New Risk • May 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₩76.0b market cap, or US$50.0m). Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩7,290, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 29x in the Semiconductor industry in South Korea. Total loss to shareholders of 48% over the past three years. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩438 (vs ₩975 in FY 2024) Full year 2025 results: EPS: ₩438 (down from ₩975 in FY 2024). Revenue: ₩168.0b (down 13% from FY 2024). Net income: ₩4.20b (down 56% from FY 2024). Profit margin: 2.5% (down from 4.9% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
TEMC CNS Co., Ltd., Annual General Meeting, Mar 24, 2026 TEMC CNS Co., Ltd., Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 68, songjuk-gil, samseung-myeon, boeun-gun, chungcheongbuk-do, South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩6,170, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total loss to shareholders of 53% over the past three years. Buy Or Sell Opportunity • Mar 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to ₩6,170. The fair value is estimated to be ₩7,756, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has declined by 42%. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩7,190, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 30% over the past three years. Announcement • Jun 25
TEMC CNS Co., Ltd. (KOSDAQ:A241790) announces an Equity Buyback for 610,687 shares, for KRW 4,000 million. TEMC CNS Co., Ltd. (KOSDAQ:A241790) announces a share repurchase program. Under the program, the company will repurchase up to 610,687 shares for KRW 4,000 million. The purpose of the program is to enhance shareholder value and stock price stabilization. The program will expire on December 24, 2025. As of June 24, 2025, the company had 275,153 shares in treasury within scope available for dividend and 14,044 shares in treasury under other capacities. New Risk • Mar 22
New major risk - Revenue and earnings growth Earnings have declined by 2.0% 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 2.0% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (₩56.6b market cap, or US$38.7m). Announcement • Mar 13
TEMC CNS Co., Ltd., Annual General Meeting, Mar 26, 2025 TEMC CNS Co., Ltd., Annual General Meeting, Mar 26, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 49, donghanggongdan-gil, yangseong-myeon, gyeonggi-do, anseong South Korea Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩6,090, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total loss to shareholders of 54% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 25 April 2025. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,795, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 16x in the Semiconductor industry in South Korea. Total loss to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩4,845, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 64% 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 Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩58.5b market cap, or US$44.4m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩6,900, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total loss to shareholders of 55% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩592 (vs ₩728 in 1Q 2023) First quarter 2024 results: EPS: ₩592 (down from ₩728 in 1Q 2023). Revenue: ₩77.8b (up 131% from 1Q 2023). Net income: ₩5.75b (down 19% from 1Q 2023). Profit margin: 7.4% (down from 21% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₩1,337 (vs ₩1,488 in FY 2022) Full year 2023 results: EPS: ₩1,337 (down from ₩1,488 in FY 2022). Revenue: ₩140.3b (down 15% from FY 2022). Net income: ₩13.0b (down 10% from FY 2022). Profit margin: 9.3% (up from 8.8% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩420 per share at 3.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). New Risk • Oct 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.7b (US$99.9m) 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩135.7b market cap, or US$99.9m). Upcoming Dividend • Dec 21
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: ₩942 (vs ₩309 in 3Q 2021) Third quarter 2022 results: EPS: ₩942 (up from ₩309 in 3Q 2021). Revenue: ₩53.8b (up 129% from 3Q 2021). Net income: ₩9.13b (up 200% from 3Q 2021). Profit margin: 17% (up from 13% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩10,900, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 10x in the Semiconductor industry in South Korea. Total returns to shareholders of 13% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩320 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 13 April 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₩13,800, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 83% over the past three years. Is New 90 Day High Low • Mar 05
New 90-day high: ₩18,850 The company is up 11% from its price of ₩16,950 on 04 December 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: ₩17,700 The company is up 12% from its price of ₩15,750 on 09 September 2020. The South Korean market is up 13% 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. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 17% share price decline to ₩13,800, the stock is trading at a trailing P/E ratio of 10.7x, down from the previous P/E ratio of 12.8x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. Total returns to shareholders over the past three years are 45%. Is New 90 Day High Low • Oct 26
New 90-day low: ₩13,800 The company is down 24% from its price of ₩18,150 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 24
New 90-day low: ₩14,900 The company is down 19% from its price of ₩18,300 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 5.0% over the same period. Announcement • Jul 30
Pan Asia Semiconductor Service Co., Ltd. completed the acquisition of 24.2% stake in Oceanbridge Co., Ltd (KOSDAQ:A241790) from Gyeong-ju Lee, Namcheol Yoon, Jungeun Yoon and Jieun Yoon. Pan Asia Semiconductor Service Co., Ltd. agreed to acquire 24.2% stake in Oceanbridge Co., Ltd (KOSDAQ:A241790) from Gyeong-ju Lee, Namcheol Yoon, Jungeun Yoon and Jieun Yoon for KRW 27.8 billion on May 29, 2020. As per terms, Pan Asia Semiconductor Service Co., Ltd. will acquire 2.4 million shares of Oceanbridge Co., Ltd at KRW 11,500 per share. As of July 8, 2020, the payment date has been changed to July 10, 2020. Post-completion, Gyeong-ju Lee will reduce its stake from 17.71% to 1.71%, Namcheol Yoon will reduce its stake from 9.06% to 4.86%, Jungeun Yoon will reduce its stake from 4.55% to 2.55% and Jieun Yoon will reduce its stake from 4.55% to 2.55%. The transaction is expected to close on July 8, 2020. As of July 8, 2020, the transaction is expected to close on July 10, 2020.
Pan Asia Semiconductor Service Co., Ltd. completed the acquisition of 24.2% stake in Oceanbridge Co., Ltd (KOSDAQ:A241790) from Gyeong-ju Lee, Namcheol Yoon, Jungeun Yoon and Jieun Yoon on July 10, 2020.