New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 157% 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 11% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩122.8b market cap, or US$81.6m). Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: ₩47.45 (vs ₩95.63 in FY 2024) Full year 2025 results: EPS: ₩47.45 (down from ₩95.63 in FY 2024). Revenue: ₩47.8b (down 3.3% from FY 2024). Net income: ₩3.41b (down 51% from FY 2024). Profit margin: 7.1% (down from 14% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Mar 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.1% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.6% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (7.1% net profit margin). Market cap is less than US$100m (₩138.5b market cap, or US$92.1m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩1,601, the stock trades at a trailing P/E ratio of 13.6x. Average forward P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 34% over the past three years. New Risk • Feb 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩141.2b (US$98.7m) 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 4.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩141.2b market cap, or US$98.7m). Announcement • Jan 07
Parataxis Korea Fund IV LLC, a fund managed by Parataxis Capital Management LLC and Parataxis Korea, Inc. (KOSDAQ:A288330) completed the acquisition of 47.2% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim. Parataxis Korea Fund IV LLC, a fund managed by Parataxis Capital Management LLC and Parataxis Korea, Inc. (KOSDAQ:A288330) entered into agreement to acquire 47.2% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim for KRW 26.1 billion on December 1, 2025. A cash consideration of KRW 26.13 billion valued at KRW 14855 per share will be paid by Parataxis Holdings LLC, Parataxis Korea Fund Iii Llc and Parataxis Korea, Inc. As part of consideration, KRW 26.13 billion is paid towards common equity of Sinsiway Co., Ltd.
The expected completion of the transaction is January 6, 2026.
Parataxis Korea Fund IV LLC, a fund managed by Parataxis Capital Management LLC and Parataxis Korea, Inc. (KOSDAQ:A288330) completed the acquisition of 47.2% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim on January 6, 2026. Announcement • Dec 02
Parataxis Holdings LLC, Parataxis Korea Fund Iii Llc and Parataxis Korea, Inc. (KOSDAQ:A288330) and other entered into agreement to acquire 47.21% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim for KRW 26.1 billion. Parataxis Holdings LLC, Parataxis Korea Fund Iii Llc and Parataxis Korea, Inc. (KOSDAQ:A288330) and other entered into agreement to acquire 47.21% stake in Sinsiway Co., Ltd. (KOSDAQ:A290560) from EXEM Co., Ltd. (KOSDAQ:A205100), Gwang-Yeol Kim, Jae-Hoon Jeong and Gwang-Yeol Kim for KRW 26.1 billion on December 1, 2025. A cash consideration of KRW 26.13 billion valued at KRW 14855 per share will be paid by Parataxis Holdings LLC, Parataxis Korea Fund Iii Llc and Parataxis Korea, Inc. As part of consideration, KRW 26.13 billion is paid towards common equity of Sinsiway Co., Ltd.
The expected completion of the transaction is January 6, 2026. New Risk • Nov 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.1b (US$99.8m) 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 4.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩146.1b market cap, or US$99.8m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩15.00 (vs ₩3.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩15.00 (up from ₩3.00 in 3Q 2024). Revenue: ₩13.5b (up 9.8% from 3Q 2024). Net income: ₩1.06b (up 452% from 3Q 2024). Profit margin: 7.8% (up from 1.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩2,530, the stock trades at a trailing P/E ratio of 24x. Average forward P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 29% over the past three years. Reported Earnings • Aug 19
Second quarter 2025 earnings released: ₩3.00 loss per share (vs ₩7.00 profit in 2Q 2024) Second quarter 2025 results: ₩3.00 loss per share (down from ₩7.00 profit in 2Q 2024). Revenue: ₩12.6b (down 5.7% from 2Q 2024). Net loss: ₩186.2m (down 140% from profit in 2Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in South Korea. 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 3% per year, which means it is well ahead of earnings. New Risk • May 24
New major risk - Revenue and earnings growth Earnings have declined by 1.3% 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. This is currently the only risk that has been identified for the company. Announcement • Mar 18
EXEM Co., Ltd., Annual General Meeting, Mar 31, 2025 EXEM Co., Ltd., Annual General Meeting, Mar 31, 2025, at 10:30 Tokyo Standard Time. Location: conference room, 40, magokjungang 8-ro 5-gil, gangseo-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,330, the stock trades at a trailing P/E ratio of 62.4x. Average forward P/E is 13x in the Software industry in South Korea. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,010, the stock trades at a trailing P/E ratio of 53.8x. Average forward P/E is 11x in the Software industry in South Korea. Total loss to shareholders of 5.5% over the past three years. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₩3.00 (vs ₩42.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩3.00 (down from ₩42.00 in 3Q 2023). Revenue: ₩12.3b (up 11% from 3Q 2023). Net income: ₩191.6m (down 94% from 3Q 2023). Profit margin: 1.6% (down from 27% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩7.00 (vs ₩20.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩7.00 (down from ₩20.00 in 2Q 2023). Revenue: ₩13.3b (up 2.1% from 2Q 2023). Net income: ₩470.4m (down 67% from 2Q 2023). Profit margin: 3.5% (down from 11% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Aug 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩124.5b (US$90.6m) 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 Large one-off items impacting financial results. Market cap is less than US$100m (₩124.5b market cap, or US$90.6m). Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,585, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 3.9% over the past three years. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: ₩239 (vs ₩245 in FY 2022) Full year 2023 results: EPS: ₩239. Revenue: ₩53.9b (down 2.3% from FY 2022). Net income: ₩10.4b (up 21% from FY 2022). Profit margin: 19% (up from 16% in FY 2022). Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩2,610, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 20x in the Software industry in South Korea. Total returns to shareholders of 20% over the past three years. New Risk • Oct 04
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). High level of non-cash earnings (44% accrual ratio). New Risk • Aug 22
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 High level of non-cash earnings (44% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩5,240, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 18x in the Software industry in South Korea. Total returns to shareholders of 40% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩245 (vs ₩321 in FY 2021) Full year 2022 results: EPS: ₩245 (down from ₩321 in FY 2021). Revenue: ₩55.1b (up 17% from FY 2021). Net income: ₩8.59b (down 20% from FY 2021). Profit margin: 16% (down from 23% in FY 2021). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,865, the stock trades at a trailing P/E ratio of 15.9x. Average forward P/E is 29x in the Software industry in South Korea. Total returns to shareholders of 68% over the past three years. Reported Earnings • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₩11.3b (up 21% from 3Q 2021). Net income: ₩2.03b (up 10.0% from 3Q 2021). Profit margin: 18% (down from 20% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in South Korea. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₩3,925, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 17x in the Software industry in South Korea. Total returns to shareholders of 24% over the past three years. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩321 (up from ₩248 in FY 2020). Revenue: ₩47.3b (up 21% from FY 2020). Net income: ₩10.7b (up 31% from FY 2020). Profit margin: 23% (up from 21% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 15% share price gain to ₩4,385, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 21x in the Software industry in South Korea. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,280, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 28x in the Software industry in South Korea. Total returns to shareholders of 46% over the past three years. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS ₩248 (vs ₩143 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩39.2b (up 14% from FY 2019). Net income: ₩8.20b (up 74% from FY 2019). Profit margin: 21% (up from 14% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 03
New 90-day high: ₩5,060 The company is up 30% from its price of ₩3,890 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: ₩4,705 The company is up 17% from its price of ₩4,025 on 21 October 2020. The South Korean market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,530, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 22x in the Software industry in South Korea. Total returns to shareholders over the past three years are 10%. Is New 90 Day High Low • Dec 23
New 90-day high: ₩4,245 The company is up 20% from its price of ₩3,550 on 24 September 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 4.0% over the same period. 
