New Risk • May 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩148.7b (US$99.1m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). 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 (₩148.7b market cap, or US$99.1m). New Risk • Mar 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩150.3b (US$99.8m) 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). 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 (₩150.3b market cap, or US$99.8m). Reported Earnings • Mar 18
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: ₩544 loss per share (down from ₩361 profit in FY 2024). Revenue: ₩731.6b (down 9.9% from FY 2024). Net loss: ₩33.9b (down 251% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 108%. Revenue is forecast to stay flat during the next 2 years compared to a 8.3% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 23
Dividend increased to ₩125 Dividend of ₩125 is 25% higher than last year. Ex-date: 9th March 2026 Payment date: 1st January 1970 Dividend yield will be 5.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. New Risk • Jan 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.6b (US$99.8m) 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). 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 (₩146.6b market cap, or US$99.8m). New Risk • Aug 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 228% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.7% 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 Risks Interest payments are not well covered by earnings (0.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 228% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₩361 (up from ₩353 loss in FY 2023). Revenue: ₩811.7b (up 5.6% from FY 2023). Net income: ₩22.5b (up ₩44.5b from FY 2023). Profit margin: 2.8% (up from net loss in FY 2023). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 26
Price target decreased by 8.0% to ₩4,000 Down from ₩4,350, the current price target is provided by 1 analyst. New target price is 45% above last closing price of ₩2,765. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₩420 next year compared to a net loss per share of ₩353 last year. Major Estimate Revision • Dec 12
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩532 to ₩420 per share. Revenue forecast steady at ₩827.1m. Net income forecast to grow 1,376% next year vs 34% growth forecast for Forestry industry in South Korea. Consensus price target of ₩4,500 unchanged from last update. Share price fell 4.0% to ₩2,430 over the past week. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩105 (vs ₩165 loss in 3Q 2023) Third quarter 2024 results: EPS: ₩105 (up from ₩165 loss in 3Q 2023). Revenue: ₩210.2b (up 19% from 3Q 2023). Net income: ₩6.52b (up ₩16.8b from 3Q 2023). Profit margin: 3.1% (up from net loss in 3Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. 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. Buy Or Sell Opportunity • Aug 02
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ₩3,110. The fair value is estimated to be ₩3,959, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 20
Full year 2023 earnings released: ₩353 loss per share (vs ₩721 profit in FY 2022) Full year 2023 results: ₩353 loss per share (down from ₩721 profit in FY 2022). Revenue: ₩768.9b (flat on FY 2022). Net loss: ₩22.0b (down 149% from profit in FY 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Annonce • Mar 01
Moorim P&P Co., Ltd., Annual General Meeting, Mar 25, 2024 Moorim P&P Co., Ltd., Annual General Meeting, Mar 25, 2024, at 15:00 Korea Standard Time. Location: 3-36, Ubonggangyang-ro, Onsan-eup, Ulju-gun, Ulsan a rooftop hall at the paper mill in the headquarters Ulsan South Korea Agenda: To consider and approve the Approval of the 50th (January 1~December 31, 2023) financial statement (including surplus appropriation statement (draft)); to consider and approve the Changes in some Articles; to consider and approve the Appointment of inside director Lee Do-gyun; and to consider other matters. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share at 4.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is on the higher end at 96% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (4.0%). New Risk • Nov 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% 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 Risks Interest payments are not well covered by earnings (1.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩86.00 (vs ₩68.00 in 1Q 2022) First quarter 2023 results: EPS: ₩86.00 (up from ₩68.00 in 1Q 2022). Revenue: ₩200.9b (up 24% from 1Q 2022). Net income: ₩5.34b (up 27% from 1Q 2022). Profit margin: 2.7% (up from 2.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Forestry industry in Asia are expected to grow by 8.7%. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₩721 (up from ₩298 in FY 2021). Revenue: ₩774.1b (up 26% from FY 2021). Net income: ₩44.9b (up 142% from FY 2021). Profit margin: 5.8% (up from 3.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 64%. Revenue is expected to decline by 2.4% p.a. on average during the next 2 years, while revenues in the Forestry industry in Asia are expected to grow by 8.3%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩125 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 05 April 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.4%). Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ₩282 (vs ₩60.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩282 (up from ₩60.00 in 3Q 2021). Revenue: ₩220.6b (up 52% from 3Q 2021). Net income: ₩17.6b (up 372% from 3Q 2021). Profit margin: 8.0% (up from 2.6% in 3Q 2021). Revenue is forecast to stay flat during the next 3 years compared to a 12% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. 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. 4 experienced directors. No highly experienced directors. No independent directors (4 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 • Nov 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,880, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Forestry industry in Asia. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,085, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Forestry industry in Asia. Total loss to shareholders of 16% over the past three years. Price Target Changed • Apr 27
Price target decreased to ₩7,000 Down from ₩8,400, the current price target is provided by 1 analyst. New target price is 38% above last closing price of ₩5,070. Stock is down 2.1% over the past year. The company is forecast to post earnings per share of ₩539 for next year compared to ₩298 last year. 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. 4 experienced directors. No highly experienced directors. No independent directors (4 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩125 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 06 April 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.0%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.8%). Price Target Changed • May 20
Price target increased to ₩7,600 Up from ₩7,000, the current price target is provided by 1 analyst. New target price is 41% above last closing price of ₩5,390. Stock is up 75% over the past year. Is New 90 Day High Low • Feb 17
New 90-day high: ₩5,590 The company is up 73% from its price of ₩3,240 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: ₩4,950 The company is up 56% from its price of ₩3,180 on 29 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 27% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: ₩4,115 The company is up 27% from its price of ₩3,250 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Forestry industry, which is up 18% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩175 Per Share Will be paid on the 14th of April to those who are registered shareholders by the 29th of December. The trailing yield of 4.9% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (1.7%). Is New 90 Day High Low • Dec 11
New 90-day high: ₩3,855 The company is up 20% from its price of ₩3,210 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: ₩3,355 The company is up 12% from its price of ₩3,005 on 26 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 5.0% over the same period. Major Estimate Revision • Nov 20
Analysts lower revenue estimates to ₩534.0m The 2020 consensus revenue estimate decreased from ₩600.0m. Analysts now expect the company to report a loss instead of a profit, lowering their earnings per share (EPS) estimate from ₩201 to -₩121 for the same period. The Forestry industry in South Korea is expected to see an average net income growth of 26% next year. The consensus price target of ₩3,500 was unchanged from the last update. Share price is down by 1.4% to ₩3,245 over the past week. Annonce • Sep 21
Moorim P&P Co., Ltd.(KOSE:A009580) dropped from S&P Global BMI Index Moorim P&P Co., Ltd.(KOSE:A009580) dropped from S&P Global BMI Index 
