Buy Or Sell Opportunity • Jun 11
Now 24% overvalued Over the last 90 days, the stock has fallen 29% to ₩4,845. The fair value is estimated to be ₩3,913, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last year. Earnings per share has grown by 3.0%. New Risk • Jun 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩152.1b (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 High level of non-cash earnings (23% 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 (₩152.1b market cap, or US$99.2m). New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩5,320, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 19x in the Medical Equipment industry in South Korea. Total loss to shareholders of 46% over the past three years. Buy Or Sell Opportunity • Apr 08
Now 20% overvalued Over the last 90 days, the stock has fallen 4.2% to ₩6,600. The fair value is estimated to be ₩5,487, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last year. Earnings per share has grown by 11%. Announcement • Mar 13
M.I.TECH Co.,Ltd, Annual General Meeting, Mar 26, 2026 M.I.TECH Co.,Ltd, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 174, habuk 2-gil, jinwi-myeon, gyeonggi-do, pyeongtaek South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 21 April 2026. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.1%). Declared Dividend • Nov 08
Dividend of ₩100.00 announced Dividend of ₩100.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 21st April 2026 Dividend yield will be 1.6%, which is lower than the industry average of 1.8%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 6 years. However, payments have been volatile during that time. Announcement • Nov 07
M.I.TECH Co.,Ltd announces Annual dividend, payable on April 21, 2026 M.I.TECH Co.,Ltd announced Annual dividend of KRW 100.0000 per share payable on April 21, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Apr 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2020 fiscal period end). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 13
M.I.TECH Co.,Ltd, Annual General Meeting, Mar 27, 2025 M.I.TECH Co.,Ltd, Annual General Meeting, Mar 27, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 174, habuk 2-gil, jinwi-myeon, gyeonggi-do, pyeongtaek South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (1.4%). Major Estimate Revision • Oct 17
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₩55.7m to ₩54.4m. EPS estimate rose from ₩562 to ₩653. Net income forecast to grow 71% next year vs 51% growth forecast for Medical Equipment industry in South Korea. Consensus price target up from ₩10,300 to ₩13,000. Share price rose 2.7% to ₩8,350 over the past week. Upcoming Dividend • Dec 20
Upcoming dividend of ₩120 per share at 1.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Announcement • Sep 09
Huons Meditech agreed to acquire Stone crusher business Division of M.I.TECH Co.,Ltd for KRW 3.5 billion. Huons Meditech agreed to acquire Stone crusher business Division of M.I.TECH Co.,Ltd for KRW 3.5 billion on September 6, 2023. Stone crusher business Division reported Sales of KRW 1.2 billion in June 30, 2023. Announcement • Jun 17
Boston Scientific Corporation (NYSE:BSX) completed the acquisition of an additional stake in M.I.TECH Co.,Ltd (KOSDAQ:A179290) from Synergy Innovation Co., Ltd. (KOSDAQ:A048870) Boston Scientific Corporation (NYSE:BSX) agreed to acquire an additional stake in M.I.TECH Co.,Ltd (KOSDAQ:A179290) from Synergy Innovation Co., Ltd. (KOSDAQ:A048870) for KRW 46.1 billion on May 16, 2023. Boston Scientific Corporation (NYSE:BSX) completed the acquisition of an additional stake in M.I.TECH Co.,Ltd (KOSDAQ:A179290) from Synergy Innovation Co., Ltd. (KOSDAQ:A048870) on June 15, 2023. Announcement • May 18
Boston Scientific Corporation (NYSE:BSX) cancelled the acquisition of a 63.9% stake in M.I.TECH Co.,Ltd (KOSDAQ:A179290) from Synergy Innovation Co., Ltd. (KOSDAQ:A048870). Boston Scientific Corporation (NYSE:BSX) has entered into a definitive agreement to acquire a 63.9% stake in M.I.TECH Co.,Ltd (KOSDAQ:A179290) from Synergy Innovation Co., Ltd. (KOSDAQ:A048870) for approximately KRW 290 billion on June 15, 2022. The agreement consists of a purchase price of KRW 14,500 per share, which represents a total of KRW 291.2 billion, subject to closing adjustments. Cash received in full on the day of transaction closing. The transaction is subject to customary closing conditions and Boston Scientific expects to complete the transaction in the second half of 2022. As of December 15, 2022, the transaction is expected to close on March 15, 2022. As of Maarch 15, 2023. The business combination approval process is in progress in some overseas countries, and the transaction will be closed as soon as the approval process is completed and it is expected to close on June 13, 2023. The impact to GAAP and adjusted earnings per share is expected to be immaterial in 2022. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to Boston Scientific Corporation in the transaction.
Boston Scientific Corporation (NYSE:BSX) cancelled the acquisition of a 63.9% stake in M.I.TECH Co.,Ltd (KOSDAQ:A179290) from Synergy Innovation Co., Ltd. (KOSDAQ:A048870) on May 16, 2023. Buying Opportunity • May 18
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₩13,771, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings is also forecast to grow by 32% per annum over the same time period. Upcoming Dividend • Dec 21
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Buying Opportunity • Dec 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ₩12,481, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 31% per annum. Earnings is also forecast to grow by 52% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 29% share price gain to ₩11,050, the stock trades at a trailing P/E ratio of 52x. Average trailing P/E is 13x in the Medical Equipment industry in South Korea. Total returns to shareholders of 108% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₩11,850, the stock trades at a trailing P/E ratio of 55.7x. Average trailing P/E is 14x in the Medical Equipment industry in South Korea. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 31% share price gain to ₩11,000, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Medical Equipment industry in South Korea. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 18% share price gain to ₩8,370, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 14x in the Medical Equipment industry in South Korea. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₩7,070, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Medical Equipment industry in South Korea. Total returns to shareholders of 59% over the past three years. Buying Opportunity • Feb 08
Now 20% undervalued Over the last 90 days, the stock is up 51%. The fair value is estimated to be ₩8,322, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last year. Earnings per share has grown by 80% over the last year. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 22% share price gain to ₩6,660, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Medical Equipment industry in South Korea. Total returns to shareholders of 113% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 19% share price gain to ₩5,160, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 15x in the Medical Equipment industry in South Korea. Total returns to shareholders of 13% over the past year. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 15% share price gain to ₩5,920, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 16x in the Medical Equipment industry in South Korea. Total returns to shareholders of 28% over the past year. Is New 90 Day High Low • Mar 09
New 90-day low: ₩4,210 The company is down 1.0% from its price of ₩4,240 on 09 December 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is down 5.0% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: ₩4,900 The company is up 10.0% from its price of ₩4,445 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is up 8.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩50.00 Per Share Will be paid on the 3rd of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.1% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.7%). Announcement • Oct 29
Olympus Launches HANAROSTENT Esophagus Through-the-Scope Stent Olympus announced the commercial launch of HANAROSTENT Esophagus TTS self-expanding metal stents (SEMS) made by M.I. Tech and distributed exclusively through Olympus in the U.S. The Through-the-Scope (TTS) esophageal stent, the newest addition to the Olympus self-expanding stent portfolio, helps to achieve luminal patency in a variety of clinical applications and is designed for use in palliative treatment of esophageal stricture and/or trachea-esophageal fistula caused by malignant tumors. The stent offers a fully covered or partially covered option. Pre-loaded into the delivery system, the HANAROSTENT Esophagus TTS fits down the working channel of a standard therapeutic gastroscope and is deployed for placement in the esophagus. The hook-and-cross nitinol design, unique to HANAROSTENT products, was designed with patient comfort in mind and enables optimal radial and axial force allowing for the flexibility to conform to a patient's anatomy and precisely target the stricture. Unlike over-the-wire esophageal stents, the new 10.5F HANAROSTENT Esophagus TTS allows for accurate and easy esophageal stenting under direct endoscopic visualization. Additional benefits of the new esophageal stent include: Minimized Use of Fluoroscopy: Direct visualization of the lumen allows physicians to place the stent with reduced dependence on fluoroscopy; Increased Procedural Efficiency: Through-the-Scope application allows for fewer scope/device exchanges, leading to increased efficiency and potential reduction of procedure time; Unique Wire Structure: Hook-and-cross nitinol design provides optimal radial and axial force aimed to minimize the impact of retrosternal pressure, which can be painful to patients; Intuitive Delivery System: Long delivery length options, ability to fully recapture stent up to a point-of-no-return, as well as a retrieval lasso for stent repositioning combine to allow for safety and precision of placement for users of all experience levels. Is New 90 Day High Low • Oct 05
New 90-day high: ₩4,710 The company is up 28% from its price of ₩3,670 on 07 July 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 21% over the same period. 
