New Risk • May 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 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 Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (₩44.9b market cap, or US$30.5m). New Risk • Mar 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩30.6b market cap, or US$20.2m). 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 ₩4,110, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 25% over the past three years. Annonce • Feb 27
PNC Technologies co., Ltd, Annual General Meeting, Mar 26, 2026 PNC Technologies co., Ltd, Annual General Meeting, Mar 26, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 68, gwacheon-daero 7-gil, gyeonggi-do, gwacheon South Korea Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩5,160, the stock trades at a trailing P/E ratio of 31.7x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 4.2% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩4,995, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 7.2% over the past three years. Annonce • Dec 16
PNC Technologies co., Ltd announces Annual dividend PNC Technologies co., Ltd announced Annual dividend of KRW 100.0000 per share, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩5,120, the stock trades at a trailing P/E ratio of 44.6x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 1.3% over the past three years. Annonce • Oct 23
PNC Technologies co., Ltd (KOSDAQ:A237750) agreed to acquire 19.57% stake in Kwang Myung Electric Co.,Ltd (KOSE:A017040) from Naban Holdings Co., Ltd for KRW 30.5 billion PNC Technologies co., Ltd (KOSDAQ:A237750) agreed to acquire 19.57% stake in Kwang Myung Electric Co.,Ltd (KOSE:A017040) from Naban Holdings Co., Ltd for KRW 30.5 billion on October 22, 2025. The consideration is funded using own funds and borrowing. The expected completion of the transaction is November 17, 2025. New Risk • Aug 28
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 Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (₩30.9b market cap, or US$22.2m). New Risk • May 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (₩26.7b market cap, or US$19.5m). Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,165, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total loss to shareholders of 41% over the past three years. Annonce • Feb 27
PNC Technologies co., Ltd, Annual General Meeting, Mar 31, 2025 PNC Technologies co., Ltd, Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 68, gwacheon-daero 7-gil, gyeonggi-do, gwacheon South Korea Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩3,405, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 51% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₩52.00 (vs ₩220 in 3Q 2023) Third quarter 2024 results: EPS: ₩52.00 (down from ₩220 in 3Q 2023). Revenue: ₩9.73b (up 67% from 3Q 2023). Net income: ₩340.0m (down 76% from 3Q 2023). Profit margin: 3.5% (down from 25% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩4,440, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩7,310, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 1.1% over the past three years. Annonce • Apr 05
PNC Technologies co., Ltd (KOSDAQ:A237750) agreed to acquire 3.65% stake in Mugunghwa Trust Co., Ltd. from Oh Chang Suk for KRW 17 billion. PNC Technologies co., Ltd (KOSDAQ:A237750) agreed to acquire 3.65% stake in Mugunghwa Trust Co., Ltd. from Oh Chang Suk for KRW 17 billion on April 3, 2024. New Risk • Mar 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 68% 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 (68% accrual ratio). Minor Risk Market cap is less than US$100m (₩36.1b market cap, or US$26.8m). Annonce • Mar 21
Cho, Kwang Sik acquired additional 29.615491% stake in PNC Technologies co., Ltd (KOSDAQ:A237750) from Kwang Myung Electric Co.,Ltd (KOSE:A017040) for KRW 14 billion. Cho, Kwang Sik acquired additional 29.615491% stake in PNC Technologies co., Ltd (KOSDAQ:A237750) from Kwang Myung Electric Co.,Ltd (KOSE:A017040) for KRW 14 billion on March 19, 2024. Cho, Kwang Sik have 34.47% stake in PNC Technologies after the transaction. Hyundai Accounting Corporation acted as accountant to Kwang Myung Electric.Cho, Kwang Sik completed the acquisition of additional 29.615491% stake in PNC Technologies co., Ltd (KOSDAQ:A237750) from Kwang Myung Electric Co.,Ltd (KOSE:A017040) on March 19, 2024. New Risk • Aug 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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 Large one-off items impacting financial results. Market cap is less than US$100m (₩36.8b market cap, or US$27.4m). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,210, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 19% share price gain to ₩7,750, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total returns to shareholders of 6.2% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩6,170, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 19% share price gain to ₩7,680, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩6,340, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 35% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩180 (vs ₩21.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩5.34b (up 29% from 3Q 2020). Net income: ₩1.17b (up ₩1.04b from 3Q 2020). Profit margin: 22% (up from 3.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 41% share price gain to ₩11,800, the stock trades at a trailing P/E ratio of 45.6x. Average trailing P/E is 24x in the Electronic industry in South Korea. Total returns to shareholders of 7.8% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 23% share price gain to ₩9,200, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 21x in the Electronic industry in South Korea. Total loss to shareholders of 19% over the past three years. Is New 90 Day High Low • Feb 17
New 90-day high: ₩6,530 The company is up 4.0% from its price of ₩6,270 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 43% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: ₩5,840 The company is down 3.0% from its price of ₩6,040 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 23% share price gain to ₩7,450, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 14.3x. This compares to an average P/E of 23x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 18%. Is New 90 Day High Low • Oct 13
New 90-day high: ₩7,450 The company is up 22% from its price of ₩6,120 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 Electronic industry, which is up 11% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: ₩6,540 The company is up 10.0% from its price of ₩5,940 on 19 June 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 15% over the same period.