Announcement • Jun 23
Trinity Airways Co., Ltd. announced that it expects to receive KRW 79.99999868 billion in funding Trinity Airways Co., Ltd. announced private placement to issue 97,560,974 common shares at a par value of KRW 100 at an issue price of KRW 820 for gross proceeds of KRW 79,999,998,680 on June 22, 2026. The transaction includes participation from Purple Class 1st Co., Ltd. for 48,780,487 shares, Estrini 1st Co., Ltd. for 48,780,487 shares. The common shares are restricted, have a lock up period of 1 year. The company will issue shares by third party allotment. The transaction is approved by board of directors of the company and is expected to close on June 30, 2026. The total shares issued before capital increase are 412,969,485 and after the issuance will be 510,530,459 shares. New Risk • May 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: ₩311b Forecast net loss in 1 year: ₩26b This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable next year (₩26b net loss next year). Buy Or Sell Opportunity • Apr 01
Now 26% overvalued Over the last 90 days, the stock has fallen 38% to ₩893. The fair value is estimated to be ₩708, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 61% in the next year.