New Risk • May 26
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 17% 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 (17% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩142.9b market cap, or US$95.1m). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩13,220, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Software industry in South Korea. Total returns to shareholders of 16% over the past three years. New Risk • Apr 16
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 14% 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 (14% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to ₩11,860, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Software industry in South Korea. Total loss to shareholders of 5.3% over the past three years. New Risk • Apr 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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 (₩91.1b market cap, or US$60.4m). 공시 • Mar 13
Raonsecure Co., Ltd., Annual General Meeting, Mar 30, 2026 Raonsecure Co., Ltd., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 114, taebong-ro, seocho-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩7,750, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩11,650, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 18% over the past three years. 공시 • Mar 18
Raonsecure Co., Ltd., Annual General Meeting, Mar 31, 2025 Raonsecure Co., Ltd., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 27, gangnam-daero, seocho-gu, seoul South Korea Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩2,030, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Software industry in South Korea. Total loss to shareholders of 48% over the past three years. New Risk • Aug 30
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: Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (₩129.2b market cap, or US$96.9m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩1,697, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 64% over the past three years. Buy Or Sell Opportunity • Jul 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₩2,110. The fair value is estimated to be ₩2,722, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 795% in the next 2 years. New Risk • May 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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 (2.1% net profit margin). Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (₩130.0b market cap, or US$95.3m). Buy Or Sell Opportunity • Mar 26
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to ₩2,620. The fair value is estimated to be ₩2,125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₩104 (vs ₩172 in FY 2022) Full year 2023 results: EPS: ₩104 (down from ₩172 in FY 2022). Revenue: ₩51.8b (up 11% from FY 2022). Net income: ₩4.16b (down 38% from FY 2022). Profit margin: 8.0% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,940, the stock trades at a trailing P/E ratio of 24.4x. Average forward P/E is 6x in the Software industry in South Korea. Total loss to shareholders of 10% over the past three years. New Risk • Dec 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 45% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,695, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 17x in the Software industry in South Korea. Total loss to shareholders of 30% over the past three years. 공시 • Jul 06
Raonsecure Co., Ltd. (KOSDAQ:A042510) agreed to acquire 50.18% stake in Raon WhiteHat Co., Ltd. from BTR Co., Ltd. and others. Raonsecure Co., Ltd. (KOSDAQ:A042510) agreed to acquire 50.18% stake in Raon WhiteHat Co., Ltd. from BTR Co., Ltd. and others on June 30, 2023. The transaction is expected to close on July 4, 2023. Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: ₩172 (vs ₩171 loss in FY 2021) Full year 2022 results: EPS: ₩172 (up from ₩171 loss in FY 2021). Revenue: ₩46.8b (up 8.0% from FY 2021). Net income: ₩6.67b (up ₩13.2b from FY 2021). Profit margin: 14% (up from net loss in FY 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 11
New 90-day high: ₩3,930 The company is up 4.0% from its price of ₩3,795 on 11 December 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 3.0% over the same period. 공시 • Feb 18
Raonsecure Co., Ltd., Annual General Meeting, Mar 29, 2021 Raonsecure Co., Ltd., Annual General Meeting, Mar 29, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Nov 30
New 90-day high: ₩3,820 The company is up 6.0% from its price of ₩3,605 on 01 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 3.0% over the same period. 
