Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩13,920, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 31x in the Life Sciences industry in Asia. Total loss to shareholders of 25% over the past three years. New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩148.2b (US$98.4m) 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩148.2b market cap, or US$98.4m). Aankondiging • Feb 26
Macrogen, Inc., Annual General Meeting, Mar 31, 2026 Macrogen, Inc., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 238, teheran-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 23 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (12%). Declared Dividend • Nov 08
Dividend of ₩300 announced Dividend of ₩300 is the same as last year. Ex-date: 29th December 2025 Payment date: 23rd April 2026 Dividend yield will be 2.0%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 5 years but payments have been stable during that time. Aankondiging • Nov 07
Macrogen, Inc. announces Annual dividend, payable on April 23, 2026 Macrogen, Inc. announced Annual dividend of KRW 300.0000 per share payable on April 23, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Aankondiging • Feb 27
Macrogen, Inc., Annual General Meeting, Mar 31, 2025 Macrogen, Inc., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 238, teheran-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 25 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). Aankondiging • Dec 11
Macrogen, Inc. (KOSDAQ:A038290) agreed to acquire an additional 17.44% stake in Psomagen, Inc. (KOSDAQ:A950200) for KRW 13.5 billion. Macrogen, Inc. (KOSDAQ:A038290) agreed to acquire an additional 17.44% stake in Psomagen, Inc. (KOSDAQ:A950200) for KRW 13.5 billion on December 9, 2024. A cash consideration of KRW 13.54 billion will be paid by Macrogen for 3,355,338 shares. Upon completion, Macrogen, Inc. will own 54.25% stake in Psomagen, Inc. The expected completion of the transaction is December 26, 2024. New Risk • Dec 08
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. This is currently the only risk that has been identified for the company. New Risk • Jul 24
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 8.2% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.9%). New Risk • Nov 17
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 9.4% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 61% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). New Risk • Oct 10
New major risk - Revenue and earnings growth Earnings have declined by 61% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 61% per year over the past 5 years. Buying Opportunity • Jul 10
Now 21% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be ₩28,610, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 28
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 8.3% 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. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Buying Opportunity • Apr 10
Now 20% undervalued Over the last 90 days, the stock is up 2.7%. The fair value is estimated to be ₩26,056, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Major Estimate Revision • Mar 30
Consensus EPS estimates increase by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩151.0m to ₩158.0m. EPS estimate increased from ₩819 to ₩1,065 per share. Net income forecast to grow 398% next year vs 36% growth forecast for Life Sciences industry in South Korea. Consensus price target of ₩30,000 unchanged from last update. Share price rose 3.5% to ₩20,300 over the past week. Upcoming Dividend • Dec 21
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (0.7%). 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. 5 experienced directors. No highly experienced directors. No independent directors (5 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: Lack of independent directors. Insufficient board refreshment. Aankondiging • Oct 22
Macrogen, Inc. (KOSDAQ:A038290) announces an Equity Buyback for KRW 3,000 million worth of its shares. Macrogen, Inc. (KOSDAQ:A038290) 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 trust contract with Samsung Securities Co., Ltd. The purpose of the share repurchase program is to stabilize the share price and increase shareholders value. The share repurchase program will continue until October 20, 2023. As of October 20, 2022, the company had 722,395 shares in treasury within scope available for dividend and had 1,851 shares in treasury through other repurchase. Price Target Changed • Oct 14
Price target decreased to ₩30,000 Down from ₩40,000, the current price target is provided by 1 analyst. New target price is 68% above last closing price of ₩17,850. Stock is down 39% over the past year. The company is forecast to post earnings per share of ₩859 for next year compared to ₩114 last year. 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. 5 experienced directors. No highly experienced directors. No independent directors (5 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: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.3%). Is New 90 Day High Low • Feb 18
New 90-day high: ₩30,650 The company is up 8.0% from its price of ₩28,400 on 20 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Life Sciences industry, which is down 2.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: ₩25,450 The company is down 12% from its price of ₩28,800 on 20 October 2020. The South Korean market is up 30% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Life Sciences industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: ₩25,800 The company is down 14% from its price of ₩29,900 on 24 September 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Life Sciences industry, which is up 14% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: ₩29,500 The company is down 8.0% from its price of ₩31,900 on 17 July 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Life Sciences industry, which is up 1.0% over the same period. Aankondiging • Sep 24
Macrogen Signs Export Agreement with LG International Macrogen has established the first "Smart Mobile Lab" in Korea and has supplied it to Indonesia as well. Macrogen signed its first export agreement with LG International, on September 22nd. The initial two export units will be supplied to Indonesia through LG International. Following the first agreement, additional units are currently in last-minute negotiation over additional export agreements. Macrogen's Smart Mobile Lab is the mobile container type for on-site COVID 19 testing developed in Korea. It offers one-stop COVID-19 testing within a matter of minutes and it can be easily installed wherever as necessary. Macrogen has designed the SML that is easy to move and install in order to supply the K-quarantine packaging to overseas that are suffering from COVID-19 testing because of insufficient healthcare quarantine infrastructure. SML with strict Bio Safety Level-2(BSL-2) deals with all stages from viral RNA extraction, real-time polymerase chain reaction (RT-PCR), diagnosis, analysis, and to results. It also provides unique and differentiated services for Standard Operating Procedures (SOP), online/on-site training for lab technicians, and instrument maintenance. Macrogen's SML also displays excellent performance in terms of sustainability as it can be extended into a process capable of molecular diagnostic testing for various infectious diseases other than COVID-19. Currently, Macrogen is in the course of preparation for related patent applications based on the unique design structure of SML and the implementation of differentiated additional features.