New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 8.6% 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 Earnings have declined by 8.6% per year over the past 5 years. High level of non-cash earnings (79% accrual ratio). 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 (8.2% net profit margin). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩2,330 (vs ₩8,489 in FY 2024) Full year 2025 results: EPS: ₩2,330 (down from ₩8,489 in FY 2024). Revenue: ₩317.3b (down 6.9% from FY 2024). Net income: ₩20.1b (down 73% from FY 2024). Profit margin: 6.3% (down from 22% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Aankondiging • Feb 12
sindoh Co.,Ltd., Annual General Meeting, Mar 26, 2026 sindoh Co.,Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 3, seongsui-ro 24-gil, seongdong-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩54,900, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Tech industry in South Korea. Total returns to shareholders of 84% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,500 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.4%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩1,571 (vs ₩547 in 3Q 2024) Third quarter 2025 results: EPS: ₩1,571 (up from ₩547 in 3Q 2024). Revenue: ₩80.4b (flat on 3Q 2024). Net income: ₩13.5b (up 187% from 3Q 2024). Profit margin: 17% (up from 5.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 08
Dividend of ₩1,500 announced Dividend of ₩1,500 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 3.4%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Nov 07
sindoh Co.,Ltd. announces Annual dividend, payable on April 27, 2026 sindoh Co.,Ltd. announced Annual dividend of KRW 1500.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Aankondiging • Sep 30
sindoh Co.,Ltd. (KOSE:A029530) announces an Equity Buyback for KRW 10,000 million worth of its shares. sindoh Co.,Ltd. (KOSE:A029530) announces a share repurchase program. Under the program, the company will repurchase shares for KRW 10,000 million under the contract with Samsung Securities Co., Ltd. The purpose of the program is to improve shareholder value. The program will be valid until March 31, 2026. As of September 29, 2025, the company had 1,457,250 shares in treasury under the dividend capacity and 0 shares in treasury under other capacities. Reported Earnings • Aug 19
Second quarter 2025 earnings released: ₩1,689 loss per share (vs ₩1,850 profit in 2Q 2024) Second quarter 2025 results: ₩1,689 loss per share (down from ₩1,850 profit in 2Q 2024). Revenue: ₩71.2b (down 22% from 2Q 2024). Net loss: ₩14.6b (down 191% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₩1,513 (vs ₩2,430 in 1Q 2024) First quarter 2025 results: EPS: ₩1,513 (down from ₩2,430 in 1Q 2024). Revenue: ₩79.0b (down 16% from 1Q 2024). Net income: ₩13.0b (down 38% from 1Q 2024). Profit margin: 17% (down from 22% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ₩8,489 (vs ₩6,371 in FY 2023) Full year 2024 results: EPS: ₩8,489 (up from ₩6,371 in FY 2023). Revenue: ₩341.0b (down 15% from FY 2023). Net income: ₩73.2b (up 33% from FY 2023). Profit margin: 22% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • Feb 12
sindoh Co.,Ltd., Annual General Meeting, Mar 26, 2025 sindoh Co.,Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 3, seongsui-ro 24-gil, seongdong-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.7%). Declared Dividend • Nov 28
Dividend of ₩1,500 announced Shareholders will receive a dividend of ₩1,500. Ex-date: 27th December 2024 Payment date: 18th April 2025 Dividend yield will be 4.0%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩6,371 (vs ₩5,007 in FY 2022) Full year 2023 results: EPS: ₩6,371 (up from ₩5,007 in FY 2022). Revenue: ₩395.8b (up 4.7% from FY 2022). Net income: ₩55.0b (up 22% from FY 2022). Profit margin: 14% (up from 12% 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 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩41,900, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 13x in the Tech industry in South Korea. Total returns to shareholders of 61% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,500 per share at 4.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 18 April 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩1,438 (vs ₩2,455 in 3Q 2022) Third quarter 2023 results: EPS: ₩1,438 (down from ₩2,455 in 3Q 2022). Revenue: ₩98.7b (down 7.3% from 3Q 2022). Net income: ₩12.4b (down 43% from 3Q 2022). Profit margin: 13% (down from 20% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: ₩5,007 (vs ₩9,845 in FY 2021) Full year 2022 results: EPS: ₩5,007 (down from ₩9,845 in FY 2021). Revenue: ₩378.2b (up 18% from FY 2021). Net income: ₩45.0b (down 53% from FY 2021). Profit margin: 12% (down from 30% in FY 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩1,500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 14 April 2023. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.5%). 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. 3 independent directors (4 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. 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. 3 independent directors (4 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. Reported Earnings • Mar 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₩9,845 (up from ₩1,365 loss in FY 2020). Revenue: ₩321.9b (down 4.2% from FY 2020). Net income: ₩95.4b (up ₩108.9b from FY 2020). Profit margin: 30% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 5.4%. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: ₩1,365 loss per share (vs ₩1,473 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩335.8b (down 21% from FY 2019). Net loss: ₩13.4b (down 193% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 73% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 10
sindoh Co.,Ltd., Annual General Meeting, Mar 25, 2021 sindoh Co.,Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 01
New 90-day high: ₩29,450 The company is up 34% from its price of ₩22,000 on 03 November 2020. The South Korean market is up 27% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Tech industry, which is up 42% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩1,000 Per Share Will be paid on the 13th of April to those who are registered shareholders by the 29th of December. The trailing yield of 3.8% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (1.9%). Is New 90 Day High Low • Dec 21
New 90-day high: ₩27,250 The company is up 25% from its price of ₩21,800 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 23% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: ₩24,750 The company is up 3.0% from its price of ₩24,100 on 12 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Tech industry, which is also up 3.0% over the same period.