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 Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (279% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩21.5b market cap, or US$14.2m). Aankondiging • May 08
KOAS Co., Ltd. (KOSE:A071950) agreed to acquire 4.13% stake in Haesung Optics Co., Ltd. (KOSDAQ:A076610) for KRW 5.0 billion. KOAS Co., Ltd. (KOSE:A071950) agreed to acquire 4.13% stake in Haesung Optics Co., Ltd. (KOSDAQ:A076610) for KRW 5.0 billion on May 6, 2025. Consideration is the conversion of KRW 5 billion in face value of the Haesung Optics Co., Ltd. 10th Series Convertible Bonds which was a pre-existing investment held by the KOAS Co., Ltd.
The expected completion of the transaction is May 7, 2026. As on May 7, 2026, the expected completion of the transaction is May 8, 2026. Aankondiging • Mar 23
KOAS Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.990528 million. KOAS Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.990528 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 538,788
Price\Range: KRW 1856
Transaction Features: Subsequent Direct Listing Aankondiging • Feb 20
KOAS Co., Ltd., Annual General Meeting, Mar 27, 2026 KOAS Co., Ltd., Annual General Meeting, Mar 27, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 493, bangchon-ro, gyeonggi-do, paju South Korea Aankondiging • Jan 16
KOAS Co., Ltd. announced that it expects to receive KRW 4.999997849 billion in funding KOAS Co., Ltd. announces a private placement to issue 1,755,001 Common Shares at a price of KRW 2,849 per share for gross proceeds of KRW 4,999,997,849 on January 15, 2026. Expected closing date of the offering April 3, 2026. New Risk • Dec 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 246% This is considered a major 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (246% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩44.8b market cap, or US$30.3m). Aankondiging • Dec 10
KOAS Co., Ltd. announced that it expects to receive KRW 5 billion in funding from Animal Industry Data Korea KOAS Co., Ltd. announced a private placement to issue Zero Coupon Series 8 Unregistered Interest Unsecured Private Convertible Bonds due December 30, 2028 for gross proceeds of KRW 5,000,000,000 on December 9, 2025. The transaction will include participation from new investor Animal Industry Data Korea. The transaction has been approved by shareholders, expected to close on December 30, 2025, 100% convertible into 1,229,105 shares at a fixed conversion price of KRW 4,068 from December 30, 2026 to November 30, 2028, bears zero coupon rate, maturity rate and matures on December 30, 2028. Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩5,136 loss per share (vs ₩73.00 loss in 3Q 2024) Third quarter 2025 results: ₩5,136 loss per share (further deteriorated from ₩73.00 loss in 3Q 2024). Revenue: ₩12.0b (down 33% from 3Q 2024). Net loss: ₩21.4b (loss widened ₩19.1b from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Oct 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.3b (US$10.00m) This is considered a major 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-₩6.6b). Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (₩14.3b market cap, or US$10.00m). Aankondiging • Sep 11
KOAS Co., Ltd. (KOSE:A071950) acquired 11.4% stake in E-Tron Co., Ltd for approximately KRW 480 million. KOAS Co., Ltd. (KOSE:A071950) acquired 11.4% stake in E-Tron Co., Ltd for approximately KRW 480 million on September 9, 2025. A cash consideration of KRW 477.99 million will be paid by KOAS Co., Ltd. for 102,944,774 shares.
KOAS Co., Ltd. (KOSE:A071950) completed the acquisition of 11.4% stake in E-Tron Co., Ltd on September 9, 2025. New Risk • Aug 27
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 7.8% 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 Negative equity (-₩6.6b). Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₩30.4b market cap, or US$21.8m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: ₩2,485 loss per share (vs ₩45.00 loss in 2Q 2024) Second quarter 2025 results: ₩2,485 loss per share (further deteriorated from ₩45.00 loss in 2Q 2024). Revenue: ₩10.9b (down 29% from 2Q 2024). Net loss: ₩8.17b (loss widened 488% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Aug 13
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₩6.6b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₩6.6b). Earnings have declined by 43% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩30.1b market cap, or US$21.9m). Reported Earnings • May 20
First quarter 2025 earnings released: ₩285 loss per share (vs ₩14.00 profit in 1Q 2024) First quarter 2025 results: ₩285 loss per share (down from ₩14.00 profit in 1Q 2024). Revenue: ₩20.3b (down 14% from 1Q 2024). Net loss: ₩938.5m (down 317% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 20
Full year 2024 earnings released: ₩2,788 loss per share (vs ₩222 loss in FY 2023) Full year 2024 results: ₩2,788 loss per share (further deteriorated from ₩222 loss in FY 2023). Revenue: ₩78.0b (up 5.7% from FY 2023). Net loss: ₩8.87b (loss widened 29% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 11
KOAS Co., Ltd., Annual General Meeting, Mar 28, 2025 KOAS Co., Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 493, bangchon-ro, gyeonggi-do, paju South Korea Board Change • Oct 04
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. No independent directors (11 non-independent directors). Director Joong-Ho Ahn was the last director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Sep 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩3.52b (US$2.65m) This is considered a major 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 Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 52% per year over the past 5 years. Market cap is less than US$10m (₩3.52b market cap, or US$2.65m). Minor Risk Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2024 earnings released: ₩45.00 loss per share (vs ₩67.00 loss in 2Q 2023) Second quarter 2024 results: ₩45.00 loss per share (improved from ₩67.00 loss in 2Q 2023). Revenue: ₩15.3b (up 7.3% from 2Q 2023). Net loss: ₩1.39b (loss narrowed 33% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Aug 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 55% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (₩31.3b market cap, or US$22.9m). Aankondiging • Jul 20
KOAS Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.9995 million. KOAS Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.9995 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,999,999
Price\Range: KRW 500
Transaction Features: Subsequent Direct Listing New Risk • Jun 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩11.3b (US$8.11m) This is considered a major 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 Less than 1 year of cash runway based on free cash flow trend (-₩4.1b free cash flow). Earnings have declined by 55% per year over the past 5 years. Market cap is less than US$10m (₩11.3b market cap, or US$8.11m). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). New Risk • Oct 31
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 9.9% 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 Less than 1 year of cash runway based on free cash flow trend (-₩2.4b free cash flow). Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (₩19.3b market cap, or US$14.3m). Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ₩8.00 (vs ₩7.00 in 1Q 2022) First quarter 2023 results: EPS: ₩8.00 (up from ₩7.00 in 1Q 2022). Revenue: ₩22.6b (down 26% from 1Q 2022). Net income: ₩248.4m (up 7.8% from 1Q 2022). Profit margin: 1.1% (up from 0.8% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 17
Full year 2022 earnings released: ₩62.00 loss per share (vs ₩172 loss in FY 2021) Full year 2022 results: ₩62.00 loss per share (improved from ₩172 loss in FY 2021). Revenue: ₩97.9b (down 12% from FY 2021). Net loss: ₩1.91b (loss narrowed 64% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. No independent directors (11 non-independent directors). Director Joong-Ho Ahn was the last director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ₩7.00 (vs ₩17.78 in 1Q 2021) First quarter 2022 results: EPS: ₩7.00 (down from ₩17.78 in 1Q 2021). Revenue: ₩30.7b (flat on 1Q 2021). Net income: ₩230.4m (down 58% from 1Q 2021). Profit margin: 0.8% (down from 1.8% in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. No independent directors (11 non-independent directors). Director Joong-Ho Ahn was the last director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 17
Third quarter 2021 earnings released: ₩65.00 loss per share (vs ₩59.00 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: ₩24.4b (up 29% from 3Q 2020). Net loss: ₩1.97b (loss widened 9.6% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ₩18.00 (vs ₩15.00 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩30.4b (up 4.7% from 1Q 2020). Net income: ₩549.9m (up 17% from 1Q 2020). Profit margin: 1.8% (up from 1.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 19
Full year 2020 earnings released: ₩54.00 loss per share (vs ₩70.00 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩98.2b (down 13% from FY 2019). Net loss: ₩1.66b (down 177% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Aankondiging • Feb 26
KOAS Co., Ltd., Annual General Meeting, Mar 26, 2021 KOAS Co., Ltd., Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 14
New 90-day high: ₩1,230 The company is up 12% from its price of ₩1,095 on 16 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ₩1,155 The company is up 4.0% from its price of ₩1,110 on 16 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 Commercial Services industry, which is down 5.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩1,015 The company is down 6.0% from its price of ₩1,080 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 7.0% over the same period. 
