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
CoAsia CM returned to profit in 2025 but saw profitability wobble again in the second quarter of 2026, even as it works to broaden its growth base into robotics and physical-AI optics.
Consolidated operating profit turned positive at KRW 5.27bn in 2025 from a loss in 2024, with owners' net income also improving to KRW 2.71bn.
Operating profit was a solid KRW 1.78bn in Q1 2026 but slowed sharply to KRW 99mn in Q2, with net income swinging back to a loss.
Over 99% of revenue comes from smartphone camera modules and optical lenses, with heavy reliance on Samsung Electronics.
At a June 2026 extraordinary shareholders' meeting the company added robot and intelligent automation optics to its business scope, and it is co-developing a robotic ToF depth camera with Hana Optronics.
Hyundai Motor Group reportedly asked Samsung's camera module vendors, including CoAsia CM, about micro cameras for robot joints, opening a potential new demand channel.
CoAsia CM is the only Korean company that both manufactures and sells smartphone camera modules (CCM) and optical lenses in-house.
Its wholly owned subsidiary CoAsia CM Korea holds the camera module solution while the parent retains optical lens technology, together forming a vertically integrated lens-module structure.
Its subsidiary CoAsia CM Vina in Vietnam operates as a first-tier vendor to Samsung Electronics' mobile division, with major customers including Samsung Electronics, MCNEX, and Powerlogics.
Of the KRW 258.197bn consolidated revenue in 2025, CCM and optical lens sales made up nearly all of it, and in Q1 2026 CCM and lens sales again accounted for more than 99% of the KRW 70.5bn in revenue.
Supply of high-resolution 50-megapixel-class lens modules has recently increased, suggesting a gradual shift toward a more premium product mix.
At a June 2026 extraordinary shareholders' meeting, the company added camera modules and optical systems for robots and intelligent automation systems to its registered business purpose.
As a new growth initiative, it is co-developing a Time-of-Flight (ToF) depth camera module for robots with 3D-sensing chip maker Hana Optronics, with the finished module supplied through camera module maker Namuga to end robotics platform customers.
Domestic camera module competitors include MCNEX, Camsys, and Namuga, all of which are also preparing to enter the robot camera market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩70.7B | ₩1.9B | 2.6% |
| 2025Q3 | ₩61.4B | ₩1.1B | 1.8% |
| 2025Q4 | ₩48.3B | ₩1.4B | 2.9% |
| 2026Q1 | ₩70.5B | ₩1.8B | 2.5% |
| 2026Q2 | ₩63.4B | ₩98,684,909 | 0.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩383.2B | -₩4.4B | -₩8.8B | −1.2% | −11.7% | 122.5% |
| 2023 | ₩294B | -₩13B | -₩20.2B | −4.4% | −30.8% | 114.3% |
| 2024 | ₩267.3B | -₩9.5B | -₩18.7B | −3.6% | −32.3% | 121.5% |
| 2025 | ₩258.2B | ₩5.3B | ₩2.7B | 2.0% | 4.6% | 98.3% |
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 in 2025 was KRW 258.197bn, down 3.4% from KRW 267.336bn in 2024, while operating profit came in at KRW 5.272bn, swinging from a KRW 9.540bn operating loss in 2024 into positive territory. Owners' net income also turned positive at KRW 2.715bn in 2025, reversing a KRW 18.729bn loss the prior year.
This followed a three-year stretch of declining revenue, from KRW 383.203bn in 2022 to KRW 293.967bn in 2023 and KRW 267.336bn in 2024, accompanied by operating losses of KRW 4.425bn, KRW 13.048bn, and KRW 9.540bn, respectively.
On a quarterly basis, the company posted revenue of KRW 70.741bn and operating profit of KRW 1.853bn in Q2 2025, then KRW 61.438bn and KRW 1.103bn in Q3 2025, maintaining a profitable run, but Q4 2025 saw revenue of KRW 48.308bn and operating profit of KRW 1.409bn even as net income slipped to a loss of KRW 152mn.
Q1 2026 was solid, with revenue of KRW 70.506bn, operating profit of KRW 1.781bn, and net income of KRW 1.375bn, but Q2 2026 profitability deteriorated sharply, with revenue of KRW 63.405bn, operating profit of just KRW 99mn, and a net loss of KRW 588mn.
The debt ratio improved from 122.5% in 2022 and 114.3% in 2023 to 121.5% in 2024 and then to 98.3% in 2025, indicating a strengthening balance sheet. Operating cash flow was volatile year to year, at KRW 28.114bn in 2022, KRW 7.769bn in 2023, negative KRW 767mn in 2024, and KRW 23.239bn in 2025.
The company itself has noted that the global smartphone market is shifting toward a higher value-added structure as Apple and Samsung Electronics drive earnings rebounds through premium-focused strategies.
However, since the second half of 2025 rising memory and other component costs have added supply-chain pressure, prompting expectations of a possible short-term growth slowdown in the smartphone market from 2026 onward.
Some observers see this environment as a catalyst for market consolidation favoring companies with strong technology and supply-chain response capability.
Meanwhile, the physical-AI industry—spanning robotics, autonomous driving, and smart factories—is growing rapidly, increasing the importance of 3D sensing technology for spatial recognition and distance measurement; research firm MarketsandMarkets projects the market to expand from roughly $1.5bn in 2026 to about $15.2bn by 2032, a compound annual growth rate above 40%.
In the robotics industry, there is a growing trend toward reducing reliance on costly LiDAR sensors in favor of camera-based, AI-driven distance and position inference, which is expected to increase the number of camera modules per robot.
In practice, Hyundai Motor Group's robotics component procurement team reportedly sent cooperation requests regarding micro camera modules for robot joints to Samsung's camera module vendors, including MCNEX, Namuga, Camsys, and CoAsia CM, though the specific component specifications have not yet been finalized.
The company expects profitability in its mobile optics business to keep improving from the second half of 2026 and has stated its intent to establish physical-AI optical solutions as its next growth pillar.
It has also outlined plans to develop new application areas in robotics and AI infrastructure and to expand its global customer base to strengthen future growth.
The ToF camera module co-developed with Hana Optronics has completed sample delivery to a prospective customer and is currently undergoing customer evaluation for mass production, with the project reportedly targeting large-scale mass production next year.
A company representative has said the robotics business could take two to three years from project execution to mass production, and that the company is continuing to build out and staff a dedicated robotics organization.
At the June 2026 extraordinary shareholders' meeting, agenda items on offsetting accumulated deficits and transferring capital reserves to retained earnings were also passed; the company described this as laying the financial groundwork for a future shareholder-value enhancement policy, while noting that actually implementing shareholder returns will require further profit generation to build retained earnings.
On the application front, the strategy is to expand beyond mobile into robotics, automotive, autonomous driving, smart factory, and industrial vision use cases.
After three consecutive years of losses from 2022 to 2024, CoAsia CM turned profitable in 2025, putting earnings-based valuation metrics back into meaningful use for the first time in years.
That said, the return to a net loss in Q2 2026 shows that quarterly earnings remain volatile, making it difficult to interpret the stock purely on an annual-results basis.
Shares trade below the company's per-share net asset value, a relationship linked to the fact that accumulated past losses have kept net assets from growing much.
No dividend is currently being paid, and the company itself has stated that actually implementing a shareholder-return policy requires first accumulating retained earnings through further profit generation.
Since the robotics and physical-AI initiatives have not yet contributed meaningfully to revenue, the current valuation likely reflects mostly the degree of earnings recovery in the existing mobile optics business.
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
After three straight years of losses from 2022 to 2024, the company posted an operating profit of KRW 5.27bn and net income of KRW 2.71bn for full-year 2025. The debt ratio also improved, falling from 121.5% in 2024 to 98.3% in 2025.
Profitability remained solid into Q1 2026 with operating profit of KRW 1.78bn, showing the profitable run extended across multiple quarters.
CoAsia CM is the only Korean company that both manufactures and sells camera modules and optical lenses, backed by a stable supply relationship as a first-tier vendor to Samsung Electronics.
This integrated capability could be a strength in cost competitiveness and component integration as the company expands into new applications such as robotic depth cameras. The ToF module co-development with Hana Optronics is being pursued on the back of these existing capabilities.
In June 2026 the company amended its articles of incorporation to add optics for robots and intelligent automation systems to its business scope, and has completed sample delivery of a jointly developed robotic ToF depth camera with Hana Optronics.
Hyundai Motor Group's robotics procurement team reportedly asked Samsung's camera module vendors about micro cameras for robot joints, opening potential access to new demand. This early-stage entry comes as the physical-AI market is projected to grow at more than 40% annually.
Consolidated revenue steadily declined from KRW 383.2bn in 2022 to KRW 258.2bn in 2025 over three years, and more than 99% of revenue comes from smartphone CCM and optical lens sales, leaving the company heavily dependent on a small number of customers led by Samsung Electronics.
The company attributed the sharp Q2 2026 slowdown in operating profit versus the prior quarter to inventory adjustments at downstream customers. This illustrates how results can swing significantly with demand changes at specific customers or end markets.
While the annual debt ratio improved to 98.3% in 2025, consolidated short-term borrowings rose from KRW 23.1bn at the end of 2025 to KRW 39.8bn by the end of Q1 2026.
Debt-like items including short-term borrowings, current portion of long-term debt, and convertible bonds increased from KRW 32.3bn to KRW 48.9bn over the same period. This suggests some financial strain remains despite the improved profitability.
The robotic ToF depth camera remains at the customer mass-production evaluation stage, and a company representative said the process from project execution to mass production could take two to three years.
Hyundai Motor Group's inquiry regarding robot-joint camera modules is also at an early stage with specifications not yet finalized.
Competitors including MCNEX, Camsys, and Namuga are simultaneously preparing to enter the robot camera market, meaning time and competitive intensity will be key factors before new businesses contribute meaningfully to revenue.
Because the large majority of revenue comes from a small number of smartphone customers led by Samsung Electronics, results can be sensitive to a given customer's inventory adjustments or new-model launch schedules. The Q2 2026 slowdown was itself attributed to such customer inventory adjustments. This structural risk could persist without meaningful customer diversification.
The rise in short-term borrowings from KRW 23.1bn at the end of 2025 to KRW 39.8bn at the end of Q1 2026 could increase liquidity management pressure.
The capital reserve transfer to retained earnings approved at the extraordinary shareholders' meeting is an accounting-based balance sheet adjustment rather than an inflow of external cash, so it does not itself improve actual cash resources. Additional borrowing or capital raising, if required in the future, could affect existing shareholder value.
The robotics optics business remains at the customer certification and mass-production evaluation stage, leaving the timing of any meaningful revenue contribution uncertain.
The company itself has indicated that mass production in the robotics business could take two to three years, making near-term earnings contribution premature to expect.
Competitors such as MCNEX, Camsys, and Namuga are simultaneously preparing to enter the robot camera market, raising the possibility of intensifying competition.
Q3 2026 results are expected to be disclosed around this time; watch whether the operating margin that softened in Q2 recovers and whether the downstream inventory-adjustment impact has eased.
Track progress in customer mass-production evaluation for the robotic ToF depth camera co-developed with Hana Optronics, and whether the stated goal of large-scale mass production next year becomes more concrete.
Watch for confirmation of Hyundai Motor Group's robotics procurement team's supplier selection for micro camera modules used in robot joints, with the key items being spec finalization and whether CoAsia CM is selected.
As the company has indicated, monitor whether the accumulation of retained earnings progresses to the point of a concrete shareholder-return policy, such as dividends.
CoAsia CM turned profitable in 2025 after three consecutive years of losses from 2022 to 2024, with its balance sheet improving alongside the earnings turnaround, yet quarterly volatility remains significant, as seen in the sharp Q2 2026 slowdown in operating profit and the return to a net loss.
More than 99% of revenue comes from smartphone camera modules and optical lenses, with heavy reliance on a small number of customers led by Samsung Electronics, leaving results sensitive to external factors such as downstream inventory adjustments.
Alongside recovering profitability in its core business, the company has positioned robotics and physical-AI optical solutions as a new growth pillar, co-developing a ToF depth camera with Hana Optronics and adding the relevant business purpose to its articles of incorporation.
Hyundai Motor Group's reported inquiry about robot-joint camera modules has opened potential access to new demand, but it remains an early stage where specifications and supplier selection have yet to be finalized.
Some financial strain, including rising short-term borrowings, remains, and actual mass production of new businesses could take two to three years, both of which warrant consideration.
Overall, the company can be seen as being in a transitional phase where profit normalization in its existing business and early-stage entry into new businesses are proceeding in parallel.
Report written 2026-09-05 · Data as of 2026-09-04
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