Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩61,200, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 12x in the Machinery industry in South Korea. Total returns to shareholders of 638% over the past three years. New Risk • Jun 12
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩67,600, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 13x in the Machinery industry in South Korea. Total returns to shareholders of 743% over the past three years. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ₩165 (vs ₩281 in 1Q 2025) First quarter 2026 results: EPS: ₩165 (down from ₩281 in 1Q 2025). Revenue: ₩280.8b (up 108% from 1Q 2025). Net income: ₩5.10b (down 41% from 1Q 2025). Profit margin: 1.8% (down from 6.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩83,300, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 1,072% over the past three years. Announcement • Mar 17
BHI Co., Ltd., Annual General Meeting, Mar 28, 2026 BHI Co., Ltd., Annual General Meeting, Mar 28, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 122, jangbaek-ro, gunbuk-myeon, haman-gun, gyeongsangnam-do, South Korea Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩105,000, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 19x in the Machinery industry in South Korea. Total returns to shareholders of 1,689% over the past three years. New Risk • Mar 04
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 14% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩88,300, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 19x in the Machinery industry in South Korea. Total returns to shareholders of 1,355% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩64,000, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 828% over the past three years. New Risk • Dec 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩59,600, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 17x in the Machinery industry in South Korea. Total returns to shareholders of 807% over the past three years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩377 (vs ₩56.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩377 (up from ₩56.00 in 3Q 2024). Revenue: ₩204.7b (up 108% from 3Q 2024). Net income: ₩11.7b (up ₩9.92b from 3Q 2024). Profit margin: 5.7% (up from 1.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩45,200, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 557% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩30,420 per share. Buy Or Sell Opportunity • Oct 24
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₩50,200. The fair value is estimated to be ₩40,436, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 62% in 2 years. Earnings are forecast to grow by 30% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩57,200, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 874% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩44,709 per share. New Risk • Oct 10
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk High level of debt (66% net debt to equity). Buy Or Sell Opportunity • Aug 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 58% to ₩55,600. The fair value is estimated to be ₩45,575, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 58% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩51,900, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 17x in the Machinery industry in South Korea. Total returns to shareholders of 443% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩45,477 per share. Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ₩1,292 to ₩1,456. Revenue forecast unchanged at ₩680.6m. Net income forecast to grow 107% next year vs 52% growth forecast for Machinery industry in South Korea. Consensus price target up from ₩45,300 to ₩57,800. Share price was steady at ₩43,500 over the past week. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩42,300, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 19x in the Machinery industry in South Korea. Total returns to shareholders of 492% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩45,601 per share. New Risk • Jul 24
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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks High level of debt (96% net debt to equity). Large one-off items impacting financial results. Buy Or Sell Opportunity • Jul 22
Now 21% undervalued Over the last 90 days, the stock has risen 67% to ₩35,850. The fair value is estimated to be ₩45,495, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 80% in 2 years. Earnings are forecast to grow by 116% in the next 2 years. Major Estimate Revision • Jun 26
Consensus EPS estimates increase by 46% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩640.4m to ₩680.6m. EPS estimate increased from ₩714 to ₩1,045 per share. Net income forecast to grow 57% next year vs 50% growth forecast for Machinery industry in South Korea. Consensus price target up from ₩27,000 to ₩45,300. Share price fell 8.6% to ₩41,850 over the past week. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩43,500, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 671% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩29,084 per share. Buy Or Sell Opportunity • Jun 02
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 77% to ₩35,900. The fair value is estimated to be ₩28,802, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 64% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩37,800, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 15x in the Machinery industry in South Korea. Total returns to shareholders of 604% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩33,017 per share. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩28,800, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 15x in the Machinery industry in South Korea. Total returns to shareholders of 396% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩33,785 per share. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩18,080, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 209% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩633 (up from ₩267 in FY 2023). Revenue: ₩404.7b (up 10% from FY 2023). Net income: ₩19.6b (up 161% from FY 2023). Profit margin: 4.8% (up from 2.0% in FY 2023). Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Announcement • Mar 18
BHI Co., Ltd., Annual General Meeting, Mar 29, 2025 BHI Co., Ltd., Annual General Meeting, Mar 29, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 122, jangbaek-ro, gunbuk-myeon, haman-gun, gyeongsangnam-do, South Korea Buy Or Sell Opportunity • Feb 24
Now 23% undervalued Over the last 90 days, the stock has risen 10% to ₩20,250. The fair value is estimated to be ₩26,223, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 73% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩23,000, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 444% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩26,235 per share. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩18,000, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 12x in the Machinery industry in South Korea. Total returns to shareholders of 344% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩24,433 per share. New Risk • Dec 09
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (14% average weekly change). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩13,670, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Machinery industry in South Korea. Total returns to shareholders of 243% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩23,990 per share. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₩56.00 (vs ₩99.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩56.00 (down from ₩99.00 in 3Q 2023). Revenue: ₩98.2b (up 20% from 3Q 2023). Net income: ₩1.74b (down 35% from 3Q 2023). Profit margin: 1.8% (down from 3.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩12,950, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 10x in the Machinery industry in South Korea. Total returns to shareholders of 188% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩23,433 per share. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩10,140, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 10x in the Machinery industry in South Korea. Total returns to shareholders of 99% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩19,348 per share. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩7,400, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Machinery industry in South Korea. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩11,942 per share. Buy Or Sell Opportunity • Jul 22
Now 21% undervalued Over the last 90 days, the stock has risen 2.4% to ₩8,570. The fair value is estimated to be ₩10,893, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 54% in 2 years. Earnings are forecast to grow by 57% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩8,240, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩10,714 per share. Buy Or Sell Opportunity • Jul 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to ₩8,240. The fair value is estimated to be ₩10,714, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 54% in 2 years. Earnings are forecast to grow by 57% in the next 2 years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩10,610, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Machinery industry in South Korea. Total returns to shareholders of 102% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩10,655 per share. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩194 (vs ₩27.00 in 1Q 2023) First quarter 2024 results: EPS: ₩194 (up from ₩27.00 in 1Q 2023). Revenue: ₩73.1b (down 13% from 1Q 2023). Net income: ₩5.99b (up ₩5.24b from 1Q 2023). Profit margin: 8.2% (up from 0.9% in 1Q 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩9,810, the stock trades at a trailing P/E ratio of 40.4x. Average trailing P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 165% over the past three years. New Risk • Oct 05
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 13% 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 (13% average weekly change). Earnings have declined by 3.1% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Aug 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% 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: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 11% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Buying Opportunity • Apr 18
Now 25% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be ₩11,537, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has declined by 66%. 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. 5 experienced directors. No highly experienced directors. 1 independent director (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. 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. 5 experienced directors. No highly experienced directors. 1 independent director (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 • May 20
Investor sentiment improved over the past week After last week's 21% share price gain to ₩4,825, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 22x in the Machinery industry in South Korea. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 23% share price gain to ₩4,570, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 21x in the Machinery industry in South Korea. Total loss to shareholders of 5.2% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day high: ₩3,645 The company is up 42% from its price of ₩2,560 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 31% share price gain to ₩3,645, the stock is trading at a trailing P/E ratio of 18.8x, up from the previous P/E ratio of 14.3x. This compares to an average P/E of 22x in the Machinery industry in South Korea. Total return to shareholders over the past three years is a loss of 20%. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 23% share price gain to ₩3,195, the stock is trading at a trailing P/E ratio of 16.5x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 25x in the Machinery industry in South Korea. Total return to shareholders over the past three years is a loss of 26%. Is New 90 Day High Low • Jan 04
New 90-day high: ₩2,705 The company is up 24% from its price of ₩2,185 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: ₩2,645 The company is up 22% from its price of ₩2,160 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₩2,270 The company is up 10.0% from its price of ₩2,070 on 21 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 16% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ₩22.00 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₩45.6b (down 18% from 3Q 2019). Net income: ₩575.9m (up ₩2.48b from 3Q 2019). Profit margin: 1.3% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 23% per year.