Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩30,100, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 10x in the Tech industry in South Korea. Total loss to shareholders of 2.7% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩27,100, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 10x in the Tech industry in South Korea. Total loss to shareholders of 8.5% over the past three years. Duyuru • Mar 17
Spigen Korea Co.,Ltd, Annual General Meeting, Mar 30, 2026 Spigen Korea Co.,Ltd, Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 446, bongeunsa-ro, gangnam-gu, seoul South Korea New Risk • Sep 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.1b (US$99.1m) This is considered a minor 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩138.1b market cap, or US$99.1m). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩28,950, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 7x in the Tech industry in South Korea. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩27,500, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 19x in the Tech industry in South Korea. Total loss to shareholders of 35% over the past three years. New Risk • Mar 14
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: 9.4% 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: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.2% net profit margin). Duyuru • Mar 13
Spigen Korea Co.,Ltd, Annual General Meeting, Mar 27, 2025 Spigen Korea Co.,Ltd, Annual General Meeting, Mar 27, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 446, bongeunsa-ro, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩24,350, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 10x in the Tech industry in South Korea. Total loss to shareholders of 41% over the past three years. 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 December 2021. 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 December 2021 fiscal period end). 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 (₩115.7b market cap, or US$81.3m). New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.4b (US$99.6m) This is considered a minor 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.2% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.1% net profit margin). Market cap is less than US$100m (₩135.4b market cap, or US$99.6m). New Risk • Aug 30
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: 6.1% Last year net profit margin: 10% 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 Risks Earnings have declined by 6.2% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.1% net profit margin). Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Outside Director Hee-Yeon Seon Woo was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Mar 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 Earnings have declined by 2.8% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Dec 20
Upcoming dividend of ₩560 per share at 1.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 18 April 2024. Payout ratio is a comfortable 9.7% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.0%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩840 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 12% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (2.5%). Buying Opportunity • Jan 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₩51,010, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% per annum over the last 3 years. Earnings per share has grown by 6.7% per annum over the last 3 years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.9%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 24
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₩403.3b (up 31% from FY 2019). Net income: ₩54.8b (up 36% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Is New 90 Day High Low • Feb 24
New 90-day low: ₩61,500 The company is down 4.0% from its price of ₩64,000 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩161,841 per share. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS ₩5,167 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₩144.3b (up 73% from 3Q 2019). Net income: ₩31.2b (up 166% from 3Q 2019). Profit margin: 22% (up from 14% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year.