Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩58,800, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 93% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩104,268 per share. New Risk • Jun 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: 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 (13% average weekly change). Major Estimate Revision • Jun 09
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩495.0m to ₩466.4m. EPS estimate also fell from ₩8,773 per share to ₩6,840 per share. Net income forecast to shrink 3.9% next year vs 69% growth forecast for Semiconductor industry in South Korea . Consensus price target of ₩164,500 unchanged from last update. Share price rose 2.9% to ₩75,300 over the past week. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩74,900, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 117% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩105,270 per share. Buy Or Sell Opportunity • May 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₩84,100. The fair value is estimated to be ₩106,200, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 71% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 6.5% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩97,500, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 201% over the past three years. Reported Earnings • Mar 21
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₩10,959 (up from ₩3,211 loss in FY 2024). Revenue: ₩515.8b (up 357% from FY 2024). Net income: ₩96.5b (up ₩124.6b from FY 2024). Profit margin: 19% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Revenue is forecast to grow 4.9% 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, earnings per share has increased by 92% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩108,200, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 294% over the past three years. Announcement • Feb 27
SUNIC SYSTEM Co., Ltd., Annual General Meeting, Mar 26, 2026 SUNIC SYSTEM Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: 293, saneop-ro 155beon-gil, gwonseon-gua, gyeonggi-do, suwon South Korea Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩131,000, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 414% over the past three years. New Risk • Feb 04
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 12% 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 (99% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩76,700, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 236% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩54,900, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 164% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩53,800, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 184% over the past three years. New Risk • Sep 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 7.4% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₩39,350. The fair value is estimated to be ₩49,975, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 17%. Buy Or Sell Opportunity • May 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₩38,850. The fair value is estimated to be ₩50,244, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 17%. New Risk • Apr 16
New major risk - Revenue and earnings growth Earnings have declined by 38% 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 Less than 1 year of cash runway based on free cash flow trend (-₩49b free cash flow). Earnings have declined by 38% per year over the past 5 years. Reported Earnings • Mar 21
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ₩3,211 loss per share (further deteriorated from ₩1,072 loss in FY 2023). Revenue: ₩112.9b (up 81% from FY 2023). Net loss: ₩28.1b (loss widened 204% from FY 2023). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 64% 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 increased by 17% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 25
SUNIC SYSTEM Co., Ltd., Annual General Meeting, Mar 25, 2025 SUNIC SYSTEM Co., Ltd., Annual General Meeting, Mar 25, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 293, saneop-ro 155beon-gil, gwonseon-gu, gyeonggi-do, suwon South Korea Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩45,300, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 120% 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). Buy Or Sell Opportunity • Aug 30
Now 40% overvalued Over the last 90 days, the stock has fallen 23% to ₩48,450. The fair value is estimated to be ₩34,574, however this is not to be taken as a sell 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 6.7%. Reported Earnings • May 19
First quarter 2024 earnings released: ₩1,005 loss per share (vs ₩669 loss in 1Q 2023) First quarter 2024 results: ₩1,005 loss per share (further deteriorated from ₩669 loss in 1Q 2023). Revenue: ₩17.3b (up 14% from 1Q 2023). Net loss: ₩8.75b (loss widened 54% from 1Q 2023). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 52% to ₩40,800. The fair value is estimated to be ₩33,370, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company became loss making. New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 52% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 52% per year over the past 5 years. Buy Or Sell Opportunity • Mar 26
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to ₩41,500. The fair value is estimated to be ₩33,518, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 21
Full year 2023 earnings released: ₩1,072 loss per share (vs ₩382 loss in FY 2022) Full year 2023 results: ₩1,072 loss per share (further deteriorated from ₩382 loss in FY 2022). Revenue: ₩62.4b (down 16% from FY 2022). Net loss: ₩9.23b (loss widened 185% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩31,000, the stock trades at a trailing P/E ratio of 60.1x. Average forward P/E is 20x 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 • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩23,200, the stock trades at a trailing P/E ratio of 45x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 124% over the past three years. New Risk • Jan 23
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 8.3% 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: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Buying Opportunity • Dec 05
Now 21% undervalued Over the last 90 days, the stock is up 6.5%. The fair value is estimated to be ₩33,447, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 29
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: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • May 18
First quarter 2023 earnings released: ₩667 loss per share (vs ₩167 loss in 1Q 2022) First quarter 2023 results: ₩667 loss per share (further deteriorated from ₩167 loss in 1Q 2022). Revenue: ₩15.2b (up 191% from 1Q 2022). Net loss: ₩5.67b (loss widened 305% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 166 percentage points per year, which is a significant difference in performance. 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. 4 experienced directors. No highly experienced directors. 1 independent director (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. 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. 4 experienced directors. No highly experienced directors. 1 independent director (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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.5%. 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 • May 18
Investor sentiment improved over the past week After last week's 28% share price gain to ₩17,000, the stock trades at a trailing P/E ratio of 61.7x. Average trailing P/E is 24x in the Semiconductor industry in South Korea. Total returns to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩15,150, the stock trades at a trailing P/E ratio of 55.1x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 25% over the past three years. Is New 90 Day High Low • Mar 03
New 90-day high: ₩17,800 The company is up 169% from its price of ₩6,620 on 03 December 2020. The South Korean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 42% share price gain to ₩17,800, the stock is trading at a trailing P/E ratio of 19.4x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 21x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 44%. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 18% share price gain to ₩10,800, the stock is trading at a trailing P/E ratio of 11.7x, up from the previous P/E ratio of 10x. 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 19%. Is New 90 Day High Low • Feb 08
New 90-day high: ₩10,800 The company is up 69% from its price of ₩6,400 on 10 November 2020. The South Korean market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 38% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: ₩9,490 The company is up 36% from its price of ₩6,990 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 37% over the same period. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 27% share price gain to ₩9,490, the stock is trading at a trailing P/E ratio of 10.3x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. Total return to shareholders over the past three years is a loss of 41%. Is New 90 Day High Low • Dec 24
New 90-day high: ₩7,140 The company is up 11% from its price of ₩6,460 on 25 September 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 29% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.5% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.8%). Announcement • Sep 30
SUNIC SYSTEM Co., Ltd. (KOSDAQ:A171090) and Dong A Eltek Co., Ltd. (KOSDAQ:A088130) won as preferred bidders to acquire an unknown stake in Woojin Electric Machinery Co., Ltd. SUNIC SYSTEM Co., Ltd. (KOSDAQ:A171090) and Dong A Eltek Co., Ltd. (KOSDAQ:A088130) won as preferred bidders to acquire an unknown stake in Woojin Electric Machinery Co., Ltd. on August 25, 2020. The transaction was expected to close on September 7, 2020. As per revised schedule, the deadline for the completion of the transaction is scheduled to September 29, 2020. On September 29, 2020, the deadline for conclusion of sales contract is extended until October 12, 2020 due to the circumstances of the seller.