New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). High level of non-cash earnings (20% accrual ratio). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩34,050, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 29x in the Semiconductor industry in South Korea. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩40,300, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 27x in the Semiconductor industry in South Korea. Total returns to shareholders of 121% over the past three years. New Risk • Mar 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). 공시 • Mar 13
KNJ Co., Ltd., Annual General Meeting, Mar 26, 2026 KNJ Co., Ltd., Annual General Meeting, Mar 26, 2026, at 11:00 Tokyo Standard Time. Location: conference room, 22, smart sandan 1-ro, eumbong-myeon, chungcheongnam-do, asan South Korea Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩34,400, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩35,050, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 128% over the past three years. 공시 • Jan 27
KNJ Co., Ltd. announced that it has received KRW 20 billion in funding On January 27, 2026, KNJ Co., Ltd. closed the transaction. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩27,200, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 95% over the past three years. 공시 • Jan 07
KNJ Co., Ltd. announced that it expects to receive KRW 20 billion in funding KNJ Co., Ltd. announced a private placement of Zero Coupon Bearer Convertible Bonds With Vested Rights to raise gross proceeds of krw 20,000,000,000 on January 6, 2026. The transaction involves participation from Focus One Investment Purpose Company for KRW 20,000,000,000. The Bonds are 100% convertible into 931,315 Common Shares of the company at a conversion price of KRW 21,475. The conversion billing period starts from January 27, 2027 till December 27, 2032. The Bonds carry a maturity date of January 27, 2033. The transaction is expected to close on January 27, 2026. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩23,550, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 89% over the past three years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩956 (vs ₩431 in 3Q 2024) Third quarter 2025 results: EPS: ₩956 (up from ₩431 in 3Q 2024). Revenue: ₩21.9b (up 33% from 3Q 2024). Net income: ₩7.47b (up 117% from 3Q 2024). Profit margin: 34% (up from 21% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩27,700, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 169% over the past three years. New Risk • Sep 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 7.6% 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 High level of debt (55% net debt to equity). Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩20,850, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 64% over the past three years. Buy Or Sell Opportunity • Aug 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to ₩17,400. The fair value is estimated to be ₩22,107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 16%. Buy Or Sell Opportunity • Jul 22
Now 20% undervalued Over the last 90 days, the stock has risen 5.2% to ₩17,830. The fair value is estimated to be ₩22,372, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 16%. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock has risen 9.5% to ₩17,870. The fair value is estimated to be ₩22,677, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 16%. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩18,150, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 39% over the past three years. Buy Or Sell Opportunity • Apr 25
Now 21% undervalued Over the last 90 days, the stock has risen 13% to ₩16,830. The fair value is estimated to be ₩21,385, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 17%. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩16,700, the stock trades at a trailing P/E ratio of 10.6x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 25% over the past three years. 공시 • Mar 14
KNJ Co., Ltd., Annual General Meeting, Mar 28, 2025 KNJ Co., Ltd., Annual General Meeting, Mar 28, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 22, smart sandan 1-ro, eumbong-myeon, chungcheongnam-do, asan South Korea New Risk • Mar 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 9.5% 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 Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (₩113.9b market cap, or US$78.0m). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩15,830, the stock trades at a trailing P/E ratio of 10x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩13,250, the stock trades at a trailing P/E ratio of 8.6x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 20% over the past three years. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₩431 (vs ₩377 in 3Q 2023) Third quarter 2024 results: EPS: ₩431 (up from ₩377 in 3Q 2023). Revenue: ₩16.4b (up 51% from 3Q 2023). Net income: ₩3.45b (up 15% from 3Q 2023). Profit margin: 21% (down from 28% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩17,350, the stock trades at a trailing P/E ratio of 15.5x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 18% over the past three years. 공시 • Sep 24
KNJ Co., Ltd. (KOSDAQ:A272110) announces an Equity Buyback for KRW 3,000 million worth of its shares. KNJ Co., Ltd. (KOSDAQ:A272110) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares pursuant to a contract with Mirae Asset Securities. The purpose of the program is to stabilize stock price and enhance shareholder value. The program will expire on March 23, 2025. As of September 22, 2024, the company had no shares in treasury within scope available for dividend and had no shares under other acquisitions. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩126.0b (US$92.4m) 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 Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (₩126.0b market cap, or US$92.4m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩15,800, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 7.1% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩387 (vs ₩442 in 1Q 2023) First quarter 2024 results: EPS: ₩387 (down from ₩442 in 1Q 2023). Revenue: ₩12.5b (down 34% from 1Q 2023). Net income: ₩3.08b (down 12% from 1Q 2023). Profit margin: 25% (up from 19% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,500, the stock trades at a trailing P/E ratio of 15.9x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 66% over the past three years. New Risk • Mar 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. New Risk • Feb 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩132.1b (US$99.0m) 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 (15% net profit margin). Market cap is less than US$100m (₩132.1b market cap, or US$99.0m). New Risk • Dec 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩129.9b (US$98.8m) 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 (15% net profit margin). Market cap is less than US$100m (₩129.9b market cap, or US$98.8m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₩453 (vs ₩941 in 3Q 2022) Third quarter 2023 results: EPS: ₩453 (down from ₩941 in 3Q 2022). Revenue: ₩15.9b (down 41% from 3Q 2022). Net income: ₩3.60b (down 52% from 3Q 2022). Profit margin: 23% (down from 28% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩18,800, the stock trades at a trailing P/E ratio of 11.1x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 52% over the past three years. New Risk • Oct 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩130.9b (US$96.4m) 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 High level of debt (41% net debt to equity). Market cap is less than US$100m (₩130.9b market cap, or US$96.4m). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩26,900, the stock trades at a trailing P/E ratio of 16.7x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 170% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩20,050, the stock trades at a trailing P/E ratio of 12.4x. Average forward P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 120% over the past three years. Reported Earnings • May 14
First quarter 2023 earnings released: EPS: ₩442 (vs ₩82.00 in 1Q 2022) First quarter 2023 results: EPS: ₩442 (up from ₩82.00 in 1Q 2022). Revenue: ₩18.9b (up 70% from 1Q 2022). Net income: ₩3.51b (up 441% from 1Q 2022). Profit margin: 19% (up from 5.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ₩941 (vs ₩564 in 3Q 2021) Third quarter 2022 results: EPS: ₩941 (up from ₩564 in 3Q 2021). Revenue: ₩26.9b (up 94% from 3Q 2021). Net income: ₩7.46b (up 89% from 3Q 2021). Profit margin: 28% (in line with 3Q 2021). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩10,500, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 7x in the Semiconductor industry in South Korea. Total loss to shareholders of 27% over the past year. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₩13,550, the stock trades at a trailing P/E ratio of 23x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total loss to shareholders of 20% over the past year. Is New 90 Day High Low • Dec 30
New 90-day high: ₩14,100 The company is up 11% from its price of ₩12,700 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 08
New 90-day low: ₩10,600 The company is down 13% from its price of ₩12,150 on 09 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 29% over the same period. 공시 • Sep 26
KNJ Co., Ltd. announced that it has received KRW 5 billion in funding On March 25, 2020, KNJ Co., Ltd. (KOSDAQ:A272110) closed the transaction. 
