New Risk • Mar 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 (17% average weekly change). High level of non-cash earnings (29% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.4% net profit margin). Announcement • Mar 12
Neosem Inc., Annual General Meeting, Mar 26, 2026 Neosem Inc., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 12-26, simin-daero 327beon-gil, dongan-gu, gyeonggi-do, anyang South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩13,550, the stock trades at a trailing P/E ratio of 66.6x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 293% over the past three years. Announcement • Feb 11
Neosem Inc. announces Annual dividend, payable on April 24, 2026 Neosem Inc. announced Annual dividend of KRW 100.0000 per share payable on April 24, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Jan 28
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 11% 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. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩12,690, the stock trades at a trailing P/E ratio of 62.3x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩10,960, the stock trades at a trailing P/E ratio of 53.8x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 199% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩9,490, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 186% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩17.00 (vs ₩194 in 3Q 2024) Third quarter 2025 results: EPS: ₩17.00 (down from ₩194 in 3Q 2024). Revenue: ₩10.2b (down 69% from 3Q 2024). Net income: ₩720.0m (down 91% from 3Q 2024). Profit margin: 7.1% (down from 25% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 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 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩12,060, the stock trades at a trailing P/E ratio of 31.7x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 255% over the past three years. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩9,160, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 164% over the past three years. Buy Or Sell Opportunity • Apr 01
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to ₩9,550. The fair value is estimated to be ₩7,658, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 10%. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩9,110, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 150% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₩453 (up from ₩219 in FY 2023). Revenue: ₩105.2b (up 4.3% from FY 2023). Net income: ₩19.2b (up 132% from FY 2023). Profit margin: 18% (up from 8.2% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 117%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 13
Neosem Inc., Annual General Meeting, Mar 26, 2025 Neosem Inc., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 12-26, simin-daero 327beon-gil, dongan-gu, gyeonggi-do, anyang South Korea New Risk • Feb 14
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 11% 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. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩10,450, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 240% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩10,320, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total returns to shareholders of 192% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩8,190, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Semiconductor industry in South Korea. Total returns to shareholders of 152% 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 Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩8,120, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 178% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to ₩9,620, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 210% over the past three years. Buy Or Sell Opportunity • Jul 17
Now 21% undervalued Over the last 90 days, the stock has risen 1.8% to ₩12,410. The fair value is estimated to be ₩15,770, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 159% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩13,070, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 24x in the Semiconductor industry in South Korea. Total returns to shareholders of 300% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩11,280, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 264% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩84.00 (vs ₩24.00 in 1Q 2023) First quarter 2024 results: EPS: ₩84.00 (up from ₩24.00 in 1Q 2023). Revenue: ₩28.5b (up 32% from 1Q 2023). Net income: ₩3.55b (up 316% from 1Q 2023). Profit margin: 13% (up from 4.0% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩11,940, the stock trades at a trailing P/E ratio of 59.6x. Average trailing P/E is 24x in the Semiconductor industry in South Korea. Total returns to shareholders of 233% over the past three years. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩219 (vs ₩273 in FY 2022) Full year 2023 results: EPS: ₩219 (down from ₩273 in FY 2022). Revenue: ₩100.9b (up 35% from FY 2022). Net income: ₩8.28b (down 17% from FY 2022). Profit margin: 8.2% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩15,390, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 368% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩9,480, the stock trades at a trailing P/E ratio of 36x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩14,270, the stock trades at a trailing P/E ratio of 54.2x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 254% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩9,300, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 134% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩35.00 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 12% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.0%). New Risk • Dec 12
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 8.6% 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 (23% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (9.6% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩4,715, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 43% over the past three years. New Risk • Nov 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (9.6% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩36.00 (vs ₩137 in 3Q 2022) Third quarter 2023 results: EPS: ₩36.00 (down from ₩137 in 3Q 2022). Revenue: ₩20.4b (down 17% from 3Q 2022). Net income: ₩1.39b (down 73% from 3Q 2022). Profit margin: 6.8% (down from 21% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Oct 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.7b (US$99.3m) 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (₩133.7b market cap, or US$99.3m). Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩5,010, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 54% over the past three years. New Risk • Jul 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 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: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩3,920, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 57% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₩273 (up from ₩156 in FY 2021). Revenue: ₩74.7b (up 101% from FY 2021). Net income: ₩10.00b (up 77% from FY 2021). Profit margin: 13% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩15.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 3.9% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Announcement • Mar 12
Neosem Inc. announced that it has received KRW 22 billion in funding from a group of investors On March 11, 2021, Neosem Inc. (KOSDAQ:A253590) closed the transaction. Announcement • Mar 11
Neosem Inc. announced that it expects to receive KRW 22 billion in funding from a group of investors Neosem Inc. (KOSDAQ:A253590) announced a private placement of Series 4 unregistered coupon private convertible bonds for gross proceeds of KRW 22,000,000,000 on March 9, 2021. The bonds are zero coupon bonds and will mature on March 11, 2026. The bonds are 100% convertible into 6,204,173 common shares at a conversion price of KRW 3,542 per share. The conversion period of the bonds starts on March 11, 2022 and ends on February 11, 2026. The transaction will include participation from Kiwoom Securities Co., Ltd., Investment Arm for KRW 3,000,000,000, Shinhan Investment Corp., Investment Arm for KRW 2,000,000,000, BNK Securities Co., Ltd., Investment Arm for KRW 2,000,000,000 and other investors. The subscription date and payment date of the transaction is March 11, 2021. The transaction has been approved by board of directors. Is New 90 Day High Low • Mar 09
New 90-day low: ₩3,200 The company is down 11% from its price of ₩3,600 on 09 December 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ₩3,900 The company is up 15% from its price of ₩3,405 on 06 October 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 32% over the same period.