Declared Dividend • Feb 23
Dividend increased to ₩15.00 Dividend of ₩15.00 is 50% higher than last year. Ex-date: 9th March 2026 Payment date: 1st January 1970 Dividend yield will be 1.0%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has 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 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 48% to shift the payout ratio to a potentially unsustainable range, which is more than the 25% EPS decline seen over the last 5 years. New Risk • Nov 27
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: 0.2% Last year net profit margin: 2.7% 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: Major Risk Earnings have declined by 3.5% 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 (0.2% net profit margin). Market cap is less than US$100m (₩32.9b market cap, or US$22.5m). New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risk Market cap is less than US$100m (₩35.6b market cap, or US$25.6m). New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings have declined by 10% 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 10% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩35.2b market cap, or US$25.3m). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: ₩149 (vs ₩261 loss in FY 2023) Full year 2024 results: EPS: ₩149 (up from ₩261 loss in FY 2023). Revenue: ₩176.9b (up 9.1% from FY 2023). Net income: ₩3.31b (up ₩9.10b from FY 2023). Profit margin: 1.9% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩1,367, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 7x in the Forestry industry in South Korea. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩1,623, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 6x in the Forestry industry in South Korea. Total loss to shareholders of 50% over the past three years. Buy Or Sell Opportunity • Aug 05
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to ₩1,540. The fair value is estimated to be ₩2,094, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 20
Full year 2023 earnings released: ₩261 loss per share (vs ₩397 loss in FY 2022) Full year 2023 results: ₩261 loss per share (improved from ₩397 loss in FY 2022). Revenue: ₩162.1b (up 5.6% from FY 2022). Net loss: ₩5.79b (loss narrowed 34% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 20
Upcoming dividend of ₩15.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (4.0%). Reported Earnings • Mar 26
Full year 2022 earnings released: ₩397 loss per share (vs ₩190 profit in FY 2021) Full year 2022 results: ₩397 loss per share (down from ₩190 profit in FY 2021). Revenue: ₩153.5b (up 16% from FY 2021). Net loss: ₩8.79b (down 310% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩25.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 05 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). 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. 3 experienced directors. No highly experienced directors. No 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: 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. 3 experienced directors. No highly experienced directors. No 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₩3,935, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 15x in the Forestry industry in South Korea. Total returns to shareholders of 41% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩25.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 06 April 2022. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Is New 90 Day High Low • Jan 19
New 90-day high: ₩4,095 The company is up 69% from its price of ₩2,430 on 21 October 2020. The South Korean market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 30% share price gain to ₩4,095, the stock is trading at a trailing P/E ratio of 44.7x, up from the previous P/E ratio of 34.5x. This compares to an average P/E of 18x in the Forestry industry in South Korea. Total returns to shareholders over the past three years are 50%. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩35.00 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 1.1% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (1.7%). Is New 90 Day High Low • Dec 08
New 90-day high: ₩3,025 The company is up 39% from its price of ₩2,180 on 09 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 10.0% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 28% share price gain to ₩3,025, the stock is trading at a trailing P/E ratio of 33x, up from the previous P/E ratio of 25.8x. This compares to an average P/E of 17x in the Forestry industry in South Korea. Total returns to shareholders over the past three years are 7.8%. Is New 90 Day High Low • Nov 03
New 90-day high: ₩2,475 The company is up 28% from its price of ₩1,930 on 05 August 2020. The South Korean market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₩2,325 The company is up 19% from its price of ₩1,950 on 16 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is flat over the same period.