Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩15,760, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 29x in the Semiconductor industry in South Korea. Total returns to shareholders of 214% 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: 22% 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 Risks Share price has been highly volatile over the past 3 months (27% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (₩126.2b market cap, or US$83.1m). Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩16,190, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 30x in the Semiconductor industry in South Korea. Total returns to shareholders of 256% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to ₩15,610, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 30x in the Semiconductor industry in South Korea. Total returns to shareholders of 234% over the past three years. New Risk • Apr 08
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 14% 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 (14% average weekly change). Market cap is less than US$100m (₩69.6b market cap, or US$47.1m). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩6,700, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 26x in the Semiconductor industry in South Korea. Total returns to shareholders of 36% over the past three years. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩943 (vs ₩630 in FY 2024) Full year 2025 results: EPS: ₩943 (up from ₩630 in FY 2024). Revenue: ₩120.9b (up 42% from FY 2024). Net income: ₩7.56b (up 50% from FY 2024). Profit margin: 6.3% (up from 5.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩7,380, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩7,140, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 51% over the past three years. Announcement • Feb 24
Vissem Electronics Co., Ltd., Annual General Meeting, Mar 24, 2026 Vissem Electronics Co., Ltd., Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 262-14, guseong-ro, giheung-gu, gyeonggi-do, yongin South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 7.4% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Announcement • Dec 13
Vissem Electronics Co., Ltd. announces Annual dividend, payable on April 15, 2026 Vissem Electronics Co., Ltd. announced Annual dividend of KRW 70.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩5,900, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 32% over the past three years. Buy Or Sell Opportunity • Jun 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₩5,020. The fair value is estimated to be ₩4,169, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩630 (vs ₩504 in FY 2023) Full year 2024 results: EPS: ₩630 (up from ₩504 in FY 2023). Revenue: ₩85.1b (up 15% from FY 2023). Net income: ₩5.04b (up 25% from FY 2023). Profit margin: 5.9% (up from 5.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 20
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 10 April 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). Announcement • Feb 12
Vissem Electronics Co., Ltd., Annual General Meeting, Mar 26, 2025 Vissem Electronics Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 262-14, guseong-ro, giheung-gu, gyeonggi-do, yongin South Korea New Risk • Dec 16
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 (₩29.1b market cap, or US$20.2m). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩79.00 (vs ₩119 in 3Q 2023) Third quarter 2024 results: EPS: ₩79.00 (down from ₩119 in 3Q 2023). Revenue: ₩22.8b (up 27% from 3Q 2023). Net income: ₩633.3m (down 34% from 3Q 2023). Profit margin: 2.8% (down from 5.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Vissem Electronics Co., Ltd. (KOSDAQ:A072950) Completed the acquisition of ILJIN Electronic Industrial Co., Ltd. from Kim Young Dal and 5 others. Vissem Electronics Co., Ltd. (KOSDAQ:A072950) agreed to acquire ILJIN Electronic Industrial Co., Ltd. from Kim Young Dal and 5 others for KRW 19.5 billion on July 29, 2024. A cash consideration of KRW 19.5 billion will be paid by Vissem Electronics Co., Ltd. As part of consideration, KRW 19.5 billion is paid towards common equity of ILJIN Electronic Industrial Co., Ltd. The transaction will be financed through it's own funds.
For the period ending December 31, 2023, ILJIN Electronic Industrial Co., Ltd. reported total revenue of KRW 23.41 billion and net income of KRW 2.17 billion. As of December 31, 2023, ILJIN Electronic Industrial Co., Ltd. reported total debt of KRW 9.09 billion and total assets of KRW 20.24 billion.
The expected completion of the transaction is August 14, 2024.
Vissem Electronics Co., Ltd. (KOSDAQ:A072950) Completed the acquisition of ILJIN Electronic Industrial Co., Ltd. from Kim Young Dal and 5 others on August 14, 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,100, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total loss to shareholders of 41% over the past three years. Announcement • Jul 30
Vissem Electronics Co., Ltd. (KOSDAQ:A072950) agreed to acquire ILJIN Electronic Industrial Co., Ltd. from Kim Young Dal and 5 others for KRW 19.5 billion. Vissem Electronics Co., Ltd. (KOSDAQ:A072950) agreed to acquire ILJIN Electronic Industrial Co., Ltd. from Kim Young Dal and 5 others for KRW 19.5 billion on July 29, 2024. A cash consideration of KRW 19.5 billion will be paid by Vissem Electronics Co., Ltd. As part of consideration, KRW 19.5 billion is paid towards common equity of ILJIN Electronic Industrial Co., Ltd. The transaction will be financed through it's own funds.
For the period ending December 31, 2023, ILJIN Electronic Industrial Co., Ltd. reported total revenue of KRW 23.41 billion and net income of KRW 2.17 billion. As of December 31, 2023, ILJIN Electronic Industrial Co., Ltd. reported total debt of KRW 9.09 billion and total assets of KRW 20.24 billion.
The expected completion of the transaction is August 14, 2024. Buy Or Sell Opportunity • Jul 26
Now 20% overvalued Over the last 90 days, the stock has fallen 6.3% to ₩5,060. The fair value is estimated to be ₩4,204, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 10%. New Risk • Apr 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (₩48.6b market cap, or US$36.1m). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₩504 (vs ₩277 in FY 2022) Full year 2023 results: EPS: ₩504 (up from ₩277 in FY 2022). Revenue: ₩74.1b (down 20% from FY 2022). Net income: ₩4.02b (up 82% from FY 2022). Profit margin: 5.4% (up from 2.4% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 20
Now 21% undervalued Over the last 90 days, the stock has risen 20% to ₩5,380. The fair value is estimated to be ₩6,847, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 16%. New Risk • Feb 16
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 12% 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). 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 (₩43.6b market cap, or US$32.8m). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩5,790, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 27% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩129 per share at 0.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 17 April 2024. Payout ratio is a comfortable 8.5% 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%). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₩119 (vs ₩57.00 loss in 3Q 2022) Third quarter 2023 results: EPS: ₩119 (up from ₩57.00 loss in 3Q 2022). Revenue: ₩18.0b (down 9.7% from 3Q 2022). Net income: ₩951.8m (up ₩1.31b from 3Q 2022). Profit margin: 5.3% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₩91.00 (vs ₩116 in 1Q 2022) First quarter 2023 results: EPS: ₩91.00 (down from ₩116 in 1Q 2022). Revenue: ₩18.2b (down 29% from 1Q 2022). Net income: ₩720.6m (down 22% from 1Q 2022). Profit margin: 3.9% (up from 3.6% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.8%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: ₩57.00 loss per share (vs ₩92.00 profit in 3Q 2021) Third quarter 2022 results: ₩57.00 loss per share (down from ₩92.00 profit in 3Q 2021). Revenue: ₩19.9b (up 5.8% from 3Q 2021). Net loss: ₩358.9m (down 163% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩676 (up from ₩194 in FY 2020). Revenue: ₩81.8b (up 72% from FY 2020). Net income: ₩4.12b (up 270% from FY 2020). Profit margin: 5.0% (up from 2.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of ₩290 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. 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 • Dec 07
Investor sentiment improved over the past week After last week's 15% share price gain to ₩7,900, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 48% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩92.00 (vs ₩2.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩18.8b (up 67% from 3Q 2020). Net income: ₩567.0m (up ₩558.4m from 3Q 2020). Profit margin: 3.0% (up from 0.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₩9,860, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₩9,610, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 63% over the past three years. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS ₩194 (vs ₩333 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩47.5b (up 2.2% from FY 2019). Net income: ₩1.12b (down 42% from FY 2019). Profit margin: 2.4% (down from 4.1% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Feb 11
Vissem Electronics Co., Ltd., Annual General Meeting, Mar 24, 2021 Vissem Electronics Co., Ltd., Annual General Meeting, Mar 24, 2021, at 09:30 Korea Standard Time. Is New 90 Day High Low • Jan 20
New 90-day high: ₩6,900 The company is up 18% from its price of ₩5,860 on 22 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 44% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ₩6,300 The company is up 14% from its price of ₩5,550 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 32% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.7% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.8%). Is New 90 Day High Low • Oct 20
New 90-day high: ₩6,000 The company is up 9.0% from its price of ₩5,490 on 22 July 2020. The South Korean market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 3.0% over the same period. Announcement • Oct 06
Vissem Electronics Co., Ltd. (KOSDAQ:A072950) agreed to acquire remaining 8.9% stake in DONGYANG TELECOM Co.,Ltd. Vissem Electronics Co., Ltd. (KOSDAQ:A072950) agreed to acquire remaining 8.9% stake in DONGYANG TELECOM Co.,Ltd. on October 5, 2020. Merger ratio is Vissem Electronics Co., Ltd.: DONGYANG TELECOM Co.,Ltd. = 1: 0.1426445. The transaction is expected to be completed on December 8, 2020. Announcement • Aug 27
Vissem Electronics Co., Ltd. (KOSDAQ:A072950) completed the acquisition of 99.69% stake in Bnf Corporation Ltd. (XKON:A271780) from Jae-joon Ha, Young-Seok Yang and Jang-Hwan Kim. Vissem Electronics Co., Ltd. (KOSDAQ:A072950) signed a contract to acquire 99.69% stake in Bnf Corporation Ltd. (XKON:A271780) from Jae-joon Ha, Young-Seok Yang and Jang-Hwan Kim for KRW 7.1 billion on August 18, 2020. Vissem Electronics Co., Ltd. will acquire 3.22 million shares for KRW 2211.18 per share. Jae-joon Ha and Young-Seok Yang will sell 46.28% stake each and Jang-Hwan Kim will sell 7.12% stake and will hold no stake after the transaction. Payment schedule: Down payment of KRW 712 million on August 18, 2020 and balance of KRW 6.4 billion on August 25, 2020. Scheduled date of change is August 25, 2020. On August 25, 2020, CEO of Bnf Corporation Ltd. changed from Jaejoon Ha to Man-jun Kang.
Vissem Electronics Co., Ltd. (KOSDAQ:A072950) completed the acquisition of 99.69% stake in Bnf Corporation Ltd. (XKON:A271780) from Jae-joon Ha, Young-Seok Yang and Jang-Hwan Kim on August 25, 2020. Announcement • Aug 19
Vissem Electronics Co., Ltd. (KOSDAQ:A072950) signed a contract to acquire 99.69% stake in Bnf Corporation Ltd. (XKON:A271780) from Jae-joon Ha, Young-Seok Yang and Jang-Hwan Kim for KRW 7.1 billion. Vissem Electronics Co., Ltd. (KOSDAQ:A072950) signed a contract to acquire 99.69% stake in Bnf Corporation Ltd. (XKON:A271780) from Jae-joon Ha, Young-Seok Yang and Jang-Hwan Kim for KRW 7.1 billion on August 18, 2020. Vissem Electronics Co., Ltd. will acquire 3.22 million shares for KRW 2211.18 per share. Jae-joon Ha and Young-Seok Yang will sell 46.28% stake each and Jang-Hwan Kim will sell 7.12% stake and will hold no stake after the transaction. Payment schedule: Down payment of KRW 712 million on August 18, 2020 and balance of KRW 6.4 billion on August 25, 2020. Scheduled date of change is August 25, 2020.