KCC Glass earns money across three lines — flat glass for buildings and vehicles; PVC flooring and windows/interior materials (the 'HomeCC Interior' brand); and overseas operations such as flat-glass production in Indonesia — with 2025 consolidated revenue of about ₩1,900.6 billion, and its results are heavily swayed by construction conditions, vehicle output and fuel (LNG) prices. The May 15 quarterly report confirmed a Q1 loss and the March 19 business report confirmed a full-year 2025 loss; in exchange, its P/B of 0.25x is lower than rivals LX Hausys and Dongwha Enterprise and even lower than parent KCC, and it carries a dividend yield of about 7.5% and a comfortable current ratio of 242.9%. The point worth watching is that if fuel costs and construction conditions ease so profit turns positive and the high dividend holds, the undervaluation against asset value could quickly come into focus — while if the losses drag on, the low P/B could harden as a reason in itself, so it is a stock to monitor together with whether the quarterly loss is narrowing.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 0.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 4.0% higher than a year earlier.
- ROE is -6.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -4.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Chung Mong-ik 27.15% (individual)
Controlling bloc incl. related parties 44.57%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- KCC Glass earns money largely across three lines.
- First is flat glass: it processes float glass, made by melting sand and soda ash, into building windows, automotive glass, mirrors and the like and sells them.
- Second is PVC flooring and windows/interior materials, supplied to consumers and construction sites through 'HomeCC Interior' stores and installation channels.
- Third is overseas operations, including local flat-glass production in Indonesia.
- Spun off from KCC in 2020, its business differs from parent KCC, which does paints and silicones.
- Consolidated revenue in 2025 was about ₩1,900.6 billion, and the structure is one whose results are heavily swayed by construction conditions, vehicle output and the price of the fuel (such as LNG) used in glass manufacturing.
- The latest close is ₩21,700 and the market cap is ₩346.6 billion.
- The price sits below the 20-day line (₩22,630) and below the 60-day line (₩25,296).
- Trading beneath both the short- and mid-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 37.5, a neutral level.
- The one-month change is -3.1%, the three-month change is -13.4%, and the position versus the 52-week high is -37.2%.
- Relative strength against the KOSPI is 9 (1-99, computed from the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 92% of all stocks by strength.
- Over the past three months it lagged the index by 31.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On a confirmed annual 2025 basis, because net profit was a loss, the P/E ratio (how many times one year's earnings the share price is) cannot even be computed.
- It is natural for P/E not to appear when profit is negative, so for this stock it is right to look at asset metrics rather than earnings metrics.
- P/B (how many times per-share net assets the share price is) is 0.25x, meaning that against per-share net assets (BPS) of about ₩86,000, the share price of ₩21,450 is around a quarter of that.
- In other words, the market cap is set far below the company's net assets.
- ROE (how much is earned in a year on equity) is -6.1% owing to the loss, and operating margin is -4.0%.
- The debt ratio (debt against equity) of 167.8% is not heavy, and the current ratio of 242.9% means short-term funding capacity against debts due within a year is comfortable.
- The dividend yield is about 7.5% at the current price, with a dividend of ₩1,600 per share — well above the peer average (about 4%).
- The asset and dividend side has clear strengths, while whether profit turns positive is a separate point to watch.
- On the top line, the company has kept building steadily: ₩1,680.1 billion in 2023, ₩1,903.3 billion in 2024, ₩1,900.6 billion in 2025, and the most recent Q1 2026 revenue of ₩466.6 billion was also up 4.0% year on year.
- This is not a company whose top line has collapsed.
- Earnings, however, took a different path.
- Operating profit went from profits of ₩95.0 billion in 2023 and ₩57.2 billion in 2024 to a -₩75.2 billion loss in 2025, and net profit was -₩83.6 billion the same year.
- The core reason revenue held while only profit collapsed is the burden of fuel and raw materials used in glass manufacturing plus softer construction conditions.
- Put differently, the earnings weakness did not come from the business itself disappearing but from external factors — costs and downstream demand — so it is an item with room to recover if those ease.
- In Q1 2026 the loss continued at -₩10.1 billion operating profit and -₩7.1 billion net profit, though on a quarterly basis the loss looks narrower than on the annual basis.
- With no official company future-earnings figures in the filings, calling the full-year profit is hard, and the checkpoint is clear: whether, as fuel costs and construction conditions stabilize, the loss narrows quarter by quarter and heads toward a turn to profit.
- The disclosure flow is best read as results-focused.
- On May 7, 2026 a fair-disclosure of preliminary results and on May 15 the quarterly report confirmed a Q1 loss, and the March 19 business report formalized the full-year 2025 loss.
- The March 27 regular shareholders' meeting handled governance items including approval of financial statements and appointment of outside directors, and on May 29 a corporate governance report and large business-group status were disclosed.
- The June 9 ownership report by executives and major shareholders is a filing disclosing insider stake changes.
- There were no disclosures during this period — such as large orders, treasury-share moves or dividend changes — that would directly move the price, and the flow itself proceeded quietly, centered on quarterly results and routine filings.
- This stock's strengths and weaknesses split relatively clearly.
- The strength is a price very low against asset value.
- A P/B of 0.25x is lower than direct rivals LX Hausys (0.32x) and Dongwha Enterprise (0.40x) and even lower than parent KCC (0.59x), placing it among the cheapest in the peer set against net assets.
- Add a dividend yield of about 7.5% well above the peer average and a comfortable current ratio of 242.9%, and the appeal on the asset, cash-flow and dividend side is clear.
- The weakness is profitability.
- Operating and net profit turned to losses in 2025 and the loss continued into Q1 2026, so the low share price also carries the reason of weak results.
- In sum, in a phase where fuel costs and construction conditions ease so profit turns positive and the high dividend holds, the undervaluation against asset value could come into focus quickly; conversely, if the losses drag on, the low P/B could harden as a reason in itself.
- Rather than declaring either way, this is a stock to check both scenarios while watching whether the quarterly loss narrows.
🔎 Valuation vs peers Inconclusive
The peer set was chosen by actual business (building materials, flat glass, interiors) rather than the cement-and-glass industry code, including directly competing building-materials firms, a fellow KCC group affiliate, and a high-multiple interior distributor for contrast.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LX Hausys | 0.00x | 0.33x | -5.26% |
| KCC | 2.48x | 0.49x | 19.66% |
| Dongwha Enterprise | 0.00x | 0.36x | -5.62% |
| Hanssem | 17.90x | 2.07x | 11.58% |
(a) Position versus peers: a P/B of 0.27x is lower than direct rivals LX Hausys (0.36x) and Dongwha Enterprise (0.5x), and lower than parent KCC (0.55x). Against net assets it is among the cheapest. (b) Premium/discount: this discount looks less like a KCC Glass-specific issue and more like an industry-wide discount overlapping, as many building-materials firms post losses amid softer construction conditions. The gap is wide versus a profitable interior distributor like Hanssem (P/B 1.95x). (c) Trailing limits and forward basis: because 2025 net profit was a loss, a trailing P/E on confirmed results cannot even be formed, and with ROE negative, an earnings-based valuation comparison is impossible. As for the future direction, with no official company figures, it can only be gauged from a DART-confirmed-results seasonality approximation (2026 revenue of about ₩2.10 trillion), which is merely a revenue trajectory and does not guarantee a turn to profit. On asset value alone it looks undervalued, but with no confirmed earnings recovery, the call is left inconclusive rather than declared either way.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩561.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩21,700 and the market capitalization is ₩346.6 billion. The price sits below its 20-day moving average (₩22,630) and below its 60-day moving average (₩25,296). 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 37.5, a neutral level. The one-month change is -3.1%, the three-month change is -13.4%, and the position relative to the 52-week high is -37.2%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 31.2%. 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 -31.20% / 6M -47.90% / 12M -72.32%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.25x is below the sector median (0.45x).
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 -6.1%, below the sector average (2.0%). The operating margin is -4.0%. The debt ratio is 167.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1B | $1.3B | $1.3B | -0.14% ↓ slower |
| Operating profit | $63.0M | $37.9M | -$49.8M | -231.53% ↓ slower |
| Net profit | $54.2M | $24.5M | -$55.4M | -326.34% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $779.2M | $956.8M | $1.1B | $1.3B | $1.3B |
| Operating profit | $106.3M | $79.0M | $63.0M | $37.9M | -$49.8M |
| Net profit | $77.7M | $62.3M | $54.2M | $24.5M | -$55.4M |
| Revenue CAGR | 4-yr avg 12.76% | ||||
Revenue fell 0.1% year over year (2023 ₩1.7 trillion → 2024 ₩1.9 trillion → 2025 ₩1.9 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 231.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.8%. The two-year revenue CAGR is 6.4%. In the most recent quarter (Q1 2026), revenue was 4.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 7.4%, is on the high side.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 0.1% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-07EarningsQ1 2026 consolidated preliminary results fair-disclosure — revenue about ₩466.6 billion (+4.0% year on year), operating and net profit remained in lossNear term: confirmation of a continued loss adds pressure from a delayed earnings recovery. Medium term: whether the structure of profit failing to follow revenue growth persists needs checking in the next quarter. Source
- 2026-05-15FilingQ1 2026 quarterly report filed — operating profit -₩10.1 billion, net profit -₩7.1 billion, confirming the preliminary resultsNear term: the preliminary results are firmed up into an official report. Medium term: a first-line source for checking financial details such as the debt ratio and liquidity. Source
- 2026-03-19Filing2025 business report filed — full-year operating profit -₩75.2 billion and net profit -₩83.6 billion, formalizing the turn to lossMedium term: the 2025 turn to loss is stated as confirmed results — a reference point for whether the earnings trend reverses. Source
- 2026-03-27FilingRegular shareholders' meeting outcome — governance items handled, including approval of financial statements and appointment of outside directorsMedium term: a source for confirming shareholder-return items such as dividends and changes in board composition. Direct earnings impact is limited. Source
- 2026-06-09UpdateOwnership report on specified securities by executives and major shareholders — disclosure of insider stake changesNear term: reference material disclosing insiders' holding changes. The scale and direction of the change need to be checked together. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual operating profit (turn to loss) | -₩75.2 billion | -₩75.2 billion | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩466.6 billion / operating profit -₩10.1 billion | revenue approx. ₩466.6 billion / operating profit -₩10.1 billion | Confirmed | link |
| Latest closing price | ₩21,700 | — | Unverified | link |
| 2026 annual revenue approximation | approx. ₩2.10 trillion | — | Unverified | link |
Recent filings
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-23Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-12Disclosure
- 2026-03-12Disclosure
- 2026-03-12Amended 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.