.38x is above the sector median (18.61x). The P/B of 0.75x is below the sector median (1.63x).
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 0.0%, below the sector average (7.0%). The operating margin is 2.5%. The debt ratio is 232.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $682.9M | $777.2M | $815.6M | +4.94% ↓ slower |
| Operating profit | $22.6M | $15.6M | $20.8M | +33.20% ↑ faster |
| Net profit | $10.2M | $2.6M | $61,124 | -97.63% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $816.3M | $907.1M | $682.9M | $777.2M | $815.6M |
| Operating profit | $63.7M | $64.1M | $22.6M | $15.6M | $20.8M |
| Net profit | $52.6M | $56.4M | $10.2M | $2.6M | $61,124 |
| Revenue CAGR | 4-yr avg -0.02% | ||||
Revenue rose 4.9% year over year (2023 ₩1.0 trillion → 2024 ₩1.2 trillion → 2025 ₩1.2 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 33.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.0%. The two-year revenue CAGR is 9.3%. In the most recent quarter (Q1 2026), revenue was 23.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue rose 4.9% 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
- 2026-05-19UpdateDecision to retire about 3.08 million treasury shares (4.48% of shares outstanding, about ₩25.0 billion) — scheduled retirement date 2026-05-29A shareholder return that reduces shares in circulation and supports per-share value. That said, its timing overlaps with the earnings slowdown, so it should be read alongside the core-business flow. Source
- 2026-05-15UpdateQ1 2026 quarterly report — revenue ₩260.7 billion (-23.6%), operating profit ₩0.4 billion (-95.8%), net profit swinging to a lossUnlike the annual recovery flow, short-term results fell sharply. It again shows the single-customer dependence and quarterly volatility. Source
- 2026-03-27UpdateCorporate-value-up plan voluntarily disclosed — revealing the medium- to long-term shareholder-return directionPresents the broad framework of dividend and treasury-share policy in an official document, read in the same context as the subsequent dividend increase and treasury-share retirement. Source
- 2026-02-25Dividend2025 year-end cash dividend set at ₩226 per common share — up about 13% from the prior year's ₩200Strengthened shareholder returns by raising the dividend. A favorable factor supporting per-share value, though dividend capacity is a separate item to check during an earnings slowdown. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue | 1 ₩230.6 billion | 1 ₩230.6 billion | Confirmed | link |
| Q1 2026 operating profit | ₩0.4 billion | approx. ₩0.4 billion | Confirmed | link |
| 2025 year-end dividend per share | — | 1 ₩226 | Confirmed | link |
| Scale of treasury-share retirement | — | approx. 308 | Confirmed | link |
| This year's seasonality-approximated revenue and operating profit | revenue approx. ₩957.8 billion · operating profit approx. ₩1.0 billion | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Disclosure
- 2026-03-26OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-09Amended filing
- 2026-03-09Amended filing
- 2026-02-25DividendCash/stock dividend decision
📖 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.