New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 30% 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 Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (₩85.8b market cap, or US$56.9m). New Risk • May 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 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (₩86.2b market cap, or US$57.6m). Buy Or Sell Opportunity • Mar 31
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at ₩5,130. The fair value is estimated to be ₩6,784, 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. Earnings per share has declined by 42%. Announcement • Mar 13
Genesem Inc., Annual General Meeting, Mar 31, 2026 Genesem Inc., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 24, songdogwahak-ro 84beon-gil, yeonsu-gu, incheon South Korea New Risk • Mar 04
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: 1.0% 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: Major Risk Earnings have declined by 5.3% per year over the past 5 years. 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 (3.9% net profit margin). Market cap is less than US$100m (₩66.2b market cap, or US$45.3m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩5,030, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 21% over the past three years. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings have declined by 5.3% 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 Risk Earnings have declined by 5.3% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (₩77.5b market cap, or US$53.8m). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩5,960, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 51% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.4%). New Risk • Nov 23
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: 1.3% 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 (8.0% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (₩77.7b market cap, or US$52.8m). Declared Dividend • Nov 08
Dividend of ₩75.00 announced Shareholders will receive a dividend of ₩75.00. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 0.9%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. EPS is expected to grow by 242% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Genesem Inc. announces Annual dividend, payable on April 20, 2026 Genesem Inc. announced Annual dividend of KRW 75.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Mar 18
Genesem Inc., Annual General Meeting, Mar 31, 2025 Genesem Inc., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 24, songdogwahak-ro 84beon-gil, yeonsu-gu, incheon South Korea Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩9,260, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 3.5% over the past three years. New Risk • Feb 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 9.7% 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 (9.7% average weekly change). Market cap is less than US$100m (₩59.5b market cap, or US$40.5m). Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩6,780, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 16x in the Semiconductor industry in South Korea. Total loss to shareholders of 18% over the past three years. 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 Risk Market cap is less than US$100m (₩62.4b market cap, or US$43.5m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,120, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 16x in the Semiconductor industry in South Korea. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩9,330, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 1.6% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩7,800, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩9,220, the stock trades at a trailing P/E ratio of 16.5x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 5.9% over the past three years. 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 7.7% 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 (7.7% average weekly change). Profit margins are more than 30% lower than last year (8.1% net profit margin). Market cap is less than US$100m (₩105.2b market cap, or US$76.1m). Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₩66.00 (vs ₩66.00 loss in 1Q 2023) First quarter 2024 results: EPS: ₩66.00 (up from ₩66.00 loss in 1Q 2023). Revenue: ₩12.0b (up 43% from 1Q 2023). Net income: ₩582.3m (up ₩1.16b from 1Q 2023). Profit margin: 4.9% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩16,030, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 189% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩15,800, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 229% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩75.00 per share at 0.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩13,370, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 252% over the past three years. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩12,540, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 265% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩71.00 (vs ₩317 in 3Q 2022) Third quarter 2023 results: EPS: ₩71.00 (down from ₩317 in 3Q 2022). Revenue: ₩17.0b (up 21% from 3Q 2022). Net income: ₩620.1m (down 78% from 3Q 2022). Profit margin: 3.6% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.8% 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 (6.8% operating cash flow to total debt). Revenue has declined by 12% over the past year. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (₩119.6b market cap, or US$89.3m). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩16,710, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 390% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩10,830, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 292% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩9,210, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,620, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 212% over the past three years. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ₩317. Net income: ₩2.78b (up ₩2.78b from 3Q 2021). Buying Opportunity • Oct 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be ₩6,219, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last year. Earnings per share has grown by 240%. Buying Opportunity • Oct 13
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ₩6,223, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last year. Earnings per share has grown by 240%. Buying Opportunity • Sep 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be ₩7,260, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last year. Earnings per share has grown by 241%. Reported Earnings • Aug 18
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ₩450. Net income: ₩3.95b (up ₩3.95b from 2Q 2021). Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 21% share price gain to ₩10,950, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 303% over the past three years. Is New 90 Day High Low • Feb 03
New 90-day high: ₩5,590 The company is up 62% from its price of ₩3,460 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 43% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: ₩4,345 The company is up 16% from its price of ₩3,760 on 21 October 2020. The South Korean market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 41% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ₩4,060 The company is up 8.0% from its price of ₩3,745 on 29 September 2020. The South Korean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 27% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: ₩3,565 The company is down 16% from its price of ₩4,250 on 16 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 8.0% over the same period.