New Risk • May 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Earnings have declined by 16% per year over the past 5 years. High level of non-cash earnings (22% 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 • Mar 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩13,400, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 18x in the Medical Equipment industry in South Korea. Total returns to shareholders of 24% over the past three years. Declared Dividend • Feb 23
Dividend of ₩150 announced Dividend of ₩150 is the same as last year. Ex-date: 31st March 2026 Payment date: 1st January 1970 Dividend yield will be 1.1%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (12% 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 dividend has increased by an average of 20% 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 87% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.7% EPS decline seen over the last 5 years. New Risk • Nov 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Earnings have declined by 15% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). New Risk • Oct 17
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: 1.1% 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 Earnings have declined by 12% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Aug 28
Now 21% overvalued Over the last 90 days, the stock has fallen 9.1% to ₩14,790. The fair value is estimated to be ₩12,227, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.0%. Announcement • Aug 27
Boditech Med Inc. (KOSDAQ:A206640) announces an Equity Buyback for KRW 5,000 million worth of its shares. Boditech Med Inc. (KOSDAQ:A206640) announces a share repurchase program. Under the program, the company will repurchase KRW 5,000 million under the contract with Daishin Securities Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will be valid until February 26, 2026. As of August 26, 2025, the company had 1,555,269 shares in treasury under the dividend capacity and 0 shares in treasury under other capacities. New Risk • Jul 22
New major risk - Revenue and earnings growth Earnings have declined by 7.5% 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. This is currently the only risk that has been identified for the company. Price Target Changed • Mar 25
Price target decreased by 8.5% to ₩23,000 Down from ₩25,150, the current price target is provided by 1 analyst. New target price is 56% above last closing price of ₩14,780. Stock is up 2.9% over the past year. The company is forecast to post earnings per share of ₩1,738 for next year compared to ₩1,242 last year. Reported Earnings • Mar 20
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₩1,242 (up from ₩1,181 in FY 2023). Revenue: ₩138.2b (up 2.9% from FY 2023). Net income: ₩27.3b (up 5.1% from FY 2023). Profit margin: 20% (in line with FY 2023). Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Medical Equipment industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 7% per year. Declared Dividend • Feb 24
Dividend reduced to ₩150 Dividend of ₩150 is 25% lower than last year. Ex-date: 31st March 2025 Payment date: 1st January 1970 Dividend yield will be 1.0%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 32% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 51% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 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 ₩17,440, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Medical Equipment industry in South Korea. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩34,517 per share. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩16,100, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Medical Equipment industry in South Korea. Total returns to shareholders of 4.6% over the past three years. Announcement • Oct 15
Boditech Med Inc. (KOSDAQ:A206640) announces an Equity Buyback for KRW 3,000 million worth of its shares. Boditech Med Inc. (KOSDAQ:A206640) announces a share repurchase program. Under the program, the company will repurchase KRW 3,000 million under the contract with Daishin Securities Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will be valid until April 14, 2025. As of October 14, 2024, the company had 1,502,494 shares in treasury under the dividend capacity and 0 shares in treasury under other capacities. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩14,060, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Medical Equipment industry in South Korea. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩15,290, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Medical Equipment industry in South Korea. Total loss to shareholders of 26% over the past three years. Announcement • Jun 20
SphingoTec GmbH Introduces Kidney Function Biomarker penKid Together with Boditech Med Inc. At the 42nd AKI & CRRT Course in Vicenza SphingoTec GmbH introduced together with Boditech Med Inc. (Boditech) at the 42nd AKI & CRRT Course in Vicenza the innovative kidney function biomarker penKid developed by SphingoTec and licensed to Boditech. They highlighted the benefits of penKid on the AFIAS platform, emphasizing its promise in enhancing kidney function assessment. With the AFIAS penKid®? test, the companies will focus on market development, engaging with healthcare professionals, and ensuring a successful product rollout starting in Europe. The current standard of care diagnosis for AKI is to use serum creatinine and urine output, which are both lagging indicators. Many clinical studies point to the delay in AKI identification and its impact on mortality. PenKid is a functional biomarker that overcomes the shortcomings in the standard AKI diagnosis of criticallyill patients by assessing kidney function in real time without being influenced by inflammation. A new penKid-based formula for estimating the glomerular filtration rate (eGFR) has been developed, outperforming widely used conventional equations based on creatinine alone. In previous studies, penKid has shown the potential to support increased clinical vigilance by risk prediction and identifying sub-clinical AKI, with changes in penKid levels pointing to worsening or recovery of kidney function. Prof. Lui Forni, (Professor and Consultant in intensive care at Royal Surrey County Hospital NHS Foundation Trust and the School of Medicine, University of Surrey) introduced penKid to the international audience during the session " Update on biomarkers". In addition to the well-established scientific evidence on penKid as a kidney function biomarker for critical care settings, the presentation also included the results of a decentralized analysis that consolidates evidence from 11 independent studies and nearly 4,000 patients. Beyond unified and compelling evidence of penKid's clinical performance, the systematic meta-analysis explores the role of penKid in identifying patients at high risk for AKI. Incorporating penKid into patient care could enable more intensive surveillance and personalized and early prevention efforts, including optimizing hemodynamic stability and prudent use of nephrotoxic agents. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share at 0.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 12 April 2024. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.6%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩420 (vs ₩266 in 3Q 2022) Third quarter 2023 results: EPS: ₩420 (up from ₩266 in 3Q 2022). Revenue: ₩34.9b (up 26% from 3Q 2022). Net income: ₩9.24b (up 55% from 3Q 2022). Profit margin: 27% (up from 22% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩19,290, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 17x in the Medical Equipment industry in South Korea. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩17,830, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 17x in the Medical Equipment industry in South Korea. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩14,980, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 18x in the Medical Equipment industry in South Korea. Total loss to shareholders of 22% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩1,080 (vs ₩1,937 in FY 2021) Full year 2022 results: EPS: ₩1,080 (down from ₩1,937 in FY 2021). Revenue: ₩118.1b (down 25% from FY 2021). Net income: ₩24.2b (down 46% from FY 2021). Profit margin: 21% (down from 28% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 23% share price gain to ₩13,050, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 12x in the Medical Equipment industry in South Korea. Total returns to shareholders of 34% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. Payout ratio is a comfortable 18% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.8%). Announcement • Sep 29
Boditech Med Inc. (KOSDAQ:A206640) announces an Equity Buyback for KRW 5,000 million worth of its shares. Boditech Med Inc. (KOSDAQ:A206640) announces a share repurchase program. Under the program, the company will repurchase KRW 5,000 million under the contract with DAISHIN SECURITIES CO., LTD. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will be valid until March 28, 2023. As of September 28, 2022, the company had 1,014,474 shares in treasury under the dividend capacity and 7,670 shares in treasury under other capacities. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 19% share price gain to ₩12,350, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 12x in the Medical Equipment industry in South Korea. Total returns to shareholders of 20% 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 19% share price decline to ₩11,500, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 13x in the Medical Equipment industry in South Korea. Negligible returns to shareholders over 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: 19 April 2022. Payout ratio is a comfortable 8.2% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.7%). Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ₩624 (vs ₩619 in 3Q 2020) The company reported a mediocre third quarter result with weaker profit margins, although earnings were flat and revenues improved. Third quarter 2021 results: Revenue: ₩43.9b (up 8.1% from 3Q 2020). Net income: ₩14.3b (flat on 3Q 2020). Profit margin: 33% (down from 35% 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 101% per year but the company’s share price has only increased by 8% 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 16% share price decline to ₩15,750, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 15x in the Medical Equipment industry in South Korea. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩21,300, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 20x in the Medical Equipment industry in South Korea. Total returns to shareholders of 34% over the past three years. Announcement • Apr 13
Boditech Med Inc. (KOSDAQ:A206640) announces an Equity Buyback for KRW 3,000 million worth of its shares. Boditech Med Inc. (KOSDAQ:A206640) announces a share repurchase program. Under the program, the company will repurchase KRW 3,000 million under the contract with KB Securities Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will be valid until October 12, 2021. As of April 12, 2021, the company had 436,369 shares in treasury under the dividend capacity and 7,670 shares in treasury under other capacities. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 18% share price gain to ₩20,450, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 15x in the Medical Equipment industry in South Korea. Total returns to shareholders of 5.8% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩16,350, the stock is trading at a trailing P/E ratio of 12x, down from the previous P/E ratio of 14.1x. This compares to an average P/E of 18x in the Medical Equipment industry in South Korea. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Feb 20
New 90-day low: ₩18,200 The company is down 34% from its price of ₩27,500 on 20 November 2020. The South Korean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 7.0% over the same period. Announcement • Feb 18
Boditech Med Inc., Annual General Meeting, Mar 29, 2021 Boditech Med Inc., Annual General Meeting, Mar 29, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 15
New 90-day low: ₩21,000 The company is down 37% from its price of ₩33,450 on 16 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩22,100, the stock is trading at a trailing P/E ratio of 16.2x, down from the previous P/E ratio of 19.2x. This compares to an average P/E of 19x in the Medical Equipment industry in South Korea. Total returns to shareholders over the past three years are 25%. Is New 90 Day High Low • Dec 23
New 90-day low: ₩23,650 The company is down 26% from its price of ₩31,800 on 24 September 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day low: ₩23,950 The company is down 18% from its price of ₩29,150 on 27 August 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 11
Market pulls back on stock over the past week After last week's 17% share price decline to ₩26,600, the stock is trading at a trailing P/E ratio of 28.7x, down from the previous P/E ratio of 34.6x. This compares to an average P/E of 20x in the Medical Equipment industry in South Korea. Total returns to shareholders over the past three years are 30%. Valuation Update With 7 Day Price Move • Nov 02
Market bids up stock over the past week After last week's 15% share price gain to ₩33,550, the stock is trading at a trailing P/E ratio of 36.2x, up from the previous P/E ratio of 31.4x. This compares to an average P/E of 21x in the Medical Equipment industry in South Korea. Total returns to shareholders over the past three years are 99%. Announcement • Sep 22
Choi Eui Yul and three related parties acquired 27% stake in Boditech Med Inc. (KOSDAQ:A206640). Choi Eui Yul and three related parties acquired 27% stake in Boditech Med Inc. (KOSDAQ:A206640) on September 9, 2015. Choi Eui Yul and related parties acquired 56.67 million shares.
Choi Eui Yul and three related parties completed the acquisition of 27% stake in Boditech Med Inc. (KOSDAQ:A206640) on September 9, 2015. Announcement • Sep 19
Kim Jae Hak and 11 related parties acquired 11.66% stake in Boditech Med Inc. (KOSDAQ:A206640). Kim Jae Hak and 11 related parties acquired 11.66% stake in Boditech Med Inc. (KOSDAQ:A206640) on September 10, 2015.
Kim Jae Hak and 11 related parties completed the acquisition of 11.66% stake in Boditech Med Inc. (KOSDAQ:A206640) on September 10, 2015. 