New Risk • 3h
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 Risk High level of non-cash earnings (28% 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 • Aug 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩10,490, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩10,420, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 28x in the Semiconductor industry in South Korea. Total returns to shareholders of 116% over the past three years. New Risk • May 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Risk High level of non-cash earnings (23% accrual ratio). 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 (₩146.6b market cap, or US$96.4m). Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: ₩26.43 (vs ₩284 in FY 2024) Full year 2025 results: EPS: ₩26.43 (down from ₩284 in FY 2024). Revenue: ₩37.9b (up 30% from FY 2024). Net income: ₩309.2m (down 91% from FY 2024). Profit margin: 0.8% (down from 11% in FY 2024). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
ELC Co.,Ltd., Annual General Meeting, Mar 26, 2026 ELC Co.,Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 20, smart sandan 1-ro, eumbong-myeon, chungcheongnam-do, asan South Korea Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩7,780, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 72% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩65.72 (vs ₩146 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩65.72 (up from ₩146 loss in 3Q 2024). Revenue: ₩6.09b (down 34% from 3Q 2024). Net income: ₩768.4m (up ₩2.47b from 3Q 2024). Profit margin: 13% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩7,380, the stock trades at a trailing P/E ratio of 36.9x. Average trailing P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩9,960, the stock trades at a trailing P/E ratio of 49.9x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 123% over the past three years. New Risk • May 30
New major risk - Revenue and earnings growth Earnings have declined by 32% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 165% Paying a dividend despite having no free cash flows. Earnings have declined by 32% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (7.4% net profit margin). Market cap is less than US$100m (₩89.7b market cap, or US$65.1m). New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Dividend per share is over 9x cash flows per share. Dividend yield: 4.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 9x cash flows per share. Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (₩75.7b market cap, or US$51.5m). Announcement • Feb 28
ELC Co.,Ltd., Annual General Meeting, Mar 28, 2025 ELC Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 20, smart sandan 1-ro, eumbong-myeon, chungcheongnam-do, asan South Korea New Risk • Sep 17
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩69.1b market cap, or US$52.5m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share at 4.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.3%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 7.8% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 7.8% 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 (₩93.2b market cap, or US$70.7m). New Risk • Jul 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 8.0% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Announcement • May 10
e-LITECOM CO., Ltd. (KOSDAQ:A041520) announces an Equity Buyback for KRW 2,000 million worth of its shares. e-LITECOM CO., Ltd. (KOSDAQ:A041520) announces a share repurchase program. Under the program, the company will repurchase up to KWR 2,000 million worth of its shares pursuant to a contract with Samsung Securities Co. Ltd. The purpose of the plan is to stock price stability and shareholder value enhancement. The plan will be valid for November 10, 2023. As of May 8, 2023, the company had 194,960 shares in treasury within scope available for dividend and had 0 shares in treasury through other repurchase. Announcement • Feb 10
e-LITECOM CO., Ltd. (KOSDAQ:A041520) announces an Equity Buyback for KRW 1,000 million worth of its shares. e-LITECOM CO., Ltd. (KOSDAQ:A041520) announces a share repurchase program. Under the program, the company will repurchase up to KWR 1,000 million worth of its shares pursuant to a contract with Samsung Securities Co. Ltd. The purpose of the plan is to stock price stability and shareholder value enhancement. The plan will be valid for August 10, 2023. As of February 8, 2023, the company had 1,334 shares in treasury within scope available for dividend and had 0 shares in treasury through other repurchase. Upcoming Dividend • Dec 21
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 13 April 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.5%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). 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. Buying Opportunity • Jan 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be ₩10,101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% per annum over the last 3 years. The company became loss making over the last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 14 April 2022. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 6.9%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 17% share price gain to ₩12,350, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 126% over the past three years. Is New 90 Day High Low • Feb 26
New 90-day low: ₩10,700 The company is down 14% from its price of ₩12,500 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 36% over the same period. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩11,300, the stock is trading at a trailing P/E ratio of 9.3x, down from the previous P/E ratio of 11x. 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 83%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 26% share price gain to ₩14,750, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 126%. Is New 90 Day High Low • Dec 28
New 90-day high: ₩14,750 The company is up 34% from its price of ₩11,000 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 30% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 6th 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%). Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 17% share price gain to ₩12,450, the stock is trading at a trailing P/E ratio of 13.6x, up from the previous P/E ratio of 11.6x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 90%. Is New 90 Day High Low • Nov 05
New 90-day high: ₩12,350 The company is up 100% from its price of ₩6,170 on 07 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is flat over the same period. Is New 90 Day High Low • Sep 29
New 90-day high: ₩11,000 The company is up 90% from its price of ₩5,800 on 01 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 4.0% over the same period. Announcement • Jun 16
e-LITECOM CO., Ltd. (KOSDAQ:A041520) agreed to acquire SUHWOO Technology Co., Ltd from Sangkyu Park for KRW 20 billion. e-LITECOM CO., Ltd. (KOSDAQ:A041520) agreed to acquire SUHWOO Technology Co., Ltd from Sangkyu Park for KRW 20 billion on June 12, 2020. Under the terms, e-LITECOM CO., Ltd. will acquire 0.1463 million shares of SUHWOO Technology Co., Ltd. The transaction is expected to complete on June 12, 2020. 
