Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩482, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 25x in the Semiconductor industry in South Korea. Total loss to shareholders of 66% over the past three years. New Risk • Apr 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% 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 Share price has been highly volatile over the past 3 months (18% average weekly change). High level of non-cash earnings (36% accrual ratio). Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩73.2b market cap, or US$48.5m). Announcement • Mar 17
N2Tech Co.,Ltd, Annual General Meeting, Mar 31, 2026 N2Tech Co.,Ltd, Annual General Meeting, Mar 31, 2026, at 08:00 Tokyo Standard Time. Location: conference room, 157, wondang-ro, wongok-myeon, gyeonggi-do, anseong South Korea Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩383, the stock trades at a trailing P/E ratio of 79.6x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total loss to shareholders of 44% over the past three years. New Risk • Feb 05
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 9.9% 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 Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩77.3b market cap, or US$52.8m). New Risk • Aug 07
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 10% 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 (10% average weekly change). Market cap is less than US$100m (₩48.7b market cap, or US$35.2m). Announcement • May 28
N2Tech Co.,Ltd announced that it has received KRW 21.999999923 billion in funding from Eastgate Investment Co., Ltd. On May 26, 2025, N2Tech Co.,Ltd closed the transaction and issued 68,965,517 common shares at a price of KRW 319 for gross proceeds of KRW 21,999,999,923. Announcement • Mar 18
N2Tech Co.,Ltd, Annual General Meeting, Mar 31, 2025 N2Tech Co.,Ltd, Annual General Meeting, Mar 31, 2025, at 08:00 Tokyo Standard Time. Location: conference room, 157, wondang-ro, wongok-myeon, gyeonggi-do, anseong South Korea Announcement • Nov 29
Aprogen Medicines Inc. (KOSE:A007460) and G-Baise Inc. agreed to acquire 17.22% stake in Geolit Energy Co.,Ltd. (KOSDAQ:A270520) from N2Tech Co.,Ltd (KOSDAQ:A227950) for KRW 41 billion. Aprogen Medicines Inc. (KOSE:A007460) and G-Baise Inc. agreed to acquire 17.22% stake in Geolit Energy Co.,Ltd. (KOSDAQ:A270520) from N2Tech Co.,Ltd (KOSDAQ:A227950) for KRW 41 billion on November 27, 2024. A cash consideration valued at KRW 1,500 per share will be paid by Aprogen Medicines Inc. and G-Baise Inc.
The expected completion of the transaction is January 9, 2025. New Risk • Nov 11
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 9.9% 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 (9.9% average weekly change). Market cap is less than US$100m (₩58.2b market cap, or US$41.7m). New Risk • Mar 01
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (₩72.8b market cap, or US$54.5m). Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩708, the stock trades at a trailing P/E ratio of 45.9x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total loss to shareholders of 69% over the past three years. New Risk • Sep 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (₩82.0b market cap, or US$61.7m). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩828, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩1,325, the stock trades at a trailing P/E ratio of 76x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩939, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩791, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 10x in the Semiconductor industry in South Korea. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 24% share price gain to ₩890, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 10x in the Semiconductor industry in South Korea. Total loss to shareholders of 46% over the past three years. Reported Earnings • Nov 20
First quarter 2023 earnings released: ₩31.70 loss per share (vs ₩34.46 loss in 1Q 2022) First quarter 2023 results: ₩31.70 loss per share. Revenue: ₩9.38b (up 47% from 1Q 2022). Net loss: ₩2.91b (loss widened 19% from 1Q 2022). Reported Earnings • Sep 30
Full year 2022 earnings released: EPS: ₩56.70 (vs ₩180 loss in FY 2021) Full year 2022 results: EPS: ₩56.70 (up from ₩180 loss in FY 2021). Revenue: ₩29.6b (up 1.1% from FY 2021). Net income: ₩4.59b (up ₩14.4b from FY 2021). Profit margin: 16% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 20
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: ₩107 (up from ₩62.00 in 2Q 2021). Revenue: ₩17.2b (up 108% from 2Q 2021). Net income: ₩7.77b (up 140% from 2Q 2021). Profit margin: 45% (up from 39% in 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 5% per year. Announcement • Jun 18
N2Tech Co., Ltd announced that it expects to receive KRW 20 billion in funding N2Tech Co., Ltd (KOSDAQ:A227950) announced a private placement of series 15 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 10,000,000,000 and series 15 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 10,000,000,000 for aggregate gross proceeds of KRW 20,000,000,000 on June 17, 2021. The transaction will include participation from Raia Investment Association for series 15 bonds and Gluon Bond Investment Illim for series 16 bonds. The series 15 bonds maturity date is July 9, 2024 and the series 16 bonds maturity date is July 30, 2024. The surface interest rate and maturity rate is 2% each. The bonds are fully convertible into 4,468,275 shares each representing 6.30% stake of the company each, at a fixed conversion price of KRW 2,238 per share from July 9, 2022 to June 8, 2024 for series 15 bonds and July 30, 2022 to June 29, 2024 for series 16 bonds. The transaction has been approved by the board of directors. The payment date is July 9, 2021 for series 15 bonds and July 30, 2021 for series 16 bonds. The securities to be issued pursuant to the transaction are subject to the hold period of one year. Reported Earnings • Feb 19
Second quarter 2021 earnings released: EPS ₩62.00 (vs ₩372 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₩8.27b (down 57% from 2Q 2020). Net income: ₩3.24b (up ₩17.3b from 2Q 2020). Profit margin: 39% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Is New 90 Day High Low • Feb 17
New 90-day low: ₩2,800 The company is down 61% from its price of ₩7,250 on 19 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 33% over the same period. Announcement • Nov 14
N2Tech Co., Ltd announced that it expects to receive KRW 5 billion in funding from S-MAC CO., Ltd. Microtech Co.,Ltd (KOSDAQ:A227950) announced a private placement of series 14 non-guaranteed private convertible bonds for gross proceeds of KRW 5,000,000,000 on November 13, 2020. The transaction will include participation from S-MAC CO., Ltd. (KOSDAQ : A097780). The bonds are redeemable, will be issued at par, will bear fixed coupon rate and yield to maturity rate of 2%, will mature on December 11, 2023. The bonds are 100% convertible into 933,706 shares representing 1.82 % stake of the company, at a fixed conversion price of KRW 5,355 per share from December 11, 2021 to November 10, 2023. The transaction has been approved by the board of directors. The payment date is December 11, 2020. The securities to be issued pursuant to the transaction are subject to the hold period of one year. Is New 90 Day High Low • Nov 13
New 90-day high: ₩6,770 The company is up 119% from its price of ₩3,085 on 14 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ₩2,350 The company is down 24% from its price of ₩3,110 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is flat over the same period. Is New 90 Day High Low • Sep 23
New 90-day high: ₩3,600 The company is up 10.0% from its price of ₩3,275 on 25 June 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is flat over the same period. Announcement • Jul 30
Aug Fund 1, Reverse Fund 1, Cordelia New Technology Fund 12, Ventus New Technology Fund 13 and MJ Holding Company Co., Ltd acquired a 11.6% stake in Microtech Co.,Ltd (KOSDAQ:A227950) from Sung-Tae Song and Ji-hyun Baek for KRW 14.4 billion. Aug Fund 1, Reverse Fund 1, Cordelia New Technology Fund 12, Ventus New Technology Fund 13 and MJ Holding Company Co., Ltd acquired a 11.6% stake in Microtech Co.,Ltd (KOSDAQ:A227950) from Sung-Tae Song and Ji-hyun Baek for KRW 14.4 billion on June 5, 2020.
Aug Fund 1, Reverse Fund 1, Cordelia New Technology Fund 12, Ventus New Technology Fund 13 and MJ Holding Company Co., Ltd completed the acquisition of a 11.6% stake in Microtech Co.,Ltd (KOSDAQ:A227950) from Sung-Tae Song and Ji-hyun Baek on June 5, 2020. Announcement • Jun 30
Microtech Co.,Ltd announced that it expects to receive KRW 10 billion in funding from Korea Bond Investment Advisory Co., Ltd. Microtech Co.,Ltd (KOSDAQ:A227950) announced a private placement of series 12 non-guaranteed private equity convertible bond for gross proceeds of KRW 10,000,000,000 on June 29, 2020. The transaction will include participation from returning investor Korea Bond Investment Advisory Co., Ltd. The coupon rate and interest rate is 2%. The bonds will mature on July 15, 2023. The bonds are 100% convertible into 2,994,011 shares at a conversion price of KRW 3,340 from July 15, 2021 to June 14, 2023. The subscription date is June 29, 2020 and payment date is July 15, 2020. The transaction has been approved by the board of directors.