Announcement • Apr 23
Seojin System Co.,Ltd announced that it expects to receive KRW 180.0000162 billion in funding from Neoyoung Co., Ltd, Taurus Asset Management Co. Ltd. Seojin System Co.,Ltd announced a private placement to issue 4,026,846 shares at an issue price of KRW 44,700 for gross proceeds of KRW 180,000,016,200 on April 22, 2026. The transaction will include participation from new investors Taurus Asset Management Co., Ltd. 1,789,709 shares and Neoyoung Co., Ltd 2,237,137 shares. The transaction has been approved by shareholders, restricted to a hold period and is expected to close on April 30, 2026. Announcement • Mar 17
Seojin System Co.,Ltd, Annual General Meeting, Mar 31, 2026 Seojin System Co.,Ltd, Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 20-22, saneop-ro, gyeonggi-do, bucheon South Korea New Risk • Feb 27
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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Price Target Changed • Feb 12
Price target increased by 13% to ₩42,000 Up from ₩37,333, the current price target is an average from 3 analysts. New target price is 14% above last closing price of ₩36,850. Stock is up 58% over the past year. The company is forecast to post a net loss per share of ₩730 compared to earnings per share of ₩1,696 last year. Major Estimate Revision • Nov 19
Consensus revenue estimates fall by 28% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩1.45b to ₩1.05b. Forecast loss of -₩2,370, down from profit of ₩975 per share profit previously. Communications industry in South Korea expected to see average net income growth of 53% next year. Consensus price target of ₩34,667 unchanged from last update. Share price fell 8.7% to ₩22,500 over the past week. Announcement • Sep 24
Seojin System Co.,Ltd (KOSDAQ:A178320) announces an Equity Buyback for 449,438 shares, for KRW 10,000 million. Seojin System Co.,Ltd (KOSDAQ:A178320) announces a share repurchase program. Under the program, the company will repurchase up to 449,438 shares, for KRW 10,000 million, pursuant to a contract with Yuanta Securities. The purpose of the program is to to enhance shareholder value. The program will expire on December 24, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩17,240, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 24x in the Communications industry in Asia. Total loss to shareholders of 13% over the past three years. Reported Earnings • Mar 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₩1,696 (up from ₩55.64 loss in FY 2023). Revenue: ₩1.21t (up 56% from FY 2023). Net income: ₩84.3b (up ₩86.3b from FY 2023). Profit margin: 6.9% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 28% growth forecast for the Communications industry in South Korea. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
Seojin System Co.,Ltd, Annual General Meeting, Mar 27, 2025 Seojin System Co.,Ltd, Annual General Meeting, Mar 27, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 20-22, saneop-ro, gyeonggi-do, bucheon South Korea New Risk • Nov 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Risks Debt is not well covered by operating cash flow (2.5% operating cash flow to total debt). High level of non-cash earnings (22% accrual ratio). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). New Risk • Nov 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major 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 Risks Interest payments are not well covered by earnings (2.4x net interest cover). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). New Risk • Jul 22
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 11% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.2% net profit margin). Shareholders have been diluted in the past year (47% increase in shares outstanding). Major Estimate Revision • Jul 09
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩1.32b to ₩1.30b. EPS estimate also fell from ₩2,736 per share to ₩1,820 per share. Net income forecast to grow 933% next year vs 41% growth forecast for Communications industry in South Korea. Consensus price target of ₩36,667 unchanged from last update. Share price rose 12% to ₩32,550 over the past week. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩1,008 (vs ₩657 in 1Q 2023) First quarter 2024 results: EPS: ₩1,008 (up from ₩657 in 1Q 2023). Revenue: ₩325.7b (up 72% from 1Q 2023). Net income: ₩37.4b (up 52% from 1Q 2023). Profit margin: 12% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Communications industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • May 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). New Risk • May 05
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 7.9% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Buy Or Sell Opportunity • May 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to ₩25,550. The fair value is estimated to be ₩21,258, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Feb 15
Price target increased by 15% to ₩27,250 Up from ₩23,750, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ₩22,500. Stock is up 32% over the past year. The company is forecast to post earnings per share of ₩41.67 for next year compared to ₩42.87 last year. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩226 to ₩197 per share. Revenue forecast steady at ₩851.4m. Net income forecast to grow 10,288% next year vs 50% growth forecast for Communications industry in South Korea. Consensus price target of ₩23,750 unchanged from last update. Share price rose 7.7% to ₩18,780 over the past week. Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩1.05b to ₩992.5m. EPS estimate also fell from ₩1,391 per share to ₩850 per share. Net income forecast to grow 589% next year vs 45% growth forecast for Communications industry in South Korea. Consensus price target down from ₩25,750 to ₩23,750. Share price fell 4.7% to ₩14,770 over the past week. Price Target Changed • Aug 17
Price target decreased by 8.7% to ₩23,750 Down from ₩26,000, the current price target is an average from 2 analysts. New target price is 52% above last closing price of ₩15,580. Stock is up 3.9% over the past year. The company is forecast to post earnings per share of ₩850 for next year compared to ₩42.87 last year. New Risk • Aug 08
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.8% net profit margin). Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩1.15b to ₩1.05b. EPS estimate also fell from ₩1,902 per share to ₩1,391 per share. Net income forecast to grow 855% next year vs 44% growth forecast for Communications industry in South Korea. Consensus price target of ₩25,750 unchanged from last update. Share price fell 3.4% to ₩16,030 over the past week. Major Estimate Revision • Mar 15
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩1.45b to ₩1.22b. EPS estimate fell from ₩2,475 to ₩2,243 per share. Net income forecast to grow 5,132% next year vs 32% growth forecast for Communications industry in South Korea. Consensus price target of ₩23,750 unchanged from last update. Share price fell 9.8% to ₩17,500 over the past week. Reported Earnings • Mar 04
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₩43.00 (down from ₩1,045 in FY 2021). Revenue: ₩787.6b (up 30% from FY 2021). Net income: ₩1.61b (down 96% from FY 2021). Profit margin: 0.2% (down from 6.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 92%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Communications industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 27 April 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.2%). Price Target Changed • Nov 16
Price target decreased to ₩23,750 Down from ₩26,000, the current price target is an average from 2 analysts. New target price is 51% above last closing price of ₩15,750. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₩559 for next year compared to ₩1,045 last year. 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. Major Estimate Revision • Aug 25
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from ₩1.02b to ₩899.8m. EPS estimate fell from ₩1,319 to ₩784 per share. Net income forecast to grow 30% next year vs 54% growth forecast for Communications industry in South Korea. Consensus price target of ₩23,750 unchanged from last update. Share price was steady at ₩14,850 over the past week. Price Target Changed • Apr 27
Price target decreased to ₩25,750 Down from ₩28,250, the current price target is provided by 1 analyst. New target price is 31% above last closing price of ₩19,600. Stock is down 12% over the past year. The company is forecast to post earnings per share of ₩1,924 for next year compared to ₩1,046 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. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₩39,350, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 21x in the Communications industry in Asia. Total returns to shareholders of 84% over the past three years. Major Estimate Revision • Mar 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₩943.8m to ₩1.09b. EPS estimate fell from ₩5,279 to ₩3,908. Net income forecast to grow 92% next year vs 168% growth forecast for Communications industry in South Korea. Consensus price target of ₩51,500 unchanged from last update. Share price was steady at ₩33,350 over the past week. Announcement • Feb 05
Seojin System Co.,Ltd announced that it has received KRW 188 billion in funding from Sunflower 2022 Holdings Co., Ltd., Multi Asset Global Investments Co., Ltd. and other investors On February 4, 2022, Seojin System Co.,Ltd closed the transaction. The company announced that it has issued series 10 bonds for gross proceeds of KRW 110,000,000,000 and series 11 bonds for gross proceeds of KRW 60,000,000,000 for aggregate gross proceeds of KRW 170,000,000,000 in its second tranche. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 16% share price gain to ₩44,150, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 21x in the Communications industry in South Korea. Total returns to shareholders of 180% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩84,858 per share. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ₩1,088 (vs ₩711 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩173.6b (up 102% from 3Q 2020). Net income: ₩20.0b (up ₩32.9b from 3Q 2020). Profit margin: 12% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Price Target Changed • Aug 20
Price target decreased to ₩51,500 Down from ₩56,500, the current price target is an average from 2 analysts. New target price is 46% above last closing price of ₩35,300. Stock is down 10% over the past year. Announcement • Mar 26
Seojin System Co.,Ltd announced that it has received KRW 110 billion in funding from Crescendo Equity Partners Limited On March 25, 2021, Seojin System Co.,Ltd (KOSDAQ:A178320) closed the transaction. The company has received KRW 40,000,000,000 in its second tranche. Is New 90 Day High Low • Mar 04
New 90-day low: ₩39,200 The company is down 19% from its price of ₩48,350 on 04 December 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩26,329 per share. Announcement • Feb 18
Seojin System Co.,Ltd announced that it expects to receive KRW 110 billion in funding from Crescendo Equity Partners Limited and another investor Seojin System Co., Ltd (KOSDAQ:A178320) announced a private placement of series 7 bearer non-guaranteed convertible bonds with interest for the proceeds of KRW 70,000,000,000 and series 8 bearer non-guaranteed convertible bonds for gross proceeds of KRW 40,000,000,000 for aggregate gross proceeds of KRW 110,000,000,000 on February 17, 2021. The transaction will involve participation from returning investors Jeon, Dong-gyu for series 8 bonds for gross proceeds of KRW 20,000,000,000 and Crescendo Equity Partners Limited. The bonds will carry coupon rate and yield to maturity of 2.5%. The maturity date of the series 7 bonds is March 22, 2026 and the series 8 bonds is March 25, 2026. The bonds are fully convertible at a conversion price of KRW 47,000 per share. The conversion period of the series 7 bonds will be from March 22, 2022 to February 22, 2026 and the series 8 bonds will be from March 25, 2022 to February 25, 2026. The subscription date is February 19, 2021 and the payment date of the series 7 bonds is March 22, 2021 and the series 8 bonds is March 25, 2021. The transaction has been approved by the board of directors of the company. The securities issued in the transaction has a lock in period of one year. Is New 90 Day High Low • Feb 04
New 90-day low: ₩41,000 The company is down 2.0% from its price of ₩41,950 on 06 November 2020. The South Korean market is up 27% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩256,491 per share. Is New 90 Day High Low • Dec 30
New 90-day high: ₩50,600 The company is up 11% from its price of ₩45,650 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩264,802 per share. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 20% share price gain to ₩41,950, the stock is trading at a trailing P/E ratio of 61.9x, up from the previous P/E ratio of 51.7x. This compares to an average P/E of 23x in the Communications industry in South Korea. Total returns to shareholders over the past three years are 148%. Valuation Update With 7 Day Price Move • Nov 04
Market bids up stock over the past week After last week's 16% share price gain to ₩43,450, the stock is trading at a trailing P/E ratio of 64.1x, up from the previous P/E ratio of 55.4x. This compares to an average P/E of 22x in the Communications industry in South Korea. Total returns to shareholders over the past three years are 169%. Is New 90 Day High Low • Oct 22
New 90-day low: ₩37,000 The company is down 5.0% from its price of ₩38,950 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩125,672 per share.