New Risk • Mar 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.9% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 61% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩32.5b market cap, or US$21.5m). Reported Earnings • Mar 27
Full year 2025 earnings released: ₩559 loss per share (vs ₩281 loss in FY 2024) Full year 2025 results: ₩559 loss per share (further deteriorated from ₩281 loss in FY 2024). Revenue: ₩131.0b (down 1.5% from FY 2024). Net loss: ₩10.6b (loss widened 99% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Mar 04
Monami Co., Ltd., Annual General Meeting, Mar 31, 2026 Monami Co., Ltd., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 17, songok-ro, suji-gu, gyeonggi-do, yongin South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (3.4%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩124 loss per share (vs ₩131 loss in 3Q 2024) Third quarter 2025 results: ₩124 loss per share (improved from ₩131 loss in 3Q 2024). Revenue: ₩32.6b (up 1.1% from 3Q 2024). Net loss: ₩2.34b (loss narrowed 5.7% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Declared Dividend • Nov 08
Dividend of ₩30.00 announced Dividend of ₩30.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 1.6%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Announcement • Nov 07
Monami Co., Ltd. announces Annual dividend, payable on April 27, 2026 Monami Co., Ltd. announced Annual dividend of KRW 30.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Oct 08
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 Risks Debt is not well covered by operating cash flow (2.5% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 50% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩38.1b market cap, or US$26.9m). New Risk • Aug 26
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 8.7% 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 (2.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (₩48.7b market cap, or US$34.9m). Reported Earnings • Aug 19
Second quarter 2025 earnings released: ₩138 loss per share (vs ₩196 loss in 2Q 2024) Second quarter 2025 results: ₩138 loss per share (improved from ₩196 loss in 2Q 2024). Revenue: ₩31.8b (up 14% from 2Q 2024). Net loss: ₩2.61b (loss narrowed 30% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2024 earnings released: ₩281 loss per share (vs ₩309 loss in FY 2023) Full year 2024 results: ₩281 loss per share (improved from ₩309 loss in FY 2023). Revenue: ₩133.1b (down 5.9% from FY 2023). Net loss: ₩5.31b (loss narrowed 9.2% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Announcement • Feb 27
Monami Co., Ltd., Annual General Meeting, Mar 31, 2025 Monami Co., Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 17, songok-ro, suji-gu, gyeonggi-do, yongin South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.9%). Declared Dividend • Nov 28
Dividend of ₩50.00 announced Shareholders will receive a dividend of ₩50.00. Ex-date: 27th December 2024 Payment date: 21st April 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Reported Earnings • Nov 20
Third quarter 2024 earnings released: ₩131 loss per share (vs ₩166 loss in 3Q 2023) Third quarter 2024 results: ₩131 loss per share (improved from ₩166 loss in 3Q 2023). Revenue: ₩32.2b (up 2.7% from 3Q 2023). Net loss: ₩2.48b (loss narrowed 21% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Sep 17
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 Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩46.2b market cap, or US$35.1m). New Risk • Aug 21
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 (2.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 13% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩50.6b market cap, or US$37.9m). Reported Earnings • Mar 23
Full year 2023 earnings released: ₩309 loss per share (vs ₩166 profit in FY 2022) Full year 2023 results: ₩309 loss per share (down from ₩166 profit in FY 2022). Revenue: ₩141.5b (down 5.4% from FY 2022). Net loss: ₩5.84b (down 286% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩70.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (3.0%). New Risk • Aug 25
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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (₩81.6b market cap, or US$61.8m). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩3,770, the stock trades at a trailing P/E ratio of 52.2x. Average trailing P/E is 19x in the Commercial Services industry in South Korea. Total loss to shareholders of 41% over the past three years. Reported Earnings • Aug 20
Second quarter 2023 earnings released: ₩63.00 loss per share (vs ₩28.00 profit in 2Q 2022) Second quarter 2023 results: ₩63.00 loss per share (down from ₩28.00 profit in 2Q 2022). Revenue: ₩35.7b (up 1.0% from 2Q 2022). Net loss: ₩1.19b (down 322% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩72.00 (vs ₩75.00 in 1Q 2022) First quarter 2023 results: EPS: ₩72.00 (down from ₩75.00 in 1Q 2022). Revenue: ₩39.7b (up 6.3% from 1Q 2022). Net income: ₩1.35b (down 4.2% from 1Q 2022). Profit margin: 3.4% (down from 3.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩166 (vs ₩827 in FY 2021) Full year 2022 results: EPS: ₩166 (down from ₩827 in FY 2021). Revenue: ₩149.5b (up 13% from FY 2021). Net income: ₩3.14b (down 80% from FY 2021). Profit margin: 2.1% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (3.2%). 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 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 • Jul 08
Investor sentiment improved over the past week After last week's 29% share price gain to ₩4,165, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 17x in the Commercial Services industry in South Korea. Total returns to shareholders of 12% 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 19% share price decline to ₩3,010, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 15x in the Commercial Services industry in South Korea. Total returns to shareholders of 23% over the past three years. 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 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 • Apr 04
Investor sentiment improved over the past week After last week's 20% share price gain to ₩5,380, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 19x in the Commercial Services industry in South Korea. Total returns to shareholders of 104% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 7.8% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (3.1%). Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS ₩711 (vs ₩17.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩32.5b (up 1.8% from 3Q 2020). Net income: ₩13.4b (up ₩13.1b from 3Q 2020). Profit margin: 41% (up from 1.0% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 22
Full year 2020 earnings released: EPS ₩4.00 (vs ₩65.00 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩127.8b (down 3.2% from FY 2019). Net income: ₩77.7m (down 94% from FY 2019). Profit margin: 0.1% (down from 0.9% in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Announcement • Feb 26
Monami Co., Ltd., Annual General Meeting, Mar 25, 2021 Monami Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 24
New 90-day low: ₩4,835 The company is down 21% from its price of ₩6,090 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 7.0% over the same period. Is New 90 Day High Low • Feb 01
New 90-day low: ₩5,030 The company is down 23% from its price of ₩6,500 on 03 November 2020. The South Korean market is up 27% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 2.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩70.00 Per Share Will be paid on the 17th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.2% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (3.8%). Is New 90 Day High Low • Dec 22
New 90-day low: ₩5,620 The company is down 10.0% from its price of ₩6,240 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 3.0% over the same period.