Buy Or Sell Opportunity • Jul 31
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at ₩2,845. The fair value is estimated to be ₩2,328, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 49%. Upcoming Dividend • Mar 17
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 24 March 2026. Payment date: 13 April 2026. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.6%). Aankondiging • Mar 12
IQUEST Co., Ltd., Annual General Meeting, Mar 26, 2026 IQUEST Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 121, dogok-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩39.09 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₩20.00 (vs ₩104 in 3Q 2024) Third quarter 2025 results: EPS: ₩20.00 (down from ₩104 in 3Q 2024). Revenue: ₩11.8b (up 3.9% from 3Q 2024). Net income: ₩811.1m (down 62% from 3Q 2024). Profit margin: 6.9% (down from 19% in 3Q 2024). The decrease in margin was driven by higher expenses. 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 15% per year, which means it is significantly lagging earnings. New Risk • Nov 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). High level of non-cash earnings (79% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩41.9b market cap, or US$28.6m). Declared Dividend • Nov 13
Dividend of ₩39.09 announced Shareholders will receive a dividend of ₩39.09. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 2.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased by an average of 3.7% per year over the past 4 years, but has still been somewhat stable with no excessively large reductions to payments. Earnings per share has grown by 7.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Nov 12
IQUEST Co., Ltd. announces Annual dividend, payable on April 13, 2026 IQUEST Co., Ltd. announced Annual dividend of KRW 39.0900 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩41.00 (vs ₩24.00 loss in 2Q 2024) Second quarter 2025 results: EPS: ₩41.00 (up from ₩24.00 loss in 2Q 2024). Revenue: ₩10.6b (up 21% from 2Q 2024). Net income: ₩840.8m (up ₩1.35b from 2Q 2024). Profit margin: 8.0% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: ₩112 (vs ₩27.00 in 1Q 2024) First quarter 2025 results: EPS: ₩112 (up from ₩27.00 in 1Q 2024). Revenue: ₩9.78b (up 4.7% from 1Q 2024). Net income: ₩2.27b (up 312% from 1Q 2024). Profit margin: 23% (up from 5.9% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩201 (vs ₩168 in FY 2023) Full year 2024 results: EPS: ₩201 (up from ₩168 in FY 2023). Revenue: ₩40.6b (up 1.4% from FY 2023). Net income: ₩3.77b (up 19% from FY 2023). Profit margin: 9.3% (up from 7.9% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Aankondiging • Mar 07
IQUEST Co., Ltd., Annual General Meeting, Mar 26, 2025 IQUEST Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 08 April 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.6%). Buy Or Sell Opportunity • Dec 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to ₩2,255. The fair value is estimated to be ₩1,838, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has declined by 20%. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩2,505, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 49% over the past three years. Buy Or Sell Opportunity • Nov 15
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to ₩2,300. The fair value is estimated to be ₩1,866, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has declined by 20%. Aankondiging • Sep 24
IQUEST Co., Ltd. (KOSDAQ:A262840) announces an Equity Buyback for KRW 1,000 million worth of its shares. IQUEST Co., Ltd. (KOSDAQ:A262840) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to a contract with Kiwoom Securities Co., Ltd. The purpose of the share repurchase is to Stabilize stock prices and enhance shareholder value. The repurchase program will expire on March 25, 2025. As of September 22, 2024, the company had 430,000 shares within scope available for dividend and had no shares in treasury through other repurchase. 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 (₩40.7b market cap, or US$31.0m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩1,951, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 69% over the past three years. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩336 (vs ₩305 in FY 2022) Full year 2023 results: EPS: ₩336 (up from ₩305 in FY 2022). Revenue: ₩40.1b (up 52% from FY 2022). Net income: ₩3.17b (up 10% from FY 2022). Profit margin: 7.9% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Aankondiging • Feb 19
IQUEST Co., Ltd. announced that it has received KRW 2.2382 billion in funding from Kiwoom Securities Co., Ltd., Shinhan Investment & Securities Co., Ltd. On February 19, 2024, IQUEST Co., Ltd. closed the transaction. Aankondiging • Feb 16
IQUEST Co., Ltd. announced that it expects to receive KRW 2.2382 billion in funding from Kiwoom Securities Co., Ltd., Shinhan Investment & Securities Co., Ltd. IQUEST Co., Ltd. announced a private placement to issue Series 1 Bearer Interest Unsecured Private Placement Exchangeable Bonds for the gross proceeds of KRW 2,238,200,000 on February 14, 2024. The transaction will include participation from new investors Kiwoom Securities Co., Ltd. for KRW 1,238,200,000 and Shinhan Investment & Securities Co., Ltd. for KRW 1,000,000,000. The bonds are 100% convertible into 310,000 shares at a fixed conversion price of KRW 7,220 from March 19, 2024 to January 19, 2029. The bonds bear zero coupon rate and 1% maturity rate and matures on February 19, 2029. The transaction has been approved by the shareholders of the company and is expected to close on February 19, 2024. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.6%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩106 (vs ₩114 in 3Q 2022) Third quarter 2023 results: EPS: ₩106 (down from ₩114 in 3Q 2022). Revenue: ₩9.99b (up 4.3% from 3Q 2022). Net income: ₩995.8m (down 7.1% from 3Q 2022). Profit margin: 10.0% (down from 11% in 3Q 2022). Buying Opportunity • Apr 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.1%. The fair value is estimated to be ₩8,831, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 68% over the last year. Earnings per share has declined by 20%. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩18,100, the stock is trading at a trailing P/E ratio of 36.2x, down from the previous P/E ratio of 42.9x. This compares to an average P/E of 25x in the Software industry in South Korea. 
