New Risk • May 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩89.4b market cap, or US$59.3m). Aankondiging • Mar 11
LOGEN Co., Ltd., Annual General Meeting, May 22, 2026 LOGEN Co., Ltd., Annual General Meeting, May 22, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 37, baekja 3-gil, yongji-myeon, jeollabuk-do, gimje South Korea Aankondiging • Mar 10
Moda-InnoChips Co., Ltd. (KOSDAQ:A080420) agreed to acquire LOGEN Co., Ltd. (KOSDAQ:A033290) from Dae Myung Chemical Co., Ltd. in a reverse merger transaction for approximately KRW 150 billion. Moda-InnoChips Co., Ltd. (KOSDAQ:A080420) agreed to acquire LOGEN Co., Ltd. (KOSDAQ:A033290) from Dae Myung Chemical Co., Ltd. in a reverse merger transaction for approximately KRW 150 billion on March 9, 2026. The consideration consists of 76.38 million common equity of Moda-InnoChips Co., Ltd. at a ratio of 0.975411 per common equity of LOGEN Co., Ltd. As part of consideration, KRW 154.67 billion is paid towards common equity of LOGEN Co., Ltd.
The transaction is subject to subject to Korea Fair Trade Commission approval, approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board and approval of offer by target shareholders. The transaction is expected to be completed in July 1, 2026. New Risk • May 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 12% 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 (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 35% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩108.4b market cap, or US$78.2m). Aankondiging • Mar 18
COWELL FASHION Co.,Ltd, Annual General Meeting, Mar 31, 2025 COWELL FASHION Co.,Ltd, Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 37, baekja 3-gil, yongji-myeon, jeollabuk-do, gimje South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,145, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 6x in the Logistics industry in South Korea. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩2,790, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 8x in the Logistics industry in South Korea. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩2,155, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 7x in the Logistics industry in South Korea. Total loss to shareholders of 30% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 22 July 2024. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 9.5%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.6%). New Risk • Apr 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.0% 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 (2.0x net interest cover). Share price has been highly volatile over the past 3 months (23% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Paying a dividend despite having no free cash flows. Earnings have declined by 5.2% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Buy Or Sell Opportunity • Feb 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 75% to ₩3,430. The fair value is estimated to be ₩4,306, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has declined by 9.6%. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 58% After last week's 58% share price decline to ₩3,815, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 55% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 11 April 2024. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₩6,400, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩10,780, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 107% over the past three years. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ₩53.00 (vs ₩66.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩53.00 (down from ₩66.00 in 3Q 2022). Revenue: ₩259.9b (down 5.7% from 3Q 2022). Net income: ₩4.72b (down 16% from 3Q 2022). Profit margin: 1.8% (down from 2.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩8,460, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 56% over the past three years. New Risk • Oct 01
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 8.9% 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 Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). New Risk • Sep 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% 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 Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). 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 (4.2% net profit margin). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,780, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total returns to shareholders of 4.0% over the past three years. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩5,010, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩90.00 per share at 4.5% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 24 July 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (2.5%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.1%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 23 July 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.9%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 19% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 21% share price gain to ₩8,990, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 32% share price gain to ₩8,440, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Luxury industry in South Korea. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 29 July 2021. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (1.1%). Is New 90 Day High Low • Mar 16
New 90-day high: ₩6,090 The company is up 8.0% from a price of ₩5,650 on 16 December 2020. Underperformed the South Korean market, which is up 9.0% over the last 90 days. Lagged the Luxury industry, which is up 20% over the same period. Is New 90 Day High Low • Feb 08
New 90-day high: ₩5,990 The company is up 2.0% from its price of ₩5,880 on 10 November 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 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩11,301 per share. Is New 90 Day High Low • Jan 05
New 90-day low: ₩5,550 The company is down 12% from its price of ₩6,280 on 07 October 2020. The South Korean market is up 23% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩11,663 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩50.00 Per Share Will be paid on the 6th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (1.4%). Is New 90 Day High Low • Dec 15
New 90-day low: ₩5,560 The company is down 16% from its price of ₩6,620 on 16 September 2020. The South Korean market is up 12% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩12,565 per share. Is New 90 Day High Low • Nov 19
New 90-day low: ₩5,720 The company is down 3.0% from its price of ₩5,870 on 21 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩10,924 per share.