New Risk • Apr 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor 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 Earnings have declined by 17% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (₩50.0b market cap, or US$33.9m). Announcement • Mar 13
TOP Engineering Co., Ltd, Annual General Meeting, Mar 26, 2026 TOP Engineering Co., Ltd, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 53-17, nonggongdanji-gil, goa-eup, gyeongsangbuk-do, gumi South Korea New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2012. 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 September 2012 fiscal period end). Minor Risk Market cap is less than US$100m (₩49.0b market cap, or US$35.3m). Reported Earnings • Mar 14
Full year 2024 earnings released: ₩90.00 loss per share (vs ₩906 profit in FY 2023) Full year 2024 results: ₩90.00 loss per share (down from ₩906 profit in FY 2023). Revenue: ₩815.4b (down 15% from FY 2023). Net loss: ₩1.25b (down 110% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Mar 06
TOP Engineering Co., Ltd, Annual General Meeting, Mar 20, 2025 TOP Engineering Co., Ltd, Annual General Meeting, Mar 20, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 53-17, nonggongdanji-gil, goa-eup, gyeongsangbuk-do, gumi South Korea Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,790, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 53% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₩458 loss per share (vs ₩158 loss in 3Q 2023) Third quarter 2024 results: ₩458 loss per share (further deteriorated from ₩158 loss in 3Q 2023). Revenue: ₩217.1b (down 19% from 3Q 2023). Net loss: ₩6.40b (loss widened 182% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,470, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 39% over the past three years. New Risk • Jun 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.1% This is considered a minor 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 Earnings have declined by 57% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (8.1% increase in shares outstanding). Market cap is less than US$100m (₩94.2b market cap, or US$68.4m). Buy Or Sell Opportunity • Apr 26
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to ₩6,610. The fair value is estimated to be ₩5,319, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to ₩6,290. The fair value is estimated to be ₩5,219, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩906 (vs ₩965 loss in FY 2022) Full year 2023 results: EPS: ₩906 (up from ₩965 loss in FY 2022). Revenue: ₩959.4b (up 2.4% from FY 2022). Net income: ₩12.5b (up ₩26.1b from FY 2022). Profit margin: 1.3% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • Nov 17
Third quarter 2023 earnings released: ₩158 loss per share (vs ₩736 profit in 3Q 2022) Third quarter 2023 results: ₩158 loss per share (down from ₩736 profit in 3Q 2022). Revenue: ₩267.1b (up 18% from 3Q 2022). Net loss: ₩2.27b (down 122% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. New Risk • Aug 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.7% This is considered a minor 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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 61% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (4.7% increase in shares outstanding). New Risk • Aug 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 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 61% 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 (₩132.9b market cap, or US$99.4m). Reported Earnings • May 16
First quarter 2023 earnings released: EPS: ₩396 (vs ₩215 loss in 1Q 2022) First quarter 2023 results: EPS: ₩396 (up from ₩215 loss in 1Q 2022). Revenue: ₩260.9b (down 2.5% from 1Q 2022). Net income: ₩5.45b (up ₩8.52b from 1Q 2022). Profit margin: 2.1% (up from net loss in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 19
Full year 2022 earnings released: ₩965 loss per share (vs ₩1,129 loss in FY 2021) Full year 2022 results: ₩965 loss per share (improved from ₩1,129 loss in FY 2021). Revenue: ₩936.4b (down 14% from FY 2021). Net loss: ₩13.6b (loss narrowed 18% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (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. Announcement • Jul 06
TOP Engineering Co., Ltd (KOSDAQ:A065130) announces an Equity Buyback for 585,937 shares, for KRW 3,000 million. Chips&Media, Inc. (KOSDAQ:A094360) announces a share repurchase program. Under the program, the company will repurchase up to 585,937 shares, for KRW 3,000 million, pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize the stock price. The program will expire on October 4, 2022. As of July 3, 2022, the company had 558,712 shares in treasury within scope available for dividend and had no shares in treasury through other acquisitions. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (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. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ₩42.00 (vs ₩301 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩281.1b (down 25% from 3Q 2020). Net income: ₩617.0m (down 86% from 3Q 2020). Profit margin: 0.2% (down from 1.2% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • Jul 15
TOP Engineering Co., Ltd announced that it has received KRW 10 billion in funding from Eugene Investment & Securities Co.,Ltd., Mirae Asset Securities Co., Ltd., Focus Asset Management Co., Ltd. and another investor On July 13, 2021, TOP Engineering Co., Ltd closed the transaction. Is New 90 Day High Low • Feb 24
New 90-day low: ₩9,550 The company is down 4.0% from its price of ₩10,000 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 34% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ₩11,150 The company is up 13% from its price of ₩9,840 on 17 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 27% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ₩301 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ₩372.9b (up 2.1% from 3Q 2019). Net income: ₩4.40b (down 56% from 3Q 2019). Profit margin: 1.2% (down from 2.8% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings.