Exem엑셈

Exem's shares have fallen sharply over the past year, and recent profit is well above operating income, which the data does not explain.

Exem is a Korean software company selling IT performance management tools, with revenue of about ₩47.4T... no, about ₩47.4B on a trailing twelve-month basis to H1 2026. Revenue fell 22% in 2025 and operating margin has narrowed from 26% in 2021 to 7.6% in 2025, while the stock trades at ₩1,380, down 38.9% over one year, with a market cap of about ₩93.2B. Recent filings center on a share consolidation, an extraordinary shareholders' meeting, a buyback and a trading halt.

What stands out

• Trailing net income of about ₩27.5B is far above operating income of about ₩6.6B, and the net margin of 58.1% is unusually high; the data does not say what drove the gap, so it should not be read as core profitability.
• Operating margin was 7.6% in 2025, down from 14.4% in 2024 and 26% in 2021, showing a long decline in profitability.
• The stock trades at about 3.4x earnings and 0.7x book value, below most listed game and software peers in the data, and offers a 3% dividend yield.
• The company reports cash of about ₩13.0B and no borrowings in the data, with a liabilities-to-equity ratio of 10.6%.
• The model's base fair value is ₩1,032, with a bear case of ₩692 and a bull case of ₩1,600; this is a modelled estimate, not a forecast or target.

What to watch

• The details and timing of the share consolidation, the buyback outcome and the reason for the 2 October trading halt, none of which are explained in the data.
• Whether the gap between operating income and net income recurs, since the source of the recent profit is not in the data.
• The next periodic results, which are not dated in the data; the most recent half-year report was filed on 14 August 2026.