Annonce • Mar 13
AJUSTEEL Co.,Ltd, Annual General Meeting, Mar 26, 2026 AJUSTEEL Co.,Ltd, Annual General Meeting, Mar 26, 2026, at 11:00 Tokyo Standard Time. Location: conference room, 321, 4gongdan-ro, gyeongsangbuk-do, gumi South Korea Annonce • Jan 27
AJUSTEEL Co.,Ltd announced that it expects to receive KRW 2.89154715 billion in funding AJUSTEEL Co.,Ltd announced a private placement of series 20 unsecured private equity convertible bonds with bearer rights for a gross proceeds of KRW 2,891,547,150 on January 26, 2026. The transaction will include participation from new investors Solon New Technology Association No. 20 for KRW 1,491,547,150; Hancom Value Investment Co., Ltd. for KRW 500,000,000; Nextera Investment Trust Co., Ltd. for KRW 100,000,000; Nine Tree Investment Trust Co., Ltd. for KRW 100,000,000; Seoul Asset Mezzanine KOSDAQ Venture General Private Equity Trust No. 2 for KRW 200,000,000; Fine Value KOSDAQ Venture M Plus No. 1 General Private Equity Investment Trust for KRW 500,000,000. The bonds will mature on February 6, 2031. The bonds will be 100% converted into 877,820 common shares at a fixed conversion price of KRW 3,294 per share for an equity stake of 2.27%. The conversion period is from February 13, 2026 to January 6, 2031. The payment date of the transaction is February 6, 2026. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩126 (vs ₩694 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩126 (up from ₩694 loss in 3Q 2024). Revenue: ₩248.1b (up 9.7% from 3Q 2024). Net income: ₩4.77b (up ₩23.1b from 3Q 2024). Profit margin: 1.9% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. New Risk • Sep 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.8b (US$99.0m) 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 Less than 1 year of cash runway based on free cash flow trend (-₩83b free cash flow). Earnings have declined by 83% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩139.8b market cap, or US$99.0m). New Risk • May 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩92b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩92b free cash flow). Earnings have declined by 85% per year over the past 5 years. Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). New Risk • Apr 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 47% This is considered a major 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 Risks Earnings have declined by 74% per year over the past 5 years. Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Annonce • Mar 14
AJUSTEEL Co.,Ltd, Annual General Meeting, Mar 31, 2025 AJUSTEEL Co.,Ltd, Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 321, 4gongdan-ro, gyeongsangbuk-do, gumi South Korea Annonce • Jan 09
Dongkuk CM Co., Ltd. (KOSE:A460850) acquired an additional 41.33% stake in AJUSTEEL Co.,Ltd (KOSE:A139990) from Lee Hak-yeon, Yoon Mi-sook and others. Dongkuk CM Co., Ltd. (KOSE:A460850) acquired an additional 41.33% stake in AJUSTEEL Co.,Ltd (KOSE:A139990) from Lee Hak-yeon, Yoon Mi-sook and others on January 7, 2025. A cash consideration will be paid by Dongkuk CM Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of AJUSTEEL Co.,Ltd.
Dongkuk CM Co., Ltd. (KOSE:A460850) completed the acquisition of an additional 41.33% stake in AJUSTEEL Co.,Ltd (KOSE:A139990) from Lee Hak-yeon, Yoon Mi-sook and others on January 7, 2025. Annonce • Dec 13
AJUSTEEL Co.,Ltd announced that it has received KRW 30 billion in funding from Dongkuk CM Co., Ltd. On December 11, 2024, AJUSTEEL Co.,Ltd closed the transaction. New Risk • Oct 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩136.0b (US$100.0m) 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings have declined by 69% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩136.0b market cap, or US$100.0m). 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. This is currently the only risk that has been identified for the company. New Risk • Sep 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.1b (US$99.5m) 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings have declined by 69% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩133.1b market cap, or US$99.5m). Annonce • Aug 28
AJUSTEEL Co.,Ltd (KOSE:A139990) completed the acquisition of remaining 12.7% stake in AJU MCM Tec. Co., Ltd. AJUSTEEL Co.,Ltd (KOSE:A139990) agreed to acquire remaining 12.7% stake in AJU MCM Tec. Co., Ltd. for KRW 630 million on June 14, 2024. The consideration will be paid at an exchange ratio of 0.0305776.
The expected agreement signing date is June 24, 2024, and completion of the transaction is August 26, 2024.
AJUSTEEL Co.,Ltd (KOSE:A139990) completed the acquisition of remaining 12.7% stake in AJU MCM Tec. Co., Ltd. on August 26, 2024. Annonce • Aug 07
AJUSTEEL Co.,Ltd announced that it expects to receive KRW 50.000002 billion in funding from Dongkuk CM Co., Ltd. AJUSTEEL Co.,Ltd announced placement to issue 8,620,690 common shares at an issue price of KRW 5,800 per share for the gross proceeds of KRW 50,000,002,000 on August 6, 2024. The transaction will include participation from new investor Dongkuk CM Co., Ltd. for 8,620,690 shares. The transaction has been approved by shareholders, restricted to a hold period and is expected to close on December 27, 2024. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings have declined by 69% 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 69% per year over the past 5 years. Annonce • Apr 10
AJUSTEEL Co.,Ltd announced that it has received KRW 18.3 billion in funding from Synergy Mezzanine Blind No. 10 New Technology Business Fund, Sangsangin Investment & Securities Co.,Ltd., Momens Solution Co. Ltd and other investors On April 9, 2024, AJUSTEEL Co.,Ltd closed the transaction. Annonce • Mar 16
AJUSTEEL Co.,Ltd, Annual General Meeting, Mar 28, 2024 AJUSTEEL Co.,Ltd, Annual General Meeting, Mar 28, 2024, at 09:01 Korea Standard Time. Location: 321, 4gongdan-ro, , Gyeongsangbuk-do, Office Budiling at 3F of Aju Steel Headquarters Gumi-si South Korea Agenda: To consider the Audit report; to consider the Operating report; to consider the Report on the operating status of the internal accounting control system; to consider the Approval of the 25th 2023 financial statement non-consolidated/consolidated; and to discuss other matters. Annonce • Nov 19
AJUSTEEL Co.,Ltd to Report Q3, 2022 Results on Nov 29, 2022 AJUSTEEL Co.,Ltd announced that they will report Q3, 2022 results on Nov 29, 2022 Annonce • Aug 18
AJUSTEEL Co.,Ltd to Report Q2, 2022 Results on Aug 18, 2022 AJUSTEEL Co.,Ltd announced that they will report Q2, 2022 results on Aug 18, 2022 Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩11,650, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 6x in the Metals and Mining industry in South Korea. Buying Opportunity • Feb 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.4%. The fair value is estimated to be ₩20,195, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jan 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₩20,455, however this is not to be taken as a buy recommendation but rather should be used as a guide only.