Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩3,060, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 36x in the Aerospace & Defense industry in South Korea. Total loss to shareholders of 37% over the past three years. New Risk • May 11
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 16% 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 Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Market cap is less than US$100m (₩146.1b market cap, or US$99.1m). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩6,130, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 49x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 23% over the past three years. New Risk • Mar 04
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 10% 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 Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Announcement • Feb 27
Victek Co., Ltd., Annual General Meeting, Mar 26, 2026 Victek Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: auditorium, 25, yeongudanji-ro 55beon-gil, yeonsu-gu, incheon South Korea Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,535, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 36x in the Aerospace & Defense industry in South Korea. Total loss to shareholders of 14% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 14 April 2026. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.5%). New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Market cap is less than US$100m (₩103.2b market cap, or US$70.2m). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩13.00 (vs ₩37.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩13.00 (down from ₩37.00 in 3Q 2024). Revenue: ₩24.5b (up 58% from 3Q 2024). Net income: ₩374.0m (down 65% from 3Q 2024). Profit margin: 1.5% (down from 6.9% in 3Q 2024). Declared Dividend • Nov 08
Dividend of ₩30.00 announced Dividend of ₩30.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 14th April 2026 Dividend yield will be 0.8%, which is lower than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (21% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 664% over the last year. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Victek Co., Ltd. announces Annual dividend, payable on April 14, 2026 Victek Co., Ltd. announced Annual dividend of KRW 30.0000 per share payable on April 14, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,825, the stock trades at a trailing P/E ratio of 78.6x. Average trailing P/E is 33x in the Aerospace & Defense industry in South Korea. Total loss to shareholders of 19% over the past three years. Announcement • Feb 26
Victek Co., Ltd., Annual General Meeting, Mar 26, 2025 Victek Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:30 Tokyo Standard Time. Location: auditorium, 25, yeongudanji-ro 55beon-gil, yeonsu-gu, incheon South Korea New Risk • Dec 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Market cap is less than US$100m (₩120.1b market cap, or US$85.5m). New Risk • Sep 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩129.2b (US$96.4m) 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 Earnings have declined by 30% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩129.2b market cap, or US$96.4m). New Risk • Jul 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.4b (US$98.9m) 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 30% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩137.4b market cap, or US$98.9m). Announcement • Apr 20
Victek Co., Ltd. announced that it has received KRW 10 billion in funding from KB Securities Co.,Ltd, Samsung Securities Co.,Ltd. On April 19, 2024, Victek Co., Ltd. closed the transaction. New Risk • Mar 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩134.3b (US$99.9m) 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 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩134.3b market cap, or US$99.9m). Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩35.00 loss per share (vs ₩21.00 loss in 3Q 2022) Third quarter 2023 results: ₩35.00 loss per share (further deteriorated from ₩21.00 loss in 3Q 2022). Revenue: ₩12.7b (down 28% from 3Q 2022). Net loss: ₩1.01b (loss widened 68% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. New Risk • Oct 10
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 10.0% 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 3.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10.0% average weekly change). New Risk • Jul 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩129.4b (US$98.8m) 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Dec 21
Inaugural dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 12 April 2023. This is the first dividend for Victek since going public. The average dividend yield among industry peers is 0.9%. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₩6,880, the stock trades at a trailing P/E ratio of 69.6x. Average trailing P/E is 25x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 143% 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 ₩4,800, the stock trades at a trailing P/E ratio of 48.5x. Average trailing P/E is 25x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₩5,780, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 33x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 96% over the past three years. Announcement • May 05
Victek Co., Ltd. announced that it expects to receive KRW 15 billion in funding Victek Co., Ltd. announced a private placement of series 2 bearer type, no interest, no guarantee, private placement convertible bonds for gross proceeds of KRW 15,000,000,000 on May 3, 2022. The bonds will mature on May 06, 2027. The bonds will be 100% converted into 2,114,761 common shares of the company at a fixed conversion price of KRW 7,093 per share for an equity stake of 7.38%. The conversion period is from May 06, 2023, to April 06, 2027. The payment date for bonds is May 06, 2022. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 19% share price gain to ₩7,360, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 26x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 21% share price gain to ₩8,000, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 24x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 160% over the past three years. 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 ₩5,560, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 24x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 123% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ₩49.00 (vs ₩40.00 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₩29.3b (up 62% from 3Q 2020). Net income: ₩1.41b (up 25% from 3Q 2020). Profit margin: 4.8% (down from 6.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,100, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 26x in the Aerospace & Defense industry in South Korea. Total returns to shareholders of 100% over the past three years. Announcement • Feb 25
Victek Co., Ltd., Annual General Meeting, Mar 24, 2021 Victek Co., Ltd., Annual General Meeting, Mar 24, 2021, at 09:30 Korea Standard Time. Is New 90 Day High Low • Jan 11
New 90-day high: ₩7,900 The company is up 5.0% from its price of ₩7,530 on 13 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 Aerospace & Defense industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: ₩6,810 The company is down 10.0% from its price of ₩7,600 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: ₩6,880 The company is down 6.0% from its price of ₩7,300 on 29 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: ₩9,510 The company is up 35% from its price of ₩7,050 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 4.0% over the same period.