New Risk • May 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩150.2b (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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risk Market cap is less than US$100m (₩150.2b market cap, or US$99.9m). Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩6,280, the stock trades at a trailing P/E ratio of 37.6x. Average trailing P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 17% over the past year. Buy Or Sell Opportunity • May 27
Now 21% undervalued Over the last 90 days, the stock has risen 47% to ₩6,930. The fair value is estimated to be ₩8,767, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩8,120, the stock trades at a trailing P/E ratio of 79.7x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total returns to shareholders of 46% over the past year. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩8,020, the stock trades at a trailing P/E ratio of 78.7x. Average trailing P/E is 24x in the Machinery industry in South Korea. Total returns to shareholders of 145% over the past three years. New Risk • Apr 16
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 14% 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 (35% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,615, the stock trades at a trailing P/E ratio of 45.3x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total returns to shareholders of 41% over the past three years. Annonce • Mar 12
HBL Corporation, Annual General Meeting, Mar 26, 2026 HBL Corporation, Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 32-48, yuseong-daero 1596beon-gil, yuseong-gu, daejeon South Korea New Risk • Nov 10
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 Earnings have declined by 69% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₩130.8b market cap, or US$89.9m). New Risk • Mar 21
New major risk - Revenue and earnings growth Revenue has declined by 18% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue has declined by 18% over the past year. Reported Earnings • Mar 21
Full year 2024 earnings released: ₩92.00 loss per share (vs ₩322 loss in FY 2023) Full year 2024 results: ₩92.00 loss per share (improved from ₩322 loss in FY 2023). Revenue: ₩18.5b (down 18% from FY 2023). Net loss: ₩2.11b (loss narrowed 62% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 165 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Mar 18
Now 22% undervalued Over the last 90 days, the stock has risen 111% to ₩7,150. The fair value is estimated to be ₩9,166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Meanwhile, the company became loss making. Annonce • Mar 12
HBL Corporation, Annual General Meeting, Mar 26, 2025 HBL Corporation, Annual General Meeting, Mar 26, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 32-48, yuseong-daero 1596beon-gil, yuseong-gu, daejeon South Korea New Risk • Feb 10
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 13% 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 (13% average weekly change). Minor Risk Market cap is less than US$100m (₩133.4b market cap, or US$92.1m). New Risk • Jan 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 11% 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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Market cap is less than US$100m (₩95.2b market cap, or US$65.2m). Reported Earnings • Nov 20
Third quarter 2024 earnings released: ₩20.00 loss per share (vs ₩40.00 loss in 3Q 2023) Third quarter 2024 results: ₩20.00 loss per share (improved from ₩40.00 loss in 3Q 2023). Revenue: ₩4.53b (up 40% from 3Q 2023). Net loss: ₩455.5m (loss narrowed 34% from 3Q 2023). Reported Earnings • Aug 17
Second quarter 2024 earnings released: ₩16.00 loss per share (vs ₩31.00 profit in 2Q 2023) Second quarter 2024 results: ₩16.00 loss per share (down from ₩31.00 profit in 2Q 2023). Revenue: ₩3.19b (down 55% from 2Q 2023). Net loss: ₩365.1m (down 177% from profit in 2Q 2023). New Risk • Apr 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.9b (US$99.7m) 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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (489% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩137.9b market cap, or US$99.7m). New Risk • Jan 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 172% 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 (172% accrual ratio). Minor Risk Less than 3 years of financial data is available. 
