New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 5.6% 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 Less than 1 year of cash runway based on free cash flow trend (-₩29b free cash flow). 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 5.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩29.4b market cap, or US$19.5m). Announcement • Feb 27
LMS Co., Ltd., Annual General Meeting, Mar 27, 2026 LMS Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 53-73, jinwisandan-ro, jinwi-myeon, gyeonggi-do, pyeongtaek South Korea New Risk • Jan 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 9.3% 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 Less than 1 year of cash runway based on free cash flow trend (-₩19b free cash flow). 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 Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (₩34.8b market cap, or US$23.7m). Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.6%). Declared Dividend • Nov 08
Dividend of ₩200 announced Dividend of ₩200 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 3.4%, which is higher than the industry average of 0.4%. 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 increased by an average of 4.9% per year over the past 6 years. However, payments have been volatile during that time. Announcement • Nov 07
LMS Co., Ltd. announces Annual dividend, payable on April 27, 2026 LMS Co., Ltd. announced Annual dividend of KRW 200.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 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. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). High level of non-cash earnings (24% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩37.4b market cap, or US$27.0m). New Risk • May 29
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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). 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 Market cap is less than US$100m (₩36.5b market cap, or US$26.4m). Announcement • Feb 27
LMS Co., Ltd., Annual General Meeting, Mar 28, 2025 LMS Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 53-73, jinwisandan-ro, jinwi-myeon, gyeonggi-do, pyeongtaek South Korea New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩35.9b market cap, or US$25.0m). Buy Or Sell Opportunity • Dec 13
Now 21% overvalued Over the last 90 days, the stock has fallen 1.7% to ₩6,220. The fair value is estimated to be ₩5,158, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 49%. New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 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. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). High level of non-cash earnings (24% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩35.1b market cap, or US$24.6m). New Risk • Jun 11
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 7.6% 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 25% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₩43.5b market cap, or US$31.6m). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩882 (vs ₩195 loss in 1Q 2023) First quarter 2024 results: EPS: ₩882 (up from ₩195 loss in 1Q 2023). Revenue: ₩23.6b (up 35% from 1Q 2023). Net income: ₩5.10b (up ₩6.23b from 1Q 2023). Profit margin: 22% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jan 29
Now 23% undervalued Over the last 90 days, the stock has risen 16% to ₩6,600. The fair value is estimated to be ₩8,582, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share at 2.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). Buying Opportunity • Dec 07
Now 21% undervalued Over the last 90 days, the stock is up 8.2%. The fair value is estimated to be ₩8,582, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 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: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improved over the past week After last week's 26% share price gain to ₩9,370, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 11x in the Semiconductor industry in South Korea. Total loss to shareholders of 45% 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 16% share price decline to ₩8,250, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₩10,300, the stock trades at a trailing P/E ratio of 32.2x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 28% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 26 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Is New 90 Day High Low • Mar 06
New 90-day low: ₩10,750 The company is down 19% from its price of ₩13,200 on 04 December 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 Semiconductor industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: ₩15,550 The company is up 33% from its price of ₩11,650 on 08 October 2020. The South Korean market is up 25% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 43% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩250 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.8% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.8%). Is New 90 Day High Low • Dec 03
New 90-day high: ₩13,250 The company is up 23% from its price of ₩10,750 on 04 September 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 25% over the same period.