New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 2.7% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 2.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩134.3b market cap, or US$88.4m). 공시 • Mar 17
Mona Yongpyong Co.,Ltd, Annual General Meeting, Mar 31, 2026 Mona Yongpyong Co.,Ltd, Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: grand ballroom, 715, olympic-ro, daegwanryeong-myeon, pyeongchang-gun, gangwon-do, South Korea New Risk • Mar 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.5b (US$92.7m) 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: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (₩135.5b market cap, or US$92.7m). Buy Or Sell Opportunity • Dec 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ₩3,305. The fair value is estimated to be ₩4,136, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 165% in the next 2 years. Buy Or Sell Opportunity • Nov 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₩3,305. The fair value is estimated to be ₩4,136, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 165% in the next 2 years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩3.00 loss per share (vs ₩145 profit in 3Q 2024) Third quarter 2025 results: ₩3.00 loss per share (down from ₩145 profit in 3Q 2024). Revenue: ₩48.1b (down 37% from 3Q 2024). Net loss: ₩144.8m (down 102% from profit in 3Q 2024). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Hospitality industry in South Korea. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to ₩3,295. The fair value is estimated to be ₩4,136, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.5% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩3,395, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Hospitality industry in South Korea. Total returns to shareholders of 3.0% over the past three years. New Risk • Apr 01
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: 3.0% Last year net profit margin: 4.7% 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 Risks Interest payments are not well covered by earnings (2.5x net interest cover). High level of non-cash earnings (32% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (3.0% net profit margin). Major Estimate Revision • Mar 27
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩366.6m to ₩285.0m. EPS estimate fell from ₩674 to ₩430 per share. Net income forecast to shrink 0.1% next year vs 47% growth forecast for Hospitality industry in South Korea . Consensus price target of ₩5,400 unchanged from last update. Share price fell 3.2% to ₩3,750 over the past week. 공시 • Mar 15
Mona Yongpyong Co.,Ltd, Annual General Meeting, Mar 31, 2025 Mona Yongpyong Co.,Ltd, Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 715, olympic-ro, daegwanryeong-myeon, pyeongchang-gun, gangwon-do, South Korea Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,755, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Hospitality industry in South Korea. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,370, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Hospitality industry in South Korea. Total loss to shareholders of 28% over the past three years. New Risk • Dec 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.3b (US$98.2m) 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (₩139.3b market cap, or US$98.2m). New Risk • Nov 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (23% accrual ratio). Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩3,080, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Hospitality industry in South Korea. Total loss to shareholders of 45% over the past three years. New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.2% 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. This is currently the only risk that has been identified for the company. 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,710, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 10x in the Hospitality industry in South Korea. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,655, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 12x in the Hospitality industry in South Korea. Total loss to shareholders of 40% over the past three years. 공시 • May 22
HJ Magnolia Yongpyong Hotel & Resort (KOSE:A070960) announces an Equity Buyback for KRW 3,000 million worth of its shares. HJ Magnolia Yongpyong Hotel & Resort (KOSE:A070960) 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 Shinhan Investment & Securities Co., Ltd. The purpose of the program is to stabilize stock price and enhance the shareholder value. The program will expire on November 26, 2024. As of May 20, 2024, the company had no shares in treasury within scope available for dividend and under other capacities. New Risk • Apr 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.7b (US$99.2m) 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩75.00 (vs ₩28.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩75.00 (up from ₩28.00 in 3Q 2022). Revenue: ₩51.9b (up 34% from 3Q 2022). Net income: ₩3.62b (up 171% from 3Q 2022). Profit margin: 7.0% (up from 3.4% in 3Q 2022). 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 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩28.00 (vs ₩5.00 loss in 3Q 2021) Third quarter 2022 results: EPS: ₩28.00 (up from ₩5.00 loss in 3Q 2021). Revenue: ₩38.7b (up 7.5% from 3Q 2021). Net income: ₩1.34b (up ₩1.60b from 3Q 2021). Profit margin: 3.4% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩4,620, the stock trades at a trailing P/E ratio of 49.5x. Average forward P/E is 25x in the Hospitality industry in South Korea. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 21
Third quarter 2021 earnings released: ₩5.00 loss per share (vs ₩2.00 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₩36.0b (down 12% from 3Q 2020). Net loss: ₩263.4m (down 372% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. 공시 • Mar 12
HJ Magnolia Yongpyong Hotel & Resort, Annual General Meeting, Mar 26, 2021 HJ Magnolia Yongpyong Hotel & Resort, Annual General Meeting, Mar 26, 2021, at 10:00 Yakutsk Standard Time. Is New 90 Day High Low • Feb 22
New 90-day high: ₩4,710 The company is up 6.0% from its price of ₩4,440 on 24 November 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: ₩4,440 The company is up 14% from its price of ₩3,900 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 Hospitality industry, which is up 7.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩3,830 The company is down 6.0% from its price of ₩4,060 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 2.0% over the same period. 
