Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₩1,195 (vs ₩942 in FY 2024) Full year 2025 results: EPS: ₩1,195 (up from ₩942 in FY 2024). Revenue: ₩38.4b (down 14% from FY 2024). Net income: ₩6.17b (up 24% from FY 2024). Profit margin: 16% (up from 11% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Mar 17
Telcoware Co.,Ltd., Annual General Meeting, Mar 27, 2026 Telcoware Co.,Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 262, gangnam-daero, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩20,050, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 161% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩640 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 09 April 2026. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩141 (vs ₩3.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩141 (up from ₩3.00 in 3Q 2024). Revenue: ₩7.14b (down 5.1% from 3Q 2024). Net income: ₩727.2m (up ₩710.8m from 3Q 2024). Profit margin: 10% (up from 0.2% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 08
Dividend of ₩640 announced Dividend of ₩640 is the same as last year. Ex-date: 29th December 2025 Payment date: 9th April 2026 Dividend yield will be 4.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Telcoware Co.,Ltd. announces Annual dividend, payable on April 09, 2026 Telcoware Co.,Ltd. announced Annual dividend of KRW 640.0000 per share payable on April 09, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Sep 23
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩97.7b market cap, or US$70.1m). Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩18,910, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 154% over the past three years. New Risk • Jul 09
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 12% 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₩84.2b market cap, or US$61.2m). New Risk • May 19
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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩65.8b market cap, or US$47.4m). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩12,750, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩11,270, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 28% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩942 (vs ₩950 in FY 2023) Full year 2024 results: EPS: ₩942 (down from ₩950 in FY 2023). Revenue: ₩44.9b (up 10% from FY 2023). Net income: ₩4.98b (down 6.8% from FY 2023). Profit margin: 11% (down from 13% in FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 08
Telcoware Co.,Ltd., Annual General Meeting, Mar 28, 2025 Telcoware Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 20-7, beobwon-ro 3-gil, seocho-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩640 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.5%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.6%). 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 Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩50.6b market cap, or US$35.2m). Buy Or Sell Opportunity • Dec 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to ₩9,730. The fair value is estimated to be ₩12,166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩46.6b market cap, or US$32.8m). New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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: Minor Risks Dividend is not well covered by cash flows (135% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (₩59.4b market cap, or US$44.2m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share at 5.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Announcement • Oct 11
Telcoware Co.,Ltd. (KOSE:A078000) announces an Equity Buyback for KRW 5,000 million worth of its shares. Telcoware Co.,Ltd. (KOSE:A078000) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares, pursuant to an agreement with DAISHIN Securities Co., Ltd. The purpose of the program is enhancing shareholder value (stock cancellation). The program is valid till April 9, 2024. As of October 9, 2023, the company had 4,076,074 shares in treasury within the possible dividend range for acquisition and no shares for other acquisition. Upcoming Dividend • Dec 21
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 31 March 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.5%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). 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. 4 experienced directors. No highly experienced directors. 1 independent director (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. Reported Earnings • May 19
First quarter 2022 earnings released: ₩373 loss per share (vs ₩403 loss in 1Q 2021) First quarter 2022 results: ₩373 loss per share (up from ₩403 loss in 1Q 2021). Revenue: ₩4.94b (up 4.4% from 1Q 2021). Net loss: ₩2.10b (loss narrowed 7.4% from 1Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 19% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target decreased to ₩18,000 Down from ₩22,500, the current price target is provided by 1 analyst. New target price is 70% above last closing price of ₩10,600. Stock is down 13% over the past year. The company is forecast to post earnings per share of ₩544 for next year compared to ₩322 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. 4 experienced directors. No highly experienced directors. 1 independent director (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. Reported Earnings • Mar 13
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ₩322 (down from ₩332 in FY 2020). Revenue: ₩34.8b (down 4.3% from FY 2020). Net income: ₩1.81b (down 3.0% from FY 2020). Profit margin: 5.2% (up from 5.1% in FY 2020). Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 60%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 22
Upcoming dividend of ₩480 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.3%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.0%). Announcement • Mar 03
Telcoware Co.,Ltd., Annual General Meeting, Mar 26, 2021 Telcoware Co.,Ltd., Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 24
New 90-day low: ₩11,400 The company is down 4.0% from its price of ₩11,900 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 10.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩550 Per Share Will be paid on the 3rd of April to those who are registered shareholders by the 29th of December. The trailing yield of 4.5% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (0.8%). Is New 90 Day High Low • Dec 21
New 90-day high: ₩12,400 The company is up 4.0% from its price of ₩11,900 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 5.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: ₩11,400 The company is down 9.0% from its price of ₩12,550 on 31 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 4.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩11,500 The company is down 5.0% from its price of ₩12,050 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 14% over the same period.