New Risk • May 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩147.9b (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 Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩147.9b market cap, or US$99.2m). Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩18,000, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 59% over the past year. New Risk • Apr 06
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 Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩135.7b market cap, or US$90.1m). Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩19,370, the stock trades at a trailing P/E ratio of 43.4x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 62% over the past year. Aankondiging • Mar 07
KORCHIP Inc., Annual General Meeting, Mar 27, 2026 KORCHIP Inc., Annual General Meeting, Mar 27, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 91-4, yangdalmal-gil, sangnok-gu, gyeonggi-do, ansan South Korea Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩21,700, the stock trades at a trailing P/E ratio of 48.6x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 67% over the past year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩17,950, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 32% over the past year. New Risk • Dec 03
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 14% 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 (14% average weekly change). Earnings have declined by 23% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩144.8b market cap, or US$98.9m). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩14,010, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 47% over the past year. Aankondiging • Nov 18
KORCHIP Inc. (KOSDAQ:A126730) announces an Equity Buyback for KRW 1,000 million worth of its shares. KORCHIP Inc. (KOSDAQ:A126730) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to a contract with Korea Investment & Securities Co., Ltd. The purpose of the program is to enhance shareholder value and to reward employee performance. The program will expire on May 18, 2026. As of November 16, 2025, the company had 574,895 shares in treasury within scope available for dividend and had no shares in treasury through other acquisitions. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩16,920, the stock trades at a trailing P/E ratio of 45.8x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 50% over the past year. New Risk • Sep 01
New major risk - Revenue and earnings growth Earnings have declined by 25% 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 Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (8.8% net profit margin). Market cap is less than US$100m (₩93.1b market cap, or US$67.1m). New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Profit margins are more than 30% lower than last year (8.8% net profit margin). Market cap is less than US$100m (₩93.1b market cap, or US$67.1m). New Risk • Aug 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.8% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (8.8% net profit margin). Market cap is less than US$100m (₩93.5b market cap, or US$67.3m). Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩13,320, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 14x in the Electronic industry in South Korea. Total loss to shareholders of 29% over the past year. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₩13,420, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 12x in the Electronic industry in South Korea. Aankondiging • Mar 31
KORCHIP Inc. (KOSDAQ:A126730) announces an Equity Buyback for KRW 1,000 million worth of its shares. KORCHIP Inc. (KOSDAQ:A126730) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to a contract with Korea Investment & Securities Co., Ltd. The purpose of the program is to enhance shareholder value and to stabilize the stock price. The program will expire on October 1, 2025. As of March 30, 2025, the company had 483,878 shares in treasury within scope available for dividend and had no shares in treasury through other acquisitions. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩10,840, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 13x in the Electronic industry in South Korea. Aankondiging • Mar 06
KORCHIP Inc., Annual General Meeting, Mar 27, 2025 KORCHIP Inc., Annual General Meeting, Mar 27, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 91-4, yangdalmal-gil, sangnok-gu, gyeonggi-do, ansan South Korea Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩11,780, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 14x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩10,060, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 14x in the Electronic industry in South Korea. New Risk • Dec 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 71% 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 Revenue has declined by 19% over the past year. High level of non-cash earnings (71% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (8.6% net profit margin). Market cap is less than US$100m (₩78.3b market cap, or US$55.8m). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩10,190, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 12x in the Electronic industry in South Korea. Aankondiging • Nov 06
KORCHIP Inc. (KOSDAQ:A126730) announces an Equity Buyback for KRW 2,000 million worth of its shares. KORCHIP Inc. (KOSDAQ:A126730) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares pursuant to a contract with Korea Investment & Securities Co., Ltd. The purpose of the program is to enhance shareholder value and to stabilize the stock price. The program will expire on May 6, 2025. As of November 5, 2024, the company had 314,473 shares in treasury within scope available for dividend and had no shares in treasury through other acquisitions. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,950, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 12x in the Electronic industry in South Korea. Buy Or Sell Opportunity • Sep 23
Now 20% overvalued Over the last 90 days, the stock has fallen 17% to ₩12,950. The fair value is estimated to be ₩10,771, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last year. Earnings per share has declined by 19%. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩10,240, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 13x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • May 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩18,570, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 27x in the Electrical industry in South Korea.