New Risk • May 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: 5.2% Last year net profit margin: 7.5% 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. Profit margins are more than 30% lower than last year (5.2% net profit margin). Market cap is less than US$100m (₩98.0b market cap, or US$65.0m). Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩11,050, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 19x in the Machinery industry in South Korea. Total loss to shareholders of 46% over the past three years. New Risk • Feb 23
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 High level of non-cash earnings (39% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩141.9b market cap, or US$98.2m). 공시 • Feb 20
DYPNF Co.,Ltd, Annual General Meeting, Mar 31, 2026 DYPNF Co.,Ltd, Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 39, magokjungang 8-ro 7-gil, gangseo-gu, seoul South Korea Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩16,700, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩20,800, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 19x in the Machinery industry in South Korea. Total loss to shareholders of 45% over the past three years. New Risk • May 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩17,800, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Machinery industry in South Korea. Total loss to shareholders of 53% over the past three years. Buy Or Sell Opportunity • Apr 09
Now 22% undervalued Over the last 90 days, the stock has risen 5.2% to ₩13,040. The fair value is estimated to be ₩16,627, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 89%. Revenue is forecast to grow by 0.4% in 2 years. Earnings are forecast to grow by 6.4% in the next 2 years. Reported Earnings • Mar 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩1,881 (up from ₩590 in FY 2023). Revenue: ₩281.0b (up 95% from FY 2023). Net income: ₩18.2b (up 219% from FY 2023). Profit margin: 6.5% (up from 4.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to stay flat during the next 2 years compared to a 15% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. 공시 • Mar 25
DYPNF Co.,Ltd (KOSDAQ:A104460) announces an Equity Buyback for KRW 3,000 million worth of its shares. DYPNF Co.,Ltd (KOSDAQ:A104460) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares, pursuant to a contract with Samsung Securities Co., Ltd. The purpose of the program is to stabilize stock price, shareholder value enhancement and treasury stock burn. The program will expire on September 25, 2025. As of March 24, 2025, the company had 1,047,603 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. 공시 • Feb 19
DYPNF Co.,Ltd, Annual General Meeting, Mar 31, 2025 DYPNF Co.,Ltd, Annual General Meeting, Mar 31, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 39, magokjungang 8-ro 7-gil, gangseo-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩14,550, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Machinery industry in South Korea. Total loss to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩12,630, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Machinery industry in South Korea. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩12,500, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Machinery industry in South Korea. Total loss to shareholders of 69% over the past three years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩430 (vs ₩166 in 3Q 2023) Third quarter 2024 results: EPS: ₩430 (up from ₩166 in 3Q 2023). Revenue: ₩62.8b (up 83% from 3Q 2023). Net income: ₩4.16b (up 160% from 3Q 2023). Profit margin: 6.6% (up from 4.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩9,680, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Machinery industry in South Korea. Total loss to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩11,350, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 13x in the Machinery industry in South Korea. Total loss to shareholders of 74% over the past three years. New Risk • Jul 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩129.1b (US$93.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩129.1b market cap, or US$93.4m). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩23,400, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Machinery industry in South Korea. Total loss to shareholders of 18% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 24 April 2024. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.3%). Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ₩69.00 (vs ₩287 loss in 1Q 2022) First quarter 2023 results: EPS: ₩69.00 (up from ₩287 loss in 1Q 2022). Revenue: ₩43.4b (up 114% from 1Q 2022). Net income: ₩663.6m (up ₩3.44b from 1Q 2022). Profit margin: 1.5% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 128 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.1%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩420 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 18% share price gain to ₩43,050, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total returns to shareholders of 900% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₩32,900, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 17x in the Machinery industry in South Korea. Total returns to shareholders of 933% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩2,716 (vs ₩2,212 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₩212.3b (up 28% from FY 2019). Net income: ₩26.0b (up 23% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 15
New 90-day high: ₩28,500 The company is up 65% from its price of ₩17,300 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 22% share price gain to ₩23,500, the stock is trading at a trailing P/E ratio of 10.4x, up from the previous P/E ratio of 8.5x. This compares to an average P/E of 26x in the Machinery industry in South Korea. Total returns to shareholders over the past three years are 550%. Is New 90 Day High Low • Jan 21
New 90-day high: ₩23,500 The company is up 37% from its price of ₩17,150 on 23 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ₩19,700 The company is up 18% from its price of ₩16,700 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is up 16% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩350 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 29th of December. The trailing yield of 1.9% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.8%). Is New 90 Day High Low • Dec 06
New 90-day high: ₩18,400 The company is up 3.0% from its price of ₩17,900 on 07 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 17% over the same period.