New Risk • May 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩150.2b (US$99.6m) 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 Earnings have declined by 1.7% per year over the past 5 years. High level of non-cash earnings (96% accrual ratio). Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Market cap is less than US$100m (₩150.2b market cap, or US$99.6m). New Risk • Mar 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 96% 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 Risks Earnings have declined by 1.7% per year over the past 5 years. High level of non-cash earnings (96% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 12
Dividend increased to ₩700 Dividend of ₩700 is 40% higher than last year. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 5.0%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 45% to shift the payout ratio to a potentially unsustainable range, which is more than the 12% EPS decline seen over the last 5 years. Announcement • Mar 12
Saramin Co.,Ltd., Annual General Meeting, Mar 25, 2026 Saramin Co.,Ltd., Annual General Meeting, Mar 25, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 165, gonghang-daero, gangseo-gu, seoul South Korea Announcement • Mar 11
Saramin Co.,Ltd. announces Annual dividend Saramin Co.,Ltd. announced Annual dividend of KRW 700.0000 per share, ex-date on March 30, 2026 and record date on March 31, 2026. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩697 (vs ₩463 in 3Q 2024) Third quarter 2025 results: EPS: ₩697 (up from ₩463 in 3Q 2024). Revenue: ₩30.8b (down 6.2% from 3Q 2024). Net income: ₩7.32b (up 46% from 3Q 2024). Profit margin: 24% (up from 15% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Nov 05
Now 22% overvalued Over the last 90 days, the stock has fallen 6.3% to ₩13,310. The fair value is estimated to be ₩10,887, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years. Earnings per share has declined by 40%. New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩140.3b (US$98.0m) 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: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.0% net profit margin). Market cap is less than US$100m (₩140.3b market cap, or US$98.0m). Announcement • Aug 30
Rudbeckia, L.P. agreed to acquire 21.55% stake in Remember & Company Co., Ltd. from Saramin Co.,Ltd. (KOSDAQ:A143240) for approximately KRW 110 billion. Rudbeckia, L.P. agreed to acquire 21.55% stake in Remember & Company Co., Ltd. from Saramin Co.,Ltd. (KOSDAQ:A143240) for approximately KRW 110 billion on August 29, 2025. A cash consideration of KRW 114.56 billion will be paid by Rudbeckia, L.P. On August 8, 2025, a Stock Purchase Agreement was entered into between the Remember & Company's largest shareholder and the counterparty. Pursuant to the shareholder agreement with the Remember & Company's largest shareholder and others, if Saramin exercises its parallel sale right, the counterparty retains the right to purchase the shares under the same terms and conditions. On August 29, 2025, Saramin 's Board of Directors approved the exercise of the parallel sale right and the execution of a Joiner Agreement with the counterparty.
For the period ending December 31, 2024, Remember & Company Co., Ltd. reported total revenue of KRW 68.46 billion and net loss of KRW 18.68 billion. As of December 31, 2024, Remember & Company Co., Ltd. reported total debt of KRW 60.75 billion, total assets of KRW 74.7 billion and total common equity of KRW 13.95 billion.
The closing of this Assignment Agreement is contingent upon the satisfaction of all conditions precedent including, approval by a government agency such as the Fair Trade Commission, the counterparty owning at least 92.78% of Remember & Company 's shares, etc., stipulated in the Stock Purchase Agreement between the largest shareholder and the counterparty. Failure to do so may result in termination of the Agreement. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩397 (vs ₩497 in 2Q 2024) Second quarter 2025 results: EPS: ₩397 (down from ₩497 in 2Q 2024). Revenue: ₩31.5b (down 5.4% from 2Q 2024). Net income: ₩4.18b (down 22% from 2Q 2024). Profit margin: 13% (down from 16% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.0% to ₩16,330. The fair value is estimated to be ₩21,052, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Earnings per share has declined by 31%. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩18,000, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 12x in the Professional Services industry in South Korea. Total loss to shareholders of 52% over the past three years. New Risk • Mar 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% 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 Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.8% net profit margin). Announcement • Mar 01
Saramin Co.,Ltd. announces Annual dividend Saramin Co.,Ltd. announced Annual dividend of KRW 500.0000 per share, ex-date on March 28, 2025 and record date on March 31, 2025. Announcement • Feb 28
Saramin Co.,Ltd., Annual General Meeting, Mar 24, 2025 Saramin Co.,Ltd., Annual General Meeting, Mar 24, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 165, gonghang-daero, gangseo-gu, seoul South Korea Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩18,200, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 11x in the Professional Services industry in South Korea. Total loss to shareholders of 55% over the past three years. Announcement • Nov 05
Saramin Co.,Ltd. (KOSDAQ:A143240) announces an Equity Buyback for KRW 6,000 million worth of its shares. Saramin Co.,Ltd. (KOSDAQ:A143240) announces a share repurchase program. Under the program, the company will repurchase up to KRW 6,000 million worth of its shares pursuant to a contract with KIWOOM SECURITIES Corp. The purpose of the share repurchase is stock price stability and shareholder value enhancement. The repurchase program will expire on May 7, 2025. As of November 3, 2024, the company had 853,001 shares within scope available for dividend and had no shares in treasury through other repurchase. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 1.7% 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 1.7% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩1,740 (vs ₩2,656 in FY 2022) Full year 2023 results: EPS: ₩1,740 (down from ₩2,656 in FY 2022). Revenue: ₩131.5b (down 12% from FY 2022). Net income: ₩18.9b (down 36% from FY 2022). Profit margin: 14% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩700 per share at 4.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 12 April 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (4.0%). New Risk • Oct 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩0 (US$0) This is considered a major 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 Risk Market cap is less than US$10m (₩0 market cap, or US$0). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₩405 (vs ₩819 in 1Q 2022) First quarter 2023 results: EPS: ₩405 (down from ₩819 in 1Q 2022). Revenue: ₩31.0b (down 13% from 1Q 2022). Net income: ₩4.43b (down 51% from 1Q 2022). Profit margin: 14% (down from 25% in 1Q 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Professional Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₩2,656 (down from ₩2,902 in FY 2021). Revenue: ₩148.9b (up 15% from FY 2021). Net income: ₩29.4b (down 8.4% from FY 2021). Profit margin: 20% (down from 25% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 8.9%. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Professional Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (2.3%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Sang Wook Bang was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target decreased to ₩42,000 Down from ₩46,000, the current price target is provided by 1 analyst. New target price is 46% above last closing price of ₩28,700. Stock is down 30% over the past year. The company is forecast to post earnings per share of ₩2,903 for next year compared to ₩2,902 last year. Announcement • Oct 22
SaraminHR Co.,Ltd. (KOSDAQ:A143240) announces an Equity Buyback for KRW 3,000 million worth of its shares. SaraminHR Co.,Ltd. (KOSDAQ:A143240) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares pursuant to a contract with KIWOOM SECURITIES Corp. The purpose of the share repurchase is stock price stability and shareholder value enhancement. The repurchase program will expire on April 24, 2023. As of October 20, 2022, the company had 607,163 shares within scope available for dividend and had no shares in treasury through other repurchase. Major Estimate Revision • Oct 05
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩157.0m to ₩154.0m. EPS estimate also fell from ₩3,233 per share to ₩2,903 per share. Net income forecast to grow 0.03% next year vs 13% growth forecast for Professional Services industry in South Korea. Consensus price target down from ₩46,000 to ₩42,000. Share price rose 4.5% to ₩31,500 over the past week. Price Target Changed • Apr 27
Price target increased to ₩66,000 Up from ₩54,000, the current price target is provided by 1 analyst. New target price is 50% above last closing price of ₩44,000. Stock is up 25% over the past year. The company is forecast to post earnings per share of ₩3,474 for next year compared to ₩2,902 last year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Sang Wook Bang was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₩2,902 (up from ₩1,965 in FY 2020). Revenue: ₩129.0b (up 34% from FY 2020). Net income: ₩32.1b (up 48% from FY 2020). Profit margin: 25% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 11%, compared to a 18% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (1.4%). Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ₩797 (vs ₩502 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩31.6b (up 24% from 3Q 2020). Net income: ₩8.81b (up 59% from 3Q 2020). Profit margin: 28% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 18
Consensus EPS estimates increase to ₩2,838 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₩115.0m to ₩122.0m. EPS estimate increased from ₩2,465 to ₩2,838 per share. Net income forecast to grow 49% next year vs 22% growth forecast for Professional Services industry in South Korea. Consensus price target up from ₩54,000 to ₩66,000. Share price fell 8.1% to ₩48,800 over the past week. Price Target Changed • Jul 07
Price target increased to ₩54,000 Up from ₩48,000, the current price target is provided by 1 analyst. New target price is 8.3% above last closing price of ₩49,850. Stock is up 107% over the past year. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improved over the past week After last week's 22% share price gain to ₩49,100, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 25x in the Professional Services industry in Asia. Total returns to shareholders of 169% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ₩617 (vs ₩459 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩24.7b (up 14% from 1Q 2020). Net income: ₩6.82b (up 35% from 1Q 2020). Profit margin: 28% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS ₩1,965 (vs ₩2,314 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: ₩96.3b (up 2.9% from FY 2019). Net income: ₩21.7b (down 15% from FY 2019). Profit margin: 23% (down from 27% 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 46% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 10
New 90-day high: ₩28,750 The company is up 20% from its price of ₩23,900 on 12 November 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: ₩27,700 The company is up 18% from its price of ₩23,550 on 23 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₩26,650 The company is up 16% from its price of ₩23,000 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Professional Services industry, which is also up 16% over the same period. Is New 90 Day High Low • Nov 13
New 90-day high: ₩24,800 The company is up 3.0% from its price of ₩24,000 on 14 August 2020. The South Korean market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Professional Services industry, which is down 1.0% over the same period. 
