Buy Or Sell Opportunity • Jun 09
Now 28% overvalued Over the last 90 days, the stock has fallen 9.6% to ₩12,930. The fair value is estimated to be ₩10,116, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 22% in a year. Earnings are forecast to grow by 163% in the next year. New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩148.5b (US$95.2m) 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 Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risk Market cap is less than US$100m (₩148.5b market cap, or US$95.2m). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩13,570, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 18x in the Semiconductor industry in South Korea. Total loss to shareholders of 31% over the past three years. Reported Earnings • Mar 20
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₩90.00 (up from ₩180 loss in FY 2024). Revenue: ₩87.6b (up 13% from FY 2024). Net income: ₩1.15b (up ₩3.43b from FY 2024). Profit margin: 1.3% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 38%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 29% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
BCnC Co., Ltd., Annual General Meeting, Mar 24, 2026 BCnC Co., Ltd., Annual General Meeting, Mar 24, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 1119, iseopdaecheon-ro, gyeonggi-do, icheon South Korea New Risk • Nov 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.8b (US$98.7m) 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: Major Risk Debt is not well covered by operating cash flow (1.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (₩145.8b market cap, or US$98.7m). New Risk • Nov 06
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 7.5% 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 Debt is not well covered by operating cash flow (1.2% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 47% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 47% per year over the past 5 years. Buy Or Sell Opportunity • Mar 31
Now 20% undervalued Over the last 90 days, the stock has risen 10% to ₩8,900. The fair value is estimated to be ₩11,183, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 22
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: ₩179 loss per share (down from ₩101 profit in FY 2023). Revenue: ₩77.4b (up 19% from FY 2023). Net loss: ₩2.28b (down 284% from profit in FY 2023). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. New Risk • Mar 03
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 9.5% 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 Risks Interest payments are not well covered by earnings (0.3x net interest cover). High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (₩131.5b market cap, or US$90.0m). Announcement • Feb 26
BCnC Co., Ltd., Annual General Meeting, Mar 26, 2025 BCnC Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 263, gyeongchung-daero 2697beon-gil, gyeonggi-do, icheon South Korea Announcement • Feb 21
BCnC Co., Ltd. announced that it expects to receive KRW 15 million in funding BCnC Co., Ltd. announced a private placement of series 4 non-guaranteed Bearer-type interest-free unsecured private placement convertible bonds for gross proceeds of KRW 15,000,000,000 on February 20, 2025. The transaction will include participation from Woori 2022 Scale Up Fund. The bonds will mature on February 25, 2028. The bonds will be 100% converted into 1,217,532 common shares at a fixed conversion price of KRW 12,320 per share for an equity stake of 8.69%. The conversion period is from February 25, 2026 to January 25, 2026. The payment date of the transaction is February 25, 2025. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩9,970, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 50% over the past year. New Risk • Nov 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.7b (US$100.0m) 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (₩139.7b market cap, or US$100.0m). Price Target Changed • Nov 09
Price target decreased by 19% to ₩20,167 Down from ₩25,000, the current price target is an average from 3 analysts. New target price is 70% above last closing price of ₩11,850. Stock is down 41% over the past year. The company is forecast to post earnings per share of ₩307 for next year compared to ₩97.91 last year. New Risk • Sep 13
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 9.5% 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩12,530, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 27% over the past year. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₩101 (vs ₩851 in FY 2022) Full year 2023 results: EPS: ₩101 (down from ₩851 in FY 2022). Revenue: ₩65.3b (down 20% from FY 2022). Net income: ₩1.24b (down 88% from FY 2022). Profit margin: 1.9% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩20,900, the stock trades at a trailing P/E ratio of 47.5x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 27% over the past year. New Risk • Aug 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). High level of non-cash earnings (35% accrual ratio). Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩23,300, the stock trades at a trailing P/E ratio of 36.4x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 39% over the past year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 46% After last week's 46% share price gain to ₩21,700, the stock trades at a trailing P/E ratio of 27.5x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Negligible returns to shareholders over past year. Simply Wall St's valuation model estimates the intrinsic value at ₩11,531 per share. Buying Opportunity • Mar 07
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be ₩21,973, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩15,250, the stock trades at a trailing P/E ratio of 24.3x. Average forward P/E is 6x in the Semiconductor industry in South Korea. Simply Wall St's valuation model estimates the intrinsic value at ₩11,347 per share. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩17,000, the stock trades at a trailing P/E ratio of 31.4x. Average forward P/E is 9x in the Semiconductor industry in South Korea.