Factual Summary
KCC Glass is a specialist in architectural and automotive glass and interior products (HomeCC), established in 2020 through a spin-off from KCC Corporation. As of the reference date (2026-08-19), its closing price was KRW 24,350 (-0.81% vs. the previous day, volume 10,588 shares). Consolidated operating loss for FY2025 was KRW 75.207 billion, marking the company's first annual loss since the 2020 spin-off, and cumulative H1 2026 results also showed an operating loss of KRW 5.274 billion and a net loss of KRW 18.904 billion (Annual Report, receipt nos. 20260319000948 and 20260814002243). However, Q2 2026 alone saw a return to profit with consolidated operating income of KRW 4.811 billion (Newspim, 2026-08-05). The combined stake of Chairman Chung Mong-ik and related parties stood at 47.59% as of H1 2026, up from 44.58% in the previous annual report (as of 2025-12-31) (Semi-Annual Report, receipt no. 20260814002243).
Price-Change Context Note
The decline in the reference-date closing price on 2026-08-19 (-0.81%) occurred amid low liquidity (volume of 10,588 shares) with no specific catalyst news, about two weeks after the Q2 2026 earnings announcement (2026-08-05). Amid a continuing cumulative loss in H1 2026 following the turn to an annual loss in 2025, the consolidated debt-to-equity ratio rose from 35.26% in 2021 to 78.10% in H1 2026 (Semi-Annual Report, receipt no. 20260814002243).
Business Overview
KCC Glass is a building-materials company spun off from KCC Corporation on 2020-01-02 via a physical division and relisted on KOSPI on 2020-01-21. The business consists of three segments — glass (architectural and automotive), interior products (flooring and laminate film, under the HomeCC brand), and piles (concrete piles) — and its Indonesian subsidiary (PT. KCC GLASS INDONESIA), established in 2021, has been producing architectural glass at an annual capacity of approximately 438,000 tons since 2024. Automotive glass is supplied to automakers including Hyundai and Kia and is estimated to hold over 70% of the domestic market. However, the influx of low-priced imported glass from Malaysia has caused a slight decline in architectural glass market share compared to the past (the company still retains a market-leading position).
5-Year Financial Trends
Peer Comparison
| Category | KCC Glass | LX Glass |
|---|---|---|
| Glass business revenue (annual, web research) | approx. KRW 886.0 billion | approx. KRW 334.4 billion |
| Coated glass market share (estimated) | approx. 40% | 50%+ |
| Operates automotive glass business | Yes (domestic share estimated at 70%+) | No |
Since it has not been confirmed whether the two revenue figures share the same reference fiscal year, any multiple comparison should be treated as reference only (thebell Peer Match Up, secondary source).
Valuation (Factual Multiples)
Governance & Ownership Structure
| Date | Event |
|---|---|
| 2025-03-05 | Representative reporter changed from Chung Mong-jin to Chung Mong-ik |
| 2025-05-12 | VIP Asset Management's stake falls below 5% to 4.98% |
| 2025-11-03~2025-12-01 | National Pension Service stake reduced from 6.01% to 5.00% |
| 2026-03-27 | Independent directors (formerly 'outside directors') Song Min-seop and Je Kang-ho newly appointed (2-year term) |
| 2026-06-23 | Related party pledges 358,500 shares (2.24%) as collateral for a stock-backed loan |
| 2026-07-06 | Chung Mong-ik and related parties' combined stake expands to 47.71% (latest substantial shareholding report) |
Trading Flow
Trading-by-investor-type data and securities lending/short-position statistics were not obtainable within the research scope due to source access constraints. Volume on 2026-08-19 was 10,588 shares, reflecting low liquidity.
Macro Environment
| Factor | Reference-Date Value | Transmission Channel (Factual) |
|---|---|---|
| Bank of Korea base rate | 2.75% | Held steady since the 2026-07-16 decision; linked to construction/housing demand and the company's own borrowing interest costs |
| KRW/USD exchange rate | KRW 1,411.8 | As of 2026-08-18, lowest level in 10 months (KRW strength) — linked to USD-denominated cost of imported raw materials |
| Soda ash (China FOB) | USD 176.75/MT | As of 2026-05, turned weak on oversupply (a key raw material for glass manufacturing) |
| Industrial city gas wholesale rate | approx. 6% increase | Increase effective 2026-06-01; linked to energy costs in the glass melting process |
| Construction Business Composite Performance Index | 72.8 | As of July 2026, -1.7pt vs. the previous month |
Macro snapshot as of reference date 2026-08-19 (Bank of Korea, Businesskorea, tradingeconomics, chemanalyst, cerik.re.kr, and other sources, including multiple secondary sources)
Risk Factors
- Profitability FY2025 consolidated operating loss of KRW 75.207 billion and net loss of KRW 83.643 billion — the first annual loss since the 2020 spin-off (Annual Report, receipt no. 20260319000948)
- Financial Structure Debt-to-equity ratio rose approximately 2.2x over five years, from 35.26% in 2021 to 78.10% in H1 2026 (Semi-Annual Report, receipt no. 20260814002243)
- Overseas Production The Indonesian subsidiary's initial profitability fell short of expectations due to yield and infrastructure issues, leading to a decision on 2026-01-09 to lend it KRW 23.1904 billion in working capital (based on disclosures, secondary source)
- Downstream Industry The Construction Business Composite Performance Index remained weak at 72.8 in July 2026; cumulative H1 housing starts in the greater Seoul area were down 0.7% year-on-year (secondary source)
- Cost The approx. 6% industrial city gas rate increase effective 2026-06-01 works against KRW strength and weak soda ash prices, leaving the net direction of costs unclear (secondary source)
- Competition Influx of low-priced imported glass from Malaysia has caused a slight decline in architectural glass market share compared to the past (the company still retains a market-leading position, secondary source)
- Liquidity Trading volume of 10,588 shares on 2026-08-19 reflects low liquidity (system-verified fact)
Recent News Timeline
| Date | Content |
|---|---|
| 2026-02-01 | Unsecured bond credit rating AA- (stable outlook, consistent across Korea Ratings, Korea Investors Service, and NICE Investors Service) |
| 2026-02-03 | Book-building for KRW 100 billion in 3-year corporate bonds drew KRW 130 billion in orders |
| 2026-02-12 | FY2025 consolidated results announced (revenue KRW 1.9006 trillion, operating loss KRW 75.27 billion) |
| 2026-03-27 | Independent directors (formerly 'outside directors') Song Min-seop and Je Kang-ho newly appointed |
| 2026-05-08 | Cold repair of one melting furnace on a production line at the Yeoju plant begins (expected to take about 1 year to complete) |
| 2026-08-05 | Q2 (preliminary) consolidated results announced (returned to profit with operating income of KRW 4.811 billion) |
Thematic Relevance
Factual Highlights
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