Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩78,300, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 195% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩77,800, 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 230% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩137,173 per share. Major Estimate Revision • Apr 22
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩275.7m to ₩278.8m. EPS estimate increased from ₩5,065 to ₩5,642 per share. Net income forecast to grow 30% next year vs 78% growth forecast for Semiconductor industry in South Korea. Consensus price target of ₩48,000 unchanged from last update. Share price rose 16% to ₩74,400 over the past week. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩59,400, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 126% over the past three years. New Risk • Mar 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Annonce • Mar 07
Protec Co., Ltd., Annual General Meeting, Mar 27, 2026 Protec Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 11-14, simin-daero 327beon-gil, dongan-gu, gyeonggi-do, anyang South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩46,000, 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 84% over the past three years. New Risk • Jan 30
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 9.6% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ₩51,000, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 127% over the past three years. Major Estimate Revision • Jan 28
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩190.2m to ₩199.5m. EPS estimate increased from ₩2,544 to ₩2,984 per share. Net income forecast to shrink 8.3% next year vs 53% growth forecast for Semiconductor industry in South Korea . Consensus price target up from ₩39,000 to ₩48,000. Share price rose 12% to ₩40,000 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩1,524 (vs ₩220 in 3Q 2024) Third quarter 2025 results: EPS: ₩1,524 (up from ₩220 in 3Q 2024). Revenue: ₩51.0b (up 18% from 3Q 2024). Net income: ₩13.7b (up ₩11.7b from 3Q 2024). Profit margin: 27% (up from 4.6% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 4.3% 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 15% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩35,800, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩56,353 per share. Declared Dividend • Nov 08
Dividend of ₩400 announced Dividend of ₩400 is the same as last year. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 1.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Nov 07
Protec Co., Ltd. announces Annual dividend, payable on March 31, 2026 Protec Co., Ltd. announced Annual dividend of KRW 400.0000 per share payable on March 31, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • Oct 14
Now 21% undervalued Over the last 90 days, the stock has risen 15% to ₩32,200. The fair value is estimated to be ₩40,679, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 8.1% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 20
First quarter 2025 earnings released: EPS: ₩527 (vs ₩73.00 loss in 1Q 2024) First quarter 2025 results: EPS: ₩527 (up from ₩73.00 loss in 1Q 2024). Revenue: ₩30.4b (up 20% from 1Q 2024). Net income: ₩4.75b (up ₩5.40b from 1Q 2024). Profit margin: 16% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩25,400, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 8.7% over the past three years. Annonce • Feb 28
Protec Co., Ltd., Annual General Meeting, Mar 28, 2025 Protec Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 11-14, simin-daero 327beon-gil, dongan-gu, gyeonggi-do, anyang South Korea Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩23,950, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 26% over the past three years. Major Estimate Revision • Jan 18
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩190.0m to ₩180.0m. EPS estimate also fell from ₩3,034 per share to ₩2,029 per share. Net income forecast to grow 34% next year vs 67% growth forecast for Semiconductor industry in South Korea. Consensus price target of ₩38,000 unchanged from last update. Share price rose 7.6% to ₩26,850 over the past week. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩25,700, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 9.8% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.8%). 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 Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩220 (vs ₩394 in 3Q 2023) Third quarter 2024 results: EPS: ₩220 (down from ₩394 in 3Q 2023). Revenue: ₩43.1b (up 21% from 3Q 2023). Net income: ₩1.98b (down 44% from 3Q 2023). Profit margin: 4.6% (down from 9.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% 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 32% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩28,150, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 11% over the past three years. Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩209.0m to ₩190.0m. EPS estimate also fell from ₩3,588 per share to ₩3,034 per share. Net income forecast to grow 56% next year vs 62% growth forecast for Semiconductor industry in South Korea. Consensus price target of ₩38,000 unchanged from last update. Share price rose 3.1% to ₩32,800 over the past week. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩28,500, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩24,150, 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 17% over the past three years. Major Estimate Revision • Aug 17
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ₩185.0m to ₩209.0m. EPS estimate increased from ₩2,135 to ₩3,588 per share. Net income forecast to grow 141% next year vs 74% growth forecast for Semiconductor industry in South Korea. Consensus price target of ₩38,000 unchanged from last update. Share price rose 20% to ₩30,400 over the past week. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩21,750, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 18% over the past three years. Buy Or Sell Opportunity • Apr 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₩39,950. The fair value is estimated to be ₩51,821, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 69% in 2 years. Earnings are forecast to grow by 136% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩42,700, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩51,634 per share. Reported Earnings • Mar 23
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₩2,290 (down from ₩4,484 in FY 2022). Revenue: ₩156.1b (down 22% from FY 2022). Net income: ₩20.6b (down 51% from FY 2022). Profit margin: 13% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates by 6.5%. Revenue is forecast to grow 25% p.a. on average during the next 2 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 1% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 1.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩50,300, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩42,700, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩46,700, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩48,600, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 145% over the past three years. New Risk • Jun 08
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 11% 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 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 (11% average weekly change). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩35,100, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 160% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩26,200, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 91% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩4,626 (vs ₩4,829 in FY 2021) Full year 2022 results: EPS: ₩4,626 (down from ₩4,829 in FY 2021). Revenue: ₩198.8b (up 14% from FY 2021). Net income: ₩43.5b (down 7.7% from FY 2021). Profit margin: 22% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩28,000, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 10x in the Semiconductor industry in South Korea. Total returns to shareholders of 56% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. Payout ratio is a comfortable 7.5% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.8%). Price Target Changed • Nov 16
Price target increased to ₩57,000 Up from ₩22,500, the current price target is provided by 1 analyst. New target price is 134% above last closing price of ₩24,350. Stock is down 6.0% over the past year. The company is forecast to post earnings per share of ₩4,439 for next year compared to ₩4,829 last year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 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 ₩23,700, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 27% over the past three years. Price Target Changed • May 06
Price target increased to ₩57,000 Up from ₩22,500, the current price target is provided by 1 analyst. New target price is 98% above last closing price of ₩28,850. Stock is up 2.5% over the past year. The company is forecast to post earnings per share of ₩4,759 for next year compared to ₩4,829 last year. Board Change • May 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to ₩30,700, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 35% share price gain to ₩32,650, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 144% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 7.0% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 15% share price gain to ₩26,850, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 160% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 37% share price gain to ₩36,800, the stock is trading at a trailing P/E ratio of 42.6x, up from the previous P/E ratio of 31x. This compares to an average P/E of 21x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 106%. Is New 90 Day High Low • Jan 26
New 90-day high: ₩34,800 The company is up 35% from its price of ₩25,850 on 28 October 2020. The South Korean market is up 36% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 55% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩400 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 29th of December. The trailing yield of 1.5% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.8%).