Aankondiging • Feb 28
ShinWon Corporation, Annual General Meeting, Mar 27, 2026 ShinWon Corporation, Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 328, dongmak-ro, mapo-gu, seoul South Korea New Risk • Jan 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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 6.9% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₩128.6b market cap, or US$87.2m). Upcoming Dividend • Dec 22
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.5%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.4%). New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings have declined by 7.0% 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 (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 7.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩121.9b market cap, or US$82.9m). Declared Dividend • Nov 08
Dividend of ₩70.00 announced Dividend of ₩70.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.8% per year over the past 4 years. However, payments have been volatile during that time. Aankondiging • Nov 07
ShinWon Corporation announces Annual dividend, payable on April 20, 2026 ShinWon Corporation announced Annual dividend of KRW 70.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.9b (US$97.8m) 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 Interest payments are not well covered by earnings (1.1x 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. Minor Risk Market cap is less than US$100m (₩138.9b market cap, or US$97.8m). New Risk • Jul 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩134.2b (US$96.9m) 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 Interest payments are not well covered by earnings (1.5x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 376% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (₩134.2b market cap, or US$96.9m). New Risk • May 29
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: 0.1% Last year net profit margin: 0.4% 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 (1.5x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 375% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (₩126.3b market cap, or US$91.5m). Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩1,780, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total returns to shareholders of 11% over the past three years. Aankondiging • Feb 28
ShinWon Corporation, Annual General Meeting, Mar 28, 2025 ShinWon Corporation, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 328, dongmak-ro, mapo-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.6%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.0%). 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 (₩89.8b market cap, or US$68.2m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 7.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 18 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.3%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.7%). New Risk • Sep 11
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: 0.9% Last year net profit margin: 2.1% 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 (2.7x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (₩100.3b market cap, or US$75.0m). New Risk • Aug 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% The company is paying a dividend despite having no free cash flows. Dividend yield: 7.8% 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 Interest payments are not well covered by earnings (2.7x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (₩100.1b market cap, or US$75.7m). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩224 (vs ₩165 in FY 2021) Full year 2022 results: EPS: ₩224 (up from ₩165 in FY 2021). Revenue: ₩995.4b (up 13% from FY 2021). Net income: ₩18.1b (up 49% from FY 2021). Profit margin: 1.8% (up from 1.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₩2,765, the stock trades at a trailing P/E ratio of 67.8x. Average trailing P/E is 11x in the Luxury industry in South Korea. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₩2,655, the stock trades at a trailing P/E ratio of 65.1x. Average trailing P/E is 14x in the Luxury industry in South Korea. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₩2,735, the stock trades at a trailing P/E ratio of 62.8x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improved over the past week After last week's 24% share price gain to ₩2,865, the stock trades at a trailing P/E ratio of 65.7x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total returns to shareholders of 17% over the past three years. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩69.00 (vs ₩2.00 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩187.8b (up 7.5% from 1Q 2020). Net income: ₩4.91b (up ₩5.04b from 1Q 2020). Profit margin: 2.6% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 08
New 90-day high: ₩1,500 The company is up 6.0% from its price of ₩1,420 on 08 October 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ₩1,490 The company is up 1.0% from its price of ₩1,480 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ₩1,305 The company is down 21% from its price of ₩1,645 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 14% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: ₩1,395 The company is down 14% from its price of ₩1,615 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 Luxury industry, which is up 5.0% over the same period.