New Risk • May 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.8b (US$99.6m) 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. 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 Market cap is less than US$100m (₩146.8b market cap, or US$99.6m). New Risk • Apr 01
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. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.6% 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. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (₩149.0b market cap, or US$98.8m). New Risk • Mar 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.7b (US$99.7m) 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. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩145.7b market cap, or US$99.7m). Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 24 April 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Declared Dividend • Nov 08
Dividend of ₩150 announced Dividend of ₩150 is the same as last year. Ex-date: 29th December 2025 Payment date: 24th April 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 6 years ago. However, payments have been volatile during that time. Announcement • Nov 07
TOPTEC Co., Ltd announces Annual dividend, payable on April 24, 2026 TOPTEC Co., Ltd announced Annual dividend of KRW 150.0000 per share payable on April 24, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 29
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. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.1% 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. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (9.5% average weekly change). New Risk • Jul 16
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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 (2.2% net profit margin). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩5,360, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 20% over the past three years. New Risk • Jun 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.2% net profit margin). New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.5b (US$94.6m) 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. Currently, the following risks have been identified for the company: 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 (₩138.5b market cap, or US$94.6m). Announcement • Feb 27
TOPTEC Co., Ltd, Annual General Meeting, Mar 27, 2025 TOPTEC Co., Ltd, Annual General Meeting, Mar 27, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 1105-65, sanho-daero, sandong-myeon, gyeongsangbuk-do, gumi South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 22 April 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.8%). Board Change • Dec 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. New Risk • Dec 07
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 Risks Less than 3 years of financial data is available. Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩8,310, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total loss to shareholders of 37% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). New Risk • Dec 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 Earnings have declined by 27% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩8,180, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 51% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩405 (vs ₩2,075 loss in FY 2021) Full year 2022 results: EPS: ₩405 (up from ₩2,075 loss in FY 2021). Revenue: ₩345.0b (up 109% from FY 2021). Net income: ₩14.6b (up ₩89.4b from FY 2021). Profit margin: 4.2% (up from net loss in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 27 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Is New 90 Day High Low • Feb 18
New 90-day high: ₩14,300 The company is up 2.0% from its price of ₩14,050 on 20 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 30% over the same period. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₩13,850, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 21x in the Semiconductor industry in South Korea. Total return to shareholders over the past three years is a loss of 48%. Is New 90 Day High Low • Jan 18
New 90-day low: ₩11,050 The company is down 33% from its price of ₩16,600 on 20 October 2020. The South Korean market is up 30% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 39% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (0.8%). Is New 90 Day High Low • Dec 09
New 90-day low: ₩12,450 The company is down 27% from its price of ₩17,050 on 10 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 30% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: ₩13,900 The company is down 9.0% from its price of ₩15,300 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 19% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: ₩14,450 The company is down 26% from its price of ₩19,650 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 5.0% over the same period.