New Risk • May 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩148.7b (US$98.9m) 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 Risk Earnings have declined by 33% per year over the past 5 years. 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 (₩148.7b market cap, or US$98.9m). Reported Earnings • Apr 04
Full year 2025 earnings released: ₩1,432 loss per share (vs ₩691 loss in FY 2024) Full year 2025 results: ₩1,432 loss per share (further deteriorated from ₩691 loss in FY 2024). Revenue: ₩155.5b (up 42% from FY 2024). Net loss: ₩31.9b (loss widened 96% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Annonce • Mar 24
DMS Co.,Ltd. (KOSDAQ:A068790) announces an Equity Buyback for KRW 3,000 million worth of its shares. DMS Co.,Ltd. (KOSDAQ:A068790) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares.. The purpose of the share repurchase program is shareholder return. The share repurchase program will continue until June 24, 2026. The repurchased shares will be cancelled. As of March 23, 2026, the company had no shares in treasury within scope available for dividend and had 0 shares in treasury through other repurchase. Annonce • Mar 17
DMS Co.,Ltd., Annual General Meeting, Mar 31, 2026 DMS Co.,Ltd., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 120, heungdeokjungang-ro, giheung-gu, gyeonggi-do, yongin South Korea Board Change • Mar 09
Less than half of directors are independent 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. 2 independent directors (3 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: Minority of independent directors. Insufficient board refreshment. Annonce • Jun 18
Vienna Investment Holdings agreed to acquire 34.76% stake in VIOL Co., Ltd. (KOSDAQ:A335890) from DMS Co.,Ltd. (KOSDAQ:A068790) for approximately KRW 250 billion. Vienna Investment Holdings agreed to acquire 34.76% stake in VIOL Co., Ltd. (KOSDAQ:A335890) from DMS Co.,Ltd. (KOSDAQ:A068790) for approximately KRW 250 billion on June 17, 2025. As part of the consideration, Vienna Investment Holdings shall issue 40.54 million shares to DMS Co.,Ltd. and pay KRW 51.12 billion as part of cash consideration. A total of KRW 253.8 billion is paid towards common equity of VIOL Co., Ltd. The expected completion of the transaction is September 17, 2025. Annonce • Mar 18
DMS Co.,Ltd., Annual General Meeting, Mar 31, 2025 DMS Co.,Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 120, heungdeokjungang-ro, giheung-gu, gyeonggi-do, yongin South Korea Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩5,860, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 5.5% over the past three years. New Risk • Nov 12
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: 4.7% Last year net profit margin: 7.0% 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 Earnings have declined by 7.7% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (₩117.6b market cap, or US$83.6m). Buy Or Sell Opportunity • Nov 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₩5,000. The fair value is estimated to be ₩6,337, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has declined by 34%. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 1.3% 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 Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,750, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 43% over the past three years. New Risk • Jul 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.6b (US$99.2m) 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 Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩137.6b market cap, or US$99.2m). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₩829 (vs ₩1,053 in FY 2022) Full year 2023 results: EPS: ₩829 (down from ₩1,053 in FY 2022). Revenue: ₩164.5b (down 48% from FY 2022). Net income: ₩20.3b (down 21% from FY 2022). Profit margin: 12% (up from 8.1% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 32% 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 30% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩125 per share at 1.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: ₩380 (vs ₩481 in 3Q 2022) Third quarter 2023 results: EPS: ₩380 (down from ₩481 in 3Q 2022). Revenue: ₩45.7b (down 54% from 3Q 2022). Net income: ₩9.29b (down 21% from 3Q 2022). Profit margin: 20% (up from 12% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% 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. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ₩183 (vs ₩400 in 2Q 2022) Second quarter 2023 results: EPS: ₩183 (down from ₩400 in 2Q 2022). Revenue: ₩42.1b (down 46% from 2Q 2022). Net income: ₩4.46b (down 54% from 2Q 2022). Profit margin: 11% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 13% per year. New Risk • Jul 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩124.6b (US$98.1m) 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: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.5% net profit margin). Market cap is less than US$100m (₩124.6b market cap, or US$98.1m). Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₩255 (vs ₩390 in 1Q 2022) First quarter 2023 results: EPS: ₩255 (down from ₩390 in 1Q 2022). Revenue: ₩40.6b (down 30% from 1Q 2022). Net income: ₩6.23b (down 35% from 1Q 2022). Profit margin: 15% (down from 17% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: ₩1,053 (vs ₩1,354 in FY 2021) Full year 2022 results: EPS: ₩1,053 (down from ₩1,354 in FY 2021). Revenue: ₩317.0b (up 41% from FY 2021). Net income: ₩25.7b (down 22% from FY 2021). Profit margin: 8.1% (down from 15% 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 12% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of 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: 07 April 2023. Payout ratio is a comfortable 7.0% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₩6,170, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 21% over the past three years. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ₩481 (vs ₩463 in 3Q 2021) Third quarter 2022 results: EPS: ₩481 (up from ₩463 in 3Q 2021). Revenue: ₩99.2b (up 67% from 3Q 2021). Net income: ₩11.8b (up 3.8% from 3Q 2021). Profit margin: 12% (down from 19% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,505, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total loss to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,050, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 7.9% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. Payout ratio is a comfortable 4.8% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Reported Earnings • Aug 23
Second quarter 2021 earnings released: EPS ₩420 (vs ₩66.00 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₩61.8b (up 3.9% from 2Q 2020). Net income: ₩10.3b (up ₩8.80b from 2Q 2020). Profit margin: 17% (up from 2.4% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 04
New 90-day low: ₩8,250 The company is down 3.0% from its price of ₩8,520 on 04 December 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 25% over the same period. Annonce • Feb 26
DMS Co.,Ltd., Annual General Meeting, Mar 26, 2021 DMS Co.,Ltd., Annual General Meeting, Mar 26, 2021, at 10:30 Korea Standard Time. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩75.00 Per Share Will be paid on the 13th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (0.8%).