Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩857 (vs ₩894 in FY 2024) Full year 2025 results: EPS: ₩857 (down from ₩894 in FY 2024). Revenue: ₩49.1b (up 5.5% from FY 2024). Net income: ₩10.3b (down 10% from FY 2024). Profit margin: 21% (down from 25% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩4,380, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 12x in the Tech industry in South Korea. Total returns to shareholders of 9.5% over the past three years. Buy Or Sell Opportunity • Feb 26
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.0% to ₩4,990. The fair value is estimated to be ₩6,560, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 12%. Aankondiging • Feb 13
IDP Corp., Ltd., Annual General Meeting, Mar 19, 2026 IDP Corp., Ltd., Annual General Meeting, Mar 19, 2026, at 09:01 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea Buy Or Sell Opportunity • Feb 11
Now 20% undervalued Over the last 90 days, the stock has risen 3.1% to ₩5,250. The fair value is estimated to be ₩6,568, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 12%. Buy Or Sell Opportunity • Dec 29
Now 20% undervalued Over the last 90 days, the stock has risen 5.3% to ₩5,230. The fair value is estimated to be ₩6,545, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 12%. Upcoming Dividend • Dec 22
Upcoming dividend of ₩170 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.4%). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩209 (vs ₩201 in 3Q 2024) Third quarter 2025 results: EPS: ₩209. Revenue: ₩11.1b (down 11% from 3Q 2024). Net income: ₩2.49b (down 3.9% from 3Q 2024). Profit margin: 22% (up from 21% in 3Q 2024). The increase in margin was driven by lower expenses. Declared Dividend • Nov 08
Dividend of ₩170 announced Dividend of ₩170 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 44% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Nov 07
IDP Corp., Ltd. announces Annual dividend, payable on April 13, 2026 IDP Corp., Ltd. announced Annual dividend of KRW 170.0000 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: ₩894 (vs ₩451 in FY 2023) Full year 2024 results: EPS: ₩894 (up from ₩451 in FY 2023). Revenue: ₩46.5b (up 28% from FY 2023). Net income: ₩11.5b (up 92% from FY 2023). Profit margin: 25% (up from 17% 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 10% per year whereas the company’s share price has increased by 6% per year. Aankondiging • Feb 14
IDP Corp., Ltd., Annual General Meeting, Mar 20, 2025 IDP Corp., Ltd., Annual General Meeting, Mar 20, 2025, at 09:01 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.7%). New Risk • Dec 16
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 (₩48.8b market cap, or US$34.0m). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩254 (vs ₩120 in 2Q 2023) Second quarter 2024 results: EPS: ₩254 (up from ₩120 in 2Q 2023). Revenue: ₩12.2b (up 22% from 2Q 2023). Net income: ₩3.30b (up 107% from 2Q 2023). Profit margin: 27% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: ₩451 (vs ₩778 in FY 2022) Full year 2023 results: EPS: ₩451 (down from ₩778 in FY 2022). Revenue: ₩36.4b (down 16% from FY 2022). Net income: ₩5.99b (down 42% from FY 2022). Profit margin: 17% (down from 24% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share at 4.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.0%). New Risk • Nov 25
New major risk - Revenue and earnings growth Revenue has declined by 1.2% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 1.2% over the past year. 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 (17% net profit margin). Market cap is less than US$100m (₩44.7b market cap, or US$34.3m). Buying Opportunity • Aug 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be ₩4,491, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 77%. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: ₩778 (vs ₩321 in FY 2021) Full year 2022 results: EPS: ₩778 (up from ₩321 in FY 2021). Revenue: ₩43.1b (up 65% from FY 2021). Net income: ₩10.3b (up 143% from FY 2021). Profit margin: 24% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Dec 21
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 9.7% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩3,810, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 12x in the Tech industry in South Korea. Total returns to shareholders of 2.6% over the past year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 51% share price decline to ₩4,630, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 13x in the Tech industry in South Korea. Total loss to shareholders of 42% over the past year. Buying Opportunity • Jun 23
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be ₩9,195, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last year. Earnings per share has grown by 232%. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩641 (up from ₩279 in FY 2020). Revenue: ₩26.1b (up 39% from FY 2020). Net income: ₩4.26b (up 163% from FY 2020). Profit margin: 16% (up from 8.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Upcoming Dividend • Dec 22
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₩9,710, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 25x in the Tech industry in South Korea. Aankondiging • Feb 25
IDP Corp.,Ltd, Annual General Meeting, Mar 24, 2021 IDP Corp.,Ltd, Annual General Meeting, Mar 24, 2021, at 09:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 25% share price gain to ₩9,710, the stock is trading at a trailing P/E ratio of 14.1x, up from the previous P/E ratio of 11.3x. This compares to an average P/E of 16x in the Tech industry in South Korea.