Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩28,100, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 32x in the Semiconductor industry in South Korea. Total returns to shareholders of 238% over the past three years. New Risk • May 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 31% per year over the past 5 years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩19,870, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 31x in the Semiconductor industry in South Korea. Total returns to shareholders of 148% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩25,650, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 26x in the Semiconductor industry in South Korea. Total returns to shareholders of 48% over the past three years. New Risk • Apr 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 13% 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 31% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩20,650, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 18% over the past three years. Annonce • Mar 17
DEVICE CO.,Ltd, Annual General Meeting, Mar 31, 2026 DEVICE CO.,Ltd, Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 39, seongmun-gil, seonggeo-eup, seobuk-gu, chungcheongnam-do, cheonan South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩16,420, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 3.5% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩18,100, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 12% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 6.0% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩1,804 (vs ₩236 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩1,804 (up from ₩236 loss in 3Q 2024). Revenue: ₩39.2b (up ₩33.9b from 3Q 2024). Net income: ₩12.0b (up ₩13.6b from 3Q 2024). Profit margin: 31% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩14,150, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 21x in the Semiconductor industry in South Korea. Total loss to shareholders of 6.9% over the past three years. Declared Dividend • Nov 08
Dividend of ₩200 announced Dividend of ₩200 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 1.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 82% to shift the payout ratio to a potentially unsustainable range, which is more than the 22% EPS decline seen over the last 5 years. Annonce • Nov 07
DEVICE CO.,Ltd announces Annual dividend, payable on April 15, 2026 DEVICE CO.,Ltd announced Annual dividend of KRW 200.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • May 29
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 Risks Earnings have declined by 54% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩72.5b market cap, or US$52.5m). New Risk • Apr 04
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: 1.9% 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 Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩71.6b market cap, or US$49.8m). Annonce • Feb 27
Device ENG Co.,Ltd., Annual General Meeting, Mar 31, 2025 Device ENG Co.,Ltd., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 39, seongmun-gil, seonggeo-eup, seobuk-gu, chungcheongnam-do, cheonan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,570, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 16x in the Semiconductor industry in South Korea. Total loss to shareholders of 55% over the past three years. Annonce • Aug 20
Device ENG Co.,Ltd. (KOSDAQ:A187870) announces an Equity Buyback for KRW 2,000 million worth of its shares. Device ENG Co.,Ltd. (KOSDAQ:A187870) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of it shares pursuant to the contract with KB SECURITIES Co., Ltd. The purpose of the share repurchase is to stabilize the share price and enhance shareholder value. The program is valid till August 19, 2025. As of August 19, 2024, the company had 252,683 shares in treasury within the allowable range of acquisition and 778 shares under other acquisition. Buy Or Sell Opportunity • Jul 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.2% to ₩16,880. The fair value is estimated to be ₩13,957, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 39% over the last 3 years. Earnings per share has declined by 72%. Buy Or Sell Opportunity • Jun 17
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to ₩17,190. The fair value is estimated to be ₩13,962, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 39% over the last 3 years. Earnings per share has declined by 72%. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩1,058 (vs ₩1,560 in FY 2022) Full year 2023 results: EPS: ₩1,058 (down from ₩1,560 in FY 2022). Revenue: ₩57.2b (down 21% from FY 2022). Net income: ₩7.20b (down 33% from FY 2022). Profit margin: 13% (down from 15% in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 20
Upcoming dividend of ₩210 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 19 April 2024. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩14,220, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩18,650, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 10x in the Semiconductor industry in South Korea. Total returns to shareholders of 14% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩15,700, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 31% over the past three years. Annonce • May 03
DeviceENG.CO.,Ltd (KOSDAQ:A187870) announces an Equity Buyback for KRW 3,000 million worth of its shares. DeviceENG.CO.,Ltd (KOSDAQ:A187870) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of it shares pursuant to the contract with Samsung Securities Co., Ltd. The purpose of the share repurchase is to stabilize the share price and enhance shareholder value. The program is valid till May 1, 2023. As of May 1, 2022, the company had 87,045 shares in treasury within the allowable range of acquisition and 778 shares under other acquisition. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₩29,900, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 304% over the past three years. Is New 90 Day High Low • Mar 04
New 90-day low: ₩38,000 The company is down 4.0% from its price of ₩39,700 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
DeviceENG.CO.,Ltd, Annual General Meeting, Mar 29, 2021 DeviceENG.CO.,Ltd, Annual General Meeting, Mar 29, 2021, at 09:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩38,150, the stock is trading at a trailing P/E ratio of 8.3x, down from the previous P/E ratio of 9.8x. 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 257%. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 21% share price gain to ₩55,500, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 10x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 428%. Is New 90 Day High Low • Jan 04
New 90-day high: ₩55,500 The company is up 119% from its price of ₩25,400 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 Semiconductor industry, which is up 32% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ₩54,900 The company is up 119% from its price of ₩25,100 on 17 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 Semiconductor industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 23% share price gain to ₩49,200, the stock is trading at a trailing P/E ratio of 10.7x, up from the previous P/E ratio of 8.7x. This compares to an average P/E of 18x in the Semiconductor industry in South Korea. Total returns to shareholders over the past year are 332%. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 24% share price gain to ₩36,800, the stock is trading at a trailing P/E ratio of 8x, up from the previous P/E ratio of 6.4x. This compares to an average P/E of 21x in the Semiconductor industry in South Korea. Total returns to shareholders over the past year are 239%. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 18% share price gain to ₩29,050, the stock is trading at a trailing P/E ratio of 9x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past year are 155%. Is New 90 Day High Low • Nov 19
New 90-day high: ₩26,850 The company is up 9.0% from its price of ₩24,650 on 21 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 26% over the same period.