Buy Or Sell Opportunity • Jun 15
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 107% to ₩35,900. The fair value is estimated to be ₩28,001, 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 32%. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩30,900, the stock trades at a trailing P/E ratio of 25.2x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩36,950, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 30x in the Semiconductor industry in South Korea. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩34,650, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 31x in the Semiconductor industry in South Korea. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩21,950, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 24x in the Semiconductor industry in South Korea. Total loss to shareholders of 3.9% over the past three years. New Risk • Apr 01
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 Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Apr 01
Now 36% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to ₩20,100. The fair value is estimated to be ₩14,757, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has declined by 45%. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩21,050, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 15% over the past three years. Announcement • Mar 13
Nepes Corporation, Annual General Meeting, Mar 26, 2026 Nepes Corporation, Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 175-1, suokjeong-gil, yeonpung-myeon, goesan-gun, chungcheongbuk-do, South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩14,670, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩19,490, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 8.3% over the past three years. New Risk • Nov 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 31% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • Sep 01
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 11% 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 (11% average weekly change). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks High level of debt (107% net debt to equity). Large one-off items impacting financial results. New Risk • Sep 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks High level of debt (107% net debt to equity). Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩12,940, the stock trades at a forward P/E ratio of 154x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩11,470, the stock trades at a forward P/E ratio of 136x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 44% over the past three years. New Risk • Jun 09
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 9.0% 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 Interest payments are not well covered by earnings (0.001x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩10,200, the stock trades at a forward P/E ratio of 121x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩7,940, the stock trades at a forward P/E ratio of 331x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 73% over the past three years. New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩147.1b (US$99.9m) 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 Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (₩147.1b market cap, or US$99.9m). New Risk • Mar 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x 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 (0.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Mar 14
Nepes Corporation, Annual General Meeting, Mar 28, 2025 Nepes Corporation, Annual General Meeting, Mar 28, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 175-1, suokjeong-gil, yeonpung-myeon, goesan-gun, chungcheongbuk-do, South Korea New Risk • Mar 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 8.6% 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 24% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). New Risk • Feb 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.3b (US$99.1m) 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 Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩145.3b market cap, or US$99.1m). New Risk • Dec 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.5b (US$94.6m) 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 Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩135.5b market cap, or US$94.6m). Reported Earnings • May 21
First quarter 2024 earnings released: ₩586 loss per share (vs ₩1,336 loss in 1Q 2023) First quarter 2024 results: ₩586 loss per share (improved from ₩1,336 loss in 1Q 2023). Revenue: ₩121.6b (up 11% from 1Q 2023). Net loss: ₩13.3b (loss narrowed 56% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 30
Full year 2023 earnings released: ₩4,330 loss per share (vs ₩3,399 profit in FY 2022) Full year 2023 results: ₩4,330 loss per share (down from ₩3,399 profit in FY 2022). Revenue: ₩480.1b (down 18% from FY 2022). Net loss: ₩98.5b (down 227% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,900, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total loss to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩19,850, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩22,800, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₩24,800, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 16% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: ₩3,399 (vs ₩1,721 loss in FY 2021) Full year 2022 results: EPS: ₩3,399 (up from ₩1,721 loss in FY 2021). Revenue: ₩588.0b (up 41% from FY 2021). Net income: ₩77.6b (up ₩117.3b from FY 2021). Profit margin: 13% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
No independent directors 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. No independent directors (3 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: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors 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. No independent directors (3 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: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Mar 10
Price target decreased to ₩47,667 Down from ₩53,600, the current price target is an average from 3 analysts. New target price is 66% above last closing price of ₩28,800. Stock is down 22% over the past year. The company is forecast to post a net loss per share of ₩1,041 next year compared to a net loss per share of ₩2,101 last year. Announcement • Dec 15
Nepes Laweh corporation Announces 600mm Large Panel M-Series Fan-Out Volume Production Nepes Laweh corporation announced successful production of large Panel Level Packaging (PLP) using Deca’s M-Series™ fan-out technologies. Nepes Laweh had a grand opening of the Cheongan Campus PLP Line on December 7th with the presence of Minister of Trade, Industry and Energy, Governor of Chungcheongbuk-do, and representatives of clients and partners. The company announced that the Fan-out-Panel Level Packaging (FOPLP) line completed customer certification in the third quarter, and secured a stable yield and entered full-scale mass production. The recently opened Cheongan Campus is built on a 46-acre (186,000m2) land which is equivalent to 25 soccer fields. The campus is a PLP fab facility that can produce up to 96,000 of 600 mm panels with PLP per year. Nepes is expected to provide high-density packaging solutions required for advanced system semiconductors for each application, such as smartphones, automobiles, and IoT, based on the customer needs. Price Target Changed • May 04
Price target increased to ₩52,000 Up from ₩47,750, the current price target is an average from 6 analysts. New target price is 30% above last closing price of ₩39,900. Stock is up 40% over the past year. Is New 90 Day High Low • Feb 02
New 90-day high: ₩46,750 The company is up 58% from its price of ₩29,500 on 04 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩255,313 per share. Price Target Changed • Jan 26
Price target raised to ₩47,750 Up from ₩43,500, the current price target is an average from 4 analysts. The new target price is close to the current share price of ₩45,500. As of last close, the stock is up 76% over the past year. Is New 90 Day High Low • Jan 06
New 90-day high: ₩43,450 The company is up 38% from its price of ₩31,500 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩251,259 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩270 Per Share Will be paid on the 28th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.8% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (0.8%). Is New 90 Day High Low • Dec 16
New 90-day high: ₩33,900 The company is up 5.0% from its price of ₩32,250 on 17 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩235,896 per share. Is New 90 Day High Low • Oct 26
New 90-day low: ₩27,200 The company is down 18% from its price of ₩33,000 on 28 July 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 Semiconductor industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩108,701 per share. Major Estimate Revision • Sep 19
Analysts lower EPS estimates to ₩838 The 2020 consensus revenue estimate was lowered from ₩399.8m to ₩390.8m. Earning per share (EPS) estimate was also lowered from ₩1,487 to ₩838 for the same period. Net income is expected to grow by 366% next year compared to 82% growth forecast for the Semiconductor industry in South Korea. The consensus price target was lowered from ₩43,500 to ₩42,250. Share price is down by 4.9% to ₩32,100 over the past week.