Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩9,620, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 29x in the Semiconductor industry in South Korea. Total loss to shareholders of 23% over the past three years. New Risk • Mar 18
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: 11% Last year net profit margin: 16% 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 18% 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. Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (₩97.2b market cap, or US$65.4m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩8,330, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 22x in the Semiconductor industry in South Korea. Total loss to shareholders of 28% over the past three years. Duyuru • Feb 24
WITHTECH Co., LTD., Annual General Meeting, Mar 23, 2026 WITHTECH Co., LTD., Annual General Meeting, Mar 23, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 300, techno 2-ro, yuseong-gu, daejeon South Korea Upcoming Dividend • Jan 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 January 2026. Payment date: 20 April 2026. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.7%). Higher than average of industry peers (0.3%). New Risk • Jan 16
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Earnings have declined by 15% 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. Market cap is less than US$100m (₩86.3b market cap, or US$58.6m). Duyuru • Jan 14
WITHTECH Co., LTD. announces Annual dividend, payable on April 20, 2026 WITHTECH Co., LTD. announced Annual dividend of KRW 200.0000 per share payable on April 20, 2026, ex-date on January 27, 2026 and record date on January 28, 2026. New Risk • Aug 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 13% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (₩88.6b market cap, or US$63.8m). New Risk • Jun 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 Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (7.9% net profit margin). Market cap is less than US$100m (₩122.4b market cap, or US$90.0m). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩9,000, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 40% 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: 7.9% Last year net profit margin: 13% 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 8.7% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (7.9% net profit margin). Market cap is less than US$100m (₩77.6b market cap, or US$56.2m). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩8,610, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 13x in the Semiconductor industry in South Korea. Total loss to shareholders of 49% over the past three years. Duyuru • Mar 05
WITHTECH Co., LTD., Annual General Meeting, Mar 24, 2025 WITHTECH Co., LTD., Annual General Meeting, Mar 24, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 300, techno 2-ro, yuseong-gu, daejeon South Korea New Risk • Jan 12
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 Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩76.6b market cap, or US$52.0m). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩8,370, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩6,760, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩8,700, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total loss to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ₩6,500, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 19x in the Semiconductor industry in South Korea. Total loss to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩9,980, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total loss to shareholders of 55% over the past three years. New Risk • Jun 10
New major risk - Revenue and earnings growth Earnings have declined by 0.8% 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 0.8% per year over the past 5 years. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Market cap is less than US$100m (₩98.4b market cap, or US$71.4m). New Risk • May 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: 13% Last year net profit margin: 20% 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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Market cap is less than US$100m (₩98.5b market cap, or US$72.2m). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ₩11,900, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 25x in the Semiconductor industry in South Korea. Total loss to shareholders of 54% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩17,400, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 7.4% over the past year. New Risk • Jul 24
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 Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (24% accrual ratio). Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩14,220, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 6.2% over the past year. New Risk • Jun 22
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 10.0% 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 High level of non-cash earnings (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (10.0% average weekly change). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩17,950, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 19% over the past year. Buying Opportunity • Dec 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be ₩14,747, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last year. Earnings per share has grown by 6.0%. Buying Opportunity • Dec 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ₩16,196, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last year. Earnings per share has grown by 6.0%. Buying Opportunity • Nov 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ₩16,194, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last year. Earnings per share has grown by 6.0%. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improved over the past week After last week's 16% share price gain to ₩13,700, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total loss to shareholders of 28% over the past year. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩11,500, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 9x in the Semiconductor industry in South Korea. Total loss to shareholders of 43% over the past year. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improved over the past week After last week's 15% share price gain to ₩15,200, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 11x in the Semiconductor industry in South Korea. Total loss to shareholders of 30% over the past year. Buying Opportunity • Apr 27
Now 21% undervalued Over the last 90 days, the stock is up 2.8%. The fair value is estimated to be ₩21,148, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last year. Earnings per share has grown by 5.9%. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₩29,150, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 25x in the Semiconductor industry in South Korea. Is New 90 Day High Low • Mar 08
New 90-day low: ₩43,250 The company is down 6.0% from its price of ₩46,100 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 Electronic industry, which is up 19% over the same period. Duyuru • Feb 11
WITHTECH Co., LTD., Annual General Meeting, Mar 26, 2021 WITHTECH Co., LTD., Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time.