Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩101,400, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩89,531 per share. Price Target Changed • May 07
Price target increased by 7.5% to ₩82,100 Up from ₩76,400, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of ₩86,000. Stock is up 337% over the past year. The company is forecast to post earnings per share of ₩4,500 for next year compared to ₩1,401 last year. Board Change • May 06
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Outside Director Yo-Hwan Koh was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • May 06
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ₩4,880 to ₩4,262 per share. Revenue forecast steady at ₩804.4m. Net income forecast to grow 204% next year vs 74% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩76,400 to ₩78,900. Share price rose 3.2% to ₩77,600 over the past week. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩69,000, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩51,970 per share. Buy Or Sell Opportunity • Apr 21
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to ₩65,400. The fair value is estimated to be ₩51,546, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 61%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 45% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩46,400, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total loss to shareholders of 2.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩79,283 per share. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ₩48,400, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 9.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩76,665 per share. Buy Or Sell Opportunity • Mar 03
Now 22% undervalued Over the last 90 days, the stock has risen 11% to ₩60,200. The fair value is estimated to be ₩76,801, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 61%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 345% in the next 2 years. Announcement • Feb 27
HAESUNG DS Co., Ltd., Annual General Meeting, Mar 26, 2026 HAESUNG DS Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 726, ungnam-ro, seongsan-gu, gyeongsangnam-do, changwon South Korea Buy Or Sell Opportunity • Feb 10
Now 21% undervalued Over the last 90 days, the stock has risen 9.1% to ₩61,300. The fair value is estimated to be ₩78,077, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 61%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 345% in the next 2 years. Reported Earnings • Jan 29
Full year 2025 earnings released Full year 2025 results: Revenue: ₩653.4b (up 8.4% from FY 2024). Net income: ₩23.6b (down 60% from FY 2024). Profit margin: 3.6% (down from 9.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 34% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Price Target Changed • Jan 28
Price target increased by 8.9% to ₩69,333 Up from ₩63,667, the current price target is an average from 9 analysts. New target price is 8.7% above last closing price of ₩63,800. Stock is up 140% over the past year. The company is forecast to post earnings per share of ₩2,009 for next year compared to ₩3,453 last year. Major Estimate Revision • Jan 27
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩765.0m to ₩817.5m. EPS estimate increased from ₩4,272 to ₩5,377 per share. Net income forecast to grow 190% next year vs 53% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩63,667 to ₩65,556. Share price rose 13% to ₩58,300 over the past week. Buy Or Sell Opportunity • Jan 16
Now 22% undervalued Over the last 90 days, the stock has risen 36% to ₩54,200. The fair value is estimated to be ₩69,579, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 57%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 220% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩47,025, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩68,490 per share. Upcoming Dividend • Dec 22
Upcoming dividend of ₩800 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 17 April 2026. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Buy Or Sell Opportunity • Dec 18
Now 21% undervalued Over the last 90 days, the stock has risen 102% to ₩56,000. The fair value is estimated to be ₩70,587, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 57%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 220% in the next 2 years. Price Target Changed • Nov 22
Price target increased by 20% to ₩53,938 Up from ₩44,938, the current price target is an average from 8 analysts. New target price is 12% above last closing price of ₩48,150. Stock is up 106% over the past year. The company is forecast to post earnings per share of ₩2,109 for next year compared to ₩3,453 last year. Declared Dividend • Nov 08
Dividend of ₩800 announced Dividend of ₩800 is the same as last year. Ex-date: 29th December 2025 Payment date: 17th April 2026 Dividend yield will be 1.5%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 269% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
HAESUNG DS Co., Ltd. announces Annual dividend, payable on April 17, 2026 HAESUNG DS Co., Ltd. announced Annual dividend of KRW 800.0000 per share payable on April 17, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩47,200, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩65,676 per share. Price Target Changed • Oct 25
Price target increased by 8.6% to ₩36,438 Up from ₩33,563, the current price target is an average from 8 analysts. New target price is 19% below last closing price of ₩44,950. Stock is up 68% over the past year. The company is forecast to post earnings per share of ₩1,622 for next year compared to ₩3,453 last year. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩39,300, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Semiconductor industry in South Korea. Total loss to shareholders of 2.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩64,609 per share. Price Target Changed • Oct 02
Price target increased by 7.2% to ₩35,563 Up from ₩33,188, the current price target is an average from 8 analysts. New target price is 9.3% below last closing price of ₩39,200. Stock is up 33% over the past year. The company is forecast to post earnings per share of ₩1,622 for next year compared to ₩3,453 last year. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩29,950, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 28% over the past three years. Announcement • Aug 13
HAESUNG DS Co., Ltd. to Report Q2, 2025 Results on Aug 18, 2025 HAESUNG DS Co., Ltd. announced that they will report Q2, 2025 results on Aug 18, 2025 Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩21,550, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 65% over the past three years. Price Target Changed • Jun 06
Price target decreased by 9.9% to ₩31,688 Down from ₩35,188, the current price target is an average from 8 analysts. New target price is 64% above last closing price of ₩19,310. Stock is down 59% over the past year. The company is forecast to post earnings per share of ₩1,934 for next year compared to ₩3,453 last year. New Risk • May 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.8% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.8% net profit margin). Major Estimate Revision • May 03
Consensus EPS estimates fall by 48% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩645.5m to ₩602.9m. EPS estimate also fell from ₩3,427 per share to ₩1,784 per share. Net income forecast to shrink 48% next year vs 21% growth forecast for Semiconductor industry in South Korea . Consensus price target down from ₩35,188 to ₩33,688. Share price fell 8.8% to ₩22,200 over the past week. Price Target Changed • Apr 15
Price target decreased by 9.9% to ₩35,188 Down from ₩39,063, the current price target is an average from 8 analysts. New target price is 47% above last closing price of ₩24,000. Stock is down 51% over the past year. The company is forecast to post earnings per share of ₩3,427 for next year compared to ₩3,453 last year. Board Change • Apr 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Yo Hwan Koh was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩22,050, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 56% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₩3,453 (down from ₩4,966 in FY 2023). Revenue: ₩603.0b (down 10% from FY 2023). Net income: ₩58.7b (down 31% from FY 2023). Profit margin: 9.7% (down from 13% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 18% per year. New Risk • Mar 12
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 8.8% 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 (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.8% average weekly change). Announcement • Feb 25
HAESUNG DS Co., Ltd., Annual General Meeting, Mar 24, 2025 HAESUNG DS Co., Ltd., Annual General Meeting, Mar 24, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 726, ungnam-ro, seongsan-gu, gyeongsangnam-do, changwon South Korea Announcement • Feb 18
HAESUNG DS Co., Ltd. to Report Q4, 2024 Results on Feb 18, 2025 HAESUNG DS Co., Ltd. announced that they will report Q4, 2024 results on Feb 18, 2025 Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩30,050, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 35% over the past three years. Major Estimate Revision • Feb 04
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩690.0m to ₩619.8m. EPS estimate fell from ₩3,982 to ₩3,011 per share. Net income forecast to shrink 1.4% next year vs 67% growth forecast for Semiconductor industry in South Korea . Consensus price target of ₩41,125 unchanged from last update. Share price fell 12% to ₩23,250 over the past week. Upcoming Dividend • Dec 20
Upcoming dividend of ₩900 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩23,400, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total loss to shareholders of 46% over the past three years. Price Target Changed • Dec 11
Price target decreased by 15% to ₩43,000 Down from ₩50,667, the current price target is an average from 8 analysts. New target price is 93% above last closing price of ₩22,300. Stock is down 59% over the past year. The company is forecast to post earnings per share of ₩3,283 for next year compared to ₩4,966 last year. Major Estimate Revision • Dec 04
Consensus EPS estimates increase by 26% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩3,186 to ₩4,007. Revenue forecast steady at ₩613.0m. Net income forecast to grow 44% next year vs 67% growth forecast for Semiconductor industry in South Korea. Consensus price target reaffirmed at ₩50,667. Share price fell 3.4% to ₩21,500 over the past week. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩351 (vs ₩1,010 in 3Q 2023) Third quarter 2024 results: EPS: ₩351 (down from ₩1,010 in 3Q 2023). Revenue: ₩149.4b (down 3.9% from 3Q 2023). Net income: ₩5.96b (down 65% from 3Q 2023). Profit margin: 4.0% (down from 11% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩22,850, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 51% over the past three years. Price Target Changed • Oct 31
Price target decreased by 8.0% to ₩53,444 Down from ₩58,111, the current price target is an average from 9 analysts. New target price is 99% above last closing price of ₩26,800. Stock is down 42% over the past year. The company is forecast to post earnings per share of ₩3,952 for next year compared to ₩4,966 last year. Announcement • Oct 30
HAESUNG DS Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 HAESUNG DS Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩1,235 (vs ₩1,730 in 2Q 2023) Second quarter 2024 results: EPS: ₩1,235 (down from ₩1,730 in 2Q 2023). Revenue: ₩153.5b (down 14% from 2Q 2023). Net income: ₩21.0b (down 29% from 2Q 2023). Profit margin: 14% (down from 16% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 09
Price target decreased by 8.6% to ₩58,111 Down from ₩63,556, the current price target is an average from 9 analysts. New target price is 105% above last closing price of ₩28,350. Stock is down 55% over the past year. The company is forecast to post earnings per share of ₩4,382 for next year compared to ₩4,966 last year. Price Target Changed • Aug 06
Price target decreased by 7.8% to ₩60,222 Down from ₩65,333, the current price target is an average from 9 analysts. New target price is 111% above last closing price of ₩28,600. Stock is down 58% over the past year. The company is forecast to post earnings per share of ₩4,484 for next year compared to ₩4,966 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩28,050, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩13,227 per share. Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩714.5m to ₩653.7m. EPS estimate also fell from ₩5,290 per share to ₩4,566 per share. Net income forecast to grow 12% next year vs 71% growth forecast for Semiconductor industry in South Korea. Consensus price target down from ₩66,778 to ₩63,556. Share price fell 11% to ₩36,200 over the past week. Reported Earnings • Mar 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₩4,966 (down from ₩9,376 in FY 2022). Revenue: ₩672.2b (down 20% from FY 2022). Net income: ₩84.4b (down 47% from FY 2022). Profit margin: 13% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
HAESUNG DS Co., Ltd., Annual General Meeting, Mar 22, 2024 HAESUNG DS Co., Ltd., Annual General Meeting, Mar 22, 2024, at 09:01 Korea Standard Time. Location: HAESUNG DS Co.,Ltd. Iris Hall on the 2nd floor of the welfare center 726 Ungnam-ro, Seongsan-gu, Changwon-si Gyeongsangnam-do South Korea Agenda: To consider audit report; to consider business report; to consider internal accounting management system operation status report; to consider appointment of external auditors; to consider approval of the 10th financial statement and consolidated financial statement; to consider appointment of directors; to consider approval of the cap on directors compensation; and to consider other issues. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩787.5m to ₩750.3m. EPS estimate also fell from ₩6,420 per share to ₩5,622 per share. Net income forecast to shrink 0.8% next year vs 68% growth forecast for Semiconductor industry in South Korea . Consensus price target of ₩69,625 unchanged from last update. Share price was steady at ₩49,850 over the past week. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩61,200, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩36,739 per share. Upcoming Dividend • Dec 20
Upcoming dividend of ₩900 per share at 1.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). New Risk • Nov 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (13% net profit margin). Price Target Changed • Nov 01
Price target decreased by 10.0% to ₩69,333 Down from ₩77,000, the current price target is an average from 9 analysts. New target price is 59% above last closing price of ₩43,650. Stock is up 17% over the past year. The company is forecast to post earnings per share of ₩5,458 for next year compared to ₩9,376 last year. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩748.7m to ₩695.0m. EPS estimate also fell from ₩6,436 per share to ₩5,458 per share. Net income forecast to shrink 15% next year vs 30% growth forecast for Semiconductor industry in South Korea . Consensus price target down from ₩77,000 to ₩73,667. Share price fell 11% to ₩43,550 over the past week. Buying Opportunity • Sep 18
Now 24% undervalued Over the last 90 days, the stock is up 9.2%. The fair value is estimated to be ₩82,597, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 59%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 13% in the next 2 years. Buying Opportunity • Aug 25
Now 22% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be ₩81,870, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 59%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 13% in the next 2 years. Buying Opportunity • Aug 10
Now 22% undervalued Over the last 90 days, the stock is up 44%. The fair value is estimated to be ₩82,167, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 67%. Revenue is forecast to grow by 6.9% in 2 years. Earnings is forecast to decline by 3.7% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩71,500, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 313% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩76,253 per share. Price Target Changed • Jul 15
Price target increased by 7.7% to ₩63,250 Up from ₩58,750, the current price target is an average from 4 analysts. New target price is 7.3% below last closing price of ₩68,200. Stock is up 14% over the past year. The company is forecast to post earnings per share of ₩6,247 for next year compared to ₩9,376 last year. Reported Earnings • Mar 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₩9,376 (up from ₩4,192 in FY 2021). Revenue: ₩839.4b (up 28% from FY 2021). Net income: ₩159.4b (up 124% from FY 2021). Profit margin: 19% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 7.6%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩48,300, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 213% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩76,320 per share. Price Target Changed • Dec 29
Price target decreased to ₩74,971 Down from ₩82,214, the current price target is an average from 7 analysts. New target price is 109% above last closing price of ₩35,850. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₩10,147 for next year compared to ₩4,192 last year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 26 April 2023. Payout ratio is a comfortable 6.3% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Price Target Changed • Oct 17
Price target decreased to ₩86,071 Down from ₩94,286, the current price target is an average from 7 analysts. New target price is 113% above last closing price of ₩40,400. Stock is down 12% over the past year. The company is forecast to post earnings per share of ₩10,028 for next year compared to ₩4,192 last year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩44,850, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Semiconductor industry in South Korea. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩48,150, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Semiconductor industry in South Korea. Total returns to shareholders of 296% over the past three years. Price Target Changed • Apr 27
Price target increased to ₩87,333 Up from ₩70,000, the current price target is an average from 3 analysts. New target price is 20% above last closing price of ₩72,900. Stock is up 110% over the past year. The company is forecast to post earnings per share of ₩9,196 for next year compared to ₩4,192 last year. Price Target Changed • Apr 19
Price target increased to ₩75,667 Up from ₩70,000, the current price target is an average from 3 analysts. New target price is 17% above last closing price of ₩64,900. Stock is up 78% over the past year. The company is forecast to post earnings per share of ₩5,071 for next year compared to ₩4,192 last year. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 25% share price gain to ₩64,000, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 354% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩36,585 per share. Reported Earnings • Mar 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₩4,192 (up from ₩1,764 in FY 2020). Revenue: ₩655.4b (up 43% from FY 2020). Net income: ₩71.3b (up 138% from FY 2020). Profit margin: 11% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Over the next year, revenue is forecast to grow 19%, compared to a 25% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 22 April 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). 
