Buy Or Sell Opportunity • May 15
Now 29% undervalued Over the last 90 days, the stock has risen 93% to ₩97,100. The fair value is estimated to be ₩135,994, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 28% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Buy Or Sell Opportunity • Apr 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 97% to ₩94,300. The fair value is estimated to be ₩78,479, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 28% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Price Target Changed • Apr 07
Price target increased by 12% to ₩77,000 Up from ₩68,667, the current price target is an average from 3 analysts. New target price is 7.0% below last closing price of ₩82,800. Stock is up 562% over the past year. The company is forecast to post earnings per share of ₩1,474 for next year compared to ₩1,131 last year. Duyuru • Mar 10
RFHIC Corporation, Annual General Meeting, Mar 27, 2026 RFHIC Corporation, Annual General Meeting, Mar 27, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 110, gwacheon-daero 12-gil, gyeonggi-do, gwacheon South Korea Major Estimate Revision • Feb 24
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩243.6m to ₩257.4m. EPS estimate increased from ₩1,340 to ₩1,478 per share. Net income forecast to grow 123% next year vs 51% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩51,333 to ₩65,333. Share price rose 15% to ₩57,700 over the past week. Major Estimate Revision • Jan 28
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩221.0m to ₩243.5m. EPS estimate increased from ₩1,320 to ₩1,357 per share. Net income forecast to grow 111% next year vs 53% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩44,000 to ₩48,667. Share price rose 29% to ₩44,550 over the past week. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩41,800, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩32,090 per share. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩38,000, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩24,876 per share. Buy Or Sell Opportunity • Dec 22
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₩36,200. The fair value is estimated to be ₩27,993, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 52% in 2 years. Earnings are forecast to grow by 156% in the next 2 years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 17 April 2026. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (0.4%). Declared Dividend • Nov 08
Dividend of ₩100.00 announced Dividend of ₩100.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 17th April 2026 Dividend yield will be 0.3%, which is lower than the industry average of 1.0%. Duyuru • Nov 07
RFHIC Corporation announces Annual dividend, payable on April 17, 2026 RFHIC Corporation announced Annual dividend of KRW 100.0000 per share payable on April 17, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • Oct 30
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to ₩35,750. The fair value is estimated to be ₩28,938, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 54%. Revenue is forecast to grow by 64% in 2 years. Earnings are forecast to grow by 189% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩34,150, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 16x in the Semiconductor industry in South Korea. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩28,755 per share. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩29,550, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 21% over the past three years. New Risk • Aug 18
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: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin). Major Estimate Revision • Jun 26
Consensus revenue estimates increase by 20% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩131.3m to ₩157.7m. EPS estimate increased from ₩663 to ₩799 per share. Net income forecast to grow 203% next year vs 12% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩14,000 to ₩32,000. Share price rose 21% to ₩26,900 over the past week. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩19,660, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 36% over the past three years. New Risk • May 29
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: 6.2% Last year net profit margin: 33% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin). Duyuru • Mar 15
RFHIC Corporation, Annual General Meeting, Mar 28, 2025 RFHIC Corporation, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 110, gwacheon-daero 12-gil, gyeonggi-do, gwacheon South Korea Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩16,090, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 42% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Payout ratio is a comfortable 5.7% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩12,260, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Semiconductor industry in South Korea. Total loss to shareholders of 62% over the past three years. Buy Or Sell Opportunity • Dec 02
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ₩11,990. The fair value is estimated to be ₩15,090, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 71% in 2 years. Earnings are forecast to decline by 41% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩14,270, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 55% over the past three years. Buy Or Sell Opportunity • Sep 26
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to ₩12,270. The fair value is estimated to be ₩10,128, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 77%. Revenue is forecast to grow by 73% in 2 years. Earnings are forecast to decline by 41% in the next 2 years. Buy Or Sell Opportunity • Aug 30
Now 21% overvalued Over the last 90 days, the stock has fallen 26% to ₩12,260. The fair value is estimated to be ₩10,107, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 78%. Revenue is forecast to grow by 73% in 2 years. Earnings are forecast to decline by 41% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩11,150, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 69% over the past three years. Buy Or Sell Opportunity • Jul 08
Now 24% overvalued Over the last 90 days, the stock has fallen 14% to ₩14,150. The fair value is estimated to be ₩11,376, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 71% in 2 years. Earnings are forecast to decline by 34% in the next 2 years. Major Estimate Revision • Jun 26
Consensus revenue estimates decrease by 13%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₩139.7m to ₩121.2m. EPS estimate increased from ₩685 to ₩1,280 per share. Net income forecast to shrink 12% next year vs 73% growth forecast for Semiconductor industry in South Korea . Consensus price target down from ₩23,000 to ₩16,000. Share price fell 2.9% to ₩14,430 over the past week. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Earnings are forecast to decline by an average of 11% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩17,770, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total loss to shareholders of 51% over the past three years. Buy Or Sell Opportunity • May 02
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 1.5% to ₩17,770. The fair value is estimated to be ₩14,014, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 57% in 2 years. Earnings are forecast to grow by 101% in the next 2 years. Buy Or Sell Opportunity • Mar 28
Now 21% overvalued Over the last 90 days, the stock has fallen 6.6% to ₩16,850. The fair value is estimated to be ₩13,918, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 57% in 2 years. Earnings are forecast to grow by 101% in the next 2 years. Reported Earnings • Mar 27
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₩671 (up from ₩106 in FY 2022). Revenue: ₩111.4b (up 3.1% from FY 2022). Net income: ₩17.4b (up ₩14.7b from FY 2022). Profit margin: 16% (up from 2.6% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates significantly. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor 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 fallen by 24% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.0%). New Risk • Aug 25
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: 1.9% Last year net profit margin: 3.4% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Buying Opportunity • Aug 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₩23,918, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 51% in 2 years. Earnings is forecast to grow by 68% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩17,680, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 52% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₩106 (down from ₩239 in FY 2021). Revenue: ₩108.0b (up 6.4% from FY 2021). Net income: ₩2.79b (down 54% from FY 2021). Profit margin: 2.6% (down from 5.9% in FY 2021). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 14 April 2023. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Buying Opportunity • Dec 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ₩28,748, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has declined by 66%. Revenue is forecast to grow by 94% in 2 years. Earnings is forecast to grow by 450% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to ₩36,000 Down from ₩42,667, the current price target is an average from 2 analysts. New target price is 52% above last closing price of ₩23,650. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₩296 for next year compared to ₩239 last year. Buying Opportunity • Oct 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ₩23,784, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Earnings per share has declined by 78%. Revenue is forecast to grow by 132% in 2 years. Earnings is forecast to grow by 739% in the next 2 years. Buying Opportunity • Sep 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be ₩26,846, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Earnings per share has declined by 78%. Revenue is forecast to grow by 132% in 2 years. Earnings is forecast to grow by 739% in the next 2 years. Price Target Changed • Aug 07
Price target decreased to ₩36,000 Down from ₩42,667, the current price target is an average from 2 analysts. New target price is 53% above last closing price of ₩23,550. Stock is down 36% over the past year. The company is forecast to post earnings per share of ₩296 for next year compared to ₩239 last year. Buying Opportunity • Jun 13
Now 20% undervalued Over the last 90 days, the stock is up 5.4%. The fair value is estimated to be ₩35,780, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 138% in 2 years. Earnings is forecast to grow by 424% in the next 2 years. Buying Opportunity • May 26
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩35,617, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 76%. For the next 3 years, revenue is forecast to grow by 33% per annum. Earnings is also forecast to grow by 29% per annum over the same time period. Price Target Changed • May 01
Price target decreased to ₩42,667 Down from ₩48,250, the current price target is an average from 3 analysts. New target price is 49% above last closing price of ₩28,700. Stock is down 29% over the past year. The company is forecast to post earnings per share of ₩822 for next year compared to ₩239 last year. Buying Opportunity • Jan 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be ₩35,316, 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% per annum over the last 3 years. Earnings per share has declined by 69% per annum over the last 3 years. Major Estimate Revision • Jan 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ₩292 to ₩248 per share. Revenue forecast steady at ₩100.8m. Net income forecast to grow 174% next year vs 43% growth forecast for Semiconductor industry in South Korea. Consensus price target broadly unchanged at ₩48,250. Share price fell 5.3% to ₩33,200 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.9%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.9%). Price Target Changed • Jul 28
Price target increased to ₩48,600 Up from ₩44,714, the current price target is an average from 7 analysts. New target price is 32% above last closing price of ₩36,900. Stock is down 0.9% over the past year. Is New 90 Day High Low • Mar 08
New 90-day low: ₩36,550 The company is down 6.0% from its price of ₩38,900 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩54,858 per share. Duyuru • Feb 10
RFHIC Corporation announced that it has received KRW 30 billion in funding from SKS Private Equity On February 9, 2021, RFHIC Corporation (KOSDAQ:A218410) closed the transaction. Duyuru • Feb 06
RFHIC Corporation announced that it expects to receive KRW 30 billion in funding from SK Securities Co., Ltd. RFHIC Corporation (KOSDAQ:A218410) announced a private placement of 5th series unregistered coupon non-guaranteed un-detachable private bonds for gross proceeds of KRW 30,000,000,000 on February 5, 2021. The company will also issue warrants in the transaction. The transaction will include participation from SK Securities Co., Ltd. (KOSE:A001510). The bonds will mature on August 9, 2021 and are 100% convertible into 662,412 common shares at a conversion price of KRW 45,289. The transaction has been approved by the board of directors of the company. The securities issued will be subject to restriction period of one year from the date of issuance. The transaction is expected to close on February 9, 2021. Is New 90 Day High Low • Jan 13
New 90-day high: ₩47,700 The company is up 31% from its price of ₩36,400 on 15 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩53,535 per share. Is New 90 Day High Low • Dec 28
New 90-day high: ₩43,400 The company is up 5.0% from its price of ₩41,200 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩52,920 per share. Is New 90 Day High Low • Oct 26
New 90-day low: ₩33,400 The company is down 13% from its price of ₩38,350 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩69,498 per share. Major Estimate Revision • Sep 24
Analysts lower EPS estimates to ₩361 The 2020 consensus revenue estimate was lowered from ₩98.0m to ₩91.5m. Earning per share (EPS) estimate was also lowered from ₩452 to ₩361 for the same period. Net income is expected to grow by 416% next year compared to 82% growth forecast for the Semiconductor industry in South Korea. The consensus price target increased from ₩47,000 to ₩47,286. Share price is down by 13% to ₩38,800 over the past week. Duyuru • Aug 06
RFHIC Corporation announced that it has received KRW 30 billion in funding from Korea Investment Partners Co. Ltd., SK Securities Private Equity, and other investors On August 3, 2020, RFHIC Corporation (KOSDAQ:A218410) closed the transaction.