JNTC is a components company that makes tempered glass (cover glass, about 54% of 2025 revenue) and connectors (about 46%) for smartphones and electronic devices, while broadening tempered glass into automotive, camera, and wearable uses and growing two new businesses: through-glass-via (TGV) glass substrates for semiconductor packaging and glass platters for HDDs. In March 2026 it decided on a new facility investment to secure capacity for new mass-produced products, along with a subsidiary rights offering and the acquisition of another entity; the 2025 loss was confirmed in the March business report, and the May quarterly report showed the first-quarter loss narrowing. What stands out lately is that if HDD platter mass production and glass substrates are monetized as planned, the direction could flip from loss to profit; on the other hand, the new businesses are still at an 'investment and validation' stage so revenue timing could slip, and low liquidity and a high debt ratio remain a burden, making this a place to confirm each quarter whether the new businesses actually turn into revenue and profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 221.3%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 47.9%).
- The most recent full-year net result was a loss.
- Revenue fell 32.0% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 16.8% lower than a year earlier.
- ROE is -37.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -42.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Jinwoo Engineering 58.63% (corporate)
Controlling bloc incl. related parties 65.85%
With the controlling bloc holding 66%, control is very secure but the free float is thin.
🔎 In-depth analysis
- JNTC is a components company that makes tempered glass (cover glass) and connectors used in smartphones and electronic devices.
- As of 2025, roughly half of revenue (about 54%) comes from tempered glass and the rest (about 46%) from connectors.
- Tempered glass is broadening beyond mobile cover glass into automotive tempered glass, camera window glass, and ultra-thin/wearable glass.
- On top of that, it is growing two new businesses: through-glass-via (TGV) glass substrates used in semiconductor packaging and glass platters used in HDDs (hard disk drives).
- The latest close is ₩15,560 and the market cap is ₩900.1 billion.
- The price sits below its 20-day line (₩17,894) and below its 60-day line (₩19,036).
- Trading beneath both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 42.0, a neutral level.
- The one-month change is -0.1%, the three-month change is +6.6%, and the position versus the 52-week high is -47.2%.
- Relative strength against the KOSDAQ is 73 (on a 1-99 scale, converted from returns versus the index over the past year with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 26% of all stocks by strength.
- Over the past three months it outpaced the index by 33.5%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- 2025 was a year of deep losses.
- On revenue of ₩185.7 billion (-32% year over year), it posted an operating loss of ₩78.0 billion and a net loss of ₩91.6 billion.
- As a result, the P/E (how many times a year's earnings the share price is) cannot be calculated because earnings are negative, and EPS (earnings per share) is -₩1,583.
- The P/B (how many times book equity the share price is) is 3.63x.
- The ROE (how much is earned in a year per unit of equity) is -37%, a phase in which capital is being eroded right now.
- The finances are on the heavy side.
- The debt ratio (debt relative to equity) is 221%, and the current ratio (assets convertible to cash right now against debt due within a year) is low at 48%, so short-term liquidity is not ample.
- Net debt (total borrowings minus cash) is ₩203.1 billion.
- The FCF yield (actual cash generated relative to market cap) is -4.1%, still a stage of spending rather than generating cash.
- On today's numbers alone this is a textbook loss-making, investment phase.
- This company's decisive point is not 'now' but when the new businesses are booked as revenue.
- Viewed over a longer span, the revenue trajectory has large swings.
- It climbed to ₩323.4 billion in 2023, then fell for two straight years to ₩273.2 billion in 2024 and ₩185.7 billion in 2025.
- The decline reflects softening smartphone demand from Greater China customers and weak automotive demand.
- Earnings also turned from a surplus in 2023 to losses in 2024 and 2025.
- The direction, however, is shifting little by little.
- First-quarter 2026 revenue was ₩40.0 billion, down -16.8% year over year, a smaller drop than the -32% for full-year 2025.
- The quarterly net loss also narrowed to -₩8.4 billion.
- The key going forward lies in the two new businesses.
- First, HDD glass platters.
- The company is securing mass-production capacity by raising its new facility investment (from ₩33.0 billion to ₩50.0 billion per disclosure) and is targeting substantial revenue in this area.
- Second, semiconductor glass substrates (TGV).
- In June 2026 it said it had become the world's first to develop a high-difficulty TGV at the 2.0mmT glass-thickness class, and it is participating in new projects of large global semiconductor companies, aiming for mass production in 2027.
- Recent disclosures are concentrated on new-business investment and stake movements.
- In March 2026, through a new facility investment (voluntary disclosure), it decided on and corrected an investment to secure capacity for new mass-produced products.
- On the same day, decisions on a subsidiary rights offering and the acquisition of another entity's shares also came out, read as channeling funds into new-business production bases.
- The March business report confirmed the 2025 loss.
- The May quarterly report showed the first-quarter loss narrowing.
- From April to June, several large-holding status reports (changes in major shareholders' stakes) were filed.
- In sum, JNTC is a stock where 'today's numbers' and 'the story ahead' differ greatly.
- The point to watch is clear.
- While the core tempered-glass and connector business is depressed by softening Greater China and automotive demand, the key is how quickly the new growth axes of HDD glass platters and semiconductor glass substrates show up in results.
- The strong conditions are these: if HDD platter mass production is monetized as planned, automotive cover-glass customers broaden, and glass substrates lead to 2027 mass production, the direction could flip from loss to profit.
- The cautionary conditions are just as clear.
- The new businesses are still at an 'investment and validation' stage, so revenue timing could slip.
- In the meantime, losses, low liquidity, and a high debt ratio remain a burden.
- Even through the first quarter, a swing to profit was not confirmed.
- Accordingly, it is reasonable to view this for now as a place to confirm each quarter whether new-business mass production and orders actually print as revenue and profit.
🔎 Valuation vs peers Inconclusive
Domestic component and materials companies with a close business character — making tempered glass and electronic-component materials and broadening into glass processing and semiconductor materials — are taken as the peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Chemtronics | 34.10x | 1.49x | 4.36% |
| Seojin System | — | 3.62x | -13.80% |
JNTC as it stands has negative earnings, so the P/E cannot be calculated. As a result, it is hard to sort cheap from expensive on last year's metrics alone. The P/B is 3.63x, higher than Chemtronics (1.71x), which means the market is pricing not the core business's book value but the new businesses' growth potential. It is similar in character to a components maker in a loss-making, inflection phase like Seojin System. The crux is whether HDD platter and glass-substrate mass production actually prints as revenue and profit. Until that is confirmed, rather than declaring it undervalued or overvalued, an inconclusive stance is the accurate one. If the new businesses are monetized as planned, today's metrics could change quickly; if delayed, the burden could persist longer.
Price history Close · MA20 · MA60
The latest close is ₩15,560 and the market capitalization is ₩900.1 billion. The price sits below its 20-day moving average (₩17,894) and below its 60-day moving average (₩19,036). 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 42.0, a neutral level. The one-month change is -0.1%, the three-month change is +6.6%, and the position relative to the 52-week high is -47.2%. Relative strength versus the KOSDAQ is 73 (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 74% of all stocks. Over the past three months it outpaced the index by 33.5%. 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 +33.49% / 6M -9.28% / 12M -4.33%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.63x is above 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 -37.0%, below the sector average (7.0%). The operating margin is -42.0%. The debt ratio is 221.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $214.4M | $181.1M | $123.0M | -32.05% ↓ slower |
| Operating profit | $18.9M | -$30.5M | -$51.7M | — |
| Net profit | $11.8M | -$22.1M | -$60.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $134.3M | $106.9M | $214.4M | $181.1M | $123.0M |
| Operating profit | -$20.4M | -$29.4M | $18.9M | -$30.5M | -$51.7M |
| Net profit | -$22.3M | -$38.9M | $11.8M | -$22.1M | -$60.7M |
| Revenue CAGR | 4-yr avg -2.16% | ||||
Revenue fell 32.0% year over year (2023 ₩323.4 billion → 2024 ₩273.2 billion → 2025 ₩185.7 billion), and the three-year trend is 'falling'. The rate of decline widened 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 -2.2%. The two-year revenue CAGR is -24.2%. In the most recent quarter (Q1 2026), revenue was 16.8% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt is somewhat higher than equity (debt ratio 221.3%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 47.9%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 32.0% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-19FilingDecision and correction on a new facility investment (voluntary disclosure) — an investment to secure capacity for new mass-produced products, with the investment scale expanded (from ₩33.0 billion to ₩50.0 billion per disclosure).An investment that shows the substance of preparing new-business mass production such as HDD glass platters. It lays the groundwork for a revenue rebound over the medium term, but in the short term depreciation and initial costs could weigh on profit/loss. Source
- 2026-03-19FilingDecision on a subsidiary rights offering and on the acquisition of another entity's shares and investment securities — the character of channeling funds into new-business production bases.Capital allocation for new-business expansion. It shores up the growth foundation, but rising funding needs put pressure on short-term financial capacity. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue of ₩40.0 billion (-16.8% year over year), an operating loss of ₩11.4 billion, and a net loss of ₩8.4 billion; the loss continued but the drop narrowed.Still loss-making, but the narrowing of the revenue decline and the loss is read as a sign of forming a bottom. It is not yet a confirmed swing to profit. Source
- 2026-03-23Earnings2025 business report — revenue of ₩185.7 billion (-32%), an operating loss of ₩78.0 billion, and a net loss of ₩91.6 billion, confirming a weak year.The result of the core business being depressed by softening Greater China and automotive demand. It clearly shows the limits of last-year-based metrics (such as the P/E) in valuation. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-16OwnershipOwnership-change filing
- 2026-04-06OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-19Amended filing
- 2026-03-19Disclosure
- 2026-03-19Paid-in capital increase
- 2026-03-16Shareholders' meeting notice
- 2026-03-13OwnershipOwnership-change 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.