View Past PerformanceSGA SolutionsLtd バランスシートの健全性財務の健全性 基準チェック /26SGA SolutionsLtdの総株主資本は₩52.6B 、総負債は₩40.9Bで、負債比率は77.9%となります。総資産と総負債はそれぞれ₩147.2Bと₩94.6Bです。 SGA SolutionsLtdの EBIT は₩18.3Bで、利息カバレッジ比率6.7です。現金および短期投資は₩19.2Bです。主要情報77.85%負債資本比率₩40.92b負債インタレスト・カバレッジ・レシオ6.7x現金₩19.21bエクイティ₩52.56b負債合計₩94.61b総資産₩147.17b財務の健全性に関する最新情報分析記事 • Sep 19We Think SGA SolutionsLtd (KOSDAQ:184230) Has A Fair Chunk Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...分析記事 • Sep 10Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...分析記事 • Mar 03Is SGA SolutionsLtd (KOSDAQ:184230) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...分析記事 • Dec 01Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...すべての更新を表示Recent updatesNew Risk • May 31New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 22% 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 Risks Share price has been highly volatile over the past 3 months (22% average weekly change). High level of non-cash earnings (22% accrual ratio). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks High level of debt (41% net debt to equity). Market cap is less than US$100m (₩58.2b market cap, or US$38.6m).Valuation Update With 7 Day Price Move • May 29Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ₩3,190, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 13x in the Software industry in South Korea. Total loss to shareholders of 20% over the past three years.Valuation Update With 7 Day Price Move • Apr 29Investor sentiment deteriorates as stock falls 33%After last week's 33% share price decline to ₩717, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 14% over the past three years.New Risk • Apr 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 14% 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 Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (₩83.3b market cap, or US$56.4m).Valuation Update With 7 Day Price Move • Apr 15Investor sentiment improves as stock rises 37%After last week's 37% share price gain to ₩703, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 24% over the past three years.分析記事 • Nov 26There May Be Underlying Issues With The Quality Of SGA SolutionsLtd's (KOSDAQ:184230) EarningsSGA Solutions Co.,Ltd. ( KOSDAQ:184230 ) just reported some strong earnings, and the market reacted accordingly with a...New Risk • Nov 26New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₩63.3b market cap, or US$43.2m).New Risk • Nov 20New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩28b). Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₩61.0b market cap, or US$41.5m).分析記事 • Sep 19We Think SGA SolutionsLtd (KOSDAQ:184230) Has A Fair Chunk Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...New Risk • Aug 29New major risk - Revenue and earnings growthEarnings 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 Less than 1 year of cash runway based on current free cash flow (-₩28b). Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (₩55.7b market cap, or US$40.1m).お知らせ • Aug 27Asia Strategy Partners Llc agreed to acquire 19.49% stake in SGA Co,. Ltd (KOSDAQ:A049470) from Axis Investment Co., Ltd., SGA Futures Co., Ltd., SGA Solutions Co.,Ltd. (KOSDAQ:A184230) and Sga Holdings Co., Ltd. for KRW 28.7 billion.Asia Strategy Partners Llc agreed to acquire 19.49% stake in SGA Co,. Ltd (KOSDAQ:A049470) from Axis Investment Co., Ltd., SGA Futures Co., Ltd., SGA Solutions Co.,Ltd. (KOSDAQ:A184230) and Sga Holdings Co., Ltd. for KRW 28.7 billion on August 26, 2025. A cash consideration of KRW 28.64 billion will be paid by Asia Strategy Partners Llc. As part of consideration, KRW 28.64 billion is paid towards common equity of SGA Co,. Ltd. Before completion, Axis Investment Co., Ltd., held 2.56% stake, SGA Solutions Co.,Ltd. held 1.32% stake, Sga Holdings Co., Ltd. held 25.3% stake, SGA Futures Co., Ltd., held 5.8% stake in SGA Co,. Ltd . After completion, Sga Holdings Co., Ltd. will hold 11.15% stake and Asia Strategy Partners Llc will hold 19.49% stake in SGA Co,. Ltd. The expected completion of the transaction is September 10, 2025.分析記事 • Aug 14SGA Solutions Co.,Ltd. (KOSDAQ:184230) Might Not Be As Mispriced As It Looks After Plunging 25%KOSDAQ:A184230 1 Year Share Price vs Fair Value Explore SGA SolutionsLtd's Fair Values from the Community and select...お知らせ • Jul 23SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into agreement to acquire SGN Co., Ltd. from SGN Solutions Co., Ltd. and others for approximately KRW 480 million.SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into agreement to acquire SGN Co., Ltd. from SGN Solutions Co., Ltd. and others for approximately KRW 480 million on July 21, 2025. The consideration consists of 0.64 million common equity of SGA Solutions Co.,Ltd. at a ratio of 0.060098 per common equity of SGN Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of SGN Co., Ltd. The merger agreement date has been set as July 24, 2025. For the period ending December 31, 2024, SGN Co., Ltd. reported net loss of KRW 2.41 billion. As of December 31, 2024, SGN Co., Ltd. reported total assets of KRW 8.05 billion and total common equity of KRW 2.28 billion. The transaction is subject to approval of offer by acquirer shareholders. The expected completion of the transaction is October 1, 2025.New Risk • Jul 22New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.3% 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 Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩52.6b market cap, or US$37.9m).New Risk • Jul 02New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩46.6b market cap, or US$34.3m).分析記事 • Jun 11Market Still Lacking Some Conviction On SGA Solutions Co.,Ltd. (KOSDAQ:184230)When close to half the companies operating in the Software industry in Korea have price-to-sales ratios (or "P/S...お知らせ • Jun 05SGA Solutions Co.,Ltd. announced that it expects to receive KRW 4.999999781 billion in fundingSGA Solutions Co.,Ltd. announces a private placement to issue 12,106,537 common shares at a price of KRW 413 per share for gross proceeds of KRW 4,999,999,781 on June 5, 2025. Expected closing date of the issuance is June 13, 2025.お知らせ • Mar 13SGA Solutions Co.,Ltd., Annual General Meeting, Mar 28, 2025SGA Solutions Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: seminar room, 54, gwangjinmal-ro, gyeonggi-do, uiwang South Korea分析記事 • Jan 09SGA Solutions Co.,Ltd. (KOSDAQ:184230) Stock Rockets 27% But Many Are Still Ignoring The CompanySGA Solutions Co.,Ltd. ( KOSDAQ:184230 ) shareholders would be excited to see that the share price has had a great...New Risk • Dec 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩27b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₩27b free cash flow). Minor Risks Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩30.5b market cap, or US$21.7m).New Risk • Sep 17New major risk - Financial data availabilityThe 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 Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩31.2b market cap, or US$23.7m).分析記事 • Sep 10Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...New Risk • Jul 23New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.6% 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 Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩37.5b market cap, or US$27.1m).New Risk • May 30New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Over 9x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company.New Risk • Feb 27New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (₩46.0b market cap, or US$34.6m).お知らせ • Sep 05SGA Solutions Co.,Ltd. announced that it expects to receive KRW 1.12 billion in fundingSGA Solutions Co.,Ltd. announced a private placement to issue Series 7 Convertible bonds for the gross proceeds of KRW 1,120,000,000 on September 4, 2023. The transaction has been approved by the shareholders of the company. The shares are 100% convertible into 1,314,553 shares at a fised conversion price of KRW 852 per share.Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ₩1,095, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 21x in the Software industry in South Korea. Total returns to shareholders of 48% over the past three years.Valuation Update With 7 Day Price Move • Nov 11Investor sentiment improved over the past weekAfter last week's 19% share price gain to ₩897, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 34% over the past three years.お知らせ • Aug 03SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into an agreement to acquire 21.88% stake in VOICEYE, Inc from SGC Co., Ltd. for KRW 7.4 billion.SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into an agreement to acquire 21.88% stake in VOICEYE, Inc from SGC Co., Ltd. for KRW 7.4 billion on August 1, 2022. The transaction will be funded from internal reserve funds. SGA Solutions Co.,Ltd. (KOSDAQ:A184230) completed the acquisition of 21.88% stake in VOICEYE, Inc from SGC Co., Ltd. on August 1, 2022.Valuation Update With 7 Day Price Move • Nov 30Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to ₩1,100, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 25x in the Software industry in South Korea. Total loss to shareholders of 25% over the past three years.Valuation Update With 7 Day Price Move • Oct 06Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to ₩1,155, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 23x in the Software industry in South Korea. Total loss to shareholders of 35% over the past three years.Valuation Update With 7 Day Price Move • Jun 05Investor sentiment improved over the past weekAfter last week's 23% share price gain to ₩1,745, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 23x in the Software industry in South Korea. Total loss to shareholders of 26% over the past three years.分析記事 • Mar 03Is SGA SolutionsLtd (KOSDAQ:184230) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Is New 90 Day High Low • Mar 02New 90-day high: ₩1,470The company is up 12% from its price of ₩1,315 on 02 December 2020. The South Korean market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Software industry, which is up 8.0% over the same period.分析記事 • Dec 01Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Is New 90 Day High Low • Nov 24New 90-day high: ₩1,050The company is up 17% from its price of ₩899 on 27 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 Software industry, which is up 9.0% over the same period.お知らせ • Jul 17SGA Solutions Co.,Ltd. announced that it has received KRW 3 billion in fundingOn July 10, 2020, SGA Solutions Co.,Ltd. (KOSDAQ:A184230) closed the transaction.お知らせ • Jul 09SGA Solutions Co.,Ltd. announced that it expects to receive KRW 3 billion in fundingSGA Solutions Co.,Ltd. (KOSDAQ:A184230) announced a private placement of series 6 non-guaranteed private convertible bonds for gross proceeds of KRW 3,000,000,000 on July 8, 2020. The bonds carry a coupon rate of 2% and an interest rate of 3% and will mature on July 10, 2023. The bonds are convertible into 3,095,975 common shares at a conversion price of KRW 969 per share and the conversion period will start on July 10, 2021 and end on June 10, 2023. The transaction will include participation from Synergy-NH Mezzanine Blind No. 1 New Technology Business Fund for KRW 1,000,000,000, Synergy Mezzanine Blind No. 3 New Technology Business Fund for KRW 500,000,000, Synergy Mezzanine Blind No. 6 New Technology Business Fund for KRW 1,000,000,000 and Synergy Mezzanine Blind No. 7 New Technology Business Fund for KRW 500,000,000. The transaction has been approved by the board of directors of the company. The subscription and payment date of the transaction is July 10, 2020. The securities issued are subject to restriction period of one year from the date of issuance.財務状況分析短期負債: A184230の 短期資産 ( ₩39.6B ) は 短期負債 ( ₩43.6B ) をカバーしていません。長期負債: A184230の短期資産 ( ₩39.6B ) は 長期負債 ( ₩51.1B ) をカバーしていません。デット・ツー・エクイティの歴史と分析負債レベル: A184230の 純負債対資本比率 ( 41.3% ) は 高い と見なされます。負債の削減: A184230の負債対資本比率は、過去 5 年間で41.1%から77.9%に増加しました。債務返済能力: A184230の負債は 営業キャッシュフロー によって 十分にカバー されています ( 22.5% )。インタレストカバレッジ: A184230の負債に対する 利息支払い は EBIT ( 6.7 x coverage) によって 十分にカバーされています。貸借対照表健全な企業の発掘7D1Y7D1Y7D1YSoftware 業界の健全な企業。View Dividend企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/06/11 20:19終値2026/06/11 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋SGA Solutions Co.,Ltd. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
分析記事 • Sep 19We Think SGA SolutionsLtd (KOSDAQ:184230) Has A Fair Chunk Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
分析記事 • Sep 10Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
分析記事 • Mar 03Is SGA SolutionsLtd (KOSDAQ:184230) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
分析記事 • Dec 01Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
New Risk • May 31New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 22% 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 Risks Share price has been highly volatile over the past 3 months (22% average weekly change). High level of non-cash earnings (22% accrual ratio). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks High level of debt (41% net debt to equity). Market cap is less than US$100m (₩58.2b market cap, or US$38.6m).
Valuation Update With 7 Day Price Move • May 29Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ₩3,190, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 13x in the Software industry in South Korea. Total loss to shareholders of 20% over the past three years.
Valuation Update With 7 Day Price Move • Apr 29Investor sentiment deteriorates as stock falls 33%After last week's 33% share price decline to ₩717, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 14% over the past three years.
New Risk • Apr 16New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 14% 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 Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (₩83.3b market cap, or US$56.4m).
Valuation Update With 7 Day Price Move • Apr 15Investor sentiment improves as stock rises 37%After last week's 37% share price gain to ₩703, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 24% over the past three years.
分析記事 • Nov 26There May Be Underlying Issues With The Quality Of SGA SolutionsLtd's (KOSDAQ:184230) EarningsSGA Solutions Co.,Ltd. ( KOSDAQ:184230 ) just reported some strong earnings, and the market reacted accordingly with a...
New Risk • Nov 26New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₩63.3b market cap, or US$43.2m).
New Risk • Nov 20New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩28b). Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₩61.0b market cap, or US$41.5m).
分析記事 • Sep 19We Think SGA SolutionsLtd (KOSDAQ:184230) Has A Fair Chunk Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
New Risk • Aug 29New major risk - Revenue and earnings growthEarnings 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 Less than 1 year of cash runway based on current free cash flow (-₩28b). Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (₩55.7b market cap, or US$40.1m).
お知らせ • Aug 27Asia Strategy Partners Llc agreed to acquire 19.49% stake in SGA Co,. Ltd (KOSDAQ:A049470) from Axis Investment Co., Ltd., SGA Futures Co., Ltd., SGA Solutions Co.,Ltd. (KOSDAQ:A184230) and Sga Holdings Co., Ltd. for KRW 28.7 billion.Asia Strategy Partners Llc agreed to acquire 19.49% stake in SGA Co,. Ltd (KOSDAQ:A049470) from Axis Investment Co., Ltd., SGA Futures Co., Ltd., SGA Solutions Co.,Ltd. (KOSDAQ:A184230) and Sga Holdings Co., Ltd. for KRW 28.7 billion on August 26, 2025. A cash consideration of KRW 28.64 billion will be paid by Asia Strategy Partners Llc. As part of consideration, KRW 28.64 billion is paid towards common equity of SGA Co,. Ltd. Before completion, Axis Investment Co., Ltd., held 2.56% stake, SGA Solutions Co.,Ltd. held 1.32% stake, Sga Holdings Co., Ltd. held 25.3% stake, SGA Futures Co., Ltd., held 5.8% stake in SGA Co,. Ltd . After completion, Sga Holdings Co., Ltd. will hold 11.15% stake and Asia Strategy Partners Llc will hold 19.49% stake in SGA Co,. Ltd. The expected completion of the transaction is September 10, 2025.
分析記事 • Aug 14SGA Solutions Co.,Ltd. (KOSDAQ:184230) Might Not Be As Mispriced As It Looks After Plunging 25%KOSDAQ:A184230 1 Year Share Price vs Fair Value Explore SGA SolutionsLtd's Fair Values from the Community and select...
お知らせ • Jul 23SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into agreement to acquire SGN Co., Ltd. from SGN Solutions Co., Ltd. and others for approximately KRW 480 million.SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into agreement to acquire SGN Co., Ltd. from SGN Solutions Co., Ltd. and others for approximately KRW 480 million on July 21, 2025. The consideration consists of 0.64 million common equity of SGA Solutions Co.,Ltd. at a ratio of 0.060098 per common equity of SGN Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of SGN Co., Ltd. The merger agreement date has been set as July 24, 2025. For the period ending December 31, 2024, SGN Co., Ltd. reported net loss of KRW 2.41 billion. As of December 31, 2024, SGN Co., Ltd. reported total assets of KRW 8.05 billion and total common equity of KRW 2.28 billion. The transaction is subject to approval of offer by acquirer shareholders. The expected completion of the transaction is October 1, 2025.
New Risk • Jul 22New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.3% 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 Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩52.6b market cap, or US$37.9m).
New Risk • Jul 02New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩46.6b market cap, or US$34.3m).
分析記事 • Jun 11Market Still Lacking Some Conviction On SGA Solutions Co.,Ltd. (KOSDAQ:184230)When close to half the companies operating in the Software industry in Korea have price-to-sales ratios (or "P/S...
お知らせ • Jun 05SGA Solutions Co.,Ltd. announced that it expects to receive KRW 4.999999781 billion in fundingSGA Solutions Co.,Ltd. announces a private placement to issue 12,106,537 common shares at a price of KRW 413 per share for gross proceeds of KRW 4,999,999,781 on June 5, 2025. Expected closing date of the issuance is June 13, 2025.
お知らせ • Mar 13SGA Solutions Co.,Ltd., Annual General Meeting, Mar 28, 2025SGA Solutions Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: seminar room, 54, gwangjinmal-ro, gyeonggi-do, uiwang South Korea
分析記事 • Jan 09SGA Solutions Co.,Ltd. (KOSDAQ:184230) Stock Rockets 27% But Many Are Still Ignoring The CompanySGA Solutions Co.,Ltd. ( KOSDAQ:184230 ) shareholders would be excited to see that the share price has had a great...
New Risk • Dec 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩27b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₩27b free cash flow). Minor Risks Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩30.5b market cap, or US$21.7m).
New Risk • Sep 17New major risk - Financial data availabilityThe 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 Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩31.2b market cap, or US$23.7m).
分析記事 • Sep 10Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
New Risk • Jul 23New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.6% 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 Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩37.5b market cap, or US$27.1m).
New Risk • May 30New major risk - Shareholder dilutionThe company's shareholders have been substantially diluted in the past year. Over 9x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company.
New Risk • Feb 27New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (₩46.0b market cap, or US$34.6m).
お知らせ • Sep 05SGA Solutions Co.,Ltd. announced that it expects to receive KRW 1.12 billion in fundingSGA Solutions Co.,Ltd. announced a private placement to issue Series 7 Convertible bonds for the gross proceeds of KRW 1,120,000,000 on September 4, 2023. The transaction has been approved by the shareholders of the company. The shares are 100% convertible into 1,314,553 shares at a fised conversion price of KRW 852 per share.
Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ₩1,095, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 21x in the Software industry in South Korea. Total returns to shareholders of 48% over the past three years.
Valuation Update With 7 Day Price Move • Nov 11Investor sentiment improved over the past weekAfter last week's 19% share price gain to ₩897, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 34% over the past three years.
お知らせ • Aug 03SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into an agreement to acquire 21.88% stake in VOICEYE, Inc from SGC Co., Ltd. for KRW 7.4 billion.SGA Solutions Co.,Ltd. (KOSDAQ:A184230) entered into an agreement to acquire 21.88% stake in VOICEYE, Inc from SGC Co., Ltd. for KRW 7.4 billion on August 1, 2022. The transaction will be funded from internal reserve funds. SGA Solutions Co.,Ltd. (KOSDAQ:A184230) completed the acquisition of 21.88% stake in VOICEYE, Inc from SGC Co., Ltd. on August 1, 2022.
Valuation Update With 7 Day Price Move • Nov 30Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to ₩1,100, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 25x in the Software industry in South Korea. Total loss to shareholders of 25% over the past three years.
Valuation Update With 7 Day Price Move • Oct 06Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to ₩1,155, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 23x in the Software industry in South Korea. Total loss to shareholders of 35% over the past three years.
Valuation Update With 7 Day Price Move • Jun 05Investor sentiment improved over the past weekAfter last week's 23% share price gain to ₩1,745, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 23x in the Software industry in South Korea. Total loss to shareholders of 26% over the past three years.
分析記事 • Mar 03Is SGA SolutionsLtd (KOSDAQ:184230) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Is New 90 Day High Low • Mar 02New 90-day high: ₩1,470The company is up 12% from its price of ₩1,315 on 02 December 2020. The South Korean market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Software industry, which is up 8.0% over the same period.
分析記事 • Dec 01Is SGA SolutionsLtd (KOSDAQ:184230) A Risky Investment?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Is New 90 Day High Low • Nov 24New 90-day high: ₩1,050The company is up 17% from its price of ₩899 on 27 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 Software industry, which is up 9.0% over the same period.
お知らせ • Jul 17SGA Solutions Co.,Ltd. announced that it has received KRW 3 billion in fundingOn July 10, 2020, SGA Solutions Co.,Ltd. (KOSDAQ:A184230) closed the transaction.
お知らせ • Jul 09SGA Solutions Co.,Ltd. announced that it expects to receive KRW 3 billion in fundingSGA Solutions Co.,Ltd. (KOSDAQ:A184230) announced a private placement of series 6 non-guaranteed private convertible bonds for gross proceeds of KRW 3,000,000,000 on July 8, 2020. The bonds carry a coupon rate of 2% and an interest rate of 3% and will mature on July 10, 2023. The bonds are convertible into 3,095,975 common shares at a conversion price of KRW 969 per share and the conversion period will start on July 10, 2021 and end on June 10, 2023. The transaction will include participation from Synergy-NH Mezzanine Blind No. 1 New Technology Business Fund for KRW 1,000,000,000, Synergy Mezzanine Blind No. 3 New Technology Business Fund for KRW 500,000,000, Synergy Mezzanine Blind No. 6 New Technology Business Fund for KRW 1,000,000,000 and Synergy Mezzanine Blind No. 7 New Technology Business Fund for KRW 500,000,000. The transaction has been approved by the board of directors of the company. The subscription and payment date of the transaction is July 10, 2020. The securities issued are subject to restriction period of one year from the date of issuance.