Board Change • May 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Outside Director GwangJun Lee was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 01
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: -₩15b 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 (-₩15b free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩30.3b market cap, or US$20.1m). Annonce • Mar 17
Nuon Co., Ltd., Annual General Meeting, Mar 30, 2026 Nuon Co., Ltd., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 30, namdongdong-ro 183beon-gil, namdong-gu, incheon South Korea Annonce • Dec 18
Nuon Co., Ltd. announced that it has received KRW 14.5 billion in funding from Reverse Partners Co., Ltd., K.M.Tech Co. Ltd. On December 16, 2025, Nuon Co., Ltd. closed the transaction. New Risk • Dec 09
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 10% 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 Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩39.1b market cap, or US$26.6m). Annonce • Dec 09
Nuon Co., Ltd. announced that it expects to receive KRW 14.5 billion in funding from Reverse Partners Co., Ltd., K.M.Tech Co. Ltd. Nuon Co., Ltd. announced a private placement to issue 14,500,000 shares at an issue price of KRW 1,000 per share for gross proceeds of KRW 14,500,000,000 on December 8, 2025. The transaction will include participation from new investor KPM TECH Co., Ltd. 13,100,000 shares and Reverse Partners Co., Ltd. 1,400,000 shares. The transaction has been approved by shareholders, expected to close on December 16, 2025 and restricted to a hold period. New Risk • Aug 26
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 Less than 1 year of cash runway based on free cash flow trend (-₩7.6b free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩40.1b market cap, or US$28.8m). New Risk • Jun 24
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 9.6% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩7.6b free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (₩45.8b market cap, or US$33.7m). New Risk • May 28
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: -₩7.6b 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 (-₩7.6b free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩33.8b market cap, or US$24.6m). New Risk • May 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% 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 Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩35.4b market cap, or US$25.4m). Annonce • Mar 13
Nuon Co., Ltd., Annual General Meeting, Mar 27, 2025 Nuon Co., Ltd., Annual General Meeting, Mar 27, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 30, namdongdong-ro 183beon-gil, namdong-gu, incheon South Korea Board Change • Dec 20
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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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. New Risk • Dec 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩4.55b (US$3.22m) 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (157% increase in shares outstanding). Market cap is less than US$10m (₩4.55b market cap, or US$3.22m). New Risk • Aug 28
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: -₩5.8b 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 (-₩5.8b free cash flow). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (157% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩72.7b market cap, or US$54.5m). Annonce • Mar 05
Hanil Vacuum Co., Ltd. announced that it expects to receive KRW 5 billion in funding Hanil Vacuum Co., Ltd. announced a private placement to issue Series 13 Bearer-Bearing Interest-Bearing, Unsecured Private Convertible Bonds for the gross proceeds of KRW 5,000,000,000 on March 5, 2024. The transaction will include participation from new individual investor Taekman Kim. The bonds bear 4% maturity rate and 4% interest rate and matures on March 8, 2027. The transaction has been approved by the shareholders and is expected to close on March 8, 2024. The securities are restricted to a hold period of 1 year. Annonce • Jan 30
Hanil Vacuum Co., Ltd. announced that it has received KRW 2 billion in funding On January 30, 2024, Hanil Vacuum Co., Ltd. closed the transaction. New Risk • Jan 15
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 14% 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 Less than 1 year of cash runway based on free cash flow trend (-₩9.4b free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 26% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (₩3.9b revenue, or US$3.0m). Market cap is less than US$100m (₩59.8b market cap, or US$45.3m). Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩44.00 loss per share (vs ₩61.00 loss in 3Q 2022) Third quarter 2023 results: ₩44.00 loss per share (improved from ₩61.00 loss in 3Q 2022). Net loss: ₩4.46b (loss narrowed 15% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. New Risk • Nov 13
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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩8.3b free cash flow). Earnings have declined by 29% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (₩4.8b revenue, or US$3.6m). Market cap is less than US$100m (₩50.6b market cap, or US$38.2m). New Risk • Aug 30
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: -₩8.3b 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 (-₩8.3b free cash flow). Earnings have declined by 29% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (₩4.8b revenue, or US$3.6m). Market cap is less than US$100m (₩35.0b market cap, or US$26.4m). 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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 • Dec 27
Investor sentiment improved over the past week After last week's 30% share price gain to ₩891, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 18x in the Machinery industry in South Korea. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩884, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total loss to shareholders of 52% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₩984 The company is down 24% from its price of ₩1,290 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: ₩1,050 The company is down 31% from its price of ₩1,515 on 16 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 27
New 90-day low: ₩1,120 The company is down 20% from its price of ₩1,400 on 28 September 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 21% over the same period. Annonce • Nov 05
Hanil Vacuum Co., Ltd. announced that it expects to receive KRW 23.76 billion in funding from KPM TECH Co., Ltd. Hanil Vacuum Co., Ltd. (KOSDAQ:A123840) announced a private placement of 14,000,000 common shares at a price of KRW 1,340 for gross proceeds of KRW 18,760,000,000 and series 10 unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 5,000,000,000, for aggregate gross proceeds of KRW 23,760,000,000 on November 3, 2020. The transaction will involve participation from Evercore Investment Holdings for the shares and KPM TECH Co., Ltd. (KOSDAQ:A042040) for the bonds. The transaction will take place through third party allocation method. The shares carry a face value of KRW 100 and will be issued at a premium. Post completion of the transaction, the number of common shares will increase from 64,305,977 shares to 78,305,977 shares. The bonds will carry a coupon rate of 3%, yield to maturity of 5%, and will mature on November 3, 2023. The bonds can be fully converted into 3,536,067 common shares representing 5.21% stake of the company at a fixed conversion price of KRW 1,414 per share. The conversion period starts from November 3, 2021 to October 3, 2023. The securities issued in the transaction will have a hold period of one year. The payment and subscription date for bonds is November 3, 2020 and the payment date for shares is November 11, 2020. The transaction has been approved by the board of directors of the company.
On the same date, the company announced that it has issued the bonds in its first tranche. Is New 90 Day High Low • Oct 05
New 90-day high: ₩1,440 The company is up 134% from its price of ₩616 on 07 July 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 2.0% over the same period. 