Buy Or Sell Opportunity • May 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ₩33,200. The fair value is estimated to be ₩41,665, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 10
Fine Semitech Corp., Annual General Meeting, Mar 26, 2026 Fine Semitech Corp., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 15-23, dongtansandan 6-gil, dongtan-gu, gyeonggi-do, hwaseong South Korea New Risk • Jan 28
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 Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 36% per year over the past 5 years. Reported Earnings • Nov 20
Third quarter 2025 earnings released: ₩322 loss per share (vs ₩28.00 loss in 3Q 2024) Third quarter 2025 results: ₩322 loss per share (further deteriorated from ₩28.00 loss in 3Q 2024). Revenue: ₩65.5b (up 12% from 3Q 2024). Net loss: ₩6.49b (loss widened ₩5.92b from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. New Risk • Sep 20
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 10% 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 Interest payments are not well covered by earnings (1.5x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 32% per year over the past 5 years. Announcement • Sep 18
Fine Semitech Corp. announced that it expects to receive KRW 20 billion in funding Fine Semitech Corp. announced private placement of Zero Coupon Series 9 Unsecured Private Convertible Bonds due September 25, 2030 for gross proceeds of KRW 20,000,000,000 on September 17, 2025. The transaction includes participation from Korea Investment Global Semitech New Technology Business Investment Association. The bonds bear no interest rate and will mature on September 25, 2030. The bonds are 100% convertible into 617,036 shares at a conversion price of KRW 32,413 from October 2, 2025 to August 25, 2030. The transaction is expected to close on September 25, 2025 and is approved by board of directors of the company. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩23,300, the stock trades at a trailing P/E ratio of 55.5x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 55% over the past three years. New Risk • Jul 28
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 8.8% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 29% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩21,200, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 48% over the past three years. New Risk • Mar 13
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 8.7% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 23% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Announcement • Mar 05
Fine Semitech Corp., Annual General Meeting, Mar 26, 2025 Fine Semitech Corp., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 15-23, dongtansandan 6-gil, gyeonggi-do, osan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (0.8%). Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₩28.00 loss per share (vs ₩39.81 profit in 3Q 2023) Third quarter 2024 results: ₩28.00 loss per share (down from ₩39.81 profit in 3Q 2023). Revenue: ₩58.5b (up 7.9% from 3Q 2023). Net loss: ₩565.6m (down 173% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Announcement • Jul 18
Fine Semitech Corp. (KOSDAQ:A036810) agreed to acquire Imd Inc. for KRW 21.6 billion. Fine Semitech Corp. (KOSDAQ:A036810) agreed to acquire Imd Inc. for KRW 21.6 billion on July 17, 2024. A cash consideration of KRW 21.6 billion will be paid by Fine Semitech Corp. As part of consideration, KRW 21.6 billion is paid towards common equity of Imd Inc.
For the period ending December 31, 2023, Imd Inc. reported total revenue of KRW 8.59 billion and net loss of KRW 334 million. As of December 31, 2023, Imd Inc. reported total debt of KRW 2.83 billion and total assets of KRW 18.45 billion.
The expected completion of the transaction is August 5, 2024. New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 6.7% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 6.7% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). New Risk • Apr 15
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 8.7% 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 Risk Debt is not well covered by operating cash flow (6.4% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). New Risk • Mar 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 6.5% and the cash payout ratio is 83%. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.0%). New Risk • Dec 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 8.7% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩40.00 (vs ₩348 in 3Q 2022) Third quarter 2023 results: EPS: ₩40.00 (down from ₩348 in 3Q 2022). Revenue: ₩55.3b (down 6.4% from 3Q 2022). Net income: ₩774.2m (down 89% from 3Q 2022). Profit margin: 1.4% (down from 12% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,150, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₩28,650, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 11% over the past three years. New Risk • Jul 19
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 9.2% 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 High level of non-cash earnings (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩18,770, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 33% over the past three years. Reported Earnings • May 20
First quarter 2023 earnings released: ₩213 loss per share (vs ₩64.00 profit in 1Q 2022) First quarter 2023 results: ₩213 loss per share (down from ₩64.00 profit in 1Q 2022). Revenue: ₩47.0b (up 6.8% from 1Q 2022). Net loss: ₩4.17b (down 428% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩21,350, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 146% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩130 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 21 April 2023. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩348 (vs ₩162 in 3Q 2021) Third quarter 2022 results: EPS: ₩348 (up from ₩162 in 3Q 2021). Revenue: ₩59.1b (up 22% from 3Q 2021). Net income: ₩6.83b (up 51% from 3Q 2021). Profit margin: 12% (up from 9.3% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 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: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 15% share price gain to ₩12,750, the stock trades at a trailing P/E ratio of 47.1x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 84% 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 16% share price decline to ₩16,500, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 115% over the past three years. Announcement • May 23
Fine Semitech Corp. (KOSDAQ:A036810) announces an Equity Buyback for KRW 2,000 million worth of its shares. Fine Semitech Corp. (KOSDAQ:A036810) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares pursuant to a contract with KB Securities Co., Ltd. The purpose of the plan is to stabilize stock price and to increase shareholder value. The repurchase program will continue until November 23, 2022. As of May 22, 2022, the company had 2,043,483 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. Buying Opportunity • May 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be ₩27,040, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 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: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₩27,754, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Buying Opportunity • Jan 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.7%. The fair value is estimated to be ₩28,895, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% per annum over the last 3 years. Earnings per share has grown by 23% per annum over the last 3 years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 19 April 2022. Payout ratio is a comfortable 5.8% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₩25,500, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 591% over the past three years. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ₩977 (vs ₩370 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩51.4b (up 20% from 1Q 2020). Net income: ₩18.1b (up 169% from 1Q 2020). Profit margin: 35% (up from 16% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 17
Fine Semitech Corp. announced that it has received KRW 43.008814 billion in funding from Samsung Electronics Co., Ltd. On March 16, 2021, Fine Semitech Corp. (KOSDAQ:A036810) closed the transaction. Announcement • Mar 04
Fine Semitech Corp. announced that it expects to receive KRW 43.008814 billion in funding from Samsung Electronics Co., Ltd. Fine Semitech Corp. (KOSDAQ:A036810) announced a private placement of 1,522,975 common shares at a price of KRW 28,240 per share for gross proceeds of KRW 43,008,814,000 on March 2, 2021. The transaction will include participation from Samsung Electronics Co., Ltd. (KOSE:A005930) through third-party allotment. The transaction has been approved by the board of directors of the company. The payment date of the transaction is March 16, 2021. All the securities to be issued are subject to a hold period of one year. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 20% share price gain to ₩33,550, the stock is trading at a trailing P/E ratio of 29.1x, up from the previous P/E ratio of 24.2x. This compares to an average P/E of 21x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 515%. Is New 90 Day High Low • Jan 25
New 90-day high: ₩33,250 The company is up 73% from its price of ₩19,200 on 27 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 50% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 26% share price gain to ₩30,700, the stock is trading at a trailing P/E ratio of 26.6x, up from the previous P/E ratio of 21.2x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 459%. Is New 90 Day High Low • Jan 04
New 90-day high: ₩30,700 The company is up 33% from its price of ₩23,000 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 32% over the same period. Valuation Update With 7 Day Price Move • Dec 10
Market bids up stock over the past week After last week's 17% share price gain to ₩27,800, the stock is trading at a trailing P/E ratio of 24.1x, up from the previous P/E ratio of 20.6x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 363%. Is New 90 Day High Low • Dec 08
New 90-day high: ₩25,200 The company is up 10.0% from its price of ₩22,900 on 09 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 29% over the same period. Is New 90 Day High Low • Oct 23
New 90-day low: ₩20,050 The company is down 24% from its price of ₩26,300 on 24 July 2020. The South Korean market is up 7.0% 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.