Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,825, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 58% over the past three years. Board Change • May 08
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buy Or Sell Opportunity • Apr 08
Now 201% overvalued after recent price rise Over the last 90 days, the stock has risen 122% to ₩2,788. The fair value is estimated to be ₩925, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 50%. Announcement • Mar 10
MDS Tech Inc., Annual General Meeting, Mar 26, 2026 MDS Tech Inc., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 15, pangyo-ro 228beon-gil, bundang-gu, gyeonggi-do, seongnam 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 ₩1,100, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 65% over the past three years. New Risk • Jan 09
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 8.7% 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 (8.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩136.7b market cap, or US$93.8m). New Risk • Nov 21
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 8.0% 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 (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (₩122.0b market cap, or US$82.7m). Announcement • Jul 30
SYB Association,BJ Consortium,Ai Holdings Corporation (TSE:3076),Prime Stone No. 1 Fund,MJPE Investment Fund No. 1, Prot No.1 Fund and Mirae Asset Global Discovery Fund - Mirae Asset Korea New Growth Equity Fund completed the acquisition of 34.31% stake in Alphanox Co.,Ltd. (KOSDAQ:A043100) from MDS Tech Inc. (KOSDAQ:A086960). An undisclosed buyer agreed to acquire 34.31% stake in Alphanox Co.,Ltd. (KOSDAQ:A043100) from MDS Tech Inc. (KOSDAQ:A086960) for KRW 18.01 billion on July 14, 2025. A cash consideration of KRW 18.01 billion will be paid by the buyer. As part of consideration, KRW 18.01 billion is paid towards common equity of Alphanox Co.,Ltd.
The expected completion of the transaction is July 28, 2025. The expected completion of the transaction is changed to July 29, 2025.
SYB Association,BJ Consortium,Ai Holdings Corporation (TSE:3076),Prime Stone No. 1 Fund,MJPE Investment Fund No. 1, Prot No.1 Fund and Mirae Asset Global Discovery Fund - Mirae Asset Korea New Growth Equity Fund completed the acquisition of 34.31% stake in Alphanox Co.,Ltd. (KOSDAQ:A043100) from MDS Tech Inc. (KOSDAQ:A086960) Announcement • Jul 16
An undisclosed buyer agreed to acquire 34.31% stake in Alphanox Co.,Ltd. (KOSDAQ:A043100) from MDS Tech Inc. (KOSDAQ:A086960) for KRW 18.01 billion. An undisclosed buyer agreed to acquire 34.31% stake in Alphanox Co.,Ltd. (KOSDAQ:A043100) from MDS Tech Inc. (KOSDAQ:A086960) for KRW 18.01 billion on July 14, 2025. A cash consideration of KRW 18.01 billion will be paid by the buyer. As part of consideration, KRW 18.01 billion is paid towards common equity of Alphanox Co.,Ltd.
The expected completion of the transaction is July 28, 2025. New Risk • May 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 8.9% 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 (8.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩129.3b market cap, or US$94.3m). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩1,393, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 17x in the Software industry in South Korea. Total loss to shareholders of 7.4% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩1,173, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 49% over the past three years. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₩77.00 (vs ₩17.00 in FY 2023) Full year 2024 results: EPS: ₩77.00 (up from ₩17.00 in FY 2023). Revenue: ₩165.6b (up 6.6% from FY 2023). Net income: ₩6.87b (up 384% from FY 2023). Profit margin: 4.1% (up from 0.9% in FY 2023). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Mar 13
MDS Tech Inc., Annual General Meeting, Mar 28, 2025 MDS Tech Inc., Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 230, pangyoyeok-ro, bundang-gu, gyeonggi-do, seongnam South Korea New Risk • Feb 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (₩122.4b market cap, or US$83.7m). New Risk • Jan 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 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Market cap is less than US$100m (₩126.8b market cap, or US$87.5m). New Risk • Dec 08
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 Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Market cap is less than US$100m (₩79.3b market cap, or US$55.7m). Buy Or Sell Opportunity • Nov 15
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to ₩934. The fair value is estimated to be ₩770, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • Sep 18
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 9.2% 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: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Market cap is less than US$100m (₩100.6b market cap, or US$75.9m). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩1,214, the stock trades at a trailing P/E ratio of 75.8x. Average trailing P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 41% over the past three years. New Risk • Apr 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩129.9b (US$94.4m) 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 Earnings have declined by 27% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩129.9b market cap, or US$94.4m). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩17.00 (vs ₩11.60 in FY 2022) Full year 2023 results: EPS: ₩17.00 (up from ₩11.60 in FY 2022). Revenue: ₩155.3b (up 1.2% from FY 2022). Net income: ₩1.42b (up 48% from FY 2022). Profit margin: 0.9% (up from 0.6% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 21
DFI Collaborates with MDS to Showcase AI Embedded Solutions at Smart Factory + Automation World 2024 DFI, announced its collaboration with Korean distributor MDS for a groundbreaking co-exhibition at Smart Factory + Automation World 2024 in Seoul, Korea. The showcase will feature an exclusive demonstration of the TGH960 System-on-Module and its AI edge computing applications, highlighting its deep learning capabilities and face and object recognition features. Founded in 1990, Smart Factory + Automation World 2024 is a premier international exhibition in the Korean automation market that brings together industry leaders, innovators, and technology enthusiasts from around the world. 500 exhibitors at 2,000 booths and 70,000 visitors are expected to attend the event this year. As leaders at the forefront of the embedded industry, DFI and MDS aim to leverage the platform to redefine the future of the smart manufacturing and industrial automation industry. DFI will be displaying a range of their latest solutions at the booth, including industrial motherboards (IMB), single board computers (SBC), system-on-modules (SoM), and Box PCs. The highlight will be a live demonstration of the TGH960 SoM, designed for versatile applications such as Box PCs and factory automation. Powered by 11th generation Intel® Core™ SoC processors, specifically optimized for Edge AI vision computing, the TGH960 utilizes Intel® Iris® Xe architecture and AI acceleration for heightened performance in complex tasks. Notably, its AI acceleration features a significant upgrade, supporting Deep Learning Boost (DL Boost) and Vector Neural Network Instruction Set (VNNI), previously exclusive to Xeon processors. The AI BOX from MDS has received positive feedback from numerous customers in terms of its performance in deep learning. Meanwhile, DFI's TGH960 contributes powerful object recognition technology to the AI BOX. There is also a promising potential for the future application of AI BOX in the defense and food industry sectors. DFI and MDS will continue to collaborate, enhancing the potential for technical cooperation, and jointly delivering high-quality products and services to the artificial intelligence market. New Risk • Feb 13
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 8.3% 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 Earnings have declined by 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩1,990, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 21x in the Software industry in South Korea. Total returns to shareholders of 20% over the past three years. New Risk • Dec 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.6% 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 Earnings have declined by 36% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.6% increase in shares outstanding). New Risk • Oct 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩131.3b (US$97.5m) 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 Earnings have declined by 51% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩131.3b market cap, or US$97.5m). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,060, the stock trades at a trailing P/E ratio of 64x. Average trailing P/E is 17x in the Software industry in South Korea. Total returns to shareholders of 63% over the past three years. Buying Opportunity • May 26
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₩3,593, 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. Meanwhile, the company has become profitable. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 31
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 27
Price target decreased to ₩26,000 Down from ₩31,000, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ₩20,650. Stock is up 32% over the past year. The company is forecast to post earnings per share of ₩803 next year compared to a net loss per share of ₩603 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩21,600, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Software industry in South Korea. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 23% share price gain to ₩27,050, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩15,408 per share. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₩20,800, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩15,620 per share. Major Estimate Revision • Aug 18
Consensus EPS estimates increase to ₩939 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₩163.3m to ₩171.3m. EPS estimate increased from ₩668 to ₩939 per share. Net income forecast to grow 187% next year vs 39% growth forecast for Software industry in South Korea. Consensus price target up from ₩22,000 to ₩25,000. Share price fell 5.3% to ₩21,300 over the past week. Announcement • Jul 20
Hancom MDS Inc. (KOSDAQ:A086960) acquired 63.4% stake in Care-Link Co., Ltd. Hancom MDS Inc. (KOSDAQ:A086960) acquired 63.4% stake in Care-Link Co., Ltd. on July 19, 2021. Post completion, Hancom MDS Inc. becomes the largest shareholder of Care-Link Co., Ltd.
Hancom MDS Inc. (KOSDAQ:A086960) completed the acquisition of 63.4% stake in Care-Link Co., Ltd. on July 19, 2021. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 20% share price gain to ₩25,650, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 33x in the Software industry in South Korea. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩24,867 per share. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 36% share price gain to ₩21,700, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 24x in the Software industry in South Korea. Total returns to shareholders of 12% over the past three years. Price Target Changed • Jun 03
Price target increased to ₩20,000 Up from ₩18,100, the current price target is provided by 1 analyst. New target price is 21% above last closing price of ₩16,550. Stock is up 36% over the past year. Price Target Changed • Feb 18
Price target raised to ₩18,100 Up from ₩15,600, the current price target is an average from 2 analysts. The new target price is 9.7% above the current share price of ₩16,500. As of last close, the stock is up 49% over the past year. Is New 90 Day High Low • Feb 17
New 90-day high: ₩16,800 The company is up 34% from its price of ₩12,500 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩10,942 per share. Is New 90 Day High Low • Jan 27
New 90-day high: ₩16,300 The company is up 33% from its price of ₩12,300 on 29 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩10,861 per share. Is New 90 Day High Low • Jan 07
New 90-day high: ₩15,800 The company is up 32% from its price of ₩12,000 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩10,877 per share. Is New 90 Day High Low • Dec 11
New 90-day high: ₩14,150 The company is up 19% from its price of ₩11,900 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩10,868 per share. Major Estimate Revision • Nov 19
Analysts lower EPS estimates to ₩662 The 2020 consensus revenue estimate was lowered from ₩157.4m to ₩154.3m. Earning per share (EPS) estimate was also lowered from ₩848 to ₩662 for the same period. Net income is expected to grow by 1,377% next year compared to 45% growth forecast for the Software industry in South Korea. The consensus price target increased from ₩14,600 to ₩15,600. Share price stayed mostly flat at ₩12,500 over the past week. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ₩90.00 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₩33.0b (down 5.4% from 3Q 2019). Net income: ₩737.0m (up 18% from 3Q 2019). Profit margin: 2.2% (up from 1.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 14
New 90-day high: ₩13,650 The company is up 3.0% from its price of ₩13,250 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 Software industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩16,757 per share.