Buy Or Sell Opportunity • May 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.1% to ₩2,110. The fair value is estimated to be ₩2,649, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Apr 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.8% to ₩2,085. The fair value is estimated to be ₩2,648, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Mar 17
KineMaster Corporation, Annual General Meeting, Mar 30, 2026 KineMaster Corporation, Annual General Meeting, Mar 30, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 21, banpo-daero 24-gil, seocho-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩1,766, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 78% over the past three years. Buy Or Sell Opportunity • Feb 07
Now 23% undervalued Over the last 90 days, the stock has risen 14% to ₩2,190. The fair value is estimated to be ₩2,851, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 22
Now 20% undervalued Over the last 90 days, the stock has risen 7.2% to ₩2,245. The fair value is estimated to be ₩2,815, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Dec 30
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 10.0% 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: Major Risk High level of non-cash earnings (396% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (₩36.7b market cap, or US$25.4m). Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩2,600, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 68% over the past three years. Buy Or Sell Opportunity • Nov 06
Now 26% overvalued Over the last 90 days, the stock has fallen 20% to ₩1,957. The fair value is estimated to be ₩1,557, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ₩31.00 loss per share (vs ₩81.20 profit in 2Q 2024) Second quarter 2025 results: ₩31.00 loss per share (down from ₩81.20 profit in 2Q 2024). Revenue: ₩3.09b (down 11% from 2Q 2024). Net loss: ₩433.5m (down 138% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,565, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 83% over the past three years. New Risk • Mar 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 87% 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 Risk High level of non-cash earnings (87% accrual ratio). Minor Risk Market cap is less than US$100m (₩35.4b market cap, or US$24.2m). Announcement • Mar 13
KineMaster Corporation, Annual General Meeting, Mar 28, 2025 KineMaster Corporation, Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 21, banpo-daero 24-gil, seocho-gu, seoul South Korea New Risk • Dec 06
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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩44.1b market cap, or US$31.0m). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩3,120, the stock trades at a trailing P/E ratio of 50.7x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 87% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₩42.99 loss per share (vs ₩104 profit in 3Q 2023) Third quarter 2024 results: ₩42.99 loss per share (down from ₩104 profit in 3Q 2023). Revenue: ₩3.24b (down 17% from 3Q 2023). Net loss: ₩608.4m (down 142% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. 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 Risk Market cap is less than US$100m (₩41.2b market cap, or US$31.3m). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,660, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩3,010, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩5,040, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 92% over the past three years. New Risk • Apr 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (₩84.0b market cap, or US$62.2m). New Risk • Feb 19
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 14% 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 (14% average weekly change). Earnings have declined by 38% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Market cap is less than US$100m (₩78.2b market cap, or US$58.6m). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩206 (vs ₩967 loss in 3Q 2022) Third quarter 2023 results: EPS: ₩206 (up from ₩967 loss in 3Q 2022). Revenue: ₩3.92b (down 16% from 3Q 2022). Net income: ₩1.43b (up ₩8.10b from 3Q 2022). Profit margin: 36% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2023 earnings released: EPS: ₩184 (vs ₩300 loss in 1Q 2022) First quarter 2023 results: EPS: ₩184 (up from ₩300 loss in 1Q 2022). Revenue: ₩4.70b (down 3.2% from 1Q 2022). Net income: ₩1.05b (up ₩3.03b from 1Q 2022). Profit margin: 22% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day high: ₩40,200 The company is up 272% from its price of ₩10,800 on 25 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₩29,350 The company is up 208% from its price of ₩9,530 on 07 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. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 17% share price gain to ₩12,600, the stock is trading at a trailing P/E ratio of 67.8x, up from the previous P/E ratio of 57.9x. This compares to an average P/E of 21x in the Software industry in South Korea. Total returns to shareholders over the past three years are 606%. Is New 90 Day High Low • Nov 27
New 90-day high: ₩12,050 The company is up 6.0% from its price of ₩11,400 on 28 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 3.0% over the same period. Announcement • Nov 05
NexStreaming Releases NexPlayer SDK for Sony PlayStation and Microsoft Xbox Series X Gaming Consoles NexStreaming announced the release of NexPlayer SDK for the Sony PlayStation 5 as well as for the Microsoft Xbox Series X gaming consoles. These new NexPlayer SDKs allow video service providers and broadcasters to offer 4K quality video streaming and the most advanced feature set across all of their apps, adding the latest PS and Xbox Series X gaming consoles to the legacy Android and iOS devices. The NexPlayer SDK for PlayStation supports critical features not available in the default PS5 video player, including pre-roll and mid-roll ad insertion that can be served both server-side and client-side. The same ad insertion features are available in the NexPlayer SDK for Xbox. Since Microsoft doesn’t offer a default video player to developers, the NexPlayer SDK is critical for content owners who need to monetize their video content through their OTT apps. NexPlayer for PlayStation and Xbox supports the same streaming and playback capabilities as NexPlayer SDK for Android, iOS and web. This includes advanced features such as closed captioning, adaptive bitrate (ABR) streaming, time-shifting, multiple audio tracks, digital rights management (DRM) support for Google Widevine, Apple FairPlay and Microsoft Playready. NexPlayer SDK leverages the power of the next-generation hardware inside the PS5 and Xbox Series X gaming consoles to boost the best video quality on large TV screens. NexPlayer SDK is developed in-house, controlled by our engineers, and committed to protecting your user privacy by not collecting or using your end user’s data. Is New 90 Day High Low • Oct 19
New 90-day low: ₩8,900 The company is down 26% from its price of ₩11,950 on 21 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 8.0% over the same period.