New Risk • May 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.3b (US$99.2m) 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 Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 33% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩146.3b market cap, or US$99.2m). Announcement • Mar 10
Moda-InnoChips Co., Ltd. (KOSDAQ:A080420) agreed to acquire LOGEN Co., Ltd. (KOSDAQ:A033290) from Dae Myung Chemical Co., Ltd. in a reverse merger transaction for approximately KRW 150 billion. Moda-InnoChips Co., Ltd. (KOSDAQ:A080420) agreed to acquire LOGEN Co., Ltd. (KOSDAQ:A033290) from Dae Myung Chemical Co., Ltd. in a reverse merger transaction for approximately KRW 150 billion on March 9, 2026. The consideration consists of 76.38 million common equity of Moda-InnoChips Co., Ltd. at a ratio of 0.975411 per common equity of LOGEN Co., Ltd. As part of consideration, KRW 154.67 billion is paid towards common equity of LOGEN Co., Ltd.
The transaction is subject to subject to Korea Fair Trade Commission approval, approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board and approval of offer by target shareholders. The transaction is expected to be completed in July 1, 2026. New Risk • Mar 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩142.5b (US$97.5m) 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 27% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩142.5b market cap, or US$97.5m). Announcement • Feb 27
Moda-InnoChips Co., Ltd., Annual General Meeting, Mar 26, 2026 Moda-InnoChips Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 42-7, dongsan-ro 27beon-gil, danwon-gu, gyeonggi-do, ansan South Korea New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩142.1b (US$99.3m) 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 23% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩142.1b market cap, or US$99.3m). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩154 (vs ₩92.00 loss in FY 2023) Full year 2024 results: EPS: ₩154 (up from ₩92.00 loss in FY 2023). Revenue: ₩388.9b (flat on FY 2023). Net income: ₩12.3b (up ₩19.7b from FY 2023). Profit margin: 3.2% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Feb 22
Moda-InnoChips Co., Ltd., Annual General Meeting, Mar 26, 2025 Moda-InnoChips Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 42-7, dongsan-ro 27beon-gil, danwon-gu, gyeonggi-do, ansan South Korea 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 28.9x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 39% over the past three years. New Risk • Dec 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.0b (US$98.2m) 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩139.0b market cap, or US$98.2m). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩80.00 (vs ₩51.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩80.00 (up from ₩51.00 in 2Q 2023). Revenue: ₩99.7b (down 2.1% from 2Q 2023). Net income: ₩6.41b (up 59% from 2Q 2023). Profit margin: 6.4% (up from 4.0% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • Aug 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.5b (US$96.9m) 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 41% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩133.5b market cap, or US$96.9m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩76.00 (vs ₩15.00 in 1Q 2023) First quarter 2024 results: EPS: ₩76.00 (up from ₩15.00 in 1Q 2023). Revenue: ₩98.9b (up 6.5% from 1Q 2023). Net income: ₩6.06b (up 407% from 1Q 2023). Profit margin: 6.1% (up from 1.3% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 23
Full year 2023 earnings released: ₩92.00 loss per share (vs ₩1.00 loss in FY 2022) Full year 2023 results: ₩92.00 loss per share (further deteriorated from ₩1.00 loss in FY 2022). Revenue: ₩390.0b (down 5.2% from FY 2022). Net loss: ₩7.36b (loss widened ₩7.29b from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩3,760, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₩3,635, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 10x in the Electronic industry in South Korea. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩3,200, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 11x in the Electronic industry in South Korea. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jul 06
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 24.6x. Average trailing P/E is 14x in the Electronic industry in South Korea. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩3,180, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improved over the past week After last week's 20% share price gain to ₩5,020, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩3,235, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 23% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩133 (vs ₩65.00 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩412.2b (up 29% from FY 2019). Net income: ₩10.6b (up 106% from FY 2019). Profit margin: 2.6% (up from 1.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 22
New 90-day low: ₩3,515 The company is down 16% from its price of ₩4,160 on 24 November 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 36% over the same period. Announcement • Feb 20
Moda-InnoChips Co., Ltd., Annual General Meeting, Mar 24, 2021 Moda-InnoChips Co., Ltd., Annual General Meeting, Mar 24, 2021, at 09:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩3,700, the stock is trading at a trailing P/E ratio of 59x, down from the previous P/E ratio of 72.5x. This compares to an average P/E of 27x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Jan 26
New 90-day high: ₩4,550 The company is up 10.0% from its price of ₩4,150 on 28 October 2020. The South Korean market is up 36% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 57% over the same period. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 24% share price gain to ₩4,735, the stock is trading at a trailing P/E ratio of 46.8x, up from the previous P/E ratio of 37.7x. This compares to an average P/E of 23x in the Electronic industry in South Korea. Total return to shareholders over the past three years is a loss of 20%. Is New 90 Day High Low • Oct 05
New 90-day high: ₩3,750 The company is up 53% from its price of ₩2,445 on 07 July 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period.