Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩6,160, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 20x in the Multiline Retail industry in South Korea. Total returns to shareholders of 205% over the past three years. Buy Or Sell Opportunity • Apr 03
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 80% to ₩4,980. The fair value is estimated to be ₩3,964, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. New Risk • Apr 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Annonce • Mar 13
VenueG Co., Ltd., Annual General Meeting, Mar 27, 2026 VenueG Co., Ltd., Annual General Meeting, Mar 27, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 388, gangseo-ro, gangseo-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩5,020, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 11x in the Multiline Retail industry in South Korea. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩5,020, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 13x in the Multiline Retail industry in South Korea. Total returns to shareholders of 146% over the past three years. New Risk • Feb 12
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 9.9% 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 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩3,705, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 9x in the Multiline Retail industry in South Korea. Total returns to shareholders of 84% over the past three years. Buy Or Sell Opportunity • Jan 23
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to ₩3,250. The fair value is estimated to be ₩2,523, however this is not to be taken as a sell 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 • Jan 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩3,195, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 9x in the Multiline Retail industry in South Korea. Total returns to shareholders of 56% over the past three years. Buy Or Sell Opportunity • Jan 09
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to ₩3,150. The fair value is estimated to be ₩2,480, however this is not to be taken as a sell 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 4.5% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (3.1%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩779 (vs ₩302 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩779 (up from ₩302 loss in 3Q 2024). Revenue: ₩10.7b (up 6.5% from 3Q 2024). Net income: ₩31.3b (up ₩43.5b from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to ₩2,400. The fair value is estimated to be ₩1,994, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years, while earnings per share has been flat. Declared Dividend • Nov 08
Dividend of ₩50.00 announced Dividend of ₩50.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 2.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (154% earnings payout ratio). However, it is well covered by cash flows (12% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 71% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Annonce • Nov 07
VenueG Co., Ltd. announces Annual dividend, payable on April 15, 2026 VenueG Co., Ltd. announced Annual dividend of KRW 50.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • Oct 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.3% to ₩2,405. The fair value is estimated to be ₩1,995, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Sep 05
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to ₩2,450. The fair value is estimated to be ₩1,995, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years, while earnings per share has been flat. New Risk • Apr 18
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 2.4% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Earnings have declined by 15% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩83.4b market cap, or US$58.7m). Annonce • Mar 12
VenueG Co., Ltd., Annual General Meeting, Mar 28, 2025 VenueG Co., Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 388, gangseo-ro, gangseo-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (4.4%). New Risk • Dec 07
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Market cap is less than US$100m (₩87.8b market cap, or US$61.7m). New Risk • Dec 02
New major risk - Revenue and earnings growth Earnings have declined by 4.3% 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 4.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (₩90.0b market cap, or US$64.1m). 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 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 (₩90.9b market cap, or US$69.0m). New Risk • Aug 31
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: 7.9% Last year net profit margin: 19% 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 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 (7.9% net profit margin). Market cap is less than US$100m (₩92.5b market cap, or US$69.3m). Annonce • Aug 07
VenueG Co., Ltd. announced that it has received KRW 20 billion in funding On August 6, 2024, VenueG Co., Ltd. closed the transaction. Upcoming Dividend • Dec 20
Upcoming dividend of ₩30.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (3.5%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.2%). 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 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. Board Change • Apr 27
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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 2.9% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 22% share price gain to ₩2,510, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 25x in the Multiline Retail industry in Asia. Total returns to shareholders of 97% over the past three years. Is New 90 Day High Low • Jan 21
New 90-day high: ₩1,910 The company is up 27% from its price of ₩1,500 on 23 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Multiline Retail industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₩1,780 The company is up 25% from its price of ₩1,420 on 25 September 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: ₩1,575 The company is up 9.0% from its price of ₩1,450 on 10 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 22% over the same period.