Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩6,420, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 55% over the past three years. New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (26% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (14% average weekly change). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩8,500, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 96% over the past three years. New Risk • May 21
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩7,600, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total returns to shareholders of 89% over the past three years. Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₩640 (vs ₩1,105 in FY 2024) Full year 2025 results: EPS: ₩640 (down from ₩1,105 in FY 2024). Revenue: ₩769.0b (up 8.0% from FY 2024). Net income: ₩12.7b (down 39% from FY 2024). Profit margin: 1.7% (down from 2.9% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Mar 07
Unitrontech Co., Ltd., Annual General Meeting, Mar 26, 2026 Unitrontech Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 20, yeongdong-daero 96-gil, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩4,930, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩7,210, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 102% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩6,140, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 53% over the past three years. Declared Dividend • Nov 08
Dividend of ₩150 announced Dividend of ₩150 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 2.7%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 14% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 10% EPS decline seen over the last 5 years. Aankondiging • Nov 07
Unitrontech Co., Ltd. announces Annual dividend, payable on April 15, 2026 Unitrontech Co., Ltd. announced Annual dividend of KRW 150.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₩119.5b market cap, or US$86.2m). Aankondiging • May 22
Unitrontech Co., Ltd. announced that it has received KRW 12 billion in funding On May 21, 2025 Unitrontech Co., Ltd. closed the transaction. Aankondiging • Apr 23
Unitrontech Co., Ltd. announced that it expects to receive KRW 12 billion in funding from NH Investment & Securities Co., Ltd. Unitrontech Co., Ltd. announced a private placement that it will issue Series 9 Unregistered unsecured private placement convertible bonds for the gross proceeds of up to KRW 12,000,000,000 on April 22, 2025. The transaction will include participation from NH Investment & Securities Co., Ltd. The bonds are 100% convertible into 1,925,236 shares at a conversion price of KRW 6,233 per share at a conversion period starting from May 21, 2026 and ending on April 21, 2030. The bonds have an interest rate of 4% and will mature on May 21, 2030. The transaction is expected to close on May 21, 2025. and the transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩6,170, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 38% over the past three years. Reported Earnings • Mar 25
Full year 2024 earnings released: EPS: ₩1,105 (vs ₩790 in FY 2023) Full year 2024 results: EPS: ₩1,105 (up from ₩790 in FY 2023). Revenue: ₩712.3b (up 19% from FY 2023). Net income: ₩20.9b (up 42% from FY 2023). Profit margin: 2.9% (up from 2.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Aankondiging • Mar 13
Unitrontech Co., Ltd., Annual General Meeting, Mar 27, 2025 Unitrontech Co., Ltd., Annual General Meeting, Mar 27, 2025, at 09:01 Tokyo Standard Time. Location: auditorium, 616, bongeunsa-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩4,170, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 8.2% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩4,720, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩6,870, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 32% over the past three years. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩790 (vs ₩1,426 in FY 2022) Full year 2023 results: EPS: ₩790 (down from ₩1,426 in FY 2022). Revenue: ₩598.1b (up 14% from FY 2022). Net income: ₩14.7b (down 39% from FY 2022). Profit margin: 2.5% (down from 4.6% 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 38% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,340, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to ₩5,830, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total loss to shareholders of 3.2% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 18 April 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.9%). Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: ₩296 (vs ₩443 in 3Q 2022) Third quarter 2023 results: EPS: ₩296 (down from ₩443 in 3Q 2022). Revenue: ₩159.8b (up 9.3% from 3Q 2022). Net income: ₩5.51b (down 32% from 3Q 2022). Profit margin: 3.5% (down from 5.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Oct 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 8.8% 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: Minor Risks High level of debt (56% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (3.4% net profit margin). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (₩72.1b market cap, or US$53.5m). Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩3,825, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩4,700, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total loss to shareholders of 5.7% over the past three years. New Risk • Sep 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% 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: Minor Risks High level of debt (56% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.4% net profit margin). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (₩95.8b market cap, or US$72.3m). Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,100, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 4.0% over the past three years. New Risk • Sep 01
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: 3.4% Last year net profit margin: 5.9% 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: Minor Risks High level of debt (56% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (₩80.1b market cap, or US$60.5m). Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩140 (vs ₩341 in 1Q 2022) First quarter 2023 results: EPS: ₩140 (down from ₩341 in 1Q 2022). Revenue: ₩127.1b (up 9.4% from 1Q 2022). Net income: ₩2.59b (down 50% from 1Q 2022). Profit margin: 2.0% (down from 4.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩62.50 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 5.9% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₩395 (vs ₩239 in 3Q 2021) Third quarter 2022 results: EPS: ₩395 (up from ₩239 in 3Q 2021). Revenue: ₩146.7b (up 56% from 3Q 2021). Net income: ₩7.24b (up 105% from 3Q 2021). Profit margin: 4.9% (up from 3.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₩3,710, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 10x in the Electronic industry in South Korea. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩3,005, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total loss to shareholders of 31% over the past three years. Aankondiging • Jun 10
Unitrontech Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 14.496894 billion. Unitrontech Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 14.496894 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,161,809
Price\Range: KRW 4585
Discount Per Security: KRW 68.775
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩5,390, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 9.0% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩6,570, the stock trades at a trailing P/E ratio of 56.4x. Average trailing P/E is 23x in the Electronic industry in South Korea. Total returns to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 15% share price gain to ₩8,410, the stock is trading at a trailing P/E ratio of 19x, up from the previous P/E ratio of 16.5x. This compares to an average P/E of 26x in the Electronic industry in South Korea. Total returns to shareholders over the past three years are 28%. Is New 90 Day High Low • Jan 13
New 90-day high: ₩8,410 The company is up 3.0% from its price of ₩8,160 on 15 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 37% over the same period. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 16% share price gain to ₩7,200, the stock is trading at a trailing P/E ratio of 16.3x, up from the previous P/E ratio of 14x. This compares to an average P/E of 27x in the Electronic industry in South Korea. Total returns to shareholders over the past three years are 8.1%. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 17th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.6% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.5%). Is New 90 Day High Low • Dec 06
New 90-day low: ₩6,280 The company is down 3.0% from its price of ₩6,460 on 07 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 14% over the same period. Valuation Update With 7 Day Price Move • Oct 22
Market pulls back on stock over the past week After last week's 18% share price decline to ₩6,660, the stock is trading at a trailing P/E ratio of 7.4x, down from the previous P/E ratio of 9x. This compares to an average P/E of 22x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 8.9%. Is New 90 Day High Low • Oct 13
New 90-day high: ₩8,030 The company is up 36% from its price of ₩5,890 on 15 July 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 11% over the same period.