Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩333, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total loss to shareholders of 68% over the past three years. New Risk • May 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (₩15.2b market cap, or US$10.0m). New Risk • May 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.7b (US$9.89m) This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (₩14.7b market cap, or US$9.89m). Announcement • Feb 20
YeSUN Tech Co.,Ltd., Annual General Meeting, Mar 31, 2026 YeSUN Tech Co.,Ltd., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 356-3, gongdan-ro, gyeonggi-do, gunpo South Korea New Risk • Jan 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.7b (US$9.99m) This is considered a major 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 Risks Earnings have declined by 42% per year over the past 5 years. Market cap is less than US$10m (₩14.7b market cap, or US$9.99m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Oct 27
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 13% 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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 41% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩18.0b market cap, or US$12.6m). New Risk • Oct 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩13.9b (US$9.65m) This is considered a major 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 Risks Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (₩13.9b market cap, or US$9.65m). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Sep 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩13.9b (US$9.98m) This is considered a major 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 Risks Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (₩13.9b market cap, or US$9.98m). Announcement • Feb 14
YeSUN Tech Co.,Ltd., Annual General Meeting, Mar 31, 2025 YeSUN Tech Co.,Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 356-3, gongdan-ro, gyeonggi-do, gunpo South Korea New Risk • Feb 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.5b (US$10.00m) This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 46% per year over the past 5 years. Market cap is less than US$10m (₩14.5b market cap, or US$10.00m). 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 Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩14.9b market cap, or US$10.3m). New Risk • Dec 12
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 12% 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 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩16.0b market cap, or US$11.2m). New Risk • Nov 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩13.8b (US$9.86m) This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩185m free cash flow). Earnings have declined by 54% per year over the past 5 years. Market cap is less than US$10m (₩13.8b market cap, or US$9.86m). New Risk • Aug 05
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 7.7% 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 (-₩1.6b free cash flow). Earnings have declined by 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₩15.9b market cap, or US$11.7m). New Risk • May 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩1.6b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-₩1.6b free cash flow). Earnings have declined by 58% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩22.9b market cap, or US$16.8m). Announcement • Mar 28
YeSUN Tech Co.,Ltd. announced that it expects to receive KRW 2.5 billion in funding YeSUN Tech Co.,Ltd. announced a private placement of 2nd bearer non- registered interest-bearing, unsecured private placement convertible bonds for the gross proceeds of KRW 2,500,000,000 on March 26, 2024. The bonds will be convertible into 3,419,972 shares of the company at a price of KRW 731 per share. The bonds will have a zero coupon rate and will be matured on March 28, 2029. The transaction has been approved by the shareholders of the company and it expected to close on March 28, 2024. New Risk • Nov 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩1.7b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-₩1.7b free cash flow). Earnings have declined by 62% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩24.7b market cap, or US$19.0m). New Risk • Nov 30
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 Risks Earnings have declined by 64% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (₩24.7b market cap, or US$19.2m). New Risk • Jun 24
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 8.4% 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 61% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (₩35.3b market cap, or US$27.0m). Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 19 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩2,410, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total returns to shareholders of 12% over the past year. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,060, the stock trades at a trailing P/E ratio of 35.9x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 42% over the past year. Is New 90 Day High Low • Mar 10
New 90-day low: ₩2,340 The company is down 6.0% from its price of ₩2,490 on 10 December 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 7.0% over the same period. Announcement • Feb 16
YeSUN Tech Co.,Ltd., Annual General Meeting, Mar 30, 2021 YeSUN Tech Co.,Ltd., Annual General Meeting, Mar 30, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 04
New 90-day high: ₩2,900 The company is up 10.0% from its price of ₩2,635 on 06 November 2020. The South Korean market is up 27% 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 18
New 90-day low: ₩2,375 The company is down 7.0% from its price of ₩2,555 on 20 October 2020. The South Korean market is up 30% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 39% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: ₩2,420 The company is down 2.0% from its price of ₩2,475 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 Chemicals industry, which is up 24% over the same period.