COMP <GO>

GRVY vs TSM // GROSS PROFIT MARGIN

GRAVITY Co. Ltd. American Depository Shares (NASDAQ) VS. Taiwan Semiconductor Manufacturing Company Ltd. (NYSE) • 15-METRIC TALLY: GRVY 1 — TSM 1

■ METRIC PARITY

GRVY — GRAVITY Co. Ltd. American Depository Shares ROARABLE D+ • RQD 52/100

LAST: $67.65 (+1.29%) • MKT CAP: $470.1M

DES <GO> FA <GO> 10-K RED <GO>

gross-margins

—

TSM — Taiwan Semiconductor Manufacturing Company Ltd. ROARABLE C+ • RQD 69/100

LAST: $431.81 (-1.75%) • MKT CAP: $2.24T

DES <GO> FA <GO> 10-K RED <GO>

gross-margins

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (GRVY VS. TSM) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	GRVY	TSM	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin ACTIVE	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	14.90%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	14.9x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	3.99%	—	TIE	/fcf-yield <GO>
Operating Margin	—	21.10%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	16.40%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	-3.30%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	3.87	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	7/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	51.2	49.4	+1.82	GRVY	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	1.42	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	20.2x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$470.1M	$2.24T	-$2.24T	TSM	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	GRVY REV	TSM REV	GRVY GROSS %	TSM GROSS %	GRVY FCF	TSM FCF
INSPECT INDIVIDUAL XBRL MODELS AT GRVY FA <GO> AND TSM FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

GRVY // BETA —

TSM // BETA 1.42