New Risk • Mar 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 68% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩138.9b market cap, or US$93.0m). Reported Earnings • Mar 13
Full year 2025 earnings released: ₩162 loss per share (vs ₩3,819 loss in FY 2024) Full year 2025 results: ₩162 loss per share (improved from ₩3,819 loss in FY 2024). Revenue: ₩535.1b (up 5.5% from FY 2024). Net loss: ₩2.15b (loss narrowed 96% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 13
Dividend of ₩200 announced Dividend of ₩200 is the same as last year. Ex-date: 26th February 2026 Payment date: 1st January 1970 Dividend yield will be 1.8%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (13% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. 공고 • Feb 12
HANDOK Inc. announces Annual dividend HANDOK Inc. announced Annual dividend of KRW 200.0000 per share, ex-date on February 26, 2026 and record date on February 28, 2026. 공고 • Feb 11
HANDOK Inc., Annual General Meeting, Mar 26, 2026 HANDOK Inc., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 168, magokjungang-ro, gangseo-gu, seoul South Korea New Risk • Dec 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩147.1b (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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 75% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩147.1b market cap, or US$99.7m). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩287 (vs ₩290 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩287 (up from ₩290 loss in 3Q 2024). Revenue: ₩144.7b (up 12% from 3Q 2024). Net income: ₩3.95b (up ₩7.94b from 3Q 2024). Profit margin: 2.7% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2024 earnings released: ₩3,819 loss per share (vs ₩2,091 loss in FY 2023) Full year 2024 results: ₩3,819 loss per share (further deteriorated from ₩2,091 loss in FY 2023). Revenue: ₩507.4b (down 2.9% from FY 2023). Net loss: ₩52.6b (loss widened 83% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Feb 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 21 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.1%). 공고 • Feb 06
HANDOK Inc., Annual General Meeting, Mar 20, 2025 HANDOK Inc., Annual General Meeting, Mar 20, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 168, magokjungang-ro, gangseo-gu, seoul South Korea 공고 • Dec 11
HANDOK Inc. announced that it expects to receive KRW 30 billion in funding HANDOK Inc. announced a private placement to issue Series 2 Unregistered Interest Unsecured Private Placement Convertible Bonds for a gross proceeds of KRW 30,000,000,000 on December 9, 2024. The transaction includes participation from Ascent -IBKC New Technology Business Investment Fund No. 2. The bonds have zero coupon rate and yield to maturity of 2%. The bonds will mature on December 13, 2027. The bonds will be 100% converted into 2,338,269 common shares at a fixed conversion price of KRW 12,830 per share. The conversion period is from December 13, 2025 to November 13, 2027. The payment date of the transaction is December 13, 2024. The transaction has been approved by the board of directors of the company. The issuance is subject to prohibition of conversion and division of debentures for one year from the date of issuance of debentures. Reported Earnings • Aug 16
Second quarter 2024 earnings released: ₩936 loss per share (vs ₩442 loss in 2Q 2023) Second quarter 2024 results: ₩936 loss per share (further deteriorated from ₩442 loss in 2Q 2023). Revenue: ₩128.3b (down 8.8% from 2Q 2023). Net loss: ₩12.9b (loss widened 112% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. New Risk • May 24
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 8.7% 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: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 50% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • Mar 15
Full year 2023 earnings released: ₩2,091 loss per share (vs ₩776 profit in FY 2022) Full year 2023 results: ₩2,091 loss per share (down from ₩776 profit in FY 2022). Revenue: ₩522.7b (down 3.9% from FY 2022). Net loss: ₩28.8b (down 370% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share at 3.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.1%). Reported Earnings • Nov 17
Third quarter 2023 earnings released: ₩223 loss per share (vs ₩290 profit in 3Q 2022) Third quarter 2023 results: ₩223 loss per share (down from ₩290 profit in 3Q 2022). Revenue: ₩127.2b (down 14% from 3Q 2022). Net loss: ₩3.07b (down 177% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2023 earnings released: ₩316 loss per share (vs ₩25.00 profit in 1Q 2022) First quarter 2023 results: ₩316 loss per share (down from ₩25.00 profit in 1Q 2022). Revenue: ₩128.4b (up 1.0% from 1Q 2022). Net loss: ₩4.35b (down ₩4.69b from profit in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: ₩776 (vs ₩239 in FY 2021) Full year 2022 results: EPS: ₩776 (up from ₩239 in FY 2021). Revenue: ₩543.8b (up 5.0% from FY 2021). Net income: ₩10.7b (up 224% from FY 2021). Profit margin: 2.0% (up from 0.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 21
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Daniel Kim was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ₩25.00 (vs ₩138 in 1Q 2021) First quarter 2022 results: EPS: ₩25.00 (down from ₩138 in 1Q 2021). Revenue: ₩127.1b (up 6.8% from 1Q 2021). Net income: ₩343.7m (down 82% from 1Q 2021). Profit margin: 0.3% (down from 1.6% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year and the company’s share price has also fallen by 9% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Chairman & CEO Young-Jin Kim was the last director to join the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.8%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: ₩155 loss per share (vs ₩1,040 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ₩134.9b (up 1.3% from 3Q 2020). Net loss: ₩2.14b (down 115% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ₩138 (vs ₩50.00 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩119.0b (up 2.7% from 1Q 2020). Net income: ₩1.90b (up ₩2.60b from 1Q 2020). Profit margin: 1.6% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩1,958 (vs ₩2,544 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩503.6b (up 6.5% from FY 2019). Net income: ₩27.0b (down 23% from FY 2019). Profit margin: 5.4% (down from 7.4% in FY 2019). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 24
New 90-day low: ₩27,900 The company is down 13% from its price of ₩32,050 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 Pharmaceuticals industry, which is down 6.0% over the same period. 공고 • Feb 11
HANDOK Inc., Annual General Meeting, Mar 26, 2021 HANDOK Inc., Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. 공고 • Feb 06
HANDOK Inc. to Report Fiscal Year 2020 Results on Feb 10, 2021 HANDOK Inc. announced that they will report fiscal year 2020 results on Feb 10, 2021 Is New 90 Day High Low • Jan 28
New 90-day low: ₩29,550 The company is down 1.0% from its price of ₩29,850 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 Pharmaceuticals industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: ₩35,400 The company is up 9.0% from its price of ₩32,450 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: ₩29,300 The company is down 15% from its price of ₩34,550 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 2.0% over the same period. 
