Buy Or Sell Opportunity • May 13
Now 21% overvalued Over the last 90 days, the stock has fallen 9.1% to ₩2,860. The fair value is estimated to be ₩2,366, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. New Risk • Apr 21
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: 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 (3.5% net profit margin). Market cap is less than US$100m (₩26.0b market cap, or US$17.7m). New Risk • Apr 01
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: 3.5% Last year net profit margin: 5.8% 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 Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (₩22.4b market cap, or US$14.9m). 공시 • Mar 17
StarFlex Co., Ltd., Annual General Meeting, Mar 31, 2026 StarFlex Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 417, daeseong-ro, samseong-myeon, eumseong-gun, chungcheongbuk-do, South Korea 공시 • Mar 13
StarFlex Co., Ltd., Annual General Meeting, Mar 31, 2025 StarFlex Co., Ltd., Annual General Meeting, Mar 31, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 417, daeseong-ro, samseong-myeon, eumseong-gun, chungcheongbuk-do, South Korea 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 Risks No financial data reported. Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risk Market cap is less than US$100m (₩22.4b market cap, or US$15.6m). New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings have declined by 3.2% 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 Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 3.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩20.6b market cap, or US$14.7m). New Risk • Aug 24
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 12% 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (₩22.7b market cap, or US$17.2m). New Risk • Jul 12
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 8.7% 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: Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (₩18.9b market cap, or US$13.8m). Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 21% share price gain to ₩5,120, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 7.4% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₩4,335 The company is down 6.0% from its price of ₩4,600 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 08
New 90-day high: ₩5,040 The company is up 1.0% from its price of ₩5,000 on 10 August 2020. The South Korean market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 20
New 90-day low: ₩4,185 The company is down 40% from its price of ₩6,990 on 22 July 2020. The South Korean market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 19% over the same period.