New Risk • Jun 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩154.9b (US$99.3m) 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: 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 (2.5% net profit margin). Market cap is less than US$100m (₩154.9b market cap, or US$99.3m). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩804 (vs ₩1,750 in FY 2024) Full year 2025 results: EPS: ₩804 (down from ₩1,750 in FY 2024). Revenue: ₩771.1b (down 2.9% from FY 2024). Net income: ₩16.5b (down 54% from FY 2024). Profit margin: 2.1% (down from 4.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. 공고 • Mar 06
NOROO Paint & Coatings Co., Ltd., Annual General Meeting, Mar 20, 2026 NOROO Paint & Coatings Co., Ltd., Annual General Meeting, Mar 20, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 351, bakdal-ro, manan-gu, gyeonggi-do, anyang South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩7,700, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 8.6% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.3%). Declared Dividend • Nov 08
Dividend of ₩350 announced Dividend of ₩350 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 4.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공고 • Nov 07
NOROO PAINT & COATINGS Co., Ltd. announces Annual dividend, payable on April 20, 2026 NOROO PAINT & COATINGS Co., Ltd. announced Annual dividend of KRW 350.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • Sep 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.8% to ₩9,930. The fair value is estimated to be ₩8,146, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩279 (vs ₩743 in 2Q 2024) Second quarter 2025 results: EPS: ₩279 (down from ₩743 in 2Q 2024). Revenue: ₩224.4b (down 2.3% from 2Q 2024). Net income: ₩5.72b (down 62% from 2Q 2024). Profit margin: 2.5% (down from 6.6% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩147.2b (US$99.7m) 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩1,750 (vs ₩1,476 in FY 2023) Full year 2024 results: EPS: ₩1,750 (up from ₩1,476 in FY 2023). Revenue: ₩793.8b (up 1.7% from FY 2023). Net income: ₩35.8b (up 19% from FY 2023). Profit margin: 4.5% (up from 3.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. 공고 • Mar 05
NOROO PAINT & COATINGS Co., Ltd., Annual General Meeting, Mar 21, 2025 NOROO PAINT & COATINGS Co., Ltd., Annual General Meeting, Mar 21, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 351, bakdal-ro, manan-gu, gyeonggi-do, anyang South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩325 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.2%). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩1,454 (vs ₩587 in FY 2022) Full year 2023 results: EPS: ₩1,454 (up from ₩587 in FY 2022). Revenue: ₩780.5b (up 4.5% from FY 2022). Net income: ₩29.8b (up 147% from FY 2022). Profit margin: 3.8% (up from 1.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Feb 08
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 9.0% 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩11,370, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩275 per share at 2.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). New Risk • Sep 11
New major risk - Revenue and earnings growth Earnings have declined by 0.4% 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 0.4% 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. Large one-off items impacting financial results. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩564 (vs ₩706 in FY 2021) Full year 2022 results: EPS: ₩564 (down from ₩706 in FY 2021). Revenue: ₩753.3b (up 3.1% from FY 2021). Net income: ₩11.5b (down 20% from FY 2021). Profit margin: 1.5% (down from 2.0% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.8%. The fair value is estimated to be ₩9,332, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has declined by 11%. Upcoming Dividend • Dec 21
Upcoming dividend of ₩275 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.4%). Buying Opportunity • Nov 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ₩10,261, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has declined by 10%. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩7,600, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 9.6% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩7,760, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 9.1% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩11,000, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 19% share price gain to ₩14,600, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 17x in the Chemicals industry in South Korea. Total returns to shareholders of 105% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩275 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 22 April 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 29% share price gain to ₩13,250, the stock trades at a trailing P/E ratio of 19.7x. Average forward P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩10,100, the stock trades at a trailing P/E ratio of 14.6x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total returns to shareholders of 26% over the past three years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS ₩310 (vs ₩392 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₩180.2b (up 13% from 3Q 2020). Net income: ₩6.33b (down 21% from 3Q 2020). Profit margin: 3.5% (down from 5.0% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 15% share price gain to ₩14,900, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 21x in the Chemicals industry in South Korea. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₩10,950, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total returns to shareholders of 49% over the past three years. Is New 90 Day High Low • Dec 30
New 90-day high: ₩9,910 The company is up 41% from its price of ₩7,010 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 16% share price gain to ₩9,380, the stock is trading at a trailing P/E ratio of 10.8x, up from the previous P/E ratio of 9.3x. This compares to an average P/E of 15x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 17%. Is New 90 Day High Low • Dec 07
New 90-day high: ₩7,920 The company is up 11% from its price of ₩7,140 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: ₩7,450 The company is up 2.0% from its price of ₩7,280 on 18 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 Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩6,810 The company is down 5.0% from its price of ₩7,180 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 Chemicals industry, which is up 29% over the same period.