New Risk • May 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩147.2b (US$98.8m) 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 9.8% 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. Market cap is less than US$100m (₩147.2b market cap, or US$98.8m). New Risk • Mar 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩144.7b (US$97.3m) 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 5.4% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (96% cash payout ratio). Profit margins are more than 30% lower than last year (4.4% net profit margin). Market cap is less than US$100m (₩144.7b market cap, or US$97.3m). Annonce • Feb 27
Sambo Corrugated Board Co., Ltd., Annual General Meeting, Mar 30, 2026 Sambo Corrugated Board Co., Ltd., Annual General Meeting, Mar 30, 2026, at 09:00 Tokyo Standard Time. Location: auditorium, 120, gongdan 1-daero 28beon-gil, gyeonggi-do, siheung South Korea Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩413 (vs ₩509 in 3Q 2024) Third quarter 2025 results: EPS: ₩413 (down from ₩509 in 3Q 2024). Revenue: ₩144.1b (up 3.3% from 3Q 2024). Net income: ₩6.58b (down 18% from 3Q 2024). Profit margin: 4.6% (down from 5.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Oct 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩143.7b (US$100.0m) 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 1.2% 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. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (₩143.7b market cap, or US$100.0m). Buy Or Sell Opportunity • Oct 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to ₩9,620. The fair value is estimated to be ₩12,090, 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 19%. New Risk • Aug 21
New major risk - Revenue and earnings growth Earnings have declined by 1.2% 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 1.2% 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. Profit margins are more than 30% lower than last year (4.7% net profit margin). New Risk • Mar 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.8% Last year net profit margin: 9.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.8% net profit margin). Market cap is less than US$100m (₩128.7b market cap, or US$87.8m). Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₩2,065 (vs ₩3,355 in FY 2023) Full year 2024 results: EPS: ₩2,065 (down from ₩3,355 in FY 2023). Revenue: ₩558.3b (flat on FY 2023). Net income: ₩32.5b (down 39% from FY 2023). Profit margin: 5.8% (down from 9.6% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Annonce • Feb 21
Sambo Corrugated Board Co., Ltd., Annual General Meeting, Mar 28, 2025 Sambo Corrugated Board Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 120, gongdan 1-daero 28beon-gil, gyeonggi-do, siheung South Korea Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩509 (vs ₩993 in 3Q 2023) Third quarter 2024 results: EPS: ₩509 (down from ₩993 in 3Q 2023). Revenue: ₩139.6b (down 1.5% from 3Q 2023). Net income: ₩8.01b (down 49% from 3Q 2023). Profit margin: 5.7% (down from 11% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. New Risk • Nov 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.9b (US$98.7m) 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: Minor Risks Dividend is not well covered by cash flows (117% cash payout ratio). Market cap is less than US$100m (₩137.9b market cap, or US$98.7m). New Risk • Sep 17
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 Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Dec 20
Upcoming dividend of ₩175 per share at 1.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 4.9% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). New Risk • Oct 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.4b (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: 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 (₩135.4b market cap, or US$99.7m). Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩811 (vs ₩767 in 1Q 2022) First quarter 2023 results: EPS: ₩811 (up from ₩767 in 1Q 2022). Revenue: ₩132.4b (down 5.7% from 1Q 2022). Net income: ₩13.0b (up 6.0% from 1Q 2022). Profit margin: 9.8% (up from 8.7% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩3,517 (vs ₩3,327 in FY 2021) Full year 2022 results: EPS: ₩3,517 (up from ₩3,327 in FY 2021). Revenue: ₩582.0b (up 9.0% from FY 2021). Net income: ₩56.2b (up 5.9% from FY 2021). Profit margin: 9.7% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩175 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 27 April 2023. Payout ratio is a comfortable 5.4% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.5%). Board Change • Nov 16
No independent directors 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. No independent directors (7 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: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors 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. No independent directors (7 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 15% share price gain to ₩18,450, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 13x in the Packaging industry in South Korea. Total returns to shareholders of 93% over the past three years. Annonce • Feb 20
Sambo Corrugated Board Co., Ltd., Annual General Meeting, Mar 29, 2021 Sambo Corrugated Board Co., Ltd., Annual General Meeting, Mar 29, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 15
New 90-day high: ₩13,500 The company is up 55% from its price of ₩8,710 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 32% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩125 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.0% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.1%). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 20% share price gain to ₩11,950, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 5.8x. This compares to an average P/E of 15x in the Packaging industry in South Korea. Total returns to shareholders over the past three years are 102%. Is New 90 Day High Low • Dec 16
New 90-day high: ₩11,000 The company is up 29% from its price of ₩8,500 on 17 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 22% share price gain to ₩10,850, the stock is trading at a trailing P/E ratio of 6.4x, up from the previous P/E ratio of 5.2x. This compares to an average P/E of 10x in the Packaging industry in South Korea. Total returns to shareholders over the past three years are 79%. Is New 90 Day High Low • Nov 09
New 90-day high: ₩8,900 The company is up 14% from its price of ₩7,840 on 11 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Packaging industry, which is also up 14% over the same period.