Buy Or Sell Opportunity • Apr 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to ₩5,520. The fair value is estimated to be ₩4,580, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.7%. New Risk • Mar 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 77% 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 (77% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩68.9b market cap, or US$46.0m). Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩1,555 (vs ₩980 in FY 2024) Full year 2025 results: EPS: ₩1,555 (up from ₩980 in FY 2024). Revenue: ₩417.8b (flat on FY 2024). Net income: ₩20.5b (up 51% from FY 2024). Profit margin: 4.9% (up from 3.2% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 11
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₩5,150. The fair value is estimated to be ₩4,278, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.4%. Buy Or Sell Opportunity • Feb 23
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to ₩5,250. The fair value is estimated to be ₩4,225, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.4%. Announcement • Feb 13
Korea Computer Inc., Annual General Meeting, Mar 24, 2026 Korea Computer Inc., Annual General Meeting, Mar 24, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 88, 4sandan 3-ro, jiksan-eup, seobuk-gu, chungcheongnam-do, cheonan South Korea Buy Or Sell Opportunity • Dec 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.2% to ₩5,040. The fair value is estimated to be ₩4,178, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.4%. Upcoming Dividend • Dec 22
Upcoming dividend of ₩280 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 16 April 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.9%). Buy Or Sell Opportunity • Nov 27
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ₩5,050. The fair value is estimated to be ₩4,185, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.4%. Declared Dividend • Nov 08
Dividend of ₩280 announced Dividend of ₩280 is the same as last year. Ex-date: 29th December 2025 Payment date: 16th April 2026 Dividend yield will be 6.0%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 19% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Korea Computer Inc. announces Annual dividend, payable on April 16, 2026 Korea Computer Inc. announced Annual dividend of KRW 280.0000 per share payable on April 16, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Apr 01
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: 3.2% Last year net profit margin: 5.8% 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: Minor Risks Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (₩57.1b market cap, or US$38.9m). Announcement • Feb 28
Korea Computer Inc., Annual General Meeting, Mar 31, 2025 Korea Computer Inc., Annual General Meeting, Mar 31, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 88, 4sandan 3-ro, jiksan-eup, seobuk-gu, chungcheongnam-do, cheonan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 16 April 2025. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,320, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 14x in the Electronic industry in South Korea. Total returns to shareholders of 33% over the past three years. Declared Dividend • Nov 23
Dividend of ₩300 announced Shareholders will receive a dividend of ₩300. Ex-date: 27th December 2024 Payment date: 16th April 2025 Dividend yield will be 5.5%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is covered by both earnings (19% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 25% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 65% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,430, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 40% over the past three years. 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 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 (₩72.5b market cap, or US$55.1m). Announcement • Jul 08
Korea Computer Inc. (KOSDAQ:A054040) announces an Equity Buyback for KRW 3,000 million worth of its shares. Korea Computer Inc. (KOSDAQ:A054040) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares, pursuant to a trust contract with NH Investment & Securities Co., Ltd. The purpose of the program is to stabilize stock price and uplift the shareholder value. The program will expire on January 7, 2025. As of July 7, 2024 the company had 1,935,365 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. Buy Or Sell Opportunity • May 28
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to ₩5,710. The fair value is estimated to be ₩4,739, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 16%. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩1,513 (vs ₩1,102 in FY 2022) Full year 2023 results: EPS: ₩1,513 (up from ₩1,102 in FY 2022). Revenue: ₩371.7b (down 12% from FY 2022). Net income: ₩21.7b (up 29% from FY 2022). Profit margin: 5.8% (up from 4.0% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year and the company’s share price has also increased by 20% per year. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to ₩7,940, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 173% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩250 per share at 4.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.9%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩625 (vs ₩588 in 3Q 2022) Third quarter 2023 results: EPS: ₩625. Revenue: ₩95.8b (down 34% from 3Q 2022). Net income: ₩8.84b (down 1.2% from 3Q 2022). Profit margin: 9.2% (up from 6.2% in 3Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩6,020, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 167% over the past three years. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩173 (vs ₩183 in 1Q 2022) First quarter 2023 results: EPS: ₩173 (down from ₩183 in 1Q 2022). Revenue: ₩73.9b (down 6.5% from 1Q 2022). Net income: ₩2.53b (down 9.6% from 1Q 2022). Profit margin: 3.4% (down from 3.5% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩1,102 (vs ₩993 in FY 2021) Full year 2022 results: EPS: ₩1,102 (up from ₩993 in FY 2021). Revenue: ₩423.7b (up 118% from FY 2021). Net income: ₩16.8b (up 10% from FY 2021). Profit margin: 4.0% (down from 7.8% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩180 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 26 April 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Announcement • Dec 10
Korea Computer Inc. (KOSDAQ:A054040) announces an Equity Buyback for KRW 2,000 million worth of its shares. Korea Computer Inc. (KOSDAQ:A054040) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares pursuant to a trust agreement with NH Investment & Securities Co. Ltd. The purpose behind the program is to stabilize the stock price and to enhance shareholder value. The program will continue until June 8, 2023. As of December 8 2022, the company had 1,031,262 common shares in treasury through buyback within dividend capacity and had no shares in treasury through other acquisitions. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩3,390, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 3.1%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 17% share price gain to ₩4,755, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 19x in the Electronic industry in South Korea. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₩5,330, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 22% share price gain to ₩5,950, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 24x in the Electronic industry in South Korea. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 19% share price gain to ₩4,635, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 25x in the Electronic industry in South Korea. Total returns to shareholders of 56% over the past three years. Announcement • Feb 25
Korea Computer Inc., Annual General Meeting, Mar 25, 2021 Korea Computer Inc., Annual General Meeting, Mar 25, 2021, at 09:30 Korea Standard Time. Is New 90 Day High Low • Feb 15
New 90-day high: ₩3,270 The company is up 4.0% from its price of ₩3,130 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 42% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩130 Per Share Will be paid on the 21st 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 (0.5%). Valuation Update With 7 Day Price Move • Nov 09
Market pulls back on stock over the past week After last week's 16% share price decline to ₩2,955, the stock is trading at a trailing P/E ratio of 9.4x, down from the previous P/E ratio of 11.2x. This compares to an average P/E of 22x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 34%. Valuation Update With 7 Day Price Move • Nov 02
Market bids up stock over the past week After last week's 24% share price gain to ₩3,520, the stock is trading at a trailing P/E ratio of 11.2x, up from the previous P/E ratio of 9x. This compares to an average P/E of 21x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Oct 26
New 90-day high: ₩2,830 The company is up 17% from its price of ₩2,420 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 5.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: ₩2,705 The company is up 11% from its price of ₩2,445 on 09 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Electronic industry, which is also up 11% over the same period.