New Risk • Jul 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩144.7b (US$99.7m) 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 Risks Earnings have declined by 0.5% per year over the past 5 years. High level of non-cash earnings (51% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (₩144.7b market cap, or US$99.7m). Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩4,130, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 21x in the Electrical industry in South Korea. Total loss to shareholders of 26% over the past year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₩4,400, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 26x in the Electrical industry in South Korea. Total loss to shareholders of 27% over the past year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩5,580, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 30x in the Electrical industry in South Korea. Total loss to shareholders of 5.9% over the past year. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩8,810, the stock trades at a trailing P/E ratio of 65.9x. Average trailing P/E is 47x in the Electrical industry in South Korea. Total returns to shareholders of 30% over the past year. New Risk • May 02
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 16% 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 (16% average weekly change). High level of non-cash earnings (38% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (0.6% net profit margin). New Risk • Mar 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% 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 (38% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Profit margins are more than 30% lower than last year (0.6% net profit margin). Buy Or Sell Opportunity • Mar 16
Now 26% undervalued Over the last 90 days, the stock has risen 42% to ₩6,040. The fair value is estimated to be ₩8,137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 55%. 공고 • Mar 10
TC Materials Co.,Ltd., Annual General Meeting, Mar 24, 2026 TC Materials Co.,Ltd., Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 60, myeongnyesandan 3-ro, jangan-eup, gijang-gun, busan South Korea New Risk • Dec 19
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 8.3% 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 (8.3% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (₩133.7b market cap, or US$90.5m). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩3,240, the stock trades at a trailing P/E ratio of 48.6x. Average trailing P/E is 25x in the Electrical industry in South Korea. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩141.4b (US$99.5m) 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 Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (₩141.4b market cap, or US$99.5m). New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2020. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2020 fiscal period end). High level of non-cash earnings (20% accrual ratio).