New Risk • 20h
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% 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 (13% 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 (14% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩30.8b market cap, or US$20.4m). Announcement • May 28
Dyc Co.,Ltd. announced that it expects to receive KRW 2.000000889 billion in funding from LIG Defense&Aerospace Co., Ltd. Dyc Co.,Ltd. has announced a private placement to issue 1,235,331 common shares at an issue price of KRW 1,619 for gross proceeds of KRW 2,000,000,889 on May 26, 2026. The transaction includes participation from new investor, LIG Defense&Aerospace Co., Ltd. The transaction has been approved by the board of directors of the company. The payment date of the transaction is June 4, 2026. The transaction will happen through third party allocation. The securities are subject to one year lock up. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩1,640, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Total loss to shareholders of 15% over the past three years. New Risk • May 15
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 13% 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: Minor Risks High level of debt (67% net debt to equity). 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 (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩33.9b market cap, or US$22.7m). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩1,796, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Negligible returns to shareholders over past three years. Announcement • Mar 12
Dyc Co.,Ltd., Annual General Meeting, Mar 30, 2026 Dyc Co.,Ltd., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 42, gongdan 7-ro, jillyang-eup, gyeongsangbuk-do, gyeongsan South Korea Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩1,696, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 3.2% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩1,407, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩42.00 (vs ₩37.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩42.00 (up from ₩37.00 in 3Q 2024). Revenue: ₩28.5b (up 20% from 3Q 2024). Net income: ₩876.6m (up 15% from 3Q 2024). Profit margin: 3.1% (down from 3.2% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 08
Dividend of ₩20.00 announced Dividend of ₩20.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 10th April 2026 Dividend yield will be 1.5%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (21% 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 over the past 26 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Dyc Co.,Ltd. announces Annual dividend, payable on April 10, 2026 Dyc Co.,Ltd. announced Annual dividend of KRW 20.0000 per share payable on April 10, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩1,666, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Total returns to shareholders of 8.7% over the past three years. New Risk • Mar 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% 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 (18% operating cash flow to total debt). Revenue has declined by 18% over the past year. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (₩30.9b market cap, or US$21.1m). Announcement • Feb 27
Dyc Co.,Ltd., Annual General Meeting, Mar 27, 2025 Dyc Co.,Ltd., Annual General Meeting, Mar 27, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 42, gongdan 7-ro, jillyang-eup, gyeongsangbuk-do, gyeongsan South Korea Announcement • Feb 26
Dyc Co.,Ltd. announces Annual dividend, payable on April 10, 2025 Dyc Co.,Ltd. announced Annual dividend of KRW 20.0000 per share payable on April 10, 2025, ex-date on December 27, 2024 and record date on December 31, 2024. New Risk • Nov 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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 Risk Revenue has declined by 16% over the past year. Minor Risks High level of debt (55% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (₩29.2b market cap, or US$20.9m). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩25.00 (vs ₩68.00 in 1Q 2023) First quarter 2024 results: EPS: ₩25.00 (down from ₩68.00 in 1Q 2023). Revenue: ₩27.7b (down 13% from 1Q 2023). Net income: ₩507.1m (down 64% from 1Q 2023). Profit margin: 1.8% (down from 4.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩213 (vs ₩210 in FY 2022) Full year 2023 results: EPS: ₩213 (up from ₩210 in FY 2022). Revenue: ₩121.0b (up 1.3% from FY 2022). Net income: ₩4.40b (up 2.6% from FY 2022). Profit margin: 3.6% (in line with FY 2022). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩78.00 (vs ₩24.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩78.00 (up from ₩24.00 in 3Q 2022). Revenue: ₩30.6b (down 7.8% from 3Q 2022). Net income: ₩1.61b (up 228% from 3Q 2022). Profit margin: 5.3% (up from 1.5% in 3Q 2022). The increase in margin was driven by lower expenses. Announcement • Jun 10
Korea No.8 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A310870) agreed to acquire Dwc Co., Ltd. Korea No.8 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A310870) agreed to acquire Dwc Co., Ltd. on June 9, 2021. After the merger, DwC Co., Ltd.'s main business, automobile and trailer manufacturing, will be its main business. In addition, the funds raised during the establishment of Korea No. 8 Acquisition Purpose Co., Ltd. and public offering on the KOSDAQ market will be used for facility investment and other operating funds of the companies subject to the merger. As of the board resolution date of June 9, 2021, the largest shareholder of DwC is Jong-Hoon Lee, with a stake of 32.72%. The largest shareholder at the time of completion of the merger is Jong-Hoon Lee, and the expected stake between the largest shareholder and his/her related persons after the merger is 27.28% . Therefore, it is judged that there will be no problem in securing stable management rights of Dwc Co., Ltd. after the merger between Jonghoon Lee and his related parties. For the year ended December 31, 2021, Dwc Co., Ltd. reported Total Assets of KRW 97.3 billion, Total equity of KRW 31.8 billion, Net income of approximately KRW 670 million and Total debt of KRW 65.5 billion as The transaction is expected to close on November 15, 2021. Announcement • Feb 11
Korea No.8 Special Purpose Acquisition Co., Ltd., Annual General Meeting, Mar 05, 2021 Korea No.8 Special Purpose Acquisition Co., Ltd., Annual General Meeting, Mar 05, 2021, at 13:00 Korea Standard Time. Is New 90 Day High Low • Feb 03
New 90-day high: ₩2,160 The company is up 7.0% from its price of ₩2,025 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: ₩2,130 The company is up 5.0% from its price of ₩2,020 on 15 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. Is New 90 Day High Low • Oct 22
New 90-day high: ₩2,055 The company is up 1.0% from its price of ₩2,025 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 04
New 90-day high: ₩2,035 The company is up 1.0% from its price of ₩2,015 on 06 July 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 18% over the same period. 
