Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩9,280, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 29x in the Semiconductor industry in South Korea. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩7,830, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total loss to shareholders of 9.5% over the past three years. Announcement • Feb 14
Rorze Systems Corporation, Annual General Meeting, Mar 25, 2026 Rorze Systems Corporation, Annual General Meeting, Mar 25, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 448-34, wanjangcheon-ro, namsa-myeon, cheoin-gu, gyeonggi-do, yongin South Korea New Risk • Jan 22
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 9.3% 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: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (6.7% net profit margin). Market cap is less than US$100m (₩134.7b market cap, or US$91.7m). Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩10,080, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 23 April 2026. Payout ratio is a comfortable 7.3% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩94.00 (vs ₩460 in 3Q 2024) Third quarter 2025 results: EPS: ₩94.00 (down from ₩460 in 3Q 2024). Revenue: ₩16.9b (down 38% from 3Q 2024). Net income: ₩1.41b (down 80% from 3Q 2024). Profit margin: 8.3% (down from 25% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Nov 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩143.2b (US$97.8m) 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. This is currently the only risk that has been identified for the company. Declared Dividend • Nov 08
Dividend of ₩50.00 announced Dividend of ₩50.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 23rd April 2026 Dividend yield will be 0.5%, which is lower than the industry average of 1.0%. Payout Ratios Payout ratio: 5%. Cash payout ratio: 2%. Announcement • Nov 07
Rorze Systems Corporation announces Annual dividend, payable on April 23, 2026 Rorze Systems Corporation announced Annual dividend of KRW 50.0000 per share payable on April 23, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. 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 June 2011. 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩12,980, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 149% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₩812 (up from ₩594 in FY 2023). Revenue: ₩160.1b (up 52% from FY 2023). Net income: ₩12.1b (up 37% from FY 2023). Profit margin: 7.6% (down from 8.4% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in South Korea. 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 48% per year, which means it is well ahead of earnings. Announcement • Feb 15
Rorze Systems Corporation, Annual General Meeting, Mar 24, 2025 Rorze Systems Corporation, Annual General Meeting, Mar 24, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 448-34, wanjangcheon-ro, namsa-myeon, cheoin-gu, gyeonggi-do, yongin South Korea New Risk • Feb 14
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 9.6% 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 High level of non-cash earnings (21% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩21,300, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 309% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 01 April 2025. Payout ratio is a comfortable 5.6% but the company 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%). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩16,950, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Semiconductor industry in South Korea. Total returns to shareholders of 229% over the past three years. New Risk • Nov 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩14,210, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 182% over the past three years. 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 Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩15,850, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 171% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩10,700, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 85% over the past three years. Buy Or Sell Opportunity • Jul 02
Now 22% undervalued Over the last 90 days, the stock has risen 58% to ₩17,760. The fair value is estimated to be ₩22,714, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Earnings per share has grown by 6.6%. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩14,300, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 143% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩13,460, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 130% over the past three years. New Risk • May 27
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 7.6% 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: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (7.8% net profit margin). Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩9,820, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 26x in the Semiconductor industry in South Korea. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩12,190, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 25x in the Semiconductor industry in South Korea. Total returns to shareholders of 96% over the past three years. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩594 (vs ₩1,358 in FY 2022) Full year 2023 results: EPS: ₩594 (down from ₩1,358 in FY 2022). Revenue: ₩105.3b (down 27% from FY 2022). Net income: ₩8.87b (down 56% from FY 2022). Profit margin: 8.4% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩7,700, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 04 April 2024. Payout ratio is a comfortable 5.9% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩5,890, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 13% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₩168 (vs ₩359 in 1Q 2022) First quarter 2023 results: EPS: ₩168 (down from ₩359 in 1Q 2022). Revenue: ₩21.1b (down 47% from 1Q 2022). Net income: ₩2.51b (down 53% from 1Q 2022). Profit margin: 12% (down from 14% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩1,358 (vs ₩634 in FY 2021) Full year 2022 results: EPS: ₩1,358 (up from ₩634 in FY 2021). Revenue: ₩144.6b (up 31% from FY 2021). Net income: ₩20.3b (up 114% from FY 2021). Profit margin: 14% (up from 8.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩7,410, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 10x in the Semiconductor industry in South Korea. Total returns to shareholders of 87% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 1.8% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). 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. 2 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: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩6,000, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 17% share price gain to ₩6,800, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 15% share price gain to ₩6,110, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 50% over the past three 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. 2 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩634 (up from ₩562 in FY 2020). Revenue: ₩110.2b (down 39% from FY 2020). Net income: ₩9.46b (up 13% from FY 2020). Profit margin: 8.6% (up from 4.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 27% share price gain to ₩6,300, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 67% over the past three years. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS ₩562 (vs ₩80.00 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩180.2b (up 126% from FY 2019). Net income: ₩8.38b (up ₩7.18b from FY 2019). Profit margin: 4.6% (up from 1.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 09
New 90-day low: ₩5,880 The company is down 3.0% from its price of ₩6,040 on 09 December 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 22
New 90-day high: ₩6,760 The company is up 26% from its price of ₩5,370 on 23 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 49% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ₩6,290 The company is up 15% from its price of ₩5,450 on 29 September 2020. The South Korean market is up 19% 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. Is New 90 Day High Low • Dec 02
New 90-day high: ₩5,840 The company is up 13% from its price of ₩5,150 on 03 September 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 21% over the same period.