New Risk • 3h
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% 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 (33% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (₩135.2b market cap, or US$89.8m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩15,900, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Electronic industry in South Korea. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩19,110, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Electronic industry in South Korea. Total returns to shareholders of 137% over the past three years. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩143.5b (US$95.7m) 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 Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Market cap is less than US$100m (₩143.5b market cap, or US$95.7m). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩19,120, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Electronic industry in South Korea. Total returns to shareholders of 211% over the past three years. Duyuru • Feb 24
ActRO Co., Ltd, Annual General Meeting, Mar 27, 2026 ActRO Co., Ltd, Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 13, heungdeok 1-ro, giheung-gu, gyeonggi-do, yongin South Korea Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩18,850, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Electronic industry in South Korea. Total returns to shareholders of 215% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩17,040, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 193% over the past three 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: 30 April 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (0.9%). New Risk • Dec 16
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 8.9% 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 (8.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (₩106.8b market cap, or US$72.4m). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩7,510, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Electronic industry in South Korea. Total returns to shareholders of 19% over the past three years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩472 (vs ₩11.00 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩472 (up from ₩11.00 loss in 3Q 2024). Revenue: ₩71.3b (up 55% from 3Q 2024). Net income: ₩4.33b (up ₩4.43b from 3Q 2024). Profit margin: 6.1% (up from net loss in 3Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. 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: 30th April 2026 Dividend yield will be 1.9%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (8% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Duyuru • Nov 07
ActRO Co., Ltd announces Annual dividend, payable on April 30, 2026 ActRO Co., Ltd announced Annual dividend of KRW 100.0000 per share payable on April 30, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩17.00 (vs ₩109 in 2Q 2024) Second quarter 2025 results: EPS: ₩17.00 (down from ₩109 in 2Q 2024). Revenue: ₩58.3b (up 43% from 2Q 2024). Net income: ₩151.7m (down 85% from 2Q 2024). Profit margin: 0.3% (down from 2.5% in 2Q 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Mar 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% 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 25% per year over the past 5 years. High level of non-cash earnings (36% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (₩56.1b market cap, or US$38.3m). Duyuru • Feb 25
ActRO Co., Ltd, Annual General Meeting, Mar 28, 2025 ActRO Co., Ltd, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 13, heungdeok 1-ro, giheung-gu, gyeonggi-do, yongin South Korea Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩6,100, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total loss to shareholders of 20% 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: 30 April 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.0%. 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 (₩48.0b market cap, or US$33.4m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩109 (vs ₩139 in 2Q 2023) Second quarter 2024 results: EPS: ₩109 (down from ₩139 in 2Q 2023). Revenue: ₩40.9b (up 32% from 2Q 2023). Net income: ₩1.02b (down 22% from 2Q 2023). Profit margin: 2.5% (down from 4.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩616 (vs ₩985 loss in FY 2022) Full year 2023 results: EPS: ₩616 (up from ₩985 loss in FY 2022). Revenue: ₩156.8b (up 18% from FY 2022). Net income: ₩5.75b (up ₩15.1b from FY 2022). Profit margin: 3.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.9%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 18 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Duyuru • Dec 01
ActRO Co., Ltd (KOSDAQ:A290740) announces an Equity Buyback for KRW 1,000 million worth of its shares. ActRO Co., Ltd (KOSDAQ:A290740) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares under the contract with Shinhan Investment. The purpose of the program is to enhance shareholders’ value through stabilizing stock price. The repurchase program will expire on May 29, 2023. As of November 29, 2022, the company had 582,207 shares in treasury under the dividend capacity and no shares in treasury under other buyback. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 20% share price gain to ₩9,250, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 14% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.4%). Reported Earnings • Mar 19
Full year 2020 earnings released: EPS ₩208 (vs ₩1,484 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩132.3b (up 23% from FY 2019). Net income: ₩2.06b (down 86% from FY 2019). Profit margin: 1.6% (down from 14% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Feb 24
New 90-day low: ₩9,520 The company is down 5.0% from its price of ₩9,990 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 Electronic industry, which is up 29% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩200 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 1.8% 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 • Nov 17
New 90-day low: ₩9,890 The company is down 20% from its price of ₩12,350 on 19 August 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 8.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: ₩10,450 The company is down 25% from its price of ₩13,850 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 5.0% over the same period.