The UNID Company Ltd. (KRX:014830) share price has done very well over the last month, posting an excellent gain of 25%. Not all shareholders will be feeling jubilant, since the share price is still down a very disappointing 17% in the last twelve months.

Even after such a large jump in price, given about half the companies in Korea have price-to-earnings ratios (or “P/E’s”) above 12x, you may still consider UNID as an attractive investment with its 7.6x P/E ratio. Nonetheless, we’d need to dig a little deeper to determine if there is a rational basis for the reduced P/E.

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Recent times have been advantageous for UNID as its earnings have been rising faster than…