Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: ₩622 (vs ₩923 in FY 2024) Full year 2025 results: EPS: ₩622 (down from ₩923 in FY 2024). Revenue: ₩102.7b (down 1.2% from FY 2024). Net income: ₩6.78b (down 33% from FY 2024). Profit margin: 6.6% (down from 9.8% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 23% per year. 공고 • Mar 07
DRGEM Corporation, Annual General Meeting, Mar 23, 2026 DRGEM Corporation, Annual General Meeting, Mar 23, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 60, haan-ro, gyeonggi-do, gwangmyeong South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩160 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.1%). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩183 (vs ₩91.00 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩183 (up from ₩91.00 loss in 3Q 2024). Revenue: ₩24.4b (flat on 3Q 2024). Net income: ₩2.00b (up ₩3.00b from 3Q 2024). Profit margin: 8.2% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 08
Dividend of ₩160 announced Dividend of ₩160 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 3.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 21% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 62% to shift the payout ratio to a potentially unsustainable range, which is more than the 24% EPS decline seen over the last 5 years. 공고 • Nov 07
DRGEM Corporation announces Annual dividend, payable on April 27, 2026 DRGEM Corporation announced Annual dividend of KRW 160.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩6,510, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 21x in the Medical Equipment industry in South Korea. Total loss to shareholders of 23% over the past three years. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩83.00 (vs ₩306 in 2Q 2024) Second quarter 2025 results: EPS: ₩83.00 (down from ₩306 in 2Q 2024). Revenue: ₩27.2b (flat on 2Q 2024). Net income: ₩906.0m (down 73% from 2Q 2024). Profit margin: 3.3% (down from 12% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. 공고 • Mar 14
DRGEM Corporation, Annual General Meeting, Mar 31, 2025 DRGEM Corporation, Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 60, haan-ro, gyeonggi-do, gwangmyeong South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩180 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.4%). Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₩91.00 loss per share (vs ₩242 profit in 3Q 2023) Third quarter 2024 results: ₩91.00 loss per share (down from ₩242 profit in 3Q 2023). Revenue: ₩24.3b (down 11% from 3Q 2023). Net loss: ₩1.00b (down 138% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 4.7% 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 Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩58.8b market cap, or US$42.2m). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩5,420, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 12x in the Medical Equipment industry in South Korea. Total loss to shareholders of 53% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₩306 (vs ₩359 in 2Q 2023) Second quarter 2024 results: EPS: ₩306 (down from ₩359 in 2Q 2023). Revenue: ₩27.4b (down 5.3% from 2Q 2023). Net income: ₩3.37b (down 15% from 2Q 2023). Profit margin: 12% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩834 (vs ₩1,306 in FY 2022) Full year 2023 results: EPS: ₩834 (down from ₩1,306 in FY 2022). Revenue: ₩112.9b (up 2.5% from FY 2022). Net income: ₩9.19b (down 36% from FY 2022). Profit margin: 8.1% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩317 per share at 3.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 25 April 2024. Payout ratio is a comfortable 51% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩242 (vs ₩771 in 3Q 2022) Third quarter 2023 results: EPS: ₩242 (down from ₩771 in 3Q 2022). Revenue: ₩27.4b (down 9.8% from 3Q 2022). Net income: ₩2.67b (down 69% from 3Q 2022). Profit margin: 9.7% (down from 28% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ₩217 (vs ₩319 in 1Q 2022) First quarter 2023 results: EPS: ₩217 (down from ₩319 in 1Q 2022). Revenue: ₩24.7b (up 3.7% from 1Q 2022). Net income: ₩2.39b (down 32% from 1Q 2022). Profit margin: 9.7% (down from 15% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩1,306 (vs ₩1,123 in FY 2021) Full year 2022 results: EPS: ₩1,306 (up from ₩1,123 in FY 2021). Revenue: ₩110.2b (up 28% from FY 2021). Net income: ₩14.4b (up 15% from FY 2021). Profit margin: 13% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩140 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. Payout ratio is a comfortable 7.5% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩8,760, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 15x in the Medical Equipment industry in South Korea. Total returns to shareholders of 25% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 17% share price gain to ₩13,650, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 18x in the Medical Equipment industry in South Korea. Total returns to shareholders of 159% over the past year. Is New 90 Day High Low • Feb 24
New 90-day low: ₩13,650 The company is down 12% from its price of ₩15,600 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 Medical Equipment industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 28
New 90-day low: ₩15,050 The company is down 5.0% from its price of ₩15,800 on 30 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 9.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩50.00 Per Share Will be paid on the 23rd of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.3% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (0.7%). Is New 90 Day High Low • Nov 13
New 90-day low: ₩15,650 The company is down 24% from its price of ₩20,600 on 14 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: ₩15,950 The company is down 22% from its price of ₩20,450 on 29 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: ₩16,950 The company is down 5.0% from its price of ₩17,800 on 24 June 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 24% over the same period.