i-Components아이컴포넌트

i-Components has returned to solid profitability in the first half of 2026 after a loss-making 2023, and its shares have risen sharply over the past year.

The company makes functional films for displays and electronics, with most sales going abroad. On a trailing twelve-month basis to H1 2026 it reported revenue of about ₩38.8T, operating income of about ₩8.3B and net income of about ₩9.5B, with a 21.5% operating margin. The shares closed at ₩7,150 on 23 October 2026, below the 52-week high of ₩8,340.

What stands out

• Trailing operating margin of 21.5% compares with 17.4% in 2025 and a loss in 2023, showing a clear recovery in profitability.
• Revenue fell 6.6% in 2025 but the trailing figure to H1 2026 is higher than the 2025 full-year total of about ₩34.6T.
• Cash of about ₩18.0B against borrowings of about ₩8.8B, with liabilities at 31.3% of equity, suggests a fairly conservative balance sheet on these figures.
• The DCF-based fair value model gives a base of ₩8,386, a bear case of ₩5,985 and a bull case of ₩12,503; these are model outputs, not forecasts or targets.
• Recent headlines are limited: one news item (13 October 2026) on work toward perovskite solar cells and barrier film capabilities.

What to watch

• The Q3 2026 quarterly report and next annual results, to see whether margins hold above the trailing level.
• Foreign ownership rose from 8.2% to 9.1% over about 60 days, while retail investors were net sellers over the last 20 days; both may change.
• The new facility investment disclosed in June 2026 and the perovskite solar cell initiative; the data does not give their size or expected returns.