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
ICH continues to post multi-year net losses, but narrowed its operating loss sharply in the first half of 2026 while expanding its mobile materials footprint by supplying cushioning and shielding materials to both Apple's foldable iPhone and Samsung's Galaxy Z8 series.
2025 revenue fell to KRW 46.85bn from KRW 64.57bn a year earlier, while the operating loss widened to KRW 14.49bn.
The company briefly swung to a KRW 726mn operating profit in Q1 2026 before returning to a KRW 2.02bn operating loss in Q2 2026.
ICH is concurrently supplying PE-foam cushioning solutions to Apple's next-generation foldable iPhone and gasket/PU-foam materials to Samsung's Galaxy Z8 series.
CEO Kim Young-hoon disclosed two rounds of open-market share purchases in July 2026.
The debt ratio climbed to 255.5% in 2025, sharply higher than the 28.4% recorded in 2022.
Founded in 2012 and listed on KOSDAQ in 2022, ICH is an advanced materials and components company producing film-type thin antennas (MFA), EMI shielding gaskets, adhesive tapes and films for IT devices, and polyurethane (PU) and polyethylene (PE) foam materials.
In Q1 2026, tape and film accounted for the largest share of consolidated revenue at KRW 6.5bn (about 61%), followed by gaskets at KRW 2.5bn and MFA at KRW 1.3bn.
After its listing, the company acquired Main Elecom's polyurethane business unit, internalizing foam production to achieve vertical integration and supply integrated tape-and-foam products.
Its principal customers are Samsung Electronics and Samsung Display, and it has recently entered Apple's supply chain, beginning mass supply of PE-foam-based ultra-precision cushioning solutions for Apple's next-generation foldable iPhone.
Concurrently, it supplies EMI-noise-blocking gaskets and shock-absorbing PU foam for Samsung's new Galaxy Z8 foldable series.
The company is pursuing a "two-track" growth strategy that extends its core mobile materials business into energy storage systems (ESS), automotive electronics, and physical AI robotics, with its PU foam for physical AI robots reported to have completed customer quality evaluation and secured mass-production supply.
Competitively, ICH operates as a niche player in precision film antenna and foam/gasket materials, leveraging room-temperature press patterning technology that reduces process steps compared with conventional FPCB antennas to secure cost competitiveness.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩11.9B | -₩3.3B | −27.9% |
| 2025Q3 | ₩12.5B | -₩3.8B | −30.1% |
| 2025Q4 | ₩11.9B | -₩3B | −25.0% |
| 2026Q1 | ₩10.6B | ₩700M | 6.8% |
| 2026Q2 | ₩12.6B | -₩2B | −16.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩22.8B | -₩7.6B | -₩6.4B | −33.5% | −10.0% | 28.4% |
| 2023 | ₩43.2B | -₩10.1B | ₩0 | −23.3% | 0.0% | 119.0% |
| 2024 | ₩64.6B | -₩3.2B | -₩12.8B | −5.0% | −29.5% | 153.4% |
| 2025 | ₩46.9B | -₩14.5B | -₩24.7B | −30.9% | −92.4% | 255.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Annual revenue grew from KRW 22.82bn in 2022 to KRW 43.19bn in 2023 and KRW 64.57bn in 2024, before declining to KRW 46.85bn in 2025.
The company posted operating losses in every year from 2022 through 2025; the operating margin improved from -33.5% in 2022 to -23.3% in 2023 and -5.0% in 2024, before deteriorating again to -30.9% in 2025.
The net loss widened from KRW 12.84bn in 2024 to KRW 24.70bn in 2025, and operating cash flow swung from a positive KRW 3.05bn in 2024 to a negative KRW 6.75bn in 2025.
On a quarterly basis, operating losses continued from Q2 through Q4 2025 at KRW 3.30bn, KRW 3.78bn and KRW 2.99bn respectively, with the net loss widening to KRW 7.96bn in Q4. However, Q1 2026 saw a brief swing to profitability, with revenue of KRW 10.65bn, operating profit of KRW 726mn and net profit of KRW 127mn.
In Q2 2026, revenue rose to KRW 12.57bn but the company reverted to an operating loss of KRW 2.02bn and a net loss of KRW 3.26bn, which the company attributed to a temporary cost impact from rising oil and petrochemical prices linked to Middle East geopolitical risk.
Over the most recent four quarters (Q3 2025 through Q2 2026), aggregate net loss attributable to owners totaled roughly KRW 15.99bn, though the first-half operating loss of about KRW 1.3bn marked a substantial reduction from the KRW 7.7bn loss in the same period a year earlier.
The smartphone end-market is entering a phase in which the foldable form factor is emerging as a new growth axis. Apple is expected to unveil its first foldable iPhone on September 9, 2026, and IDC forecasts Apple's foldable iPhone shipments will exceed 10 million units in the first year.
Samsung Electronics' Galaxy Z8 series reportedly recorded 1.44 million domestic pre-orders, setting a record for the most pre-orders of any Galaxy smartphone.
Because foldable devices have complex internal structures and limited space, thickness tolerance, durability, and repeated-compression performance of materials directly affect product quality, which creates opportunities for precision foam and gasket suppliers such as ICH.
Building on its track record of first supplying PE foam for Samsung's Galaxy Z Fold5 series in 2023, the company has now entered Apple's first foldable project as well.
That said, the company's mobile materials revenue is closely tied to the new-product cycles and sales momentum of specific premium smartphone makers, meaning weak smartphone sales or customer inventory adjustments have a direct impact on results.
Petrochemical raw material prices are linked to global oil prices and geopolitical risk, making cost volatility a broader industry-wide risk factor.
In its first-half results announcement, the company stated that a more pronounced earnings recovery could be possible in the second half as raw material prices are expected to stabilize.
It expects mass supply of PE foam for Apple's foldable iPhone and gasket/PU-foam supply for Samsung's Galaxy Z8 series to make a meaningful contribution to second-half revenue.
In new growth areas, the company reported that PU foam for physical AI robots has passed customer quality evaluation and secured confirmed mass-production supply, with solutions developed for head sensors, shoulder joints, torso, battery packs and leg components, targeting mass supply within the year.
Separately, the company is reported to be pursuing a flame-retardant polyurethane foam business for energy storage systems (ESS).
It reaffirmed its intention to continue a two-track strategy that extends its stable mobile materials competitiveness into new growth industries such as ESS, automotive electronics, and physical AI.
However, these new businesses remain at an early stage of revenue contribution, and their specific scale and timing will require confirmation through further disclosures.
Having posted net losses for four consecutive years from 2022 through 2025, the company's price-to-earnings ratio is not meaningful. The share price trades below per-share net asset value, which can be viewed as a discount relative to book value.
That said, given the debt ratio's sharp rise from 28.4% in 2022 to 255.5% in 2025 and the recent quarter-to-quarter swings between profit and loss, a low multiple relative to net assets does not necessarily imply undervaluation. The company currently pays no dividend, limiting its appeal on a yield basis.
Going forward, the actual second-half revenue contribution from Apple and Samsung foldable supply volumes, along with the stability of raw material costs, are likely to be important variables for valuation assessment.
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 2026-09-05
The company has secured a position supplying cushioning and shielding materials simultaneously to Apple's first foldable iPhone and Samsung's Galaxy Z8 series. It is reportedly the sole PE-foam supplier within Apple's ecosystem, marking entry into a major new customer.
Samsung's record pre-order volume for the Galaxy Z8 series could be a positive factor for related materials revenue.
The first-half 2026 operating loss narrowed to KRW 1.3bn, an 83.2% reduction from the KRW 7.7bn loss in the same period a year earlier. This reflects improved cost structure through production efficiency and organizational streamlining, with both operating profit and net profit briefly turning positive in Q1 2026.
Revenue also grew 3.7% year-on-year in the first half, showing improvement on both the top-line and profitability fronts.
The company is pursuing a two-track strategy extending beyond its mobile-centric business into ESS, automotive electronics, and physical AI robot materials. Its PU foam for physical AI robots reportedly completed customer quality evaluation and secured confirmed mass-production supply.
CEO Kim Young-hoon disclosed open-market purchases of more than 1.75 million shares across two announcements in July 2026, signaling a commitment to responsible management.
The company recorded net losses for four consecutive years from 2022 through 2025, with the 2025 net loss widening to KRW 24.70bn from KRW 12.84bn a year earlier. Operating cash flow also swung from a positive KRW 3.05bn in 2024 to a negative KRW 6.75bn in 2025, indicating weakened cash generation.
Even in Q2 2026, the company reverted to a net loss despite revenue growth, suggesting earnings stability has not yet been established.
The debt ratio rose sharply from 28.4% in 2022 to 255.5% in 2025. In Q2 2026, profitability was temporarily hurt by rising oil and petrochemical prices linked to Middle East geopolitical risk.
Given the business's exposure to raw material price volatility, a similar external shock recurring could again pressure margins.
A significant portion of revenue depends on the new-product sales momentum of a small number of premium smartphone customers, including Samsung Electronics, Samsung Display and Apple.
The 27.5% year-on-year revenue decline in 2025 is understood to have stemmed from a slump in the IT device market and customer inventory adjustments.
New businesses in ESS, automotive electronics, and robotics remain at an early stage of revenue contribution, making it difficult to quickly reduce dependence on the mobile product cycle.
Prices of the core petrochemical-based foam and adhesive materials are linked to global oil prices and geopolitical risk. Q2 2026 results already showed cost increases from Middle East-related risk affecting profitability. A recurrence of similar external shocks could again widen margin volatility.
Revenue is heavily dependent on new-product launches and sales performance of a small number of premium smartphone makers. If foldable phone sales fall short of expectations or customers undertake inventory adjustments, both revenue and profitability could be affected simultaneously.
Uncertain timing for new-business revenue contributions makes it difficult to reduce this dependence in the near term.
The debt ratio rose to 255.5% in 2025, and operating cash flow turned to a net outflow in the same year. Amid ongoing capital needs for new-business expansion, continued net losses could place additional strain on the financial structure.
Apple's launch event for its first foldable iPhone is scheduled. It is worth checking how initial demand and shipment volumes affect ICH's PE-foam order volume.
This is the scheduled end date of CEO Kim Young-hoon's open-market share purchase program. Actual completion of the purchase and resulting changes in his stake should be confirmed via disclosure.
Preliminary Q3 2026 earnings are expected to be released. It will be important to check whether the second-half earnings improvement the company flagged materializes and whether Apple/Samsung foldable supply volumes contribute to revenue.
It is worth checking whether the company achieves its target of mass-producing PU foam for physical AI robots within the year.
The stabilization of raw material (petrochemical) prices and the resulting degree of operating margin recovery should be monitored on a quarterly basis.
ICH has recorded net losses for four consecutive years from 2022 through 2025, with its debt ratio also rising substantially.
Nonetheless, the company demonstrated an improving cost structure by narrowing its H1 2026 operating loss by 83.2% year-on-year, and achieved a new milestone by concurrently supplying materials to Apple's first foldable iPhone and Samsung's Galaxy Z8 series.
After briefly turning profitable in Q1 2026, the company reverted to a loss in Q2 2026 due to cost increases linked to Middle East risk, underscoring continued quarter-to-quarter volatility in results.
The company is pursuing diversification beyond its mobile materials core into ESS, automotive electronics, and physical AI robotics, though revenue contribution from these new businesses remains at an early stage.
While the CEO's open-market share purchases and the company's own expectations for second-half improvement are notable, raw material price volatility and reliance on a small number of customers remain factors to monitor.
Overall, the expansion of Apple/Samsung foldable supply, progress in new businesses, and cost stabilization are likely to be the key variables shaping the company's future earnings trajectory.
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.