New Risk • Apr 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩81.00 (vs ₩1,497 in 3Q 2024) Third quarter 2025 results: EPS: ₩81.00 (down from ₩1,497 in 3Q 2024). Revenue: ₩863.1b (up 2.1% from 3Q 2024). Net income: ₩655.3m (down 95% from 3Q 2024). Profit margin: 0.1% (down from 1.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Food industry in South Korea. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩60,900, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Food industry in South Korea. Total loss to shareholders of 27% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₩10,671 (up from ₩6,197 in FY 2023). Revenue: ₩3.43t (flat on FY 2023). Net income: ₩86.5b (up 72% from FY 2023). Profit margin: 2.5% (up from 1.5% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Food industry in South Korea. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Feb 27
SPC Samlip Co., Ltd., Annual General Meeting, Mar 26, 2025 SPC Samlip Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 312, hwarang-ro, danwon-gu, gyeonggi-do, ansan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,700 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.9%). Buy Or Sell Opportunity • Aug 28
Now 21% overvalued Over the last 90 days, the stock has fallen 6.2% to ₩54,400. The fair value is estimated to be ₩45,021, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 6.3% in a year. Earnings are forecast to decline by 15% in the next year. New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.0% 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 5.0% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,700 per share at 2.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.9%). Price Target Changed • Nov 23
Price target increased by 11% to ₩110,000 Up from ₩99,000, the current price target is provided by 1 analyst. New target price is 74% above last closing price of ₩63,200. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₩6,917 for next year compared to ₩6,568 last year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩1,500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.6%). 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. 10 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Aug 19
Price target increased to ₩107,500 Up from ₩99,000, the current price target is an average from 4 analysts. New target price is 23% above last closing price of ₩87,700. Stock is up 16% over the past year. The company is forecast to post earnings per share of ₩6,404 for next year compared to ₩4,990 last year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₩82,500, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Food industry in South Korea. Total loss to shareholders of 10.0% over the past three years. 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. 10 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . 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 • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₩93,100, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Food industry in South Korea. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩141,080 per share. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₩81,000, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Food industry in South Korea. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩134,111 per share. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,104 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (1.4%). Announcement • Jun 12
SPC Samlip Co., Ltd.(KOSE:A005610) dropped from KOSPI 200 Index SPC Samlip Co., Ltd. has been removed from KOSPI 200 Index . Price Target Changed • Apr 15
Price target increased to ₩87,500 Up from ₩81,667, the current price target is an average from 4 analysts. New target price is 20% above last closing price of ₩73,200. Stock is up 0.7% over the past year. Reported Earnings • Mar 21
Full year 2020 earnings released: ₩1,537 loss per share (vs ₩2,492 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ₩2.54t (up 1.7% from FY 2019). Net loss: ₩12.5b (down 162% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 66% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩1,104 Per Share Will be paid on the 13th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.6% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (1.3%). Is New 90 Day High Low • Nov 16
New 90-day high: ₩72,900 The company is up 15% from its price of ₩63,200 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 Food industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩120,032 per share. Is New 90 Day High Low • Oct 22
New 90-day high: ₩68,500 The company is up 2.0% from its price of ₩67,000 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 Food industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩90,096 per share. Is New 90 Day High Low • Sep 24
New 90-day low: ₩60,000 The company is down 6.0% from its price of ₩64,000 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩88,024 per share. 
