Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩260,000, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 445% over the past three years. New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • May 18
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 13% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩223,000, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 24x in the Semiconductor industry in South Korea. Total returns to shareholders of 458% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩134,200, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 235% over the past three years. Announcement • Mar 07
TSE Co., Ltd, Annual General Meeting, Mar 26, 2026 TSE Co., Ltd, Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 78, 4sandan 5-gil, jiksan-eup, seobuk-gu, chungcheongnam-do, cheonan South Korea Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩106,100, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 201% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩89,700, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩73,500, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 74% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩46,100, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩37,976 per share. New Risk • Nov 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 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. This is currently the only risk that has been identified for the company. Declared Dividend • Nov 08
Dividend of ₩400 announced Shareholders will receive a dividend of ₩400. Ex-date: 29th December 2025 Payment date: 10th April 2026 Dividend yield will be 0.8%, which is lower than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
TSE Co., Ltd announces Annual dividend, payable on April 10, 2026 TSE Co., Ltd announced Annual dividend of KRW 400.0000 per share payable on April 10, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩44,550, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩26,949 per share. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩397.6m to ₩388.6m. EPS estimate also fell from ₩3,483 per share to ₩2,999 per share. Net income forecast to shrink 22% next year vs 16% growth forecast for Semiconductor industry in South Korea . Consensus price target of ₩57,000 unchanged from last update. Share price fell 9.4% to ₩37,150 over the past week. Price Target Changed • Jun 13
Price target decreased by 24% to ₩57,000 Down from ₩75,000, the current price target is provided by 1 analyst. New target price is 43% above last closing price of ₩39,900. Stock is down 30% over the past year. The company is forecast to post earnings per share of ₩3,483 for next year compared to ₩3,956 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩40,400, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩72,973 per share. Announcement • Mar 05
TSE Co., Ltd, Annual General Meeting, Mar 28, 2025 TSE Co., Ltd, Annual General Meeting, Mar 28, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 78, 4sandan 5-gil, jiksan-eup, seobuk-gu, chungcheongnam-do, cheonan South Korea Announcement • Feb 21
TSE Co., Ltd announces Annual dividend, payable on April 10, 2025 TSE Co., Ltd announced Annual dividend of KRW 400.0000 per share payable on April 10, 2025, ex-date on December 27, 2024 and record date on December 31, 2024. New Risk • Dec 09
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 (9.1% average weekly change). Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩43,250, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩47,900, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 28% over the past three years. New Risk • Sep 23
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. This is currently the only risk that has been identified for the company. Major Estimate Revision • Jun 15
Consensus EPS estimates fall by 47% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩2,654 to ₩1,403 per share. Revenue forecast steady at ₩289.2m. Net income forecast to grow 554% next year vs 68% growth forecast for Semiconductor industry in South Korea. Consensus price target of ₩72,500 unchanged from last update. Share price fell 2.4% to ₩56,600 over the past week. Price Target Changed • Jun 08
Price target increased by 8.6% to ₩72,500 Up from ₩66,750, the current price target is an average from 2 analysts. New target price is 25% above last closing price of ₩58,000. Stock is up 37% over the past year. The company is forecast to post earnings per share of ₩2,654 for next year compared to ₩11.29 last year. Reported Earnings • Mar 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₩11.00 (down from ₩4,614 in FY 2022). Revenue: ₩249.1b (down 27% from FY 2022). Net income: ₩120.9m (down 100% from FY 2022). Profit margin: 0% (down from 15% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 98%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 1.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 10 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.0%). New Risk • Nov 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 8.8% 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. Payout ratio: 124% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Major Estimate Revision • Oct 13
Consensus EPS estimates fall by 64% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩537 to ₩195 per share. Revenue forecast steady at ₩236.7m. Net income forecast to grow 344% next year vs 37% growth forecast for Semiconductor industry in South Korea. Consensus price target of ₩60,000 unchanged from last update. Share price rose 5.3% to ₩43,450 over the past week. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩55,200, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 80% over the past three years. New Risk • Jun 20
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 8.4% 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 (8.4% average weekly change). Profit margins are more than 30% lower than last year (9.4% net profit margin). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩49,150, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 161% over the past three years. Major Estimate Revision • May 27
Consensus revenue estimates fall by 26% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩359.1m to ₩266.5m. EPS estimate fell from ₩5,352 to ₩3,380 per share. Net income forecast to shrink 25% next year vs 18% growth forecast for Semiconductor industry in South Korea . Consensus price target down from ₩66,750 to ₩61,750. Share price rose 8.2% to ₩42,700 over the past week. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩40,650, 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 98% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩47,298 per share. Buying Opportunity • Apr 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₩47,777, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 49% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩42,300, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Semiconductor industry in South Korea. Total returns to shareholders of 333% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩47,946 per share. Buying Opportunity • Feb 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10.0%. The fair value is estimated to be ₩48,682, 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 36%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 23% in the next 2 years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 9.4% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Price Target Changed • Nov 16
Price target decreased to ₩70,000 Down from ₩85,000, the current price target is provided by 1 analyst. New target price is 64% above last closing price of ₩42,750. Stock is down 25% over the past year. The company is forecast to post earnings per share of ₩6,327 for next year compared to ₩4,204 last year. Price Target Changed • Oct 21
Price target decreased to ₩70,000 Down from ₩85,000, the current price target is provided by 1 analyst. New target price is 85% above last closing price of ₩37,850. Stock is down 38% over the past year. The company is forecast to post earnings per share of ₩6,327 for next year compared to ₩4,204 last year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩44,100, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Semiconductor industry in South Korea. Total returns to shareholders of 491% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩64,900, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 787% over the past three years. Price Target Changed • Apr 27
Price target increased to ₩105,000 Up from ₩85,000, the current price target is provided by 1 analyst. New target price is 27% above last closing price of ₩82,500. Stock is up 33% over the past year. The company is forecast to post earnings per share of ₩5,649 for next year compared to ₩4,204 last year. Price Target Changed • Jan 21
Price target increased to ₩96,000 Up from ₩85,000, the current price target is provided by 1 analyst. New target price is 37% above last closing price of ₩69,900. Stock is up 2.5% over the past year. The company is forecast to post earnings per share of ₩4,330 for next year compared to ₩2,594 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 7.3% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 17% share price gain to ₩66,400, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 897% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 17% share price gain to ₩66,400, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 897% over the past three years. Major Estimate Revision • Aug 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ₩322.2m to ₩316.9m. EPS estimate rose from ₩3,927 to ₩4,639. Net income forecast to grow 88% next year vs 71% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩97,000 to ₩110,000. Share price fell 9.3% to ₩69,200 over the past week. Major Estimate Revision • Jun 16
Consensus revenue estimates fall to ₩304.7m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ₩366.5m to ₩304.7m. EPS estimate fell from ₩4,243 to ₩3,699 per share. Net income forecast to grow 58% next year vs 58% growth forecast for Semiconductor industry in South Korea. Consensus price target of ₩90,000 unchanged from last update. Share price fell 6.7% to ₩58,100 over the past week. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₩63,000, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 344% over the past three years. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₩55,300, the stock trades at a trailing P/E ratio of 16.4x, up from the previous P/E ratio of 14.1x. Average P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 260%. Is New 90 Day High Low • Feb 26
New 90-day low: ₩51,600 The company is down 8.0% from its price of ₩56,000 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 • Jan 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₩68,100, the stock is trading at a trailing P/E ratio of 20.2x, up from the previous P/E ratio of 17.2x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 318%. Is New 90 Day High Low • Jan 15
New 90-day high: ₩63,500 The company is up 94% from its price of ₩32,700 on 16 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 41% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ₩62,100 The company is up 82% from its price of ₩34,100 on 29 September 2020. The South Korean market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 27% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩200 Per Share Will be paid on the 13th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.4% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (0.8%). Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 18% share price gain to ₩49,900, the stock is trading at a trailing P/E ratio of 15.2x, up from the previous P/E ratio of 12.9x. This compares to an average P/E of 20x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 184%. Is New 90 Day High Low • Nov 11
New 90-day high: ₩44,350 The company is up 7.0% from its price of ₩41,500 on 13 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 up 4.0% over the same period.