New Risk • Mar 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (₩31.9b market cap, or US$21.1m). Annonce • Mar 13
Nuriplan Co., Ltd., Annual General Meeting, Mar 27, 2026 Nuriplan Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 191, daegot-ro 202beon-gil, daegot-myeon, gyeonggi-do, gimpo South Korea New Risk • Mar 09
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: Minor Risks High level of debt (83% net debt to equity). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (₩31.6b market cap, or US$21.3m). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩2,300, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Construction industry in South Korea. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,060, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,585, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 7x in the Construction industry in South Korea. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,380, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 41% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₩210 (vs ₩78.00 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩210 (up from ₩78.00 loss in 3Q 2024). Revenue: ₩31.1b (up 26% from 3Q 2024). Net income: ₩2.74b (up ₩3.77b from 3Q 2024). Profit margin: 8.8% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Nov 11
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 11% 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 Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩37.1b market cap, or US$25.4m). Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,125, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 25% over the past three years. New Risk • Sep 01
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 7.7% 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 Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩37.0b market cap, or US$26.6m). Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩2,265, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 51% over the past three years. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩313 (vs ₩39.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩313 (up from ₩39.00 in 2Q 2024). Revenue: ₩33.0b (up 32% from 2Q 2024). Net income: ₩4.09b (up ₩3.58b from 2Q 2024). Profit margin: 12% (up from 2.0% in 2Q 2024). 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 30% per year, which means it is significantly lagging earnings. New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 44% 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 44% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩19.1b market cap, or US$13.7m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩1,699, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 7x in the Construction industry in South Korea. Total loss to shareholders of 71% over the past three years. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₩134 (vs ₩3,377 loss in FY 2023) Full year 2024 results: EPS: ₩134 (up from ₩3,377 loss in FY 2023). Revenue: ₩116.1b (down 5.0% from FY 2023). Net income: ₩1.76b (up ₩26.6b from FY 2023). Profit margin: 1.5% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. Annonce • Mar 15
Nuriplan Co., Ltd., Annual General Meeting, Mar 28, 2025 Nuriplan Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 191, daegot-ro 202beon-gil, daegot-myeon, gyeonggi-do, gimpo South Korea New Risk • Dec 27
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 9.2% 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 Earnings have declined by 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (₩18.9b market cap, or US$12.9m). New Risk • Dec 16
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 Risks No financial data reported. Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩18.0b market cap, or US$12.5m). Annonce • Dec 11
Nuriplan Co., Ltd. announced that it has received KRW 3 billion in funding from SK Securities Co., Ltd. On December 10, 2024 Nuriplan Co., Ltd. closed the transaction. New Risk • Dec 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.0b (US$9.85m) This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩6.8b free cash flow). Earnings have declined by 58% per year over the past 5 years. Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Market cap is less than US$10m (₩14.0b market cap, or US$9.85m). Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₩78.00 loss per share (vs ₩21.61 loss in 3Q 2023) Third quarter 2024 results: ₩78.00 loss per share (further deteriorated from ₩21.61 loss in 3Q 2023). Revenue: ₩24.7b (down 22% from 3Q 2023). Net loss: ₩1.02b (loss widened ₩871.5m from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. New Risk • Sep 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩6.4b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩6.4b free cash flow). Earnings have declined by 56% per year over the past 5 years. Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩18.5b market cap, or US$13.8m). Reported Earnings • Mar 30
Full year 2023 earnings released: ₩3,377 loss per share (vs ₩1,182 loss in FY 2022) Full year 2023 results: ₩3,377 loss per share (further deteriorated from ₩1,182 loss in FY 2022). Revenue: ₩122.2b (down 6.8% from FY 2022). Net loss: ₩24.9b (loss widened 198% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • Dec 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 85% This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 47% per year over the past 5 years. Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩26.0b market cap, or US$20.0m). Annonce • Dec 06
Nuriplan Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 10.506 billion. Nuriplan Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 10.506 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: KRW 1751
Discount Per Security: KRW 35.02
Transaction Features: Rights Offering Annonce • Jun 23
Nuriplan Co., Ltd. announced that it expects to receive KRW 3 billion in funding from NH Investment & Securities Co., Ltd., KB Securities Co., Ltd., Korea Investment & Securities Co., Ltd. Nuriplan Co., Ltd. announced a private placement of series 7 unsecured privately placed convertible bonds with bearer interest for a gross proceeds of KRW 3,000,000,000 on June 21, 2023. The transaction will include participation from Broad High Everest KOSDAQ Venture General Private Equity Trust No. 2, SunNtree Venture Investment General Private Equity Trust No. 4, funds managed by NH Investment & Securities Co., Ltd. Atman KOSDAQ Venture General Private Equity Fund No. 2, Atman KOSDAQ Venture General Private Equity Fund No. 3, Artman KOSDAQ Venture General Private Equity Fund No. 4, funds managed by Korea Investment & Securities Co., Ltd., Life IPO KOSDAQ Venture General Private Equity Investment Trust No. 4, a fund managed by KB Securities Co., Ltd. The bonds have a coupon rate of 0%. The bonds will mature on June 23, 2028. The bonds will be 100% converted into 570,993 common shares at a fixed conversion price of KRW 5,254 per share. The conversion period is from June 23, 2024 to May 23, 2028. The payment date of the transaction is June 23, 2023. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩4,000, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 5x in the Construction industry in South Korea. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,445, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩5,120, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improved over the past week After last week's 19% share price gain to ₩8,680, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 12x in the Construction industry in South Korea. Total returns to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩6,560, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 13x in the Construction industry in South Korea. Total loss to shareholders of 9.5% over the past three years. Is New 90 Day High Low • Jan 11
New 90-day high: ₩7,250 The company is up 5.0% from its price of ₩6,920 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 32% over the same period. Is New 90 Day High Low • Sep 29
New 90-day high: ₩6,480 The company is up 33% from its price of ₩4,880 on 01 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 1.0% over the same period.