Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩32,100, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 28x in the Semiconductor industry in South Korea. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩35,700, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 27x in the Semiconductor industry in South Korea. Total returns to shareholders of 76% over the past three years. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 1.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩3,947 (vs ₩3,902 in FY 2024) Full year 2025 results: EPS: ₩3,947. Revenue: ₩797.3b (up 8.0% from FY 2024). Net income: ₩43.9b (down 5.6% from FY 2024). Profit margin: 5.5% (down from 6.3% in FY 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩32,700, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 83% over the past three years. Annonce • Dec 15
KC Co., Ltd. (KOSE:A029460) announces an Equity Buyback for KRW 10,000 million worth of its shares. KC Co., Ltd. (KOSE:A029460) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares pursuant to a contract with Samsung Securities Co. Ltd. The purpose of the program is to improve shareholder value enhancement and subsequent burn of treasury stocks. The program will expire on June 15, 2026. As of December 14, 2025, the company had 2,106,983 shares in treasury within scope available for dividend and had 7,032 shares in treasury through other repurchase. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩29,750, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 103% over the past three years. New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 0.5% 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 0.5% 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 • May 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩21,350, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 2.1% over the past three years. Upcoming Dividend • Mar 25
Upcoming dividend of ₩320 per share Eligible shareholders must have bought the stock before 01 April 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.1%). Annonce • Feb 07
KC Co., Ltd., Annual General Meeting, Mar 26, 2025 KC Co., Ltd., Annual General Meeting, Mar 26, 2025, at 11:00 Tokyo Standard Time. Location: auditorium, 12, je2gongdan 3-gil, miyang-myeon, gyeonggi-do, anseong South Korea New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩20,450, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 3.4% over the past three years. Annonce • Jul 26
KC Co., Ltd. (KOSE:A029460) announces an Equity Buyback for KRW 10,000 million worth of its shares. KC Co., Ltd. (KOSE:A029460) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares pursuant to a contract with Samsung Securities Co. Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on January 27, 2025. As of July 24, 2024, the company had 1,377,832 shares in treasury within scope available for dividend and had 7,032 shares in treasury through other repurchase. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₩20,400. The fair value is estimated to be ₩25,692, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 14%. Buy Or Sell Opportunity • Jun 11
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₩20,550. The fair value is estimated to be ₩25,693, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 14%. Annonce • Apr 09
Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion. Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion on April 9, 2024. The transaction is expected to close on April 23, 2024. New Risk • Mar 28
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: 6.5% Last year net profit margin: 12% 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 8.2% 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. Profit margins are more than 30% lower than last year (6.5% net profit margin). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩24,700, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total loss to shareholders of 4.9% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩22,850, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total loss to shareholders of 17% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩350 per share at 1.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 12 April 2024. Payout ratio is a comfortable 5.7% and this is well supported by cash flows. Trailing yield: 1.8%. 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 • Nov 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩18,110, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 24% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩8,092 (vs ₩4,200 in FY 2021) Full year 2022 results: EPS: ₩8,092 (up from ₩4,200 in FY 2021). Revenue: ₩858.0b (up 55% from FY 2021). Net income: ₩99.5b (up 91% from FY 2021). Profit margin: 12% (up from 9.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 4.0% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.8%). Annonce • Jun 21
KC Co., Ltd. (KOSE:A029460) announces an Equity Buyback for KRW 5,000 million worth of its shares. KC Co., Ltd. (KOSE:A029460) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with Samsung Securities. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on June 20, 2023. As of September 16, 2020. As of June 19, 2022, the company had 1,109,804 shares in treasury within scope available for dividend and had 7,032 shares in treasury through other repurchase. Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. Payout ratio is a comfortable 9.6% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Reported Earnings • Mar 19
Full year 2020 earnings released: EPS ₩3,851 (vs ₩3,912 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩576.4b (up 13% from FY 2019). Net income: ₩47.9b (down 1.6% from FY 2019). Profit margin: 8.3% (down from 9.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 05
New 90-day high: ₩30,400 The company is up 26% from its price of ₩24,050 on 06 November 2020. The South Korean market is also up 26% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Semiconductor industry, which is up 37% over the same period. Annonce • Feb 05
KC Co., Ltd., Annual General Meeting, Mar 24, 2021 KC Co., Ltd., Annual General Meeting, Mar 24, 2021, at 11:00 Korea Standard Time. Is New 90 Day High Low • Jan 20
New 90-day high: ₩28,700 The company is up 19% from its price of ₩24,150 on 22 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 44% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ₩27,600 The company is up 16% from its price of ₩23,850 on 29 September 2020. The South Korean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 27% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩250 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 1.0% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.8%). Is New 90 Day High Low • Dec 09
New 90-day high: ₩26,650 The company is up 9.0% from its price of ₩24,500 on 10 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 30% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: ₩26,350 The company is up 15% from its price of ₩22,950 on 15 July 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 6.0% over the same period. 
