New Risk • Mar 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% 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 (44% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (₩37.7b market cap, or US$25.0m). Announcement • Mar 13
UNION biometrics Co., Ltd., Annual General Meeting, Mar 27, 2026 UNION biometrics Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 127, beobwon-ro, songpa-gu, seoul South Korea Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,650, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 6.8% over the past three years. Declared Dividend • Dec 12
Dividend increased to ₩90.00 Dividend of ₩90.00 is 29% higher than last year. Ex-date: 29th December 2025 Payment date: 1st January 1970 Dividend yield will be 2.9%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Dec 11
UNION biometrics Co., Ltd. announces Annual dividend UNION biometrics Co., Ltd. announced Annual dividend of KRW 90.0000 per share, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₩71.00 (vs ₩69.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩71.00. Revenue: ₩13.2b (up 19% from 3Q 2024). Net income: ₩845.3m (down 1.0% from 3Q 2024). Profit margin: 6.4% (down from 7.7% in 3Q 2024). The decrease in margin was driven by higher expenses. New Risk • May 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩37.3b market cap, or US$26.8m). Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₩398 (vs ₩238 in FY 2023) Full year 2024 results: EPS: ₩398 (up from ₩238 in FY 2023). Revenue: ₩56.7b (up 10% from FY 2023). Net income: ₩4.95b (up 61% from FY 2023). Profit margin: 8.7% (up from 6.0% in FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 08
Union Community Co., Ltd., Annual General Meeting, Mar 28, 2025 Union Community Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 127, beopwon-ro, songpa-gu, seoul South Korea Announcement • Feb 17
Union Community Co., Ltd. (KOSDAQ:A203450) announces an Equity Buyback for KRW 1,000 million worth of its shares. Union Community Co., Ltd. (KOSDAQ:A203450) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to an agreement with Shinhan Investment Corp. The purpose of the share repurchase is stock price stabilization and shareholder return policy. The repurchase program will expire on August 18, 2025. As of February 16, 2025, the company had 1,764,784 shares within scope available for dividend and had no shares in treasury through other repurchase. Upcoming Dividend • Dec 20
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 30 April 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). New Risk • Dec 16
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 (₩34.4b market cap, or US$24.0m). 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. Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (₩31.6b market cap, or US$24.1m). New Risk • Jul 29
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 8.5% 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 13% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩43.3b market cap, or US$31.4m). Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: ₩238 (vs ₩166 in FY 2022) Full year 2023 results: EPS: ₩238 (up from ₩166 in FY 2022). Revenue: ₩51.4b (up 11% from FY 2022). Net income: ₩3.07b (up 42% from FY 2022). Profit margin: 6.0% (up from 4.7% in FY 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Feb 20
Union Community Co., Ltd. (KOSDAQ:A203450) announces an Equity Buyback for KRW 2,000 million worth of its shares. Union Community Co., Ltd. (KOSDAQ:A203450) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares pursuant to an agreement with Shinhan Investment Corp. The purpose of the share repurchase is stock price stabilization and shareholder return policy. The repurchase program will expire on August 19, 2024. As of February 19, 2024, the company had 1,173,484 shares within scope available for dividend and had no shares in treasury through other repurchase. New Risk • Nov 28
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: 3.1% Last year net profit margin: 7.3% 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: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (₩39.2b market cap, or US$30.3m). Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩3,250, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total loss to shareholders of 6.3% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,555, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 90% over the past three years. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: ₩166 (vs ₩176 in FY 2021) Full year 2022 results: EPS: ₩166 (down from ₩176 in FY 2021). Revenue: ₩46.3b (up 19% from FY 2021). Net income: ₩2.16b (down 8.5% from FY 2021). Profit margin: 4.7% (down from 6.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩4,505, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 60% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₩146 (vs ₩21.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩146 (up from ₩21.00 in 3Q 2021). Revenue: ₩12.8b (up 45% from 3Q 2021). Net income: ₩1.90b (up ₩1.61b from 3Q 2021). Profit margin: 15% (up from 3.3% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. 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. 7 experienced directors. No highly experienced directors. 1 independent director (6 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. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩146 (vs ₩21.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩146 (up from ₩21.00 in 3Q 2021). Revenue: ₩12.8b (up 45% from 3Q 2021). Net income: ₩1.90b (up ₩1.61b from 3Q 2021). Profit margin: 15% (up from 3.3% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 19% share price gain to ₩3,540, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 45% over the past three years. 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. 7 experienced directors. No highly experienced directors. 1 independent director (6 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 05 April 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,390, the stock trades at a trailing P/E ratio of 35.7x. Average trailing P/E is 19x in the Electronic industry in South Korea. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₩5,710, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 25x in the Electronic industry in South Korea. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,910, the stock is trading at a trailing P/E ratio of 26.6x, down from the previous P/E ratio of 31.5x. This compares to an average P/E of 28x in the Electronic industry in South Korea. Total returns to shareholders over the past three years are 35%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 20% share price gain to ₩5,100, the stock is trading at a trailing P/E ratio of 27.7x, up from the previous P/E ratio of 23.1x. 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 50%. Is New 90 Day High Low • Jan 06
New 90-day high: ₩5,100 The company is up 23% from its price of ₩4,160 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 30% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩70.00 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.7% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.5%). Is New 90 Day High Low • Dec 21
New 90-day high: ₩4,270 The company is up 14% from its price of ₩3,735 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period.