Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩11,790, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 11x in the Insurance industry in South Korea. Total returns to shareholders of 195% over the past three years. Annonce • Mar 13
Aplus Asset Advisor Co. Ltd, Annual General Meeting, Mar 31, 2026 Aplus Asset Advisor Co. Ltd, Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 22, teheran-ro 7-gil, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩12,350, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 10x in the Insurance industry in South Korea. Total returns to shareholders of 194% over the past three years. New Risk • Feb 08
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 24% 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 (11% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩12,300, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 7x in the Insurance industry in South Korea. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩10,610, the stock trades at a trailing P/E ratio of 18.2x. Average forward P/E is 6x in the Insurance industry in South Korea. Total returns to shareholders of 146% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (3.8%). Annonce • Dec 17
Align Partners General Private Equity Investment Trust No. 2, Align Partners General Private Equity Investment Trust No. 1 and Align Partners Korea Fund LP, managed by Align Partners Capital Management Inc. completed the acquisition of an additional 7.15% stake in Aplus Asset Advisor Co. Ltd (KOSE:A244920) for KRW 14.5 billion. Align Partners General Private Equity Investment Trust No. 2, Align Partners General Private Equity Investment Trust No. 1 and Align Partners Korea Fund LP, managed by Align Partners Capital Management Inc. proposed to acquire an additional 19.91% stake in Aplus Asset Advisor Co. Ltd (KOSE:A244920) for KRW 36 billion on November 18, 2025. As part of acquisition, 4,501,192 shares will be acquired for KRW 8000 per share.
Offer will commence on November 18, 2025, and ends on December 7, 2025.
Align Partners General Private Equity Investment Trust No. 2, Align Partners General Private Equity Investment Trust No. 1 and Align Partners Korea Fund LP, managed by Align Partners Capital Management Inc. completed the acquisition of an additional 7.15% stake in Aplus Asset Advisor Co. Ltd (KOSE:A244920) for KRW 14.5 billion on December 15, 2025. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩7,970, the stock trades at a trailing P/E ratio of 13.7x. Average forward P/E is 6x in the Insurance industry in South Korea. Total returns to shareholders of 81% over the past three years. Buy Or Sell Opportunity • Nov 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ₩8,160. The fair value is estimated to be ₩6,732, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company became loss making. New Risk • Nov 18
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: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (10% average weekly change). Declared Dividend • Nov 08
Dividend of ₩200 announced Dividend of ₩200 is the same as last year. Ex-date: 29th December 2025 Payment date: 10th April 2026 Dividend yield will be 3.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (16% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Annonce • Nov 07
Aplus Asset Advisor Co. Ltd announces Annual dividend, payable on April 10, 2026 Aplus Asset Advisor Co. Ltd announced Annual dividend of KRW 200.0000 per share payable on April 10, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Oct 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩143.3b (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. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩143.3b market cap, or US$99.9m). New Risk • Mar 30
New major risk - Revenue and earnings growth Earnings have declined by 5.7% 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 5.7% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩94.2b market cap, or US$64.0m). Annonce • Mar 05
Aplus Asset Advisor Co. Ltd, Annual General Meeting, Mar 31, 2025 Aplus Asset Advisor Co. Ltd, Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 27, gangnam-daero, seocho-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 April 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (4.5%). Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,460, the stock trades at a trailing P/E ratio of 8.1x. Average forward P/E is 4x in the Insurance industry in South Korea. Total loss to shareholders of 55% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share at 4.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Trailing yield: 4.7%. Within top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (4.6%). New Risk • Aug 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (₩92.5b market cap, or US$69.0m). New Risk • Aug 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 63% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 63% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩95.4b market cap, or US$71.2m). Annonce • Jul 14
A Plus Life Co., Ltd. agreed to acquire 28.35% stake in NanoEntek, Inc. (KOSDAQ:A039860) from SK Square Co., Ltd. (KOSE:A402340) for KRW 51.5 billion. A Plus Life Co., Ltd. agreed to acquire 28.35% stake in NanoEntek, Inc. (KOSDAQ:A039860) from SK Square Co., Ltd. (KOSE:A402340) for KRW 51.5 billion on July 12, 2023. As per the transaction, A Plus Life Co., Ltd. will acquire 7.6 million shares at KRW 6,776 per share. The transaction is expected to close on September 12, 2023. As of December 31, 2023, NanoEntek, Inc. generated total assets of KRW 63.3 billion, sales of KRW 35.2 billion and net income of KRW 4.6 billion. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩2,226 (vs ₩535 in FY 2021) Full year 2022 results: EPS: ₩2,226 (up from ₩535 in FY 2021). Revenue: ₩270.7b (up 4.9% from FY 2021). Net income: ₩50.3b (up 316% from FY 2021). Profit margin: 19% (up from 4.7% in FY 2021). Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 17% decline forecast for the Insurance industry in South Korea. Upcoming Dividend • Dec 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,600, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 6x in the Insurance industry in South Korea. Total loss to shareholders of 25% over the past year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 16% share price gain to ₩12,600, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 9x in the Insurance industry in South Korea. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improved over the past week After last week's 46% share price gain to ₩11,950, the stock trades at a trailing P/E ratio of 12.8x. Average forward P/E is 9x in the Insurance industry in South Korea. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₩9,770, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 8x in the Insurance industry in South Korea. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improved over the past week After last week's 29% share price gain to ₩9,350, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 7x in the Insurance industry in South Korea. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₩7,230, the stock is trading at a trailing P/E ratio of 8.9x, up from the previous P/E ratio of 7.7x. This compares to an average P/E of 7x in the Insurance industry in South Korea. Is New 90 Day High Low • Mar 11
New 90-day high: ₩7,230 The company is up 24% from its price of ₩5,850 on 11 December 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 10.0% over the same period. Annonce • Mar 06
Aplus Asset Advisor Co. Ltd, Annual General Meeting, Mar 30, 2021 Aplus Asset Advisor Co. Ltd, Annual General Meeting, Mar 30, 2021, at 09:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₩5,960, the stock is trading at a trailing P/E ratio of 7.3x, up from the previous P/E ratio of 6.1x. This compares to an average P/E of 6x in the Insurance industry in South Korea. 
