New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings have declined by 2.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.0% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (119% payout ratio). Large one-off items impacting financial results. Announcement • Mar 14
iMarketKorea Inc., Annual General Meeting, Mar 27, 2026 iMarketKorea Inc., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 511, samseong-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 17 April 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (3.9%). Upcoming Dividend • Sep 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 26 November 2025. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (4.0%). New Risk • Aug 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.005% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.005% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Upcoming Dividend • Jun 20
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 26 August 2025. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 7.3%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (3.8%). Announcement • May 15
iMarketKorea Inc. announced that it expects to receive KRW 18.957425 billion in funding iMarketKorea Inc. announced a private placement of series 3 Bearer Unsecured Private Placement Debentures for gross proceeds of KRW 18,957,425,000 on May 13, 2024. The transaction will include participation from returning lenders, KB Securities, NH Investment & Securities, Korea Investment & Securities and Samsung Securities. The debt maturity date is May 15, 2030. The bonds carry a surface interest rate and Interest rate to maturity is 0%. The bonds will be convertible into 1,964,500 common shares at a conversion price of KRW 9,650. The conversion period will start from May 22, 2025 and end on April 15, 2030. The subscription date is May 15, 2025 and the payment date is May 15, 2025. The transaction was approved by the company's board. The bonds carry a hold period of one year. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₩857 (vs ₩481 in FY 2023) Full year 2024 results: EPS: ₩857 (up from ₩481 in FY 2023). Revenue: ₩3.32t (down 3.1% from FY 2023). Net income: ₩27.0b (up 78% from FY 2023). Profit margin: 0.8% (up from 0.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 14
iMarketKorea Inc., Annual General Meeting, Mar 28, 2025 iMarketKorea Inc., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 24-2, samseong-ro 100-gil, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 16 April 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.5%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.2%). Upcoming Dividend • Sep 20
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 25 November 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.0%. Within top quartile of South Korean dividend payers (3.8%). Higher than average of industry peers (2.5%). Upcoming Dividend • Jun 20
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 26 August 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.9%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.3%). Upcoming Dividend • Mar 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 27 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.9%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.5%). Announcement • Mar 16
iMarketKorea Inc., Annual General Meeting, Mar 28, 2024 iMarketKorea Inc., Annual General Meeting, Mar 28, 2024, at 09:01 Korea Standard Time. Location: Main hall, 16F, Samseong-dong building, 512, Samseong-ro, Gangnam-gu, Seoul South Korea Agenda: To consider approval of the 24th financial statement and consolidated financial statement; and to consider approval of the director compensation limit. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share at 6.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 26 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.8%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.9%). Upcoming Dividend • Sep 19
Upcoming dividend of ₩150 per share at 6.6% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 24 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.6%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (2.3%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩150 per share at 6.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 21 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.1%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (3.6%). New Risk • Jun 12
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 111% Dividend yield: 6.0% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (111% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Announcement • May 11
iMarketKorea Inc. announced that it expects to receive KRW 23.2695025 billion in funding from Korea Investment & Securities Co., Ltd., NH Investment & Securities Co., Ltd., Samsung Securities Co., Ltd., KB Securities Co., Ltd. iMarketKorea Inc. announced a private placement of Bearer Unsecured Private Placement Debentures for gross proceeds of KRW 23,269,502,500 on May 10, 2023. The transaction will include participation from KB Securities, NH Investment & Securities, Korea Investment & Securities and Samsung Securities. The debt maturity date is May 12, 2028. The bonds carry a surface interest rate and Interest rate to maturity is 0%. The bonds will be convertible into 2,375,296 common shares at a conversion price of KRW 11,845. The conversion period will start from May 19, 2023 and end on April 12, 2028. The subscription date is May 12, 2023 and the payment date is May 12, 2023. The transaction was approved by the company's board. The bonds carry a hold period of one year. Upcoming Dividend • Mar 23
Upcoming dividend of ₩150 per share at 6.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (5.4%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 13 April 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (4.1%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Senior Managing Director In-Bong Nam was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 24 November 2022. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (3.1%). Higher than average of industry peers (3.9%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Senior Managing Director In-Bong Nam was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₩13,300, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 10x in the Trade Distributors industry in South Korea. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 15% share price gain to ₩12,200, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 11x in the Trade Distributors industry in South Korea. Total returns to shareholders of 136% over the past three years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improved over the past week After last week's 23% share price gain to ₩11,550, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 12x in the Trade Distributors industry in South Korea. Total returns to shareholders of 49% over the past three years. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS ₩672 (vs ₩483 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₩2.84t (down 2.9% from FY 2019). Net income: ₩21.4b (up 33% from FY 2019). Profit margin: 0.8% (up from 0.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Mar 16
iMarketKorea Inc., Annual General Meeting, Mar 30, 2021 iMarketKorea Inc., Annual General Meeting, Mar 30, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Dec 12
New 90-day high: ₩9,690 The company is up 20% from its price of ₩8,060 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: ₩8,860 The company is up 10.0% from its price of ₩8,020 on 18 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day high: ₩8,830 The company is up 6.0% from its price of ₩8,360 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Trade Distributors industry, which is up 2.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: ₩7,650 The company is down 6.0% from its price of ₩8,180 on 26 June 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 Trade Distributors industry, which is down 3.0% over the same period. 
