Buy Or Sell Opportunity • May 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to ₩9,510. The fair value is estimated to be ₩11,936, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 29%. Buy Or Sell Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock has risen 12% to ₩9,520. The fair value is estimated to be ₩11,941, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 29%. New Risk • Mar 27
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: 3.8% Last year net profit margin: 8.0% 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 22% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (₩73.0b market cap, or US$48.3m). 공시 • Mar 13
Daelim Paper Co.,Ltd., Annual General Meeting, Mar 26, 2026 Daelim Paper Co.,Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 169, hwangsae-ro, gyeonggi-do, osan South Korea Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩10,010, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 12x in the Packaging industry in South Korea. Total returns to shareholders of 14% over the past three years. New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 20% 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 20% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.8% net profit margin). Market cap is less than US$100m (₩54.5b market cap, or US$39.7m). 공시 • Mar 15
Daelim Paper Co.,Ltd., Annual General Meeting, Mar 28, 2025 Daelim Paper Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 169, hwangsae-ro, gyeonggi-do, osan South Korea Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩152 (vs ₩588 in 3Q 2023) Third quarter 2024 results: EPS: ₩152 (down from ₩588 in 3Q 2023). Revenue: ₩42.6b (up 3.9% from 3Q 2023). Net income: ₩1.26b (down 75% from 3Q 2023). Profit margin: 3.0% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. 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 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 (₩60.0b market cap, or US$45.6m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 4.2% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.6%). Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩640 (vs ₩622 in 1Q 2022) First quarter 2023 results: EPS: ₩640 (up from ₩622 in 1Q 2022). Revenue: ₩41.5b (down 19% from 1Q 2022). Net income: ₩5.62b (flat on 1Q 2022). Profit margin: 14% (up from 11% in 1Q 2022). The increase in margin was driven by lower expenses. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.5%). Upcoming Dividend • Dec 22
Inaugural dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for Daelim PaperLtd since going public. The average dividend yield among industry peers is 1.4%. Is New 90 Day High Low • Feb 22
New 90-day high: ₩14,300 The company is up 67% from its price of ₩8,560 on 24 November 2020. The South Korean market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 33% over the same period. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₩13,750, the stock is trading at a trailing P/E ratio of 9.7x, up from the previous P/E ratio of 8.1x. This compares to an average P/E of 14x in the Packaging industry in South Korea. Total returns to shareholders over the past three years are 143%. Is New 90 Day High Low • Feb 02
New 90-day high: ₩11,200 The company is up 38% from its price of ₩8,110 on 04 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 33% over the same period. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 16% share price gain to ₩11,150, the stock is trading at a trailing P/E ratio of 7.8x, up from the previous P/E ratio of 6.7x. This compares to an average P/E of 12x in the Packaging industry in South Korea. Total returns to shareholders over the past three years are 110%. Is New 90 Day High Low • Jan 11
New 90-day high: ₩10,800 The company is up 44% from its price of ₩7,490 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 17% share price gain to ₩10,050, the stock is trading at a trailing P/E ratio of 7.1x, up from the previous P/E ratio of 6x. This compares to an average P/E of 10x in the Packaging industry in South Korea. Total returns to shareholders over the past three years are 84%. Is New 90 Day High Low • Nov 04
New 90-day high: ₩8,110 The company is up 19% from its price of ₩6,790 on 06 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 19
New 90-day high: ₩7,870 The company is up 9.0% from its price of ₩7,200 on 21 July 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 Packaging industry, which is up 13% over the same period.