Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩14,670, the stock trades at a trailing P/E ratio of 50.8x. Average forward P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩18,790, the stock trades at a trailing P/E ratio of 63.8x. Average forward P/E is 24x in the Semiconductor industry in South Korea. Total returns to shareholders of 239% over the past three years. New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 (19% average weekly change). High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩7,380, the stock trades at a trailing P/E ratio of 47x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 16% over the past three years. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: ₩163 (vs ₩101 loss in FY 2024) Full year 2025 results: EPS: ₩163 (up from ₩101 loss in FY 2024). Revenue: ₩48.3b (up 25% from FY 2024). Net income: ₩3.47b (up ₩5.61b from FY 2024). Profit margin: 7.2% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Justem Co., Ltd., Annual General Meeting, Mar 30, 2026 Justem Co., Ltd., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 57, tapsil-ro 35beon-gil, giheung-gu, gyeonggi-do, yongin South Korea Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩8,300, the stock trades at a trailing P/E ratio of 26.2x. Average forward P/E is 21x in the Semiconductor industry in South Korea. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩4,935, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,900, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 18x 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 • Dec 18
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩13,200, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 55% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩95.00 (vs ₩78.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩95.00 (up from ₩78.00 in 3Q 2024). Revenue: ₩12.1b (down 24% from 3Q 2024). Net income: ₩758.6m (up 73% from 3Q 2024). Profit margin: 6.3% (up from 2.8% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩13,490, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 49% over the past year. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩227 (vs ₩221 loss in 2Q 2024) Second quarter 2025 results: EPS: ₩227 (up from ₩221 loss in 2Q 2024). Revenue: ₩11.3b (up 47% from 2Q 2024). Net income: ₩1.61b (up ₩3.18b from 2Q 2024). Profit margin: 14% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. New Risk • Jul 25
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 8.2% 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 (8.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩72.8b market cap, or US$52.9m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩9,600, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 28% over the past year. Announcement • Mar 01
Justem Co., Ltd., Annual General Meeting, Mar 31, 2025 Justem Co., Ltd., Annual General Meeting, Mar 31, 2025, at 09:01 Tokyo Standard Time. Location: auditorium, 57, tapsil-ro 35beon-gil, giheung-gu, gyeonggi-do, yongin South Korea New Risk • Feb 20
New major risk - Revenue and earnings growth Revenue has declined by 8.1% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 (14% average weekly change). Revenue has declined by 8.1% over the past year. Minor Risk Market cap is less than US$100m (₩69.5b market cap, or US$48.3m). 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 (₩44.0b market cap, or US$30.7m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: ₩221 loss per share (vs ₩370 loss in 2Q 2023) Second quarter 2024 results: ₩221 loss per share (improved from ₩370 loss in 2Q 2023). Revenue: ₩7.67b (down 16% from 2Q 2023). Net loss: ₩1.57b (loss narrowed 40% from 2Q 2023). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in South Korea. New Risk • Aug 02
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 7.6% 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: Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩23b). Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₩59.9b market cap, or US$43.9m). Announcement • May 05
Justem Co., Ltd. announced that it has received KRW 15 billion in funding On May 4, 2023, Justem Co., Ltd. closed the transaction. 
