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 ₩566, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total loss to shareholders of 59% over the past three years. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: ₩25.00 (vs ₩207 loss in FY 2024) Full year 2025 results: EPS: ₩25.00 (up from ₩207 loss in FY 2024). Revenue: ₩44.8b (up 75% from FY 2024). Net income: ₩1.52b (up ₩11.8b from FY 2024). Profit margin: 3.4% (up from net loss in FY 2024). Announcement • Mar 13
Vitzrosys. Co., Ltd, Annual General Meeting, Mar 27, 2026 Vitzrosys. Co., Ltd, Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea Buy Or Sell Opportunity • Feb 26
Now 22% undervalued Over the last 90 days, the stock has risen 88% to ₩720. The fair value is estimated to be ₩924, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last year. Earnings per share has grown by 92%. New Risk • Feb 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 9.9% 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: Major Risk Earnings have declined by 5.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (₩42.9b market cap, or US$29.7m). New Risk • Sep 27
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 10% 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 (10% average weekly change). Earnings have declined by 11% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (₩25.0b market cap, or US$17.8m). New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2012. 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 March 2012 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (₩23.6b market cap, or US$17.0m). New Risk • May 16
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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩3.2b free cash flow). Earnings have declined by 18% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (₩25.1b market cap, or US$18.0m). New Risk • Mar 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩3.2b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩3.2b free cash flow). Earnings have declined by 18% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (₩21.6b market cap, or US$14.7m). Announcement • Mar 01
Vitzrosys. Co., Ltd, Annual General Meeting, Mar 26, 2025 Vitzrosys. Co., Ltd, Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea New Risk • Jan 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% 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 16% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (₩28.4b market cap, or US$19.5m). New Risk • Jan 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.1% 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 16% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Market cap is less than US$100m (₩25.9b market cap, or US$17.6m). Announcement • Dec 13
Vitzrosys. Co., Ltd (KOSDAQ:A054220) agreed to acquire 18.9% stake in Pfd Co. Ltd from a group of shareholders. Vitzrosys. Co., Ltd (KOSDAQ:A054220) agreed to acquire 18.9% stake in Pfd Co. Ltd from a group of shareholders on December 11, 2024. The consideration consists of convertible debt of Vitzrosys. Co., Ltd having a value of KRW 7 billion to be issued for convertible debt of Pfd Co. Ltd. As part of consideration, KRW 7 billion is paid towards convertible debt of Pfd Co. Ltd.
The expected completion of the transaction is December 11, 2024. 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 March 2012. 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 March 2012 fiscal period end). Minor Risk Market cap is less than US$100m (₩23.1b market cap, or US$16.2m). Announcement • Nov 12
Joeun GMC New Business Fund agreed to acquire a 4.06% stake in Lightron Fiber-Optic Devices Inc. (KOSDAQ:A069540) from Vitzrosys. Co., Ltd (KOSDAQ:A054220) for KRW 3.2 billion Joeun GMC New Business Fund agreed to acquire a 4.06% stake in Lightron Fiber-Optic Devices Inc. (KOSDAQ:A069540) from Vitzrosys. Co., Ltd (KOSDAQ:A054220) for KRW 3.2 billion on November 11, 2024. A cash consideration of KRW 3.15 billion will be paid by Joeun GMC New Business Fund. As part of consideration, KRW 3.15 billion is paid towards common equity of Lightron Fiber-Optic Devices Inc.
The expected completion of the transaction is December 10, 2024. Announcement • Oct 25
Vitzrosys. Co., Ltd announced that it has received KRW 3 million in funding from Lightron Fiber-Optic Devices Inc. Vitzrosys. Co., Ltd announced a private placement of Series 15 Bearer Interest Unsecured Private Placement Convertible Bonds for gross proceeds KRW 3,000,000 on October 24, 2024. Interest rate of notes is 2% and yield 4% per annum and matures on October 24, 2027. The bonds are convertible at conversion price KRW 500 per share for conversion period October 24, 2025 to September 24, 2027. The transaction includes participation from Lightron Fiber-Optic Devices Inc. New Risk • Aug 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩3.2b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩3.2b free cash flow). Earnings have declined by 16% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩24.6b market cap, or US$18.6m). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩824, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 16x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to ₩750, the stock trades at a trailing P/E ratio of 53.4x. Average trailing P/E is 14x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ₩1,054, the stock trades at a trailing P/E ratio of 38.4x. Average trailing P/E is 16x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩805, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 15x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩718, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 12x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩1,058, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 12x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment deteriorated over the past week After last week's 30% share price decline to ₩890, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 10x in the Electronic industry in South Korea. Announcement • Dec 14
Vitzrosys. Co., Ltd announced that it expects to receive KRW 10 billion in funding from Samho Green Investment, Inc. Vitzrosys. Co., Ltd announced a private placement of 11th series unsecured private convertible bonds for gross proceeds of KRW 5,000,000,000 and 12th series unsecured private convertible bonds for the gross proceeds of KRW 5,000,000,000 for the total gross proceeds of KRW 10,000,000,000 on December 13, 2022. The transaction will include participation from SGI Dolphin Small, Medium-Sized and Venture Enterprise M&A Fund, managed by Samho Green Investment, Inc and Cubrix Co., Ltd. The bond carry coupon rate of 11th series is 2% and have yield to maturity of 9.5%. The bonds will mature on December 16, 2025. The bond carry coupon rate of 12th series is 2% and have yield to maturity of 5%. The bonds will mature on December 28, 2025. The bonds will be 100% convertible into 3,331,112 common shares of the company, representing 13.23% of the total number of shares at a fixed conversion price of KRW 1,501 per share. The conversion period for 11th series is from December 16, 2023 to November 16, 2025. The conversion period for 12th series is from December 28, 2023 to December 28, 2025. The transaction has a subscription date of December 13, 2022 and payment date of 11th series is December 16, 2022 and 12th series is December 28, 2022. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₩1,205, the stock trades at a trailing P/E ratio of 43.9x. Average trailing P/E is 10x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩1,805, the stock trades at a trailing P/E ratio of 65.8x. Average trailing P/E is 13x in the Electronic industry in South Korea.