New Risk • Jun 08
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • May 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risks Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩13,450, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 30x in the Electrical industry in South Korea. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩13,600, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 33x in the Electrical industry in South Korea. Total returns to shareholders of 7.5% over the past three years. Major Estimate Revision • Mar 26
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ₩1,279 to ₩1,492. Revenue forecast steady at ₩904.1m. Net income forecast to grow 65% next year vs 37% growth forecast for Electrical industry in South Korea. Consensus price target up from ₩13,000 to ₩18,000. Share price rose 9.5% to ₩10,840 over the past week. Reported Earnings • Mar 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₩1,056 (up from ₩26.18 in FY 2024). Revenue: ₩753.2b (up 36% from FY 2024). Net income: ₩26.7b (up 474% from FY 2024). Profit margin: 3.5% (up from 0.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 53%. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Annonce • Feb 26
Elentec Co., Ltd., Annual General Meeting, Mar 24, 2026 Elentec Co., Ltd., Annual General Meeting, Mar 24, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 64-3, dongtangiheung-ro, gyeonggi-do, hwaseong South Korea New Risk • Feb 24
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 10% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,420, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 26x in the Electrical industry in South Korea. Total loss to shareholders of 7.8% over the past three years. New Risk • Jan 19
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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩10,200, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 24x in the Electrical industry in South Korea. Total loss to shareholders of 23% over the past three years. Major Estimate Revision • Jan 15
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩727.1m to ₩736.8m. EPS estimate increased from ₩479 to ₩606 per share. Net income forecast to grow 4.5% next year vs 44% growth forecast for Electrical industry in South Korea. Consensus price target of ₩13,000 unchanged from last update. Share price rose 11% to ₩8,740 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is a comfortable 6.4% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.6%). New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩461 (vs ₩242 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩461 (up from ₩242 loss in 3Q 2024). Revenue: ₩225.6b (up 57% from 3Q 2024). Net income: ₩11.5b (up ₩17.5b from 3Q 2024). Profit margin: 5.1% (up from net loss in 3Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Declared Dividend • Nov 08
Dividend of ₩80.00 announced Dividend of ₩80.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 0.9%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is covered by earnings (15% 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 decreased over the past 66 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 57% over the next year, which should provide support to the dividend and adequate earnings cover. Annonce • Nov 07
Elentec Co., Ltd. announces Annual dividend, payable on April 13, 2026 Elentec Co., Ltd. announced Annual dividend of KRW 80.0000 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩9,190, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 27x in the Electrical industry in South Korea. Total loss to shareholders of 18% over the past three years. New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). High level of non-cash earnings (69% accrual ratio). Buy Or Sell Opportunity • Jul 21
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 55% to ₩7,340. The fair value is estimated to be ₩6,016, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩26.18 (vs ₩835 in FY 2023) Full year 2024 results: EPS: ₩26.18 (down from ₩835 in FY 2023). Revenue: ₩556.0b (down 26% from FY 2023). Net income: ₩4.64b (down 78% from FY 2023). Profit margin: 0.8% (down from 2.8% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Annonce • Feb 27
Elentec Co., Ltd., Annual General Meeting, Mar 26, 2025 Elentec Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 64-3, dongtangiheung-ro, gyeonggi-do, hwaseong South Korea New Risk • Dec 09
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩109.3b market cap, or US$76.8m). New Risk • Oct 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.1b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (₩137.1b market cap, or US$99.6m). New Risk • Aug 05
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 Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩6,020, the stock trades at a trailing P/E ratio of 55.7x. Average trailing P/E is 22x in the Electrical industry in South Korea. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩8,250, the stock trades at a trailing P/E ratio of 76.4x. Average trailing P/E is 29x in the Electrical industry in South Korea. Total returns to shareholders of 11% over the past three years. New Risk • Jun 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩835 (vs ₩2,243 in FY 2022) Full year 2023 results: EPS: ₩835 (down from ₩2,243 in FY 2022). Revenue: ₩751.2b (down 25% from FY 2022). Net income: ₩21.2b (down 63% from FY 2022). Profit margin: 2.8% (down from 5.6% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share at 1.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.3%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩244 (vs ₩784 in 3Q 2022) Third quarter 2023 results: EPS: ₩244 (down from ₩784 in 3Q 2022). Revenue: ₩203.2b (down 13% from 3Q 2022). Net income: ₩6.08b (down 69% from 3Q 2022). Profit margin: 3.0% (down from 8.3% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Oct 27
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: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). New Risk • Aug 30
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: 3.1% Last year net profit margin: 7.3% 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 High level of debt (45% net debt to equity). 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 (3.1% net profit margin). Major Estimate Revision • Mar 29
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩1.09b to ₩1.05b. EPS estimate also fell from ₩2,806 per share to ₩2,240 per share. Net income forecast to grow 16% next year vs 61% growth forecast for Electrical industry in South Korea. Consensus price target of ₩21,000 unchanged from last update. Share price was steady at ₩15,040 over the past week. Reported Earnings • Mar 24
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₩2,243 (up from ₩1,568 in FY 2021). Revenue: ₩997.9b (up 31% from FY 2021). Net income: ₩56.4b (up 44% from FY 2021). Profit margin: 5.6% (up from 5.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Electrical industry in South Korea. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 3.4% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (0.9%). Price Target Changed • Nov 23
Price target decreased to ₩21,000 Down from ₩32,000, the current price target is provided by 1 analyst. New target price is 70% above last closing price of ₩12,350. Stock is down 2.4% over the past year. The company is forecast to post earnings per share of ₩2,631 for next year compared to ₩1,363 last year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩11,850, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Electrical industry in South Korea. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩14,950, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Electrical industry in South Korea. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩17,000, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Electrical industry in South Korea. Total returns to shareholders of 248% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₩21,500, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Electrical industry in South Korea. Total returns to shareholders of 295% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩19,500, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Electrical industry in South Korea. Total returns to shareholders of 167% over the past three years. Buying Opportunity • Apr 28
Now 21% undervalued Over the last 90 days, the stock is up 57%. The fair value is estimated to be ₩28,318, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings is also forecast to grow by 32% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 18% share price gain to ₩22,850, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Electrical industry in South Korea. Total returns to shareholders of 435% over the past three years. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₩15,450, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 19x in the Electrical industry in South Korea. Total returns to shareholders of 290% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 20% share price gain to ₩17,900, the stock trades at a trailing P/E ratio of 63.6x. Average trailing P/E is 20x in the Electrical industry in South Korea. Total returns to shareholders of 347% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₩12,600, the stock trades at a trailing P/E ratio of 44.8x. Average trailing P/E is 20x in the Electrical industry in South Korea. Total returns to shareholders of 270% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 19% share price gain to ₩13,350, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 19x in the Electrical industry in South Korea. Total returns to shareholders of 439% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 19% share price gain to ₩13,350, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 19x in the Electrical industry in South Korea. Total returns to shareholders of 439% over the past three years. Annonce • Aug 31
Elentec Co., Ltd. announced that it has received KRW 29.999998107 billion in funding On August 30, 2021, Elentec Co., Ltd. closed the transaction. Is New 90 Day High Low • Jan 07
New 90-day high: ₩9,420 The company is up 48% from its price of ₩6,350 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 18% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 14th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.3% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (1.2%). Is New 90 Day High Low • Dec 15
New 90-day high: ₩7,330 The company is up 24% from its price of ₩5,930 on 16 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: ₩6,740 The company is up 43% from its price of ₩4,715 on 28 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 20% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS ₩450 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₩210.6b (down 2.8% from 3Q 2019). Net income: ₩10.2b (down 26% from 3Q 2019). Profit margin: 4.8% (down from 6.3% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 07
New 90-day high: ₩6,350 The company is up 52% from its price of ₩4,190 on 09 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 44% over the same period.