CU Tech씨유테크

CU Tech is profitable on a trailing basis after a weak 2025, but its shares have slipped over the past year and its fair value model shows a large gap to the current price.

CU Tech makes flexible driver boards for smartphone displays and camera modules, with most production overseas and Samsung Group as its main customer. Trailing revenue to H1 2026 is about ₩204.8B with operating income of ₩8.4B and net income of ₩6.9B, a clear recovery from 2025's ₩1.4B net income. The company has ₩52.6B in cash and no reported borrowings, while the share price is ₩2,740, down 8.8% over one year.

What stands out

• Trailing operating margin is 4.1% and net margin 3.4%, up from 2.5% and 0.6% in 2025, though still well below the 7.5% operating margin of 2021.
• Revenue fell 23.8% in 2025 and the 2024 jump of 64.3% has not been sustained, so the top line remains volatile.
• Valuation metrics are low: trailing P/E 6.9, P/B 0.4, and a 0.9% dividend yield, but the data does not explain the reasons for the discount.
• The fair value model gives a base of ₩1,777 and a bull case of ₩5,610 against the ₩2,740 close, and the bear value is listed as 0, so the model range is very wide.
• Filings in September 2026 cover the termination of a share buyback trust and a share cancellation decision, and foreign ownership rose to 71.8% from 70.2% over 60 days.

What to watch

• The Q3 2026 quarterly report, which is not yet in the data, will show whether margins are holding after the H1 recovery.
• Further filings on share cancellation and the status of the terminated buyback trust.
• Customer concentration with Samsung Group and overseas plant performance, which the data does not quantify further.