Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩5,410, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 71% over the past three years. Announcement • Feb 24
Woowon Development Co., Ltd. announces Annual dividend Woowon Development Co., Ltd. announced Annual dividend of KRW 120.0000 per share, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,190, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 52% over the past three years. Announcement • Feb 24
Woowon Development Co., Ltd., Annual General Meeting, Mar 27, 2026 Woowon Development Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 114, taebong-ro, seocho-gu, seoul South Korea Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩4,170, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩3,020, the stock trades at a trailing P/E ratio of 74.2x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,060, the stock trades at a trailing P/E ratio of 75.1x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 43% over the past three years. New Risk • Mar 28
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: 0.2% Last year net profit margin: 0.6% 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: Major Risk Earnings have declined by 49% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (₩48.1b market cap, or US$32.8m). New Risk • Mar 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩49.2b market cap, or US$33.9m). Announcement • Feb 14
Woowon Development Co., Ltd., Annual General Meeting, Mar 28, 2025 Woowon Development Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: dasan hall, 114, taebong-ro, seocho-gu, seoul South Korea New Risk • Jan 16
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 10% 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 Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩63.2b market cap, or US$43.3m). Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩3,015, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩2,625, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 48% over the past three years. Buy Or Sell Opportunity • Nov 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₩2,355. The fair value is estimated to be ₩2,967, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 19%. Buy Or Sell Opportunity • Oct 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₩2,365. The fair value is estimated to be ₩2,983, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 19%. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩3,535, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 52% over the past three years. New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 41% 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 41% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (₩53.1b market cap, or US$38.9m). Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩82.00 (vs ₩207 in FY 2022) Full year 2023 results: EPS: ₩82.00 (down from ₩207 in FY 2022). Revenue: ₩252.5b (up 29% from FY 2022). Net income: ₩1.48b (down 61% from FY 2022). Profit margin: 0.6% (down from 1.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 49% 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. New Risk • Nov 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (₩57.5b market cap, or US$44.1m). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,300, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,130, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 50% over the past three years. Buying Opportunity • Dec 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ₩4,234, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₩5,280, the stock trades at a trailing P/E ratio of 73x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩3,365, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 21% over the past three years. Is New 90 Day High Low • Mar 02
New 90-day low: ₩5,950 The company is down 1.0% from its price of ₩6,030 on 02 December 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₩6,710 The company is up 15% from its price of ₩5,820 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 Construction industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: ₩6,130 The company is up 1.0% from its price of ₩6,060 on 10 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 Construction industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: ₩5,330 The company is down 13% from its price of ₩6,150 on 31 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 4.0% over the same period.