Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩5,530, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 17x in the Retail Distributors industry in Asia. Total returns to shareholders of 35% over the past three years. Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: ₩610 (vs ₩1,069 in FY 2024) Full year 2025 results: EPS: ₩610 (down from ₩1,069 in FY 2024). Revenue: ₩354.3b (down 8.3% from FY 2024). Net income: ₩24.0b (down 46% from FY 2024). Profit margin: 6.8% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Anuncio • Mar 13
GOLFZON HOLDINGS Co., Ltd., Annual General Meeting, Mar 27, 2026 GOLFZON HOLDINGS Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 20, oncheon-ro, yuseong-gu, daejeon South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is a comfortable 36% and the cash payout ratio is 89%. Trailing yield: 4.7%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.5%). New Risk • Nov 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.9% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (91% cash payout ratio). Profit margins are more than 30% lower than last year (7.9% net profit margin). Declared Dividend • Nov 16
Dividend of ₩250 announced Dividend of ₩250 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 4.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but not covered by cash flows (203% cash payout ratio). The dividend has increased by an average of 13% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 1.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Aug 29
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 208% Dividend yield: 4.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,350, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 18x in the Retail Distributors industry in South Korea. Total loss to shareholders of 28% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩1,069 (vs ₩905 in FY 2023) Full year 2024 results: EPS: ₩1,069 (up from ₩905 in FY 2023). Revenue: ₩386.2b (down 8.9% from FY 2023). Net income: ₩44.1b (up 16% from FY 2023). Profit margin: 11% (up from 9.0% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,150, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 18x in the Retail Distributors industry in Asia. Total loss to shareholders of 41% over the past three years. Anuncio • Mar 14
GOLFZON NEWDIN HOLDINGS Co., Ltd., Annual General Meeting, Mar 28, 2025 GOLFZON NEWDIN HOLDINGS Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 13, techno11-ro, yuseong-gu, daejeon South Korea Anuncio • Mar 13
GOLFZON NEWDIN HOLDINGS Co., Ltd. (KOSDAQ:A121440) announces an Equity Buyback for KRW 10,000 million worth of its shares. GOLFZON NEWDIN HOLDINGS Co., Ltd. (KOSDAQ:A121440) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares pursuant to a contract with Samsung Securities Co., Ltd. The purpose of repurchase program is to stabilize the stock price and enhancement of shareholder value. The repurchase program will be valid till September 15, 2025. As on March 12, 2025, the company has 2,317,576 treasury stocks available for dividend scope and no treasury stocks through other acquisition. New Risk • Dec 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩147.3b (US$99.9m) 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Dec 20
Upcoming dividend of ₩167 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.9%). Buy Or Sell Opportunity • Sep 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₩4,095. The fair value is estimated to be ₩3,401, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 30%. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩3,075, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 21x in the Retail Distributors industry in Asia. Total loss to shareholders of 64% over the past three years. Anuncio • Jun 25
GOLFZON NEWDIN HOLDINGS Co., Ltd. (KOSDAQ:A121440) announces an Equity Buyback for KRW 5,000 million worth of its shares. GOLFZON NEWDIN HOLDINGS Co., Ltd. (KOSDAQ:A121440) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with Samsung Securities Co., Ltd. The purpose of repurchase program is to stabilize the stock price and enhancement of shareholder value. The repurchase program will be valid till December 24, 2024. As on June 23, 2024, the company has 1,040,276 treasury stocks available for dividend scope and no treasury stocks through other acquisition. Anuncio • Jun 24
GOLFZON NEWDIN HOLDINGS Co., Ltd. (KOSDAQ:A121440) announces an Equity Buyback for KRW 10,000 million worth of its shares. GOLFZON NEWDIN HOLDINGS Co., Ltd. (KOSDAQ:A121440) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares pursuant to a contract with Shinhan Investment & Securities. The purpose of repurchase program is to stabilize the stock price and enhancement of shareholder value. The repurchase program will be valid till December 24, 2024. As on June 23, 2024, the company has 135,981 treasury stocks available for dividend scope and 64 treasury stocks through other acquisition. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩891 (vs ₩2,032 in FY 2022) Full year 2023 results: EPS: ₩891 (down from ₩2,032 in FY 2022). Revenue: ₩427.1b (down 13% from FY 2022). Net income: ₩37.5b (down 57% from FY 2022). Profit margin: 8.8% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,190, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 22x in the Retail Distributors industry in South Korea. Total loss to shareholders of 21% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩163 per share at 4.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 13% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.4%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩140 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 3.8% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.6%). 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. 9 experienced directors. No highly experienced directors. 1 independent director (8 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. 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. 9 experienced directors. No highly experienced directors. 1 independent director (8 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩117 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 8.4% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₩10,400, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 18x in the Retail Distributors industry in Asia. Total returns to shareholders of 190% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 15% share price gain to ₩8,600, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 19x in the Retail Distributors industry in Asia. Total returns to shareholders of 78% over the past three years. Is New 90 Day High Low • Jan 04
New 90-day low: ₩5,440 The company is down 5.0% from its price of ₩5,740 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 12% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩117 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.1% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.8%). Is New 90 Day High Low • Nov 06
New 90-day high: ₩6,750 The company is up 13% from its price of ₩5,980 on 07 August 2020. The South Korean market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is flat over the same period. 
