공시 • Mar 10
TBH Global Co., Ltd, Annual General Meeting, Mar 31, 2026 TBH Global Co., Ltd, Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 168, jungdae-ro, songpa-gu, seoul South Korea 공시 • Feb 20
TBH Global Co., Ltd (KOSE:A084870) announces an Equity Buyback for KRW 5,000 million worth of its shares. TBH Global Co., Ltd (KOSE:A084870) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with KB Securities Co., Ltd. The purpose of the program is to enhance shareholder value and stock price Stability. The program will expire on February 19, 2027. As of February 19, 2026, the company had 398,563 shares in treasury within scope available for dividend and had 0 shares under other acquisitions. Upcoming Dividend • Feb 19
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 30 April 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (2.5%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩138 loss per share (vs ₩132 loss in 3Q 2024) Third quarter 2025 results: ₩138 loss per share (further deteriorated from ₩132 loss in 3Q 2024). Revenue: ₩35.5b (up 12% from 3Q 2024). Net loss: ₩2.83b (loss widened 2.5% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₩177 (vs ₩100.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩177 (up from ₩100.00 in 2Q 2024). Revenue: ₩47.8b (down 4.1% from 2Q 2024). Net income: ₩3.68b (up 77% from 2Q 2024). Profit margin: 7.7% (up from 4.2% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Mar 30
New major risk - Revenue and earnings growth Revenue has declined by 9.5% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 9.5% over the past year. Minor Risks Dividend is not well covered by earnings (154% payout ratio). Market cap is less than US$100m (₩24.3b market cap, or US$16.5m). 공시 • Mar 10
TBH Global Co., Ltd (KOSE:A084870) announces an Equity Buyback for 448,028 shares, for KRW 500 million. TBH Global Co., Ltd (KOSE:A084870) announces a share repurchase program. Under the program, the company will repurchase up to 448,028 shares, for KRW 500 million. The shares will be repurchased at a price of KRW 1,116 per share. The purpose of the program is to promote stock price stability and enhance shareholder value. The program will expire on September 10, 2025. Upcoming Dividend • Feb 20
Upcoming dividend of ₩40.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 30 April 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.9%). 공시 • Feb 14
TBH Global Co., Ltd, Annual General Meeting, Mar 28, 2025 TBH Global Co., Ltd, Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 168, jungdae-ro, songpa-gu, seoul South Korea Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩1,403, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 34% over the past three years. New Risk • Nov 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (154% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (₩23.9b market cap, or US$17.1m). Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₩132 loss per share (vs ₩56.00 loss in 3Q 2023) Third quarter 2024 results: ₩132 loss per share (further deteriorated from ₩56.00 loss in 3Q 2023). Revenue: ₩31.8b (down 19% from 3Q 2023). Net loss: ₩2.76b (loss widened 137% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩1,138, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 54% over the past three years. New Risk • Aug 21
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: 1.2% Last year net profit margin: 3.9% 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 Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₩30.0b market cap, or US$22.5m). Upcoming Dividend • Feb 21
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.7%). Reported Earnings • Nov 17
Third quarter 2023 earnings released: ₩56.00 loss per share (vs ₩94.00 profit in 3Q 2022) Third quarter 2023 results: ₩56.00 loss per share (down from ₩94.00 profit in 3Q 2022). Revenue: ₩39.3b (down 5.9% from 3Q 2022). Net loss: ₩1.17b (down 159% from profit in 3Q 2022). Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩1,928, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 3.7% over the past three years. Buying Opportunity • Nov 13
Now 28% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩2,777, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Oct 23
Now 20% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be ₩2,740, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Sep 11
Now 20% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be ₩2,762, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jul 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be ₩2,341, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 19
Now 21% undervalued Over the last 90 days, the stock is up 1.3%. The fair value is estimated to be ₩2,365, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Jun 16
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: 11% 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 (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩39.5b market cap, or US$31.0m). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩30.00 (vs ₩89.00 in 1Q 2022) First quarter 2023 results: EPS: ₩30.00 (down from ₩89.00 in 1Q 2022). Revenue: ₩47.7b (up 18% from 1Q 2022). Net income: ₩627.6m (down 66% from 1Q 2022). Profit margin: 1.3% (down from 4.6% in 1Q 2022). Is New 90 Day High Low • Feb 24
New 90-day low: ₩1,655 The company is down 12% from its price of ₩1,875 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 20% over the same period. 공시 • Feb 11
TBH Global Co., Ltd, Annual General Meeting, Mar 26, 2021 TBH Global Co., Ltd, Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Location: Large conference room on the 2nd floor 456 Bongeunsa ro, Gangnam-gu, Seoul South Korea Is New 90 Day High Low • Oct 06
New 90-day high: ₩2,215 The company is up 30% from its price of ₩1,710 on 08 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 Luxury industry, which is up 6.0% over the same period.