Valuation Update With 7 Day Price Move • May 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩14,050, the stock trades at a trailing P/E ratio of 61.4x. Average trailing P/E is 17x in the Chemicals industry in South Korea. Total returns to shareholders of 127% over the past three years. Board Change • Apr 29
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Apr 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 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 Debt is not well covered by operating cash flow (2.0% operating cash flow to total debt). High level of non-cash earnings (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩21,500, the stock trades at a trailing P/E ratio of 47x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 44% over the past three years. New Risk • Mar 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.0% operating cash flow to total debt). High level of non-cash earnings (20% accrual ratio). New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 62% 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. 공시 • Mar 17
Ycchem Co., Ltd., Annual General Meeting, Mar 27, 2026 Ycchem Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 174-12, yuseori-gil, seonnam-myeon, seongju-gun, gyeongsangbuk-do, South Korea Buy Or Sell Opportunity • Nov 21
Now 22% undervalued Over the last 90 days, the stock has risen 2.4% to ₩19,100. The fair value is estimated to be ₩24,446, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Meanwhile, the company became loss making. New Risk • Oct 02
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 7.3% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 26
Now 23% overvalued Over the last 90 days, the stock has fallen 14% to ₩20,450. The fair value is estimated to be ₩16,623, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 04
Now 20% overvalued Over the last 90 days, the stock has fallen 5.9% to ₩19,810. The fair value is estimated to be ₩16,451, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company became loss making. 공시 • Mar 14
Ycchem Co., Ltd., Annual General Meeting, Mar 28, 2025 Ycchem Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 174-12, yuseori-gil, seonnam-myeon, seongju-gun, gyeongsangbuk-do, South Korea New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.9b (US$98.1m) 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 Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩137.9b market cap, or US$98.1m). New Risk • Sep 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩128.9b (US$97.1m) 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 Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (₩128.9b market cap, or US$97.1m). New Risk • Mar 27
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 14% 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 No financial data reported. Share price has been highly volatile over the past 3 months (14% average weekly change). New Risk • Feb 01
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: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (₩121.8b market cap, or US$91.4m). 
