New Risk • Mar 23
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩7.5b (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.0% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Revenue is less than US$5m (₩7.5b revenue, or US$5.0m). Market cap is less than US$100m (₩35.5b market cap, or US$23.5m). Announcement • Mar 20
Ocean In W Co.,Ltd. (KOSDAQ:A052300) announces an Equity Buyback for KRW 2,000 million worth of its shares. Ocean In W Co.,Ltd. (KOSDAQ:A052300) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares pursuant to a contract with Korea Investment & Securities. The purpose of the program is to promote stock price stability and enhance shareholder value. The program will expire on September 21, 2026. As of March 18, 2026, the company had 616,135 shares in treasury within scope available for dividend and had 4,880 shares in treasury through other repurchase. Announcement • Mar 17
Ocean In W Co.,Ltd., Annual General Meeting, Mar 31, 2026 Ocean In W Co.,Ltd., Annual General Meeting, Mar 31, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 47, arisu-ro 93-gil, gangdong-gu, seoul South Korea New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings have declined by 4.0% 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 4.0% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (₩37.0b market cap, or US$25.2m). New Risk • Aug 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 64% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Revenue is less than US$5m (₩6.1b revenue, or US$4.4m). Market cap is less than US$100m (₩49.4b market cap, or US$35.7m). New Risk • Jun 24
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 9.2% 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 6.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Revenue is less than US$5m (₩6.1b revenue, or US$4.5m). Market cap is less than US$100m (₩55.1b market cap, or US$40.6m). New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 6.2% 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 Risk Earnings have declined by 6.2% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Revenue is less than US$5m (₩6.1b revenue, or US$4.4m). Market cap is less than US$100m (₩44.3b market cap, or US$32.1m). Announcement • Mar 28
Ocean In W Co.,Ltd. (KOSDAQ:A052300) announces an Equity Buyback for 847,457 shares, for KRW 2,000 million. Ocean In W Co.,Ltd. (KOSDAQ:A052300) announces a share repurchase program. Under the program, the company will repurchase up to 847,457 shares, for KRW 2,000 million. The shares will be repurchased at a price of KRW 2,360 per share. The purpose of the program is to promote stock price stability and enhance shareholder value. The program will expire on September 29, 2025. As of November 24, 2024, the company had 0 shares in treasury within scope available for dividend and had 4,800 shares in treasury through other repurchase. New Risk • Mar 20
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩6.8b (US$4.7m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Revenue is less than US$5m (₩6.8b revenue, or US$4.7m). Market cap is less than US$100m (₩37.3b market cap, or US$25.5m). Reported Earnings • Mar 20
Full year 2024 earnings released: ₩4,669 loss per share (vs ₩5,296 profit in FY 2023) Full year 2024 results: ₩4,669 loss per share (down from ₩5,296 profit in FY 2023). Net loss: ₩69.7b (down 191% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Announcement • Mar 18
Ocean In W Co.,Ltd., Annual General Meeting, Mar 31, 2025 Ocean In W Co.,Ltd., Annual General Meeting, Mar 31, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 47, arisu-ro 93-gil, gangdong-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩2,375, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 7x in the Industrials industry in South Korea. Total loss to shareholders of 76% over the past three years. Announcement • Aug 13
2021 QCP 15th Private Equity Fund and Q Capital Partners Co., Ltd. (KOSDAQ:A016600) agreed to acquire 39.33% stake in Chorokbaem Media Co., Ltd. (KOSDAQ:A047820) from CT property Co., Ltd. (KOSDAQ:A052300) for KRW 180 billion. 2021 QCP 15th Private Equity Fund, managed by Q Capital Partners Co., Ltd. (KOSDAQ:A016600) agreed to acquire 39.33% stake in Chorokbaem Media Co., Ltd. (KOSDAQ:A047820) from CT property Co., Ltd. (KOSDAQ:A052300) for KRW 180 billion on August 12, 2024. As per the transaction, 2021 QCP 15th Private Equity Fund, managed by Q Capital Partners Co., Ltd. will acquire 9.6 million shares in Chorokbaem Media Co., Ltd. The transaction is expected to complete on November 29, 2024. New Risk • Jul 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (₩51.2b market cap, or US$36.9m). New Risk • Dec 11
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 12% 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 18% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩67.6b market cap, or US$51.3m). New Risk • Jul 07
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 8.2% 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 0.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (₩41.5b market cap, or US$31.7m). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 25% share price gain to ₩1,005, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 11x in the Transportation industry in South Korea. Total loss to shareholders of 41% over the past three years. Announcement • Jul 19
CHOROKBAEM COMPANY Co., Ltd. announced that it has received KRW 5.000000768 billion in funding from SKY E&M Co., Ltd. On July Announcement • Jun 18
CHOROKBAEM COMPANY Co., Ltd. announced that it expects to receive KRW 5.000000768 billion in funding from SKY E&M Co., Ltd. CHOROKBAEM COMPANY Co., Ltd. announced a private placement of 6,281,408 convertible preferred shares at an issue price of KRW 796 per share for gross proceeds of KRW 5,000,000,768 on June 16, 2022. The transaction will include participation from SKY E&M Co., Ltd. The shares will be issued at premium and through third party allotment method. The shares will be issued at zero coupon rate. Post the closing, the number of shares will increase from 6,901,314 to 13,182,722. The shares are 100% convertible into 6,281,408 shares at an conversion price of KRW 796. The shares will start conversion from July 11, 2023 and will end on June 11, 2027. The transaction is expected to close on July 26, 2022. The transaction was approved by the board of directors of the company. The securities to be issued will have a hold period of one year. The company will receive funding through 3rd party allocation. Announcement • Jan 22
CHOROKBAEM COMPANY Co., Ltd. announced that it has received KRW 21.50000127 billion in funding from Wooridul Huebrain Limited, Ocean In W Co.,Ltd. On January 20, 2022, CHOROKBAEM COMPANY Co., Ltd. closed the transaction. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₩1,705, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 17x in the Transportation industry in South Korea. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 28% share price gain to ₩1,465, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 21x in the Transportation industry in South Korea. Total loss to shareholders of 48% over the past three years. Is New 90 Day High Low • Mar 12
New 90-day high: ₩335 The company is up 5.0% from its price of ₩320 on 11 December 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Transportation industry, which is also up 5.0% over the same period. Announcement • Feb 18
W Holding Company Co., Ltd. announced that it expects to receive KRW 15.000000192 billion in funding W Holding Company Co., Ltd. (KOSDAQ:A052300) announced a private placement of 52,083,334 registered convertible preferred shares at an issue price of KRW 288 per share for gross proceeds of KRW 15,000,000,192 on February 16, 201. The shares have a value of KRW 100 per share. The transaction will include participation from Vert Fund for 27,777,778 shares and Lauta Fund for remaining 24,305,556 shares. All securities to be issued are subject to a hold period of one year. The preferred shares shall be convertible into 52,083,334 registered common shares and have conversion period starting from May 14, 2022 and end on April 14, 2026. The preferred shares are participatory and cumulative in nature and carry a nil dividend rate. The company will issue shares using third party allocation method. The shares are being issued at a discount rate of 10%. The transaction is expected to close on May 14, 2021. Is New 90 Day High Low • Jan 29
New 90-day low: ₩295 The company is down 5.0% from its price of ₩309 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: ₩297 The company is down 16% from its price of ₩352 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is down 2.0% over the same period. Announcement • Sep 26
W Holding Company Co., Ltd. announced that it has received KRW 4.000000156 billion in funding On July 1, 2020, W Holding Company Co., Ltd. (KOSDAQ:A052300) closed the transaction. Is New 90 Day High Low • Sep 25
New 90-day high: ₩316 The company is up 32% from its price of ₩240 on 26 June 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 4.0% over the same period. 
