Valuation Update With 7 Day Price Move • 15h
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩17,230, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 56% over the past three years. New Risk • Apr 15
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 13% 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. Payout ratio: 214% Paying a dividend despite having no free cash flows. Earnings have declined by 40% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩14,850, the stock trades at a trailing P/E ratio of 60x. Average trailing P/E is 26x in the Semiconductor industry in South Korea. Total returns to shareholders of 20% over the past three years. Aankondiging • Mar 13
Quality Reliability Technology Inc., Annual General Meeting, Mar 26, 2026 Quality Reliability Technology Inc., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 109, gwanggyo-ro, yeongtong-gu, gyeonggi-do, suwon South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩14,340, the stock trades at a trailing P/E ratio of 62.7x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩480 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Declared Dividend • Nov 08
Dividend of ₩480 announced Dividend of ₩480 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 3.2%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (210% earnings payout ratio) and the company has 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 3 years but payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 134% to bring the payout ratio under control. However, EPS has declined by 17% over the last 5 years so the company would need to reverse this trend. Aankondiging • Nov 07
Quality Reliability Technology Inc. announces Annual dividend, payable on April 20, 2026 Quality Reliability Technology Inc. announced Annual dividend of KRW 480.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Sep 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 7.3% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 210% Paying a dividend despite having no free cash flows. Earnings have declined by 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩18,530, the stock trades at a trailing P/E ratio of 79.8x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 38% over the past year. Aankondiging • Sep 24
Quality Reliability Technology Inc. announced that it has received KRW 10.725166442 billion in funding On September 23, 2025, Quality Reliability Technology Inc. closed the transaction. Aankondiging • Sep 17
Quality Reliability Technology Inc. announced that it expects to receive KRW 10.725166442 billion in funding Quality Reliability Technology Inc announced a private placement to issue Series 1 Bearer Zero Coupon Unsecured Convertible Bonds for aggregate proceeds of KRW 10,725,166,442 on September 15, 2025. The bonds are 100% convertible into 606,833 shares at a conversion price of KRW 17,674 per share, a maturity date of September 23, 2030 and a conversion period between September 30, 2025 to September 16, 2030. The transaction has been approved by the board of directors and is expected to close on September 23, 2025. The bonds will have a restriction period of 1 year. The transaction will include participation from New Growth Semiconductor No. 1 New Technology Business Fund. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩13,930, the stock trades at a trailing P/E ratio of 60x. Average trailing P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 9.9% over the past year. New Risk • Mar 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 385% Dividend per share is over 46x cash flows per share. Earnings have declined by 31% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Aankondiging • Mar 06
Quality Reliability Technology Inc., Annual General Meeting, Mar 26, 2025 Quality Reliability Technology Inc., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 109, gwanggyo-ro, yeongtong-gu, gyeonggi-do, suwon South Korea New Risk • Feb 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.6b (US$99.3m) 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 385% Paying a dividend despite having no free cash flows. Earnings have declined by 31% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩145.6b market cap, or US$99.3m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩480 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.8%). New Risk • Nov 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.7b (US$99.5m) 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 312% Paying a dividend despite having no free cash flows. Earnings have declined by 27% per year over the past 5 years. High level of non-cash earnings (41% accrual ratio). Minor Risk Market cap is less than US$100m (₩138.7b market cap, or US$99.5m). New Risk • Aug 05
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 323% Paying a dividend despite having no free cash flows. Earnings have declined by 24% per year over the past 5 years. High level of non-cash earnings (44% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Aankondiging • Jul 27
Quality Reliability Technology Inc. (KOSDAQ:A405100) announces an Equity Buyback for KRW 5,000 million worth of its shares. Quality Reliability Technology Inc. (KOSDAQ:A405100) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a trust agreement with NH Investment & Securities co.,Ltd. The purpose behind the program is to stabilize the stock price and to enhance shareholder value. The program will continue until January 26, 2025. As of July 25, 2024, the company had 224,807 common shares in treasury through buyback within dividend capacity and no shares in treasury through other acquisitions. Aankondiging • May 25
QRT inc. (KOSDAQ:A405100) announces an Equity Buyback for KRW 5,000 million worth of its shares. QRT inc. (KOSDAQ:A405100) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a trust agreement with Yuanta Securities Korea Co.,Ltd. The purpose behind the program is to stabilize the stock price and to enhance shareholder value. The program will continue until November 24, 2024. As of May 23, 2024, the company had no shares in treasury through buyback within dividend capacity or through other acquisitions. New Risk • Mar 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% 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 (16% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). New Risk • Jan 18
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 11% 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. Dividend per share is over 8x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Upcoming Dividend • Dec 20
Upcoming dividend of ₩480 per share at 3.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩13,020, the stock trades at a trailing P/E ratio of 50x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. New Risk • Aug 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩132.8b (US$99.2m) 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 Revenue has declined by 23% over the past year. Minor Risks Less than 3 years of financial data is available. Dividend is not well covered by earnings (152% payout ratio). Profit margins are more than 30% lower than last year (5.6% net profit margin). Market cap is less than US$100m (₩132.8b market cap, or US$99.2m). Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩14,330, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Buying Opportunity • Mar 31
Now 23% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be ₩18,296, however this is not to be taken as a buy recommendation but rather should be used as a guide only.