New Risk • May 31
New major risk - Revenue and earnings growth Earnings have declined by 45% 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 45% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩113.1b market cap, or US$75.0m). Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₩45.00 (vs ₩2,588 loss in FY 2024) Full year 2025 results: EPS: ₩45.00 (up from ₩2,588 loss in FY 2024). Revenue: ₩390.7b (up 33% from FY 2024). Net income: ₩964.5m (up ₩64.6b from FY 2024). Profit margin: 0.2% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Mar 12
Wonik Pne Co., Ltd., Annual General Meeting, Mar 26, 2026 Wonik Pne Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 185, saneop-ro, gwonseon-gu, gyeonggi-do, suwon South Korea New Risk • Mar 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩134.5b (US$92.0m) This is considered a minor risk. Companies with a small market capitalization 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: Minor Risks High level of debt (52% net debt to equity). Market cap is less than US$100m (₩134.5b market cap, or US$92.0m). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩3,595, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 38x in the Electrical industry in South Korea. Total loss to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,020, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 25x in the Electrical industry in South Korea. Total loss to shareholders of 44% over the past three years. New Risk • Nov 26
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 52% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (52% net debt to equity). Share price has been volatile over the past 3 months (8.9% average weekly change). New Risk • Oct 28
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 7.9% 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 63% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Reported Earnings • Aug 19
Second quarter 2025 earnings released: ₩127 loss per share (vs ₩444 loss in 2Q 2024) Second quarter 2025 results: ₩127 loss per share (improved from ₩444 loss in 2Q 2024). Revenue: ₩66.8b (up 185% from 2Q 2024). Net loss: ₩5.67b (loss narrowed 73% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Jun 23
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 9.4% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩14b free cash flow). Earnings have declined by 66% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Reported Earnings • Mar 21
Full year 2024 earnings released: ₩2,588 loss per share (vs ₩117 loss in FY 2023) Full year 2024 results: ₩2,588 loss per share (further deteriorated from ₩117 loss in FY 2023). Revenue: ₩294.7b (down 4.0% from FY 2023). Net loss: ₩63.7b (loss widened ₩60.0b from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Mar 08
Wonik Pne Co., Ltd., Annual General Meeting, Mar 26, 2025 Wonik Pne Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 185, saneop-ro, gwonseon-gu, gyeonggi-do, suwon South Korea New Risk • Feb 28
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 9.5% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩87b free cash flow). Earnings have declined by 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (₩119.7b market cap, or US$81.9m). New Risk • Oct 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩132.7b (US$97.6m) This is considered a minor risk. Companies with a small market capitalization 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 48% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (₩132.7b market cap, or US$97.6m). New Risk • Sep 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩130.2b (US$98.1m) This is considered a minor risk. Companies with a small market capitalization 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 48% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (₩130.2b market cap, or US$98.1m). New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩134.7b (US$98.7m) This is considered a minor risk. Companies with a small market capitalization 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 34% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (₩134.7b market cap, or US$98.7m). Reported Earnings • Mar 22
Full year 2023 earnings released: ₩117 loss per share (vs ₩73.59 profit in FY 2022) Full year 2023 results: ₩117 loss per share (down from ₩73.59 profit in FY 2022). Revenue: ₩306.8b (up 6.2% from FY 2022). Net loss: ₩3.65b (down 236% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. New Risk • Mar 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 16% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings have declined by 16% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (280% increase in shares outstanding). New Risk • Aug 03
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 Risks Debt is not well covered by operating cash flow (0.7% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (228% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩8,800, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 19% share price gain to ₩9,200, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improved over the past week After last week's 17% share price gain to ₩7,800, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩6,530, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 15x in the Machinery industry in South Korea. Total returns to shareholders of 5.4% 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 ₩7,600, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 17x in the Machinery industry in South Korea. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₩10,750, the stock trades at a trailing P/E ratio of 59x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₩13,200, the stock trades at a trailing P/E ratio of 34.6x. Average trailing P/E is 20x in the Machinery industry in South Korea. Total returns to shareholders of 80% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩382 (vs ₩693 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩66.6b (up 2.4% from FY 2019). Net income: ₩3.80b (down 12% from FY 2019). Profit margin: 5.7% (down from 6.6% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 09
New 90-day low: ₩9,720 The company is down 7.0% from its price of ₩10,400 on 09 December 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 Machinery industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₩12,900, the stock is trading at a trailing P/E ratio of 24.3x, up from the previous P/E ratio of 20.9x. This compares to an average P/E of 25x in the Machinery industry in South Korea. Total returns to shareholders over the past three years are 28%. Is New 90 Day High Low • Jan 19
New 90-day high: ₩12,900 The company is up 4.0% from its price of ₩12,400 on 21 October 2020. The South Korean market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 20% over the same period. Valuation Update With 7 Day Price Move • Nov 16
Market pulls back on stock over the past week After last week's 15% share price decline to ₩10,500, the stock is trading at a trailing P/E ratio of 11.4x, down from the previous P/E ratio of 13.4x. This compares to an average P/E of 20x in the Machinery industry in South Korea. Total returns to shareholders over the past three years are 7.1%. Is New 90 Day High Low • Nov 12
New 90-day low: ₩10,550 The company is down 5.0% from its price of ₩11,150 on 14 August 2020. The South Korean market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Oct 21
Market pulls back on stock over the past week After last week's 15% share price decline to ₩12,400, the stock is trading at a trailing P/E ratio of 13.4x, down from the previous P/E ratio of 15.9x. This compares to an average P/E of 19x in the Machinery industry in South Korea. Total returns to shareholders over the past three years are 30%.