Annonce • Mar 07
Ghost Studio Co., Ltd., Annual General Meeting, Mar 30, 2026 Ghost Studio Co., Ltd., Annual General Meeting, Mar 30, 2026, at 11:30 Tokyo Standard Time. Location: conference room, 577, seolleung-ro, gangnam-gu, seoul South Korea Annonce • Feb 28
Ghost Studio Co., Ltd. announces Annual dividend, payable on April 15, 2026 Ghost Studio Co., Ltd. announced Annual dividend of KRW 554.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Jul 23
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 8.3% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (₩130.2b market cap, or US$94.5m). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩10,020, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 16x in the Hospitality industry in South Korea. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩10,400, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 15x in the Hospitality industry in South Korea. Total loss to shareholders of 20% over the past three years. New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10.0% net profit margin). Market cap is less than US$100m (₩96.3b market cap, or US$65.5m). Buy Or Sell Opportunity • Mar 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₩7,300. The fair value is estimated to be ₩9,223, however this is not to be taken as a buy 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 11%. Annonce • Mar 07
Ghost Studio Co., Ltd., Annual General Meeting, Mar 28, 2025 Ghost Studio Co., Ltd., Annual General Meeting, Mar 28, 2025, at 10:30 Tokyo Standard Time. Location: conference room, 577, seolleung-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩678 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 17 April 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.5%). New Risk • Oct 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.1b (US$99.4m) 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 Earnings have declined by 8.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (₩138.1b market cap, or US$99.4m). New Risk • Jun 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 Earnings have declined by 6.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (13% increase in shares outstanding). New Risk • Apr 28
New major risk - Revenue and earnings growth Earnings have declined by 8.9% 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 8.9% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (93% cash payout ratio). Market cap is less than US$100m (₩127.4b market cap, or US$92.6m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩90.00 per share at 11% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Trailing yield: 11%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.1%). New Risk • Dec 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 11% 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. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 14% over the past year. High level of non-cash earnings (79% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Annonce • Aug 23
ME2ZEN Limited (KOSDAQ:A950190) agreed to acquire Ghost Studio for KRW32 billion. ME2ZEN Limited (KOSDAQ:A950190) agreed to acquire Ghost Studio for KRW32 billion on August 21, 2023. The deal is expected to close on October 6, 2023. New Risk • Jun 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩125.7b (US$95.6m) 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 No financial data reported. Minor Risk Market cap is less than US$100m (₩125.7b market cap, or US$95.6m). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩469 (vs ₩71.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩469 (up from ₩71.00 in 3Q 2021). Revenue: ₩23.6b (up ₩20.7b from 3Q 2021). Net income: ₩5.86b (up ₩4.91b from 3Q 2021). Profit margin: 25% (down from 33% in 3Q 2021). The decrease in margin was driven by higher expenses. 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. 7 experienced directors. No highly experienced directors. 2 independent directors (5 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. Buying Opportunity • Aug 18
Now 20% undervalued Over the last 90 days, the stock is up 9.9%. The fair value is estimated to be ₩23,687, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last year. Earnings per share has declined by 34%. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 32% share price gain to ₩20,750, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 17x in the Hospitality industry in South Korea. Total returns to shareholders of 13% over the past year. Upcoming Dividend • Jul 21
Upcoming dividend of ₩1,217 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 17% share price gain to ₩16,700, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 17x in the Hospitality industry in South Korea. Total loss to shareholders of 23% over the past year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,152 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.1%). Is New 90 Day High Low • Feb 08
New 90-day low: ₩23,550 The company is down 15% from its price of ₩27,600 on 10 November 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩68,581 per share. Is New 90 Day High Low • Jan 06
New 90-day low: ₩25,750 The company is down 10.0% from its price of ₩28,550 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 8.0% over the same period.