New Risk • May 09
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 13% 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 (0.4% operating cash flow to total debt). Earnings have declined by 27% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Upcoming Dividend • Mar 05
Upcoming dividend of ₩550 per share Eligible shareholders must have bought the stock before 12 March 2026. Payment date: 03 April 2026. Payout ratio is a comfortable 3.5% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (1.7%). Announcement • Feb 27
Kolon Corporation announces Annual dividend, payable on April 03, 2026 Kolon Corporation announced Annual dividend of KRW 550.0000 per share payable on April 03, 2026, ex-date on March 12, 2026 and record date on March 13, 2026. Announcement • Aug 08
Kolon Corporation (KOSE:A002020) proposed to acquire an additional 23% stake in Kolon Mobility Group Corporation (KOSE:A450140) for KRW 61.6 billion. Kolon Corporation (KOSE:A002020) proposed to acquire an additional 23% stake in Kolon Mobility Group Corporation (KOSE:A450140) for KRW 61.6 billion on August 8, 2025. A cash consideration of KRW 56.43 billion valued at KRW 4000 per common stock and of KRW 5.21 billion valued at KRW 5950 per preference share will be paid by Kolon Corporation. As part of consideration, KRW 56.43 billion is paid towards common equity and KRW 5.21 billion is paid towards non-convertible preferred equity of Kolon Mobility Group Corporation. Upon completion, Kolon Corporation will own 97.50% stake in Kolon Mobility Group Corporation. The transaction will be financed through equity investment of KRW 61.64 billion. The expected completion of the transaction is September 8, 2025. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩60,300, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 7x in the Industrials industry in South Korea. Total returns to shareholders of 170% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩53,500, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 7x in the Industrials industry in South Korea. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩40,750, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 7x in the Industrials industry in South Korea. Total returns to shareholders of 96% over the past three years. New Risk • May 29
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩30,150, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 6x in the Industrials industry in South Korea. Total returns to shareholders of 19% over the past three years. New Risk • Mar 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 541% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to ₩27,000, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 5x in the Industrials industry in South Korea. Total loss to shareholders of 1.8% over the past three years. New Risk • Mar 14
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 9.3% 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 Interest payments are not well covered by earnings (0.02x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.3% average weekly change). Announcement • Feb 27
Kolon Corporation, Annual General Meeting, Mar 26, 2025 Kolon Corporation, Annual General Meeting, Mar 26, 2025, at 08:00 Tokyo Standard Time. Location: conference room, 11, kolon-ro, gyeonggi-do, gwacheon South Korea Buy Or Sell Opportunity • Dec 11
Now 21% overvalued Over the last 90 days, the stock has fallen 7.7% to ₩13,590. The fair value is estimated to be ₩11,198, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 15%. Buy Or Sell Opportunity • Nov 25
Now 21% overvalued Over the last 90 days, the stock has fallen 11% to ₩13,740. The fair value is estimated to be ₩11,368, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 9.6%. Announcement • Jul 18
Kolon Corporation (KOSE:A002020) acquired DACC co.,LTD. from Kolon Glotech, Inc for KRW 35.5 billion. Kolon Corporation (KOSE:A002020) acquired DACC co.,LTD. from Kolon Glotech, Inc. for KRW 35.5 billion on July 11, 2024.
Kolon Corporation (KOSE:A002020) completed the acquisition of DACC co.,LTD. from Kolon Glotech, Inc. on July 11, 2024. Announcement • May 01
Kolon Corporation (KOSE:A002020) agreed to acquire Kolon Dacc Composite CO.,LTD. for KRW 35.5 billion Kolon Corporation (KOSE:A002020) agreed to acquire Kolon Dacc Composite CO.,LTD. for KRW 35.5 billion on April 30, 2024. Kolon Corporation will acquire all 2.98 million shares of Kolon Dacc. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: ₩621 (vs ₩11,664 in FY 2022) Full year 2023 results: EPS: ₩621 (down from ₩11,664 in FY 2022). Revenue: ₩5.89t (up 4.1% from FY 2022). Net income: ₩8.57b (down 95% from FY 2022). Profit margin: 0.1% (down from 2.8% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩18,840, the stock trades at a trailing P/E ratio of 49.2x. Average trailing P/E is 12x in the Industrials industry in South Korea. Total loss to shareholders of 12% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩550 per share at 3.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (3.0%). New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩10,012 (vs ₩9,365 in FY 2021) Full year 2022 results: EPS: ₩10,012 (up from ₩9,365 in FY 2021). Revenue: ₩5.66t (up 4.6% from FY 2021). Net income: ₩137.2b (up 6.9% from FY 2021). Profit margin: 2.4% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩550 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2022. Payout ratio is a comfortable 5.5% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩23,400, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 6x in the Industrials industry in South Korea. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 19% share price gain to ₩26,650, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 6x in the Industrials industry in South Korea. Total returns to shareholders of 70% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 07 April 2022. Payout ratio is a comfortable 4.3% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 39% share price gain to ₩45,250, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 15x in the Industrials industry in South Korea. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 15% share price gain to ₩27,150, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 26x in the Industrials industry in South Korea. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₩24,150, the stock is trading at a trailing P/E ratio of 3.7x, up from the previous P/E ratio of 3.1x. This compares to an average P/E of 18x in the Industrials industry in South Korea. Total return to shareholders over the past three years is a loss of 53%. Is New 90 Day High Low • Feb 08
New 90-day high: ₩24,150 The company is up 18% from its price of ₩20,550 on 10 November 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 33% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: ₩22,400 The company is up 2.0% from its price of ₩22,000 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 28% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩500 Per Share Will be paid on the 3rd of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.3% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (2.4%). 
