Buy Or Sell Opportunity • Jun 01
Now 21% undervalued Over the last 90 days, the stock has risen 29% to ₩1,845. The fair value is estimated to be ₩2,349, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Meanwhile, the company became loss making. Board Change • May 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Inside Director Tae-yeon Kim was the last director to join the board, commencing their role in 2026. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 30
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 13% 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 (13% average weekly change). Market cap is less than US$100m (₩23.6b market cap, or US$15.6m). Duyuru • Mar 14
CS Corporation, Annual General Meeting, Mar 27, 2026 CS Corporation, Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 15, pangyo-ro 228beon-gil, bundang-gu, gyeonggi-do, seongnam South Korea New Risk • Mar 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.5b (US$9.94m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. New Risk • Jan 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.4b (US$9.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. New Risk • May 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 166% 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 Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (166% accrual ratio). Minor Risk Market cap is less than US$100m (₩24.4b market cap, or US$17.7m). Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩1,340, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 11x in the Communications industry in South Korea. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩1,885, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 9x in the Communications industry in South Korea. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩1,565, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 14x in the Communications industry in South Korea. Total loss to shareholders of 35% over the past three years. Reported Earnings • Mar 07
Full year 2024 earnings released: EPS: ₩56.00 (vs ₩35.00 loss in FY 2023) Full year 2024 results: EPS: ₩56.00 (up from ₩35.00 loss in FY 2023). Revenue: ₩37.2b (up 10% from FY 2023). Net income: ₩1.10b (up ₩1.78b from FY 2023). Profit margin: 3.0% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Feb 22
CS Corporation, Annual General Meeting, Mar 28, 2025 CS Corporation, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 15, pangyo-ro 228beon-gil, bundang-gu, gyeonggi-do, seongnam South Korea Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩1,635, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 16x in the Communications industry in South Korea. Total loss to shareholders of 51% over the past three years. 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 Risks No financial data reported. Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Market cap is less than US$100m (₩34.4b market cap, or US$23.9m). New Risk • Dec 07
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 Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩30.1b market cap, or US$21.1m). New Risk • Dec 04
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 9.6% 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 (9.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩24.5b market cap, or US$17.3m). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩1,261, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 12x in the Communications industry in South Korea. Total loss to shareholders of 63% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₩49.00 (vs ₩22.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩49.00 (up from ₩22.00 in 2Q 2023). Revenue: ₩6.11b (down 33% from 2Q 2023). Net income: ₩951.5m (up 118% from 2Q 2023). Profit margin: 16% (up from 4.8% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 09
Full year 2023 earnings released: ₩35.00 loss per share (vs ₩179 loss in FY 2022) Full year 2023 results: ₩35.00 loss per share (improved from ₩179 loss in FY 2022). Revenue: ₩33.7b (down 4.3% from FY 2022). Net loss: ₩681.6m (loss narrowed 80% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • May 18
First quarter 2023 earnings released: ₩50.00 loss per share (vs ₩91.00 loss in 1Q 2022) First quarter 2023 results: ₩50.00 loss per share (improved from ₩91.00 loss in 1Q 2022). Revenue: ₩2.67b (up 184% from 1Q 2022). Net loss: ₩976.1m (loss narrowed 45% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 09
Full year 2022 earnings released: ₩179 loss per share (vs ₩123 loss in FY 2021) Full year 2022 results: ₩179 loss per share (further deteriorated from ₩123 loss in FY 2021). Revenue: ₩35.2b (down 14% from FY 2021). Net loss: ₩3.48b (loss widened 46% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Duyuru • Jul 02
CS Corporation announced that it has received KRW 7 billion in funding from DB Financial Investment Co.,Ltd., Investment Arm, NH Investment & Securities Co., Ltd., Investment Arm and other investors On June 30, 2021, CS Corporation (KOSDAQ:A065770) closed the transaction. Is New 90 Day High Low • Jan 29
New 90-day high: ₩2,680 The company is up 24% from its price of ₩2,155 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is up 23% over the same period. Is New 90 Day High Low • Oct 23
New 90-day low: ₩2,350 The company is down 1.0% from its price of ₩2,365 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is down 4.0% over the same period.