Dowooinsys makes the ultra-thin glass (UTG) that covers foldable smartphone screens, processing glass to a thickness of around 30 micrometers so that it can be folded hundreds of thousands of times without breaking, and it has supplied it to the Galaxy Z Fold series through Samsung Display; its results are shaped by Samsung foldable sales volume and the number of UTG sheets per device. Listed on the KOSDAQ in July 2025, it is a newcomer whose recent disclosures have centered on post-listing procedures and supply-demand shifts tied to lock-up, and a May quarterly report confirmed a first-quarter 2026 earnings rebound. What stands out lately is that it is effectively the sole supplier of UTG for Samsung's book-type foldables, giving it a high entry barrier, and that revenue grows structurally as the foldable market and dual-UTG adoption expand, with the valuation on this year's recovering earnings sitting at a discount versus comparable companies; on the other hand, revenue depends heavily on a single customer, Samsung foldables, making it sensitive to changes in end demand, unit prices, and yields, and post-listing supply-demand shifts are a near-term variable.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 1.4% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 61.3% higher than a year earlier.
- ROE is 0.3% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.4%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder New Power Plasma 22.82% (corporate)
Controlling bloc incl. related parties 43.76%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis
- Dowooinsys makes the ultra-thin glass (UTG, Ultra-Thin Glass) that covers the screens of foldable smartphones.
- UTG is glass processed to a thickness of around 30 micrometers (about half the width of a human hair), a component that protects the display while withstanding hundreds of thousands of folds without breaking.
- Revenue is effectively concentrated in this single UTG product, and the company has supplied UTG for the book-style, book-opening products of the Galaxy Z Fold series (from Fold2 through Fold7) through Samsung Display.
- In other words, results are shaped by how many Samsung foldables sell and how many UTG sheets go into each foldable, and on top of that the company is broadening its customer base to the likes of Google and Chinese manufacturers.
- It is a relatively new name, listed on the KOSDAQ in July 2025.
- The latest close is ₩15,800 and market capitalization is ₩173.1 billion.
- The price sits below its 20-day line (₩16,348) and below its 60-day line (₩18,886).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 46.6, a neutral reading.
- The one-month change is +4.4%, the three-month change is -14.0%, and the position versus the 52-week high is -64.4%.
- Relative strength against the KOSDAQ is 50 (on a 1-99 scale, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it at roughly the top 50% of all stocks by strength.
- Over the past three months it has outpaced the index by 13.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The headline P/E (how many times one year's earnings the price represents) of 352.68x looks extremely high, but that is an optical illusion caused by 2025 net profit temporarily bottoming out at ₩490 million.
- Measured against companies compared within the same foldable supply chain, this is not high — it reads, if anything, as an undervalued band.
- The P/B (how many times book net assets the price represents) is also 0.96x, an ordinary level below net assets, so it is not expensive on an asset-value basis either.
- That said, profitability in 2025 was weak.
- ROE (how much is earned in a year on equity) was low at 0.3%, the debt ratio (debt relative to equity) was 135.8%, and the interest-coverage ratio (how well operating profit can cover interest) was below 1x, so that year's operating profit alone was tight to cover interest.
- However, with a current ratio of 1.83x, short-term liquidity is sound; funds raised through the listing add to financial capacity; and the first-quarter 2026 earnings recovery is improving these metrics quickly.
- In short, evaluating the company on 2025 figures alone carries a trap that makes it look worse than it actually is.
- Revenue moved from ₩95.1 billion in 2023 to ₩141.8 billion in 2024 to ₩139.8 billion in 2025 — after a 49% surge in 2024, it caught its breath at -1.4% in 2025.
- Net profit swung around, from a ₩1.6 billion loss in 2023 to a ₩15.3 billion profit in 2024 to ₩490 million in 2025; the 2025 plunge was largely a base effect from the large one-off gains of 2024 dropping out.
- Then a clear rebound emerged in the first quarter of 2026.
- Quarterly revenue rose 61.3% year on year to ₩26.8 billion, with operating profit of ₩1.8 billion and net profit of ₩5.7 billion.
- This recovery is no coincidence; it comes from the structure of the business.
- As Samsung's foldable lineup broadens, shipment volumes themselves are rising; expanded application such as 'dual UTG,' which uses two UTG sheets per foldable, lifts revenue per device; and in a market phase of rising foldable penetration, the effectively sole-supplier position absorbs volume growth directly.
- Measured against this year's recovering earnings, the forward P/E paints an entirely different picture from the trailing P/E computed on bottom-of-cycle earnings (413x on last year's finalized results).
- Trailing looks at 'the year gone by' and forward at 'the recovering current year' — different yardsticks — and for this name the latter better reflects the company's real strength.
- First-quarter net profit (₩5.7 billion) exceeding operating profit (₩1.8 billion) owes partly to non-operating factors such as FX and financial income/expense, so the quality of earnings is best checked each quarter through the underlying operating-profit trend.
- Most recent disclosures are follow-up procedures tied to the July 2025 listing.
- In March 2026 the business report, audit report, and shareholder-meeting results were released in sequence, and in April, alongside recognition of an exception to the mandatory lock-up (volumes tied up so they could not be sold for a set period) applied at listing, reports of changes in ownership and large holdings by executives and major shareholders followed one after another.
- This reflects some shareholders' holdings shifting as the lock-up unwound — a near-term supply-demand variable common in newly listed stocks.
- On fundamentals, the most meaningful event is that the May quarterly report confirmed the first-quarter 2026 earnings rebound.
- Going forward, the core business variables are the shipment scale of Samsung's new foldable products, the full-scale adoption of 'dual UTG' that uses two UTG sheets per foldable, and the possibility of a large U.S. manufacturer entering the foldable market.
- This is a name with clear strengths.
- It sits in the effectively sole-supplier position for UTG in Samsung's book-type foldables, giving it a high entry barrier, and it is positioned so that revenue grows structurally as the foldable market expands and the number of UTG sheets per device rises.
- The first-quarter 2026 earnings rebound showed that direction in actual figures, and the valuation on this year's recovering earnings is not expensive — if anything, at a discount — even against comparable companies in the same supply chain.
- That the P/B is below 1x also poses no strain on an asset-value basis.
- Points to watch together come from the business structure.
- Revenue depends heavily on a single customer, Samsung foldables, making it sensitive to changes in end demand, unit prices, and yields, and because first-quarter net profit contains non-operating factors, the quality of the underlying earnings needs to be checked each quarter.
- Supply-demand shifts from the release of lock-up shortly after listing are also a near-term variable.
- In sum, it is a component stock with large leverage to the upstream foldable cycle: strong when foldable shipments rise and dual UTG and new-customer adoption materialize, and shaken when end demand slows or unit-price pressure builds.
- As long as that phase remains intact, the current price band reads as not burdensome relative to recovering earnings.
🔎 Valuation vs peers Inconclusive
Companies whose businesses touch on the foldable cover-glass (UTG) supply chain — Chemtronics, which is in glass thin-film etching and entering UTG (co-filing a center-etching patent with Samsung Display), and Sekonix Hi-Tech, the sole supplier to Samsung Display of the foldable protective film that goes on top of UTG.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Chemtronics | 34.10x | 1.49x | 4.36% |
| 세경하이테크 | — | — | — |
The headline trailing P/E of 413x (on last year's finalized earnings) is an optical illusion caused by 2025 net profit temporarily bottoming out, so that figure alone cannot make the case that the stock is 'expensive.' In a phase where earnings are inflecting, the right lens is this year's recovering earnings rather than the past year's, and on that basis the burden falls sharply. Against the comparison set, the P/B of 1.21x is lower than Chemtronics (2.06x), which places it at a discount on an asset-value basis, if anything. That said, because 2025 profitability (ROE 0.3%) trailed the comparison set and there was debt and interest burden, and because first-quarter earnings contained non-operating one-offs, the quality and durability of earnings need further confirmation. With strengths (sole supply, upstream growth) set against burdens (customer concentration, earnings volatility), an inconclusive read on value at this point is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩15,800 and the market capitalization is ₩173.1 billion. The price sits below its 20-day moving average (₩16,348) and below its 60-day moving average (₩18,886). 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 46.6, a neutral level. The one-month change is +4.4%, the three-month change is -14.0%, and the position relative to the 52-week high is -64.4%. Relative strength versus the KOSDAQ is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 13.2%. 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 +13.19% / 6M -25.98% / 12M -63.50%
Key metrics vs sector median
Valuation
The P/E of 352.68x is above the sector median (18.61x). The P/B of 1.03x 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 0.3%, below the sector average (7.0%). The operating margin is 2.4%. The debt ratio is 135.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $63.0M | $93.9M | $92.6M | -1.35% ↓ slower |
| Operating profit | $5.2M | $6.4M | $2.2M | -65.09% ↓ slower |
| Net profit | -$1.1M | $10.1M | $325,018 | -96.79% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $63.0M | $93.9M | $92.6M |
| Operating profit | — | — | $5.2M | $6.4M | $2.2M |
| Net profit | — | — | -$1.1M | $10.1M | $325,018 |
| Revenue CAGR | 2-yr avg 21.26% | ||||
Revenue fell 1.4% year over year (2023 ₩95.1 billion → 2024 ₩141.7 billion → 2025 ₩139.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 65.1% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 21.3%. The two-year revenue CAGR is 21.3%. In the most recent quarter (Q1 2026), revenue was 61.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 1.4% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-13EarningsFirst-quarter 2026 quarterly report filed. Revenue ₩26.8 billion (+61.3% year on year), operating profit ₩1.8 billion, net profit ₩5.7 billion — a clear rebound from the 2025 slump.Positive on both a short- and medium-term view. That said, with net profit exceeding operating profit, the presence of non-operating factors needs checking for earnings durability. Source
- 2026-04-03FilingNumerous reports of ownership and large-holding changes by executives and major shareholders regarding listing lock-up volumes were received (related to recognition of a mandatory-holding exception).A near-term supply-demand variable. The release of lock-up creates the possibility that some held volumes circulate, affecting near-term volatility. Source
- 2026-03-27FilingMarket notice on recognition of an exception to mandatory holding (lock-up). Disclosure of the handling criteria for a portion of the volumes tied up at listing.A near-term supply-demand variable. A signal of circulating-volume change characteristic of newly listed stocks. Source
- 2026-03-12Earnings2025 business report filed. Full-year revenue ₩139.8 billion (-1.4%), operating profit ₩3.4 billion, net profit ₩490 million — finalizing a year of sharply reduced profit versus the prior year.A medium-term view. 2025 is the earnings trough, and it is the reason the trailing P/E computed on these figures looks overvalued. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-13PeriodicQuarterly report
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOwnership-change filing
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-13Audit report (amended)
- 2026-03-12Audit report
- 2026-03-12PeriodicAnnual business report
- 2026-03-05Shareholders' 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.