New Risk • Apr 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.6% Last year net profit margin: 1.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (₩98.7b market cap, or US$65.4m). Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩6,070, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total returns to shareholders of 47% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (2.0%). Declared Dividend • Nov 08
Dividend of ₩100.00 announced Dividend of ₩100.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 2.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) and 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 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 558% to bring the payout ratio under control. However, EPS has declined by 42% over the last 5 years so the company would need to reverse this trend. Announcement • Nov 07
DRB Holding Co., Ltd. announces Annual dividend, payable on April 15, 2026 DRB Holding Co., Ltd. announced Annual dividend of KRW 100.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 20
Second quarter 2025 earnings released: ₩197 loss per share (vs ₩291 profit in 2Q 2024) Second quarter 2025 results: ₩197 loss per share (down from ₩291 profit in 2Q 2024). Revenue: ₩205.3b (down 1.4% from 2Q 2024). Net loss: ₩3.79b (down 168% from profit in 2Q 2024). 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 4% per year, which means it is well ahead of earnings. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: ₩491 (vs ₩798 in FY 2023) Full year 2024 results: EPS: ₩491 (down from ₩798 in FY 2023). Revenue: ₩752.7b (up 2.0% from FY 2023). Net income: ₩9.47b (down 38% from FY 2023). Profit margin: 1.3% (down from 2.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 19
DRB Holding Co., Ltd., Annual General Meeting, Mar 21, 2025 DRB Holding Co., Ltd., Annual General Meeting, Mar 21, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 28, gongdandong-ro 55beon-gil, geumjeong-gu, busan 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: 17 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (2.6%). Reported Earnings • Nov 20
Third quarter 2024 earnings released: ₩119 loss per share (vs ₩172 profit in 3Q 2023) Third quarter 2024 results: ₩119 loss per share (down from ₩172 profit in 3Q 2023). Revenue: ₩181.8b (up 3.9% from 3Q 2023). Net loss: ₩2.29b (down 169% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩5,350, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Negligible returns to shareholders over past three years. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₩798 (vs ₩80.00 in FY 2022) Full year 2023 results: EPS: ₩798 (up from ₩80.00 in FY 2022). Revenue: ₩737.8b (up 12% from FY 2022). Net income: ₩15.4b (up ₩13.8b from FY 2022). Profit margin: 2.1% (up from 0.2% 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 95% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩6,190, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 3.8% over the past three years. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩6,150, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩40.00 per share at 0.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 3.3% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩5,100, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩6,120, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 12% over the past three years. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩309 (vs ₩43.00 loss in 1Q 2022) First quarter 2023 results: EPS: ₩309 (up from ₩43.00 loss in 1Q 2022). Revenue: ₩169.1b (up 24% from 1Q 2022). Net income: ₩5.96b (up ₩6.79b from 1Q 2022). Profit margin: 3.5% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩80.00 (vs ₩210 loss in FY 2021) Full year 2022 results: EPS: ₩80.00 (up from ₩210 loss in FY 2021). Revenue: ₩661.8b (up 20% from FY 2021). Net income: ₩1.53b (up ₩5.59b from FY 2021). Profit margin: 0.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.3%). Reported Earnings • Nov 19
Third quarter 2022 earnings released: ₩27.00 loss per share (vs ₩73.00 loss in 3Q 2021) Third quarter 2022 results: ₩27.00 loss per share (improved from ₩73.00 loss in 3Q 2021). Revenue: ₩176.0b (up 17% from 3Q 2021). Net loss: ₩525.3m (loss narrowed 63% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. 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. 6 experienced directors. No highly experienced directors. 2 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. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩3,855, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 10x in the Auto Components industry in South Korea. Total loss to shareholders of 29% over the past three years. 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. 6 experienced directors. No highly experienced directors. 2 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Announcement • Feb 20
DRB Holding Co., Ltd., Annual General Meeting, Mar 24, 2021 DRB Holding Co., Ltd., Annual General Meeting, Mar 24, 2021, at 11:00 Korea Standard Time. Is New 90 Day High Low • Jan 08
New 90-day high: ₩7,260 The company is up 11% from its price of ₩6,570 on 08 October 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 27% over the same period. 
