PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Ryukil C&S is winding down its legacy tempered-glass business and shifting its center of gravity toward an edutech/AI IoT subsidiary, while simultaneously buying back shares and divesting a chemicals unit to address tightened KOSDAQ listing-maintenance requirements.
The company is exposed to concerns over falling short of tightened KOSDAQ delisting thresholds on price and market cap, and is responding with treasury share buybacks and CEO share purchases.
Consolidated 2025 revenue rose to KRW 44.8 billion, but the operating loss was KRW 1.5 billion, while owners' net income swung to a KRW 1.76 billion profit largely on a one-off gain.
Quarterly earnings have swung sharply, surging to a KRW 13.1 billion net profit in Q3 2025 before reversing to a KRW 9.6 billion net loss in Q4 2025.
The company sold its entire stake in chemicals unit CNA for KRW 14.5 billion, aiming to secure over KRW 20 billion in cash for new-business investment, including physical-AI-related areas.
The legacy tempered-glass business has effectively been wound down through sequential sales of the Anseong R&D center, Gumi plant, and Vietnam subsidiary, leaving edutech unit Comverse Tech as the new revenue pillar.
Ryukil C&S was founded in 2007 and listed on KOSDAQ in 2015, originally focusing on 3D tempered glass and display cover glass for smartphones and automobiles. However, in March 2022 the company sold the Anseong R&D center that had been responsible for tempered-glass research and development.
Later that same year it also sold the Gumi plant, which had run the module business, converting it to cash.
In 2026 it went on to sell its Vietnam subsidiary, SD Global Vietnam, which had accounted for roughly half of tempered-glass revenue, for KRW 14.2 billion, aimed at improving its financial structure and funding new businesses.
This Vietnam-unit sale is widely interpreted as an effective exit from the tempered-glass business.
The company had also tried diversifying by acquiring precision-chemicals maker CNA (UV absorbers, PVC compound stabilizers, curing agents) in 2022, but in July 2026 it signed a deal to sell its entire stake in CNA to a special-purpose company, J&Peach Co., for KRW 14.5 billion, exiting that business as well.
Instead, it acquired Comverse Tech for KRW 11.5 billion in June 2024, and Comverse Tech supplies comprehensive edutech solutions—electronic blackboards, electronic podiums, video information displays, and virtual sports systems—to educational institutions and the Ministry of National Defense.
Comverse Tech also runs an IoT platform business, having developed AI IoT smart fire detectors starting in 2021 as its first venture in that field. The largest shareholder is CEO Koo Ja-ok, who holds 5,406,401 shares, equivalent to a 40.47% stake, reflecting a governance structure with high owner control.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.3B | -₩900M | −12.6% |
| 2025Q3 | ₩8.2B | -₩900M | −11.0% |
| 2025Q4 | ₩9.8B | -₩500M | −4.7% |
| 2026Q1 | ₩10.8B | ₩500M | 4.8% |
| 2026Q2 | ₩7.8B | -₩500M | −6.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩32.9B | -₩2.2B | ₩700M | −6.7% | 3.1% | 91.2% |
| 2023 | ₩29B | ₩900M | -₩200M | 3.2% | −0.8% | 50.1% |
| 2024 | ₩37.5B | -₩500M | -₩400M | −1.3% | −1.7% | 155.5% |
| 2025 | ₩44.8B | -₩1.5B | ₩1.8B | −3.4% | 7.5% | 135.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue fell from KRW 32.9 billion in 2022 to KRW 29.0 billion in 2023, then rose for two straight years to KRW 37.5 billion in 2024 and KRW 44.8 billion in 2025, largely reflecting a full year of Comverse Tech's revenue after its mid-2024 consolidation.
However, top-line growth did not translate into better profitability. Operating profit was -KRW 2.19 billion in 2022, +KRW 0.91 billion in 2023, -KRW 0.48 billion in 2024, and -KRW 1.51 billion in 2025—an operating loss in three of the four years—with the 2025 operating margin at -3.4%.
By contrast, net income attributable to owners went from +KRW 0.67 billion in 2022 to -KRW 0.20 billion in 2023 and -KRW 0.41 billion in 2024, before turning to +KRW 1.76 billion in 2025, a divergence from the operating trend that points to a large one-off item.
Indeed, quarterly figures show owners' net income spiking to KRW 13.14 billion in Q3 2025 before plunging to -KRW 9.56 billion in Q4 2025, while Q1 2026 posted simultaneous profits in both operating income (+KRW 0.51 billion) and net income (+KRW 0.59 billion), only for Q2 2026 to revert to an operating loss of -KRW 0.48 billion and a net loss of -KRW 0.73 billion.
This sharp quarterly volatility suggests that non-operating items—likely disposal gains and losses tied to the ongoing divestitures and restructuring—have repeatedly swung reported results.
Cumulative owners' net income over the trailing four quarters (Q3 2025–Q2 2026) totals KRW 3.44 billion, but a large portion stems from the one-off gain in Q3 2025, making it difficult to extrapolate this figure as a sustainable earnings trend.
Operating cash flow stayed positive throughout 2022–2025 at KRW 1.48 billion, KRW 1.98 billion, KRW 0.62 billion, and KRW 2.18 billion respectively, indicating that underlying cash generation held up despite earnings volatility.
The debt ratio climbed to 155.5% in 2024 before easing to 135.9% in 2025, reflecting financing raised for the Comverse Tech acquisition followed by balance-sheet changes from subsequent asset sales.
The legacy 3D tempered-glass and display cover-glass business has seen its footing narrow, partly due to shrinking domestic smartphone manufacturing, and the company itself has been sequentially winding this segment down.
The new pillar, the edutech and interactive whiteboard market, is anchored in public-sector procurement demand from schools and the Ministry of National Defense, a fragmented space where small specialized vendors compete rather than large private IT conglomerates.
Comverse Tech's parallel AI IoT smart fire-detector business is a niche area whose scale is still at an early validation stage. Meanwhile, the broader cohort of KOSDAQ small caps to which the company belongs is under the influence of tightened delisting requirements implemented in 2026.
A KOSDAQ-listed company is designated an administrative issue if its market cap stays below KRW 20 billion for 30 consecutive trading days, or if its closing price stays below KRW 1,000 for 30 consecutive trading days, and failure to clear that bar for at least 45 of the subsequent 90 trading days can lead to delisting.
In response to this regulatory shift, Ryukil C&S and numerous other KOSDAQ companies have announced treasury share buyback plans, illustrating a broader defensive response across small caps.
This regulatory shift creates a structural drag on trading conditions and investor sentiment across small caps, independent of individual business competitiveness.
Regarding the CNA sale, the company said the down payment and due diligence are mostly complete, and once final payment is received it expects to secure over KRW 20 billion in available cash, adding that it plans to first deploy this capital to strengthen the profitability of its existing core business, while also accelerating new-business investment tied to future industries such as physical AI.
The company signaled it would consider share-price support and shareholder-value measures to proactively address the KOSDAQ listing-maintenance requirements that were tightened starting the 1st of last month, and stated it would transparently disclose a concrete business strategy and shareholder-value plan once the divestiture process is finalized, meaning specifics of the new business remain undisclosed.
At the same time, it decided on a treasury buyback of approximately 1.67 million common shares (roughly KRW 2 billion) to be acquired on the market by October 12, 2026, while CEO Koo Ja-ok also announced plans to purchase 188,917 shares on the open market.
The company describes these moves as a proactive response to concerns over administrative-issue designation stemming from the recent decline in market capitalization.
Once the wind-down of the tempered-glass business is complete, revenue composition is expected to lean further toward the Comverse Tech-led edutech/IoT segment, with the timing of concrete new-business investment likely marking the next milestone in the portfolio overhaul.
However, as of this research no quantitative revenue or profit guidance from the company has been confirmed, so the scale and timing of new-business investment will need to be verified through future disclosures.
Depending on the calculation method used, the current share price works out to a level that is either close to or below net asset value, placing it in a range where the outcome differs by methodology.
The price-to-earnings multiple based on the trailing four quarters is on the lower side, but since those results are heavily influenced by a large one-off item in Q3 2025, this multiple should not be read as a straightforward reflection of sustainable earnings power.
The company currently pays no dividend, so its appeal from a dividend-yield standpoint is limited.
Market attention appears more focused on whether listing-maintenance requirements will be met and on the pace at which the subsidiary sale and new-business investment take concrete shape, meaning event-driven factors—treasury buybacks, administrative-issue designation outcomes, new-business announcements—may weigh more heavily on share-price behavior than conventional earnings-based valuation yardsticks.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The CNA sale is expected to bring in over KRW 20 billion in cash, which could fund both profitability initiatives in the existing business and new investments. This aligns with a debt ratio that eased from 155.5% in 2024 to 135.9% in 2025, suggesting room for continued balance-sheet improvement.
Operating cash flow stayed positive across all four years from 2022 to 2025, showing underlying cash generation has held up.
In place of the wound-down tempered-glass business, the company has secured an edutech operation anchored in procurement from schools and the Ministry of National Defense, plus an AI IoT smart fire-detector business.
Changes in the fire-safety regulatory environment carry the potential to widen the addressable base for this niche segment. As the shift to new businesses progresses, the character of the company's revenue mix could change.
The CEO has disclosed plans to buy additional shares on the open market, and the company is executing a roughly KRW 2 billion treasury buyback program. This can be read as a preemptive response to administrative-issue concerns and a signal of management's commitment. That said, actual execution and scale of these measures will need to be confirmed through future disclosures.
Under tightened KOSDAQ delisting rules, a closing price below KRW 1,000 or a market cap below KRW 20 billion for 30 consecutive trading days can trigger administrative-issue designation, and Ryukil C&S was designated a caution issue for a single day on July 20, 2026.
Some outlets classified Sejin TS, Ryukil C&S, and Fintel among stocks awaiting a determination on administrative-issue designation. Failure to clear this bar could lead to delisting procedures if the requirement is not met for 45 of the following 90 trading days.
Operating losses were recorded in three of the past four years, with the 2025 operating margin still at -3.4%. The swing to a net profit for owners was heavily reliant on a large one-off gain in Q3 2025, which was immediately followed by a large net loss in Q4 of the same year. Stable core earnings power has not yet been demonstrated.
The company's strategic focus has shifted several times, from tempered glass to precision chemicals (CNA) and then to edutech (Comverse Tech), with CNA resold just four years after acquisition. Comverse Tech itself once turned to a loss, adding to uncertainty. Details of the announced physical-AI-related new business remain undisclosed, leaving further uncertainty.
Tightened KOSDAQ delisting rules mean that failing price or market-cap thresholds carries the institutional risk of administrative-issue designation and eventual delisting.
The stock has already been designated a caution issue due to trading concentrated among a small number of accounts, suggesting price volatility and trading-related issues could recur. The company is responding with treasury buybacks and CEO share purchases, but their effectiveness needs ongoing verification.
With the effective exit from the legacy tempered-glass business, the revenue base has narrowed to the Comverse Tech-centered edutech/IoT operation. That subsidiary has itself previously turned to a loss, so earnings stability of the new core has not been fully validated.
Concrete investment plans and timing for the announced new business (including physical AI) also remain undisclosed.
The debt ratio has previously climbed as high as 155.5% in 2024, and quarterly net income has swung wildly from -KRW 9.56 billion to +KRW 13.14 billion, reflecting very high earnings volatility.
This appears driven by non-operating items such as disposal gains and losses tied to asset sales and restructuring, and similar one-off items could continue to sway results going forward. Low stability in core operating profit could leave the company vulnerable to shifts in external financing conditions.
Watch for confirmation that the final payment on the CNA sale has been completed and whether the promised new-business strategy and shareholder-value plan have been disclosed.
This is the deadline for the company's announced treasury buyback program (roughly 1.67 million shares, about KRW 2 billion), a point to verify actual purchase volume and execution.
Ongoing monitoring is needed on whether KOSDAQ listing-maintenance thresholds (KRW 1,000 price, KRW 20 billion market cap) are met, as sustained shortfalls could trigger administrative-issue designation procedures.
The Q3 2026 quarterly report filing will show the extent of the tempered-glass revenue decline, how much Comverse Tech contributes, and whether one-off items recur.
Ryukil C&S is in transition from a smartphone/automotive tempered-glass manufacturer to an edutech/AI IoT platform company, having undergone frequent portfolio reshuffling along the way, including reselling precision-chemicals subsidiary CNA just four years after acquiring it.
Consolidated 2025 revenue rose to KRW 44.8 billion, but the operating loss was KRW 1.5 billion, with losses in three of the past four years, and the swing to a net profit for owners appears heavily dependent on a large one-off gain in Q3 2025.
Quarterly net income has swung sharply from -KRW 9.56 billion to +KRW 13.14 billion, meaning stable core earnings power is still being tested.
The company has decided on treasury buybacks and additional CEO share purchases to address tightened KOSDAQ listing-maintenance requirements, and has stated plans to deploy proceeds from the CNA sale toward new businesses and profitability improvements, though specifics remain undisclosed.
Bullish factors include expanded financial flexibility from cash proceeds and the potential shift toward edutech/AI IoT businesses, while bearish factors include listing-maintenance risk and strategic uncertainty from repeated business overhauls.
Investors may wish to track execution of the buyback, completion of the CNA sale and new-business announcements, and the quality (one-off nature) of results confirmed in the next quarterly report. This report contains no buy or sell recommendation and is provided for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.