Valuation Update With 7 Day Price Move • 14h
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩78,600, the stock trades at a trailing P/E ratio of 70.5x. Average trailing P/E is 27x in the Semiconductor industry in South Korea. Total returns to shareholders of 574% over the past three years. Annonce • Apr 10
RF Materials Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 28.15 billion. RF Materials Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 28.15 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 500,000
Price\Range: KRW 56300
Discount Per Security: KRW 112.6
Transaction Features: Rights Offering Annonce • Mar 10
RF Materials Co., Ltd., Annual General Meeting, Mar 26, 2026 RF Materials Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 49, sandan-ro 20beon-gil, danwon-gu, gyeonggi-do, ansan South Korea New Risk • Oct 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 11% 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 (11% average weekly change). Earnings have declined by 36% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩127.9b market cap, or US$89.6m). New Risk • Sep 10
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 8.1% 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 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₩86.8b market cap, or US$62.5m). New Risk • Apr 07
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 8.6% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (₩39.6b market cap, or US$27.1m). Annonce • Mar 13
RF Materials Co., Ltd., Annual General Meeting, Mar 27, 2025 RF Materials Co., Ltd., Annual General Meeting, Mar 27, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 49, sandan-ro 20beon-gil, danwon-gu, gyeonggi-do, ansan South Korea New Risk • Feb 04
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 9.7% 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 9.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (₩51.9b market cap, or US$35.7m). New Risk • Dec 16
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 Market cap is less than US$100m (₩40.5b market cap, or US$28.2m). New Risk • Dec 09
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 8.8% 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 9.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (₩35.2b market cap, or US$24.5m). New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings have declined by 9.5% 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 9.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩44.4b market cap, or US$31.9m). New Risk • Jul 15
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 8.4% 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 Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (₩93.2b market cap, or US$67.5m). Annonce • Apr 09
Kyobo 12 Special Purpose Acquisition Company (KOSDAQ:A421800) agreed to acquire an unknown stake in RF Systems Co., Ltd. Kyobo 12 Special Purpose Acquisition Company (KOSDAQ:A421800) agreed to acquire an unknown stake in RF Systems Co., Ltd. on April 8, 2024. When the merger of RF Systems Co., Ltd. and Kyobo 12 Special Purpose Acquisition Company is completed, RF Systems Co., Ltd. becomes the surviving corporation, Kyobo 12 Special Purpose Acquisition Company becomes a defunct corporation, and RF Systems Co., Ltd., the surviving corporation. Reported Earnings • Mar 26
Full year 2023 earnings released: ₩80.00 loss per share (vs ₩411 profit in FY 2022) Full year 2023 results: ₩80.00 loss per share (down from ₩411 profit in FY 2022). Revenue: ₩47.9b (down 5.0% from FY 2022). Net loss: ₩668.8m (down 120% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 0.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.0%). New Risk • Nov 30
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: 0.4% Last year net profit margin: 5.0% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (₩85.1b market cap, or US$65.5m). New Risk • Nov 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% 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: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (₩85.8b market cap, or US$64.3m). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩11,480, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩15,400, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 44% over the past three years. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩411 (vs ₩230 loss in FY 2021) Full year 2022 results: EPS: ₩411 (up from ₩230 loss in FY 2021). Revenue: ₩50.4b (up 34% from FY 2021). Net income: ₩3.34b (up ₩4.25b from FY 2021). Profit margin: 6.6% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩11,350, the stock trades at a trailing P/E ratio of 73.6x. Average trailing P/E is 10x in the Semiconductor industry in South Korea. Total loss to shareholders of 2.8% over the past year. Annonce • Jun 17
RF Materials Co., Ltd. announced that it expects to receive KRW 10 billion in funding RF Materials Co., Ltd. announced a private placement of series 5 Non-guaranteed Private convertible bonds with Bearer Type Interest Part for gross proceeds of KRW 10,000,000,000 on June 15, 2022. The transaction will include participation from NH eBest, Senior Manager, New Technology Fund No. 1 for KRW 5,000,000,000, SKS IB New Materials and New Technology Fund No. 1 for KRW 3,000,000,000, NH Absolute Return General Private Equity Trust No. 1 for KRW 1,500,000,000 and NH Absolute KOSDAQ Venture Mezzanine Alpha General Private Equity Trust No. 1 for KRW 500,000,000. The bonds do not carry any interest. The maturity date of the bonds is June 17, 2025. The bonds are fully convertible at a fixed conversion price of KRW 12,463 per share into 802,375 common shares from June 17, 2023 to May 17, 2025. The payment date and the subscription date of the bonds is June 17, 2022. The transaction was approved by the board of directors of the company. Is New 90 Day High Low • Feb 01
New 90-day high: ₩37,400 The company is up 115% from its price of ₩17,400 on 03 November 2020. The South Korean market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 43% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: ₩30,700 The company is up 74% from its price of ₩17,650 on 15 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₩21,300 The company is up 3.0% from its price of ₩20,650 on 16 September 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 24% over the same period. Annonce • Oct 06
Metal-Life Co., Ltd. announced that it has received KRW 5 billion in funding from SK Securities Co., Ltd., NH Investment & Securities Co., Ltd., Investment Arm On October 5, 2020, Metal-Life Co., Ltd. (KOSDAQ:A327260) closed the transaction. Annonce • Sep 29
Metal-Life Co., Ltd. announced that it expects to receive KRW 5 billion in funding from SK Securities Co., Ltd., NH Investment & Securities Co., Ltd., Investment Arm Metal-Life Co., Ltd. (KOSDAQ:A327260) announced a private placement of series 4th unregistered coupon nonguaranteed private convertible bonds for gross proceeds of KRW 5,000,000,000 on September 5, 2020. The transaction will include participation from new investors NH Investment & Securities Co., Ltd., Investment Arm for KRW 2,000,000,000, SK Securities Co., Ltd. (KOSE:A001510) for KRW 3,000,000,000. The bonds are zero coupon bonds with a maturity date of April 5, 2024. The bonds are convertible into 250,000 common shares at a conversion price of KRW 250,000 per share. The conversion period will start on October 5, 2021 and end on March 5, 2024. The subscription and payment date of the transaction is October 5, 2020. The transaction has been approved by the board of directors of the company.