유티아이

Business Overview

UTI (formal name (주)유티아이, UTI INC.) is an electronic components manufacturer founded on 2010-04-16 and listed on KOSDAQ in 2017. Its headquarters is in Yesan-gun, Chungcheongnam-do, and its CEO is Park Deok-young. Its core product is camera windows for smartphones (camera module cover glass), and it has recently been expanding into ultra-thin tempered glass (UTG) for foldable smartphones. Based on aggregated web research, approximately 98% of revenue is understood to come from camera windows, with the remainder from cover glass and other products, but the exact product-level revenue breakdown from the latest business report itself is not available.

On the supply-chain side, UTI participates in the Samsung Electronics Galaxy Z Flip (foldable) UTG supply chain alongside ICONI, but actual mass-production revenue was confirmed to be KRW 0 in 2023~2024. Raw glass sheets are understood to be supplied by Corning (not cross-checked against primary disclosure). UTI participates as a second-source vendor in the UTG supply chain for Apple's foldable iPhone and was reported to have recently entered mass production (TheBell, 2026-05-28). To expand production, the company is establishing and expanding a UTG production subsidiary in Vietnam, and full-scale mass production entry in Q3 2026 has been presented by the company as a plan (Korea Economic Daily, 2026-03-27 — a stated plan whose realization is not yet confirmed).

New Business Pipeline

The company is developing a next-generation flexible material (UFG) that maintains durability under repeated folding and is examining entry into the glass substrate market for high-performance semiconductors, having signed a joint research and development partnership with LG Innotek on 2026-01-08 to improve the strength of glass substrates for semiconductor packaging (FC-BGA) (Herald Economy, 2026-01-08). However, the semiconductor glass substrate business is at an early review stage, and quantitative progress and revenue-contribution timing are not available.

5-Year Financial Trend

The 2023 debt-to-equity ratio of 485.6% reflects total equity having sharply fallen to KRW 17.2 billion; at the time, concerns were raised about partial capital impairment (as reported by IB Tomato). Large-scale capital raising in 2024 — including a rights offering and convertible bond issuance — temporarily normalized the ratio, but it deteriorated again to 227.4% in 2025 (calculated this session from DART's official financial data, A).

Governance and Capital Structure

On 2026-08-06, largest shareholder and CEO Park Deok-young gifted 700,000 common shares (approx. 3.5% of total shares outstanding), reducing his individual stake on a substantial-shareholding basis from 31.89% to 28.36% (DART substantial shareholding report, receipt no. 20260810000174). The Seven Bridge-affiliated private equity fund that acquired convertible bonds first entered with a 13.24% stake on 2025-11-26 and expanded it to 18.25% via an additional acquisition on 2026-07-23 (DART majorstock, receipt no. 20260723000429). No controlling-purpose subsidiary was identified in DART's equity-investment-in-other-companies disclosure; the executive roster lists a managing director in charge of the Vietnam subsidiary, but its legal entity status is not confirmed.

Valuation (Factual Multiples)

P/B is calculated as the reference-date closing price divided by book value per share (approximately KRW 3,646), derived from total equity of KRW 72.1 billion as of 2026-06-30 divided by 19,790,000 shares outstanding (there is roughly a 1.5-month gap between the price reference date and the equity reference date). EV/EBITDA was not calculated because depreciation and net debt data needed for EBITDA were not available.

Peer Comparison

Dowoo Insys is a profitable company with 2024 revenue of KRW 141.7 billion and operating profit of KRW 9.7 billion, roughly 7 times UTI's revenue scale. ICONI handles the entire post-processing of UTG for Samsung Electronics' Galaxy Z Flip and is understood to hold a more established position than UTI in the Corning-ICONI-Samsung Electronics supply chain (per TheElec). Chemtronics (2025 revenue KRW 637.9 billion) is a large materials company for which UTG is only one part of its business. UTI is assessed to have a weaker financial structure than these peers (five consecutive years of operating losses, H1 2026 debt-to-equity ratio of 194.6%).

Macro Environment

Because 97~99% of revenue comes from exports (camera windows and cover glass), won strength could negatively affect won-translated revenue and margins (per Thinkpool research aggregation). A report that Q2 2026 smartphone memory prices rose 80% quarter-over-quarter, pushing combined DRAM and NAND cost share to 42% — surpassing SoC's 22% (Counterpoint Research, 2026-08) — suggests potential pressure on OEM customers to push down order prices for non-memory components. The US 10-year Treasury yield stood at 4.68~4.70% as of 2026-08-14 (CNBC).

Supply and Demand

Net buying by investor type (foreign, institutional, retail), short-selling ratio and balance, and the foreign ownership ratio were all unavailable due to research tool constraints (pykrx not installed; key financial information sites use dynamic rendering). The only confirmed facts are the 2026-08-14 closing price of KRW 2,775 (+29.98% vs. previous day) and that day's trading volume and value snapshot (Korea Economic Daily).

Risk Factors

• Operating losses in five consecutive years from 2021~2025, with the absolute operating loss exceeding revenue since 2023 (DART official financial data, A)
• Potential shares from conversion of outstanding convertible bonds (CBs) represent approximately 24% of total shares outstanding, creating overhang risk (Dealsite, 2026-06-02)
• UTI supplies UTG to Apple as a second-source vendor, and is assessed to have lower volume and yield advantages than first-source vendor Lens Technology (China); reports also note possible delays in Apple's foldable product mass-production schedule itself (ZDNet Korea, 2026-08-11)
• UTG volume for a North American customer was cut by 60% versus initial expectations in May~June 2026 (Money Today, 2026-06-30)
• In 2023 the debt-to-equity ratio of 485.6% raised concerns about partial capital impairment, and the company has since repeatedly relied on external capital raises (CBs, rights offerings, share gifts) (per IB Tomato reporting; financials.md calculation)
• The Seven Bridge-affiliated private equity fund has expanded its stake via convertible bond acquisitions (13.24%→18.25%), narrowing the gap with the largest shareholder

Recent News Timeline

The stock, at KRW 22,100 on May 22, 2026, fell to KRW 4,720 by June 29 following reports of the North American customer's UTG order cut (Money Today, 2026-06-30). It subsequently traded at a reference-date closing price of KRW 2,775 amid the August rights offering process and reports of entry into mass production for Apple UTG (TheBell, 2026-05-28).