Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩1,750, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 16x in the IT industry in South Korea. Total loss to shareholders of 54% over the past three years. New Risk • May 22
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩7.6b (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Revenue is less than US$5m (₩7.6b revenue, or US$5.0m). Market cap is less than US$100m (₩124.5b market cap, or US$82.0m). Ankündigung • Mar 17
Kwangmu Co.,Ltd., Annual General Meeting, Mar 31, 2026 Kwangmu Co.,Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 24, yeongdong-daero 65-gil, gangnam-gu, seoul South Korea New Risk • Oct 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩131.7b (US$93.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (₩131.7b market cap, or US$93.0m). New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. New Risk • May 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (162% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (₩6.5b revenue, or US$4.7m). New Risk • May 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (162% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Revenue is less than US$5m (₩6.5b revenue, or US$4.7m). Ankündigung • Apr 22
Kwangmu Co.,Ltd. (KOSDAQ:A029480) announces an Equity Buyback for 1,795,332 shares, for KRW 5,000 million. Kwangmu Co.,Ltd. (KOSDAQ:A029480) announces a share repurchase program. Under the program, the company will repurchase up to 1,795,332 shares for KRW 5,000 million, pursuant the contract with Korea Investment & Securities Co., Ltd. The purpose of the program is to enhance shareholder value. The program will expire on October 22, 2025. As of April 21, 2025, the company had 19,000 shares in treasury within scope available for dividend and 18,781 shares in treasury through other repurchase. Ankündigung • Apr 08
Kwangmu Co.,Ltd. (KOSDAQ:A029480) completed the acquisition of an additional 4.6% stake in JOONGANG ADVANCED MATERIALS Co., Ltd (KOSDAQ:A051980) from Atlas8000 Co., Ltd. Kwangmu Co.,Ltd. (KOSDAQ:A029480) agreed to acquire an additional 4.6% stake in JOONGANG ADVANCED MATERIALS Co., Ltd (KOSDAQ:A051980) from Atlas8000 Co., Ltd. for KRW 15 billion on March 7, 2025. A cash consideration of KRW 15 billion will be paid by Kwangmu for 4.658386 million shares. The transaction will be financed through equity investment of KRW 15 billion.
The expected completion of the transaction is April 7, 2025. As of April 4, 2025, Atlas8000 and Kwangmu have entered into a stock purchase agreement amendment contract on April 4, 2025 to change the number of shares to be traded from 3,28 million to 4.66 million in the stock purchase agreement signed on March 7, 2025. The sale of 3,28 million shares have concluded on April 7, 2025, at the same time as payment.
Kwangmu Co.,Ltd. (KOSDAQ:A029480) completed the acquisition of an additional 4.6% stake in JOONGANG ADVANCED MATERIALS Co., Ltd (KOSDAQ:A051980) from Atlas8000 Co., Ltd. on April 7, 2025. Ankündigung • Apr 05
Hyupjin Co., Ltd. (KOSDAQ:A138360) completed the acquisition of 4.22% stake in Kwangmu Co.,Ltd. (KOSDAQ:A029480) from Atlas8000 Co., Ltd. for KRW 5.0 billion. Hyupjin Co., Ltd. (KOSDAQ:A138360) acquired 4.22% stake in Kwangmu Co.,Ltd. (KOSDAQ:A029480) from Atlas8000 Co., Ltd. for KRW 5.0 billion on April 3, 2025. A cash consideration of KRW 4 billion will be paid by Hyupjin Co., Ltd. As part of consideration, KRW 4 billion is paid towards common equity of Kwangmu Co.,Ltd.
Hyupjin Co., Ltd. (KOSDAQ:A138360) completed the acquisition of 4.22% stake in Kwangmu Co.,Ltd. (KOSDAQ:A029480) from Atlas8000 Co., Ltd. on April 3, 2025. Ankündigung • Mar 15
Kwangmu Co.,Ltd., Annual General Meeting, Mar 31, 2025 Kwangmu Co.,Ltd., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 24, yeongdong-daero 65-gil, gangnam-gu, seoul South Korea New Risk • Dec 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩131.4b (US$91.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (187% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (₩6.6b revenue, or US$4.6m). Market cap is less than US$100m (₩131.4b market cap, or US$91.7m). New Risk • Dec 07
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (553% accrual ratio). Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (₩6.6b revenue, or US$4.7m). New Risk • Oct 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (146% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,660, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩4,715, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩5,750, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 104% over the past three years. New Risk • May 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 98% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (98% accrual ratio). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩3,700, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩3,050, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 16x in the IT industry in South Korea. Total loss to shareholders of 2.6% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩3,870, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 22% over the past three years. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩162 (vs ₩279 loss in FY 2022) Full year 2023 results: EPS: ₩162 (up from ₩279 loss in FY 2022). Revenue: ₩24.2b (down 69% from FY 2022). Net income: ₩7.28b (up ₩15.3b from FY 2022). Profit margin: 30% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Feb 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩2,010, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 20x in the IT industry in South Korea. Total loss to shareholders of 56% over the past three years. Ankündigung • Jul 04
Kwangmu Co.,Ltd. announced that it has received KRW 3 billion in funding from Kookmin Cultural Foundation On July 3, 2023, Kwangmu Co.,Ltd. closed the transaction. Board Change • Mar 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 1 highly experienced director. No independent directors (10 non-independent directors). Chairman Tae-Sub Kim was the last director to join the board, commencing their role in 2003. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 1 highly experienced director. No independent directors (10 non-independent directors). Chairman Tae-Sub Kim was the last director to join the board, commencing their role in 2003. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Ankündigung • Aug 26
Kwangmu Co.,Ltd. announced that it expects to receive KRW 10 billion in funding from Atlas8000 Co., Ltd. Kwangmu Co.,Ltd. announced a private placement of Series 39 unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 10,000,000,000 on August 25, 2022. The round will include participation from returning investor, Atlas8000 Co., Ltd. The bonds have a coupon rate of 3% and will mature on August 25, 2025 with maturity rate of 5%. The bonds have a lockup period of 1 year from their issuance date and are 100% convertible into 2,829,654 shares at a conversion price of KRW 3,534 per share, having a conversion period beginning on November 29, 2023 and ending on October 29, 2025. The transaction has been approved by the board of directors of the company. The transaction is expected to close on November 29, 2022. Ankündigung • Jul 21
Kwangmu Co.,Ltd. announced that it has received KRW 62.0000216 billion in funding from Sea Air Investment Association, Lee & Lee Partners Co,. Ltd., Atlas8000 Co., Ltd., Appulance Fund, Sea Air Fund On July 19, 2022, Kwangmu Co.,Ltd. closed the transaction. The company amended the terms of the transaction. The company has now issued 5,117,280 common shares for gross proceeds of KRW12,000,021,600 in its fourth and final tranche closing. The tranche included participation from returning investor Atlas Falcheon Co., Ltd. for 3,837,953 shares and Appulance Fund for 2,558,635 shares. Board Change • Apr 29
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 1 highly experienced director. No independent directors (10 non-independent directors). Chairman Tae-Sub Kim was the last director to join the board, commencing their role in 2003. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ₩36.00 (vs ₩43.70 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₩3.86b (down 38% from 3Q 2020). Net income: ₩3.07b (up ₩5.65b from 3Q 2020). Profit margin: 80% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Ankündigung • Mar 30
Lix Solution Co.,Ltd. announced that it has received KRW 12.601 billion in funding from Data Core ZenHealth Co., Ltd On March 29, 2021, Lix Solution Co.,Ltd. (KOSDAQ:A029480) closed the transaction. The company received KRW 7,501,000,000 in its final tranche. The transaction included participation from Sangji Kyle Room Co., Ltd. Ankündigung • Mar 28
Lix Solution Co.,Ltd. announced that it has received KRW 13.1 billion in funding On March 26, 2021, Lix Solution Co.,Ltd. (KOSDAQ:A029480) closed the transaction. The series 34 bonds included participation from individual investor Han Sang Park. Data Core ZenHealth Co., Ltd did not participate in the transaction. The series 34 bonds now carry fixed 8% interest rate, 8% yield to maturity rate, and are now convertible into 6,901,217 shares, representing 7.97% stake, at a fixed conversion price of KRW 739 per share. Ankündigung • Mar 23
Lix Solution Co.,Ltd. announced that it expects to receive KRW 6.492 billion in funding Lix Solution Co.,Ltd. (KOSDAQ:A029480) announced a private placement of 12,000,000 shares at a price of KRW 541 for gross proceeds of KRW 6,492,000,000 on March 22, 2021. The company is raising funding through third party capital increase. The transaction will include participation from N Palette Co., Ltd. The transaction is expected to close on May 14, 2021. The transaction has been approved by the board of directors of the company. Post closing of the transaction, the capital of the company will be increased to 79,665,776 shares. All securities issued are restricted for a period of one year. Is New 90 Day High Low • Mar 09
New 90-day low: ₩484 The company is down 20% from its price of ₩605 on 09 December 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: ₩504 The company is down 59% from its price of ₩1,240 on 20 October 2020. The South Korean market is up 30% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 21
New 90-day low: ₩593 The company is down 67% from its price of ₩1,795 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: ₩619 The company is down 54% from its price of ₩1,340 on 04 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: ₩799 The company is down 13% from its price of ₩920 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 11% over the same period. Ankündigung • Sep 30
Barun Technology Co., Ltd. announced that it expects to receive KRW 25 billion in funding Barun Technology Co., Ltd. (KOSDAQ:A029480) announced a private placement of series 34 non-guaranteed private convertible bonds with bearer interest for gross proceed of KRW 10,000,000,000 and of series 35 unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 15,000,000,000 for aggregate gross proceeds of KRW 25,000,000,000 on August 14, 2020. In series 34 bonds carry a coupon rate and interest rate to maturity of 4% and will mature on September 28, 2023. The bonds are 100% convertible into 15,797,788 common shares representing 25.51% stake at a conversion price of KRW 633 per share. The conversion period of the bonds will start on September 28, 2021 and ends on August 28, 2023. The transaction will include participation from Edport Hi-Tech Investment Fund 2. The payment date is on September 28, 2020. In series 35 bonds bonds carry a coupon rate and interest rate to maturity of 4% and will mature on September 29, 2023. The bonds are 100% convertible into 23,696,682 common shares representing 38.26% of the total number of shares of the company at a conversion price of KRW 633 per share. The conversion period of the bonds will start on September 29, 2021 and ends on August 29, 2023. The series 35 bonds will include participation from Apollon E&M Co., Ltd. for KRW 10,000,000,000 and Highfields Fund 1 for KRW 5,000,000,000. The subscription date and the payment date is September 29, 2020. The transaction has been approved by the board of directors of the company. Ankündigung • Sep 18
HJH Holdings Co., Ltd. and Aview Global Co., Ltd completed the acquisition of 16.15% stake in Barun Technology Co.,Ltd. (KOSDAQ:A029480) from CentralBio Co., Ltd (KOSDAQ:A051980). HJH Holdings Co., Ltd. and Aview Global Co., Ltd. agreed to acquire 16.15% stake in Barun Technology Co.,Ltd. (KOSDAQ:A029480) from CentralBio Co., Ltd (KOSDAQ:A051980) for KRW 6 billion on August 14, 2020. Aview Global and HJH Holdings will purchase 6 million and 4 million shares, representing total as 16.15% stake in Barun Technology at KRW 600 per share. The consideration will be paid as, KRW 0.6 million as down payment until August 14, 2020, KRW 1.2 billion as intermediate payment until August 24, 2020 and the balance payment of KRW 4.2 billion until September 14, 2020. The Board of Directors of CentralBio resolved the transaction. The transaction is expected to close on September 14, 2020. Jung Hyeon Accounting Corporation acted as external evaluation agency in the deal.
HJH Holdings Co., Ltd. and Aview Global Co., Ltd completed the acquisition of 16.15% stake in Barun Technology Co.,Ltd. (KOSDAQ:A029480) from CentralBio Co., Ltd (KOSDAQ:A051980) September 14, 2020. As a part of the transaction the remaining 70% of the consideration that is KRW 4.2 billion was paid on September 14, 2020. Ankündigung • Sep 17
Joohyun Lee and Joonwoo Kim acquired 2.32% stake in Barun Technology Co.,Ltd. (KOSDAQ:A029480) from Soosoo Pantry Co., Ltd. for KRW 1.5 billion. Joohyun Lee and Joonwoo Kim acquired 2.32% stake in Barun Technology Co.,Ltd. (KOSDAQ:A029480) from Soosoo Pantry Co., Ltd. for KRW 1.5 billion on September 11, 2020. As per terms, Joohyun Lee acquired 0.44 million shares and Joonwoo Kim acquired 1 million shares at KRW 1,055 per share. Upon completion, Soosoo Pantry Co., Ltd. reduced its stake in Barun Technology Co.,Ltd. from 9.27% to 4.99%.
Joohyun Lee and Joonwoo Kim completed the acquisition of 2.32% stake in Barun Technology Co.,Ltd. (KOSDAQ:A029480) from Soosoo Pantry Co., Ltd. on September 11, 2020.