1. What Happened?

On September 23, 2025, VIP Asset Management acquired a 5.30% stake in Wonik Materials, triggering a disclosure obligation. Wonik Materials, with a market capitalization of KRW 401.6 billion, supplies specialty gases to the semiconductor and display industries.

2. Why Did VIP Asset Management Invest? (Opportunities)

Wonik Materials maintains a stable debt ratio and capital structure. Its accumulated technology and continuous R&D investment in specialty gases are considered future growth drivers. Long-term partnerships with major clients and efforts to develop next-generation materials are also positive factors. VIP Asset Management likely recognized this growth potential.

3. What are the Risks? (Threats)

Wonik Materials is experiencing declining sales due to the poor performance of its major customers, and improving profitability is urgent. Exchange rate volatility and investment property-related spending can also be short-term burdens. Furthermore, as VIP Asset Management’s investment objective is ‘simple investment,’ the possibility of enhancing corporate value through management participation is low.

4. What is the Macroeconomic Environment?

  • Interest Rate and Bond Market: Rising interest rates can increase corporate borrowing costs, but considering Wonik Materials’ financial status, the impact is expected to be minimal.
  • Exchange Rate Fluctuations: Exchange rate fluctuations can affect foreign currency assets and liabilities, but the impact is expected to be limited due to the company’s exchange rate risk management policies.
  • Raw Materials and Transportation: Although international oil price volatility exists, stable raw material supply and transportation costs are positive factors.

5. What Should Investors Do? (Action Plan)

This investment by VIP Asset Management can positively impact stock prices in the short term, but caution is needed from a mid- to long-term investment perspective. It is crucial to make investment decisions by closely monitoring Wonik Materials’ earnings improvement and market conditions. Investors should pay attention to further moves by institutional investors and the company’s earnings announcements. The current investment opinion is ‘Neutral (HOLD).’