Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩8,770, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,320, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 25% over the past three years. New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 13% per year over the past 5 years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,810, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 48% over the past three years. Declared Dividend • Nov 08
Dividend of ₩50.00 announced Dividend of ₩50.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 3rd April 2026 Dividend yield will be 0.5%, which is lower than the industry average of 1.7%. Annonce • Nov 07
MNtech Co., Ltd. announces Annual dividend, payable on April 03, 2026 MNtech Co., Ltd. announced Annual dividend of KRW 50.0000 per share payable on April 03, 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 21% After last week's 21% share price gain to ₩12,500, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 13% 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 (47% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩11,480, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Chemicals industry in South Korea. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩12,520, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 55% over the past three years. New Risk • Jul 31
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 8.2% 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 Earnings have declined by 11% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩9,880, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩8,340, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 8.8% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: ₩782 (vs ₩45.00 loss in FY 2023) Full year 2024 results: EPS: ₩782 (up from ₩45.00 loss in FY 2023). Revenue: ₩622.3b (down 10% from FY 2023). Net income: ₩22.1b (up ₩23.3b from FY 2023). Profit margin: 3.5% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annonce • Feb 22
MNtech Co., Ltd., Annual General Meeting, Mar 20, 2025 MNtech Co., Ltd., Annual General Meeting, Mar 20, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 16, gwahaksaneop 1-ro, oksan-myeon, heungdeok-gu, chungcheongbuk-do, cheongju South Korea New Risk • Dec 07
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 Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risk Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩9,050, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 122% over the past three years. New Risk • Sep 17
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 Risk Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩10,050, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 127% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩375 (vs ₩27.00 loss in 2Q 2023) Second quarter 2024 results: EPS: ₩375 (up from ₩27.00 loss in 2Q 2023). Revenue: ₩158.6b (down 2.6% from 2Q 2023). Net income: ₩10.6b (up ₩11.4b from 2Q 2023). Profit margin: 6.7% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 139 percentage points per year, which is a significant difference in performance. New Risk • May 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Reported Earnings • Mar 16
Full year 2023 earnings released: ₩45.00 loss per share (vs ₩305 loss in FY 2022) Full year 2023 results: ₩45.00 loss per share (improved from ₩305 loss in FY 2022). Revenue: ₩694.0b (up 42% from FY 2022). Net loss: ₩1.21b (loss narrowed 85% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 166 percentage points per year, which is a significant difference in performance. New Risk • Feb 20
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 8.5% 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 Earnings have declined by 6.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Shareholders have been diluted in the past year (6.6% increase in shares outstanding). Upcoming Dividend • Dec 20
Upcoming dividend of ₩60.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 05 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.8%). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₩51.00 (vs ₩303 loss in 3Q 2022) Third quarter 2023 results: EPS: ₩51.00 (up from ₩303 loss in 3Q 2022). Revenue: ₩177.5b (up 37% from 3Q 2022). Net income: ₩1.41b (up ₩8.95b from 3Q 2022). Profit margin: 0.8% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 156 percentage points per year, which is a significant difference in performance. New Risk • Aug 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.9x 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 Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Reported Earnings • Mar 18
Full year 2022 earnings released: ₩305 loss per share (vs ₩913 profit in FY 2021) Full year 2022 results: ₩305 loss per share (down from ₩913 profit in FY 2021). Revenue: ₩490.3b (up 7.0% from FY 2021). Net loss: ₩7.90b (down 136% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 132% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 05 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 38% share price gain to ₩19,950, the stock trades at a trailing P/E ratio of 56.9x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 460% over the past three years. Annonce • Sep 30
MNtech Co., Ltd. announced that it expects to receive KRW 10 billion in funding from KB Securities Co., Ltd., ESOP, Samsung Securities Co. Ltd., ESOP MNtech Co., Ltd. announced a private placement of series 7 unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 10,000,000,000 on September 28, 2022. The transaction will include participation from KB Securities Co., Ltd., ESOP and Samsung Securities Co. Ltd., ESOP for KRW 5,000,000,000 each. The series 7 bonds will mature on September 30, 2027. The bonds are fully convertible into 562,904 common shares at a conversion price of KRW 17,765 per share and will be convertible between the period of October 30, 2022 and August 30, 2027. The subscription date and expected date of payment is September 30, 2022. The transaction has been approved by board of directors of the company. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₩12,250, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 288% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 29% share price gain to ₩13,250, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 328% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 21% share price gain to ₩11,300, the stock trades at a trailing P/E ratio of 32.2x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 273% 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 40% share price gain to ₩8,780, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 177% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩5,800, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 21% share price gain to ₩8,570, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₩7,740, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 21% share price gain to ₩8,100, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩7,600, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 108% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 33% share price gain to ₩8,330, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 17x in the Chemicals industry in South Korea. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 27% share price gain to ₩5,880, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 17x in the Chemicals industry in South Korea. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 17% share price gain to ₩4,795, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 17x in the Chemicals industry in South Korea. Total returns to shareholders of 37% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ₩303 (vs ₩386 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ₩117.7b (down 2.9% from 3Q 2020). Net income: ₩7.19b (down 2.1% from 3Q 2020). Profit margin: 6.1% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩337 (vs ₩94.00 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩117.4b (up 41% from 1Q 2020). Net income: ₩7.36b (up ₩9.17b from 1Q 2020). Profit margin: 6.3% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS ₩1,076 (vs ₩44.00 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩403.6b (up 38% from FY 2019). Net income: ₩21.4b (up ₩20.5b from FY 2019). Profit margin: 5.3% (up from 0.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annonce • Feb 22
MNtech Co., Ltd., Annual General Meeting, Mar 25, 2021 MNtech Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,520, the stock is trading at a trailing P/E ratio of 10.4x, up from the previous P/E ratio of 9x. This compares to an average P/E of 17x in the Chemicals industry in South Korea. Total return to shareholders over the past three years is a loss of 6.7%. Is New 90 Day High Low • Feb 15
New 90-day high: ₩4,520 The company is up 54% from its price of ₩2,935 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 31% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: ₩3,875 The company is up 50% from its price of ₩2,580 on 23 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 39% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,665, the stock is trading at a trailing P/E ratio of 8.4x, up from the previous P/E ratio of 7.2x. This compares to an average P/E of 16x in the Chemicals industry in South Korea. Total return to shareholders over the past three years is a loss of 29%. Is New 90 Day High Low • Jan 04
New 90-day high: ₩3,360 The company is up 23% from its price of ₩2,725 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: ₩3,220 The company is up 12% from its price of ₩2,875 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ₩3,035 The company is up 12% from its price of ₩2,710 on 21 August 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 14% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: ₩2,550 The company is down 25% from its price of ₩3,385 on 29 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 19% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩2,555 The company is down 27% from its price of ₩3,515 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 29% over the same period.