ICH아이씨에이치

ICH is loss-making and heavily indebted, though recent news points to rising supply orders tied to Apple's iPhone Duo.

ICH makes flexible antenna films and related circuit and shielding components for IT devices, and it has been expanding into automotive and robot electronics. Trailing twelve-month revenue is about ₩47.7B, but operating and net losses are large, borrowings are about ₩48.0B against ₩4.1B of cash, and the share price has fallen about 61% over the past year. The company recently completed a share consolidation and is set to resume trading on the 22nd.

What stands out

• Trailing twelve-month operating loss is about ₩8.1B (-16.9% margin) and net loss about ₩16.0B (-33.6% margin), with free cash flow of about -₩9.2B.
• Revenue fell 27.4% in 2025 to about ₩46.9B after a 49.5% rise in 2024, and the 2025 net loss widened to about ₩24.7B.
• Liabilities are 204.7% of equity and ROE is -42.3% on a trailing basis.
• News headlines link recent gains to Apple's iPhone Duo and a doubling of Q4 supply volume, but the data does not include order values or revenue guidance to confirm the size of that effect.
• Price-to-book is about 0.7 and there is no reported profit, so price-to-earnings and EV/EBITDA are not meaningful here; the dividend yield is 0%.

What to watch

• Whether the Q4 supply increase shows up in revenue and narrows the operating loss in upcoming filings.
• Debt levels versus cash, and any financing or refinancing announcements, given the large borrowings.
• The trading halt filed on 21 October and the post-consolidation trading resumption, which may affect liquidity and share price.