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: 3.3% Last year net profit margin: 8.8% 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: Major Risk Earnings have declined by 5.8% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (₩92.6b market cap, or US$61.4m). Buy Or Sell Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.3% to ₩4,980. The fair value is estimated to be ₩6,236, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 21%. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₩4,870. The fair value is estimated to be ₩6,174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 21%. Announcement • Feb 24
SEOWONINTECH. Co., Ltd., Annual General Meeting, Mar 31, 2026 SEOWONINTECH. Co., Ltd., Annual General Meeting, Mar 31, 2026, at 08:30 Tokyo Standard Time. Location: conference room, 32-15, gongdan-ro 140beon-gil, gyeonggi-do, gunpo South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.9%). Declared Dividend • Nov 08
Dividend of ₩350 announced Dividend of ₩350 is the same as last year. Ex-date: 29th December 2025 Payment date: 10th April 2026 Dividend yield will be 6.3%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 42% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.3% EPS decline seen over the last 5 years. Announcement • Nov 07
SEOWONINTECH. Co., Ltd. announces Annual dividend, payable on April 10, 2026 SEOWONINTECH. Co., Ltd. announced Annual dividend of KRW 350.0000 per share payable on April 10, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. 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 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 Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). High level of non-cash earnings (44% accrual ratio). Minor Risk Market cap is less than US$100m (₩104.2b market cap, or US$75.1m). Announcement • Mar 01
SEOWONINTECH. Co., Ltd., Annual General Meeting, Mar 31, 2025 SEOWONINTECH. Co., Ltd., Annual General Meeting, Mar 31, 2025, at 08:30 Tokyo Standard Time. Location: conference room, 32-15, gongdan-ro 140beon-gil, gyeonggi-do, gunpo South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 09 April 2025. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings have declined by 1.2% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩106.8b market cap, or US$76.4m). Buy Or Sell Opportunity • Aug 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to ₩5,350. The fair value is estimated to be ₩6,853, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years, while earnings per share has been flat. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩775 (vs ₩1,235 in FY 2022) Full year 2023 results: EPS: ₩775 (down from ₩1,235 in FY 2022). Revenue: ₩262.8b (down 17% from FY 2022). Net income: ₩14.4b (down 37% from FY 2022). Profit margin: 5.5% (down from 7.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share at 6.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.9%). New Risk • Nov 15
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: 5.0% Last year net profit margin: 9.3% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.0% net profit margin). Market cap is less than US$100m (₩108.4b market cap, or US$83.5m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₩272 (vs ₩496 in 3Q 2022) Third quarter 2023 results: EPS: ₩272 (down from ₩496 in 3Q 2022). Revenue: ₩85.1b (down 6.0% from 3Q 2022). Net income: ₩5.05b (down 45% from 3Q 2022). Profit margin: 5.9% (down from 10% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 21
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be ₩8,324, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Buying Opportunity • Apr 06
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be ₩8,301, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩1,235 (vs ₩912 in FY 2021) Full year 2022 results: EPS: ₩1,235 (up from ₩912 in FY 2021). Revenue: ₩316.8b (up 9.8% from FY 2021). Net income: ₩23.0b (up 36% from FY 2021). Profit margin: 7.3% (up from 5.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 5.1%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.4%). Is New 90 Day High Low • Mar 09
New 90-day low: ₩7,250 The company is down 5.0% from its price of ₩7,620 on 09 December 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 22
New 90-day high: ₩9,240 The company is up 44% from its price of ₩6,430 on 23 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 50% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 18% share price gain to ₩9,080, the stock is trading at a trailing P/E ratio of 14.6x, up from the previous P/E ratio of 12.4x. This compares to an average P/E of 29x in the Electronic industry in South Korea. Total returns to shareholders over the past three years are 35%. Is New 90 Day High Low • Jan 04
New 90-day high: ₩8,030 The company is up 22% from its price of ₩6,600 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: ₩6,840 The company is up 3.0% from its price of ₩6,610 on 03 September 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩6,130 The company is down 5.0% from its price of ₩6,420 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 Electronic industry, which is up 13% over the same period.