Buy Or Sell Opportunity • May 27
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 59% to ₩3,235. The fair value is estimated to be ₩2,463, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩2,875, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 1.1% over the past three years. New Risk • May 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 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 Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (₩98.3b market cap, or US$66.9m). New Risk • Apr 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major 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: Major Risk Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩109.0b market cap, or US$73.7m). Buy Or Sell Opportunity • Apr 06
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 112% to ₩3,925. The fair value is estimated to be ₩3,037, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩3,340, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 19% over the past three years. Announcement • Mar 25
NDFOS Co., Ltd. announced that it has received KRW 11 billion in funding On March 24, 2026, NDFOS Co., Ltd. closed the transaction. The company issued series 5 bonds for gross proceeds of KRW 11,000,000,000. The transaction includes participation from Green Factory Fund for KRW 8,000,000,000 and Square Partners Fund for KRW 3,000,000,000. The bonds will be convertible into 3,831,417 shares at a conversion price of KRW 2,871 and conversion period is from March 24, 2027 and February 24, 2029. Announcement • Mar 17
NDFOS Co., Ltd. announced that it expects to receive KRW 15 billion in funding NDFOS Co., Ltd. announced a private placement to issue Zero Coupon Series 5 Unregistered Interest Unsecured Private Convertible Bonds due March 24, 2029 for gross proceeds of KRW 15,000,000,000 on March 16, 2026. The transaction will include participation from new investors Green Factory Fund fpr KRW 10,000,000,000 and Square Partners Fund for KRW 5,000,000,000. The transaction has been approved by shareholders, expected to close on March 24, 2026, restricted to a hold period, 100% convertible into 5,224,660 shares at a fixed conversion price of KRW 2,871 from March 24, 2027 to February 24, 2029. Announcement • Mar 14
NDFOS Co., Ltd., Annual General Meeting, Mar 27, 2026 NDFOS Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 224-7, hansam-ro, daeso-myeon, eumseong-gun, chungcheongbuk-do, South Korea Announcement • Mar 06
NDFOS Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.99975 million. NDFOS Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.99975 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 579,710
Price\Range: KRW 1725
Transaction Features: Subsequent Direct Listing New Risk • Mar 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 11% 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 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩52.1b market cap, or US$35.7m). Announcement • Mar 13
NDFOS Co., Ltd., Annual General Meeting, Mar 28, 2025 NDFOS Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 224-7, hansam-ro, daeso-myeon, eumseong-gun, chungcheongbuk-do, 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 Risk Market cap is less than US$100m (₩69.0b market cap, or US$48.0m). 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 December 2015. 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 Risk Latest financial reports are more than 1 year old (reported December 2015 fiscal period end). 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 (₩71.7b market cap, or US$50.4m). New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings have declined by 6.9% 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 Risk Earnings have declined by 6.9% 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 (₩104.1b market cap, or US$80.3m). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,980, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₩6,840, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩6,300, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total loss to shareholders of 52% over the past three years. Announcement • Apr 07
NDFOS Co., Ltd. announced that it has received KRW 12.999990826 billion in funding from Dae Yu Co., Ltd., Jokwang ILI Co., Ltd. On April 5, 2022, NDFOS Co., Ltd. closed the transaction. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 19% share price gain to ₩8,950, the stock trades at a trailing P/E ratio of 62.3x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 19% share price gain to ₩11,200, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 18x in the Chemicals industry in South Korea. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 34% share price gain to ₩5,880, the stock trades at a trailing P/E ratio of 36.7x. Average trailing P/E is 21x in the Chemicals industry in South Korea. Total returns to shareholders of 106% over the past three years. Is New 90 Day High Low • Mar 05
New 90-day low: ₩4,305 The company is down 33% from its price of ₩6,440 on 04 December 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 Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 28
New 90-day low: ₩4,855 The company is down 34% from its price of ₩7,400 on 30 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 Chemicals industry, which is up 34% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: ₩5,360 The company is down 42% from its price of ₩9,230 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 33% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: ₩5,570 The company is down 32% from its price of ₩8,240 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 25% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: ₩9,700 The company is up 181% from its price of ₩3,455 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 Chemicals industry, which is up 30% over the same period.