Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩8,260, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Medical Equipment industry in South Korea. Total loss to shareholders of 33% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₩12,299 per share. Buy Or Sell Opportunity • May 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to ₩9,550. The fair value is estimated to be ₩12,370, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 72%. For the next 3 years, revenue is forecast to grow by 31% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩11,800, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Medical Equipment industry in South Korea. Total returns to shareholders of 39% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₩11,253 per share. Reported Earnings • Mar 20
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₩250 (up from ₩173 in FY 2024). Revenue: ₩37.9b (up 32% from FY 2024). Net income: ₩9.21b (up 72% from FY 2024). Profit margin: 24% (up from 19% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Medical Equipment industry in South Korea. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩11,400, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Medical Equipment industry in South Korea. Total returns to shareholders of 12% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₩14,739 per share. Buy Or Sell Opportunity • Mar 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₩11,400. The fair value is estimated to be ₩14,739, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to grow by 32% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. Announcement • Feb 13
ASTERASYS Co.,Ltd, Annual General Meeting, Mar 24, 2026 ASTERASYS Co.,Ltd, Annual General Meeting, Mar 24, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 66, seongsui-ro, seongdong-gu, seoul South Korea New Risk • Jan 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩14,060, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 12x in the Medical Equipment industry in South Korea. Simply Wall St's valuation model estimates the intrinsic value at ₩14,661 per share. Buy Or Sell Opportunity • Dec 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.1% to ₩11,620. The fair value is estimated to be ₩14,617, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to grow by 32% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩51.00 (vs ₩33.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩51.00 (up from ₩33.00 in 3Q 2024). Revenue: ₩8.75b (up 29% from 3Q 2024). Net income: ₩1.91b (up 84% from 3Q 2024). Profit margin: 22% (up from 15% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Medical Equipment industry in South Korea. Buy Or Sell Opportunity • Nov 18
Now 23% undervalued Over the last 90 days, the stock has risen 49% to ₩13,810. The fair value is estimated to be ₩17,937, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 65% over the last year. Earnings per share has grown by 257%. Revenue is forecast to grow by 105% in 2 years. Earnings are forecast to grow by 180% in the next 2 years. Buy Or Sell Opportunity • Oct 20
Now 21% undervalued Over the last 90 days, the stock has risen 33% to ₩14,630. The fair value is estimated to be ₩18,496, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 65% over the last year. Earnings per share has grown by 257%. Revenue is forecast to grow by 105% in 2 years. Earnings are forecast to grow by 180% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩14,800, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 16x in the Medical Equipment industry in South Korea. Simply Wall St's valuation model estimates the intrinsic value at ₩18,510 per share. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩10,620, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 17x in the Medical Equipment industry in South Korea. Simply Wall St's valuation model estimates the intrinsic value at ₩18,149 per share. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩80.00 (vs ₩57.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩80.00 (up from ₩57.00 in 2Q 2024). Revenue: ₩10.3b (up 32% from 2Q 2024). Net income: ₩2.94b (up 73% from 2Q 2024). Profit margin: 28% (up from 22% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in South Korea. New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 37% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.8% average weekly change). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩11,260, the stock trades at a trailing P/E ratio of 77.1x. Average trailing P/E is 22x in the Medical Equipment industry in South Korea. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩8,790, the stock trades at a trailing P/E ratio of 60.2x. Average trailing P/E is 15x in the Medical Equipment industry in South Korea. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩173 (vs ₩29.00 in FY 2023) Full year 2024 results: EPS: ₩173 (up from ₩29.00 in FY 2023). Revenue: ₩28.8b (up 65% from FY 2023). Net income: ₩5.35b (up ₩4.48b from FY 2023). Profit margin: 19% (up from 5.0% in FY 2023). The increase in margin was driven by higher revenue. Announcement • Mar 08
ASTERASYS Co.,Ltd, Annual General Meeting, Mar 26, 2025 ASTERASYS Co.,Ltd, Annual General Meeting, Mar 26, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 25, seongsuil-ro 4-gil, seongdong-gu, seoul South Korea 
