Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩12,800, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 36% over the past three years. New Risk • May 24
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: 3.5% Last year net profit margin: 8.3% 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 15% per year over the past 5 years. 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 (3.5% net profit margin). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩12,130, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total loss to shareholders of 6.0% over the past three years. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩15,680, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 11x in the Luxury industry in South Korea. Total returns to shareholders of 58% over the past three years. New Risk • Nov 19
New major risk - Revenue and earnings growth Earnings have declined by 1.3% 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 1.3% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩53.00 (vs ₩64.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩53.00 (down from ₩64.00 in 3Q 2024). Revenue: ₩124.3b (up 3.7% from 3Q 2024). Net income: ₩1.12b (down 18% from 3Q 2024). Profit margin: 0.9% (down from 1.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩11,740, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 25% over the past three years. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₩57.00 (vs ₩918 in 2Q 2024) Second quarter 2025 results: EPS: ₩57.00 (down from ₩918 in 2Q 2024). Revenue: ₩121.9b (down 1.6% from 2Q 2024). Net income: ₩1.21b (down 94% from 2Q 2024). Profit margin: 1.0% (down from 16% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩11,090, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 6.3% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 07 April 2025. Payout ratio is a comfortable 7.2% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.0%). Declared Dividend • Nov 27
Dividend of ₩100.00 announced Shareholders will receive a dividend of ₩100.00. Ex-date: 27th December 2024 Payment date: 7th April 2025 Dividend yield will be 1.3%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but not covered by cash flows (273% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 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. Reported Earnings • May 23
First quarter 2024 earnings released: EPS: ₩156 (vs ₩342 in 1Q 2023) First quarter 2024 results: EPS: ₩156 (down from ₩342 in 1Q 2023). Revenue: ₩135.8b (flat on 1Q 2023). Net income: ₩3.32b (down 57% from 1Q 2023). Profit margin: 2.4% (down from 5.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩360 (vs ₩5,047 in FY 2022) Full year 2023 results: EPS: ₩360 (down from ₩5,047 in FY 2022). Revenue: ₩539.4b (down 9.0% from FY 2022). Net income: ₩7.84b (down 93% from FY 2022). Profit margin: 1.5% (down from 19% in FY 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩9,720, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total returns to shareholders of 34% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 5.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.7%). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩3,383 (vs ₩6,516 in 1Q 2022) First quarter 2023 results: EPS: ₩3,383 (down from ₩6,516 in 1Q 2022). Revenue: ₩136.8b (down 18% from 1Q 2022). Net income: ₩7.75b (down 48% from 1Q 2022). Profit margin: 5.7% (down from 8.8% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩11,600, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total returns to shareholders of 119% over the past three years. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩50,474 (vs ₩27,763 in FY 2021) Full year 2022 results: EPS: ₩50,474 (up from ₩27,763 in FY 2021). Revenue: ₩593.1b (down 1.3% from FY 2021). Net income: ₩114.3b (up 82% from FY 2021). Profit margin: 19% (up from 11% in FY 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩124,400, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total returns to shareholders of 110% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩3,000 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 05 April 2023. Payout ratio is a comfortable 19% 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 (2.1%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: ₩2,721 loss per share (vs ₩5,072 profit in 3Q 2021) Third quarter 2022 results: ₩2,721 loss per share (down from ₩5,072 profit in 3Q 2021). Revenue: ₩131.7b (down 9.2% from 3Q 2021). Net loss: ₩6.16b (down 154% from profit in 3Q 2021). 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 10% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors 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. 1 highly experienced director. Chairman, Chief Executive Officer and General Director Young-Ho Kim was the last director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: ₩6,516 (vs ₩4,954 in 1Q 2021) First quarter 2022 results: EPS: ₩6,516 (up from ₩4,954 in 1Q 2021). Revenue: ₩167.0b (up 21% from 1Q 2021). Net income: ₩14.8b (up 32% from 1Q 2021). Profit margin: 8.8% (up from 8.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors 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. 1 highly experienced director. Chairman, Chief Executive Officer and General Director Young-Ho Kim was the last director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 16% share price gain to ₩119,000, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total returns to shareholders of 29% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 1.5%. 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 • Sep 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₩128,500, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total returns to shareholders of 27% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩4,428 (vs ₩3,084 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₩464.9b (down 6.3% from FY 2019). Net income: ₩10.0b (up 42% from FY 2019). Profit margin: 2.2% (up from 1.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. 공고 • Feb 19
Ilshin Spinning Co., Ltd, Annual General Meeting, Mar 25, 2021 Ilshin Spinning Co., Ltd, Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 06
New 90-day high: ₩86,500 The company is up 24% from its price of ₩69,600 on 08 October 2020. The South Korean market is also up 24% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Luxury industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: ₩79,700 The company is up 9.0% from its price of ₩73,200 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: ₩75,400 The company is up 14% from its price of ₩66,100 on 20 August 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 15% over the same period. 공고 • Jul 31
MBN Property and Human Holdings Co., Ltd entered into an agreement to acquire Ilshin Spinning Gwangju Factory 1 Real Estate from Ilshin Spinning Co., Ltd (KOSE:A003200) for approximately KRW 320 billion. MBN Property and Human Holdings Co., Ltd entered into an agreement to acquire Ilshin Spinning Gwangju Factory 1 Real Estate from Ilshin Spinning Co., Ltd (KOSE:A003200) for approximately KRW 320 billion on July 23, 2020. Under the terms, KRW 31.9 billion will be paid on July 23, 2020 and remaining KRW 287.1 billion on closing. The transaction is expected to close on June 30, 2021. WooDuk Accounting Corporation acted as evaluator in the transaction.