Buy Or Sell Opportunity • Jun 17
Now 22% overvalued Over the last 90 days, the stock has fallen 18% to ₩4,135. The fair value is estimated to be ₩3,402, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Apr 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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). 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 69% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩75.5b market cap, or US$50.0m). Announcement • Mar 17
Winix Inc., Annual General Meeting, Mar 31, 2026 Winix Inc., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 80-13, sujeong-ro, jangan-myeon, gyeonggi-do, hwaseong South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 16 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.1%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.9%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: ₩1,472 loss per share (vs ₩46.00 profit in 3Q 2024) Third quarter 2025 results: ₩1,472 loss per share (down from ₩46.00 profit in 3Q 2024). Revenue: ₩92.0b (up 2.8% from 3Q 2024). Net loss: ₩23.3b (down ₩24.0b from profit in 3Q 2024). 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. Declared Dividend • Nov 16
Dividend of ₩300 announced Dividend of ₩300 is the same as last year. Ex-date: 29th December 2025 Payment date: 16th April 2026 Dividend yield will be 5.2%, which is higher than the industry average of 2.5%. 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. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩7,870, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 11x in the Consumer Durables industry in South Korea. Total loss to shareholders of 28% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: ₩2,810 loss per share (vs ₩633 profit in FY 2023) Full year 2024 results: ₩2,810 loss per share (down from ₩633 profit in FY 2023). Revenue: ₩351.2b (down 6.4% from FY 2023). Net loss: ₩44.4b (down ₩54.4b from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. New Risk • Mar 17
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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 167% Cash payout ratio: 259% Earnings have declined by 41% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩93.4b market cap, or US$64.6m). Announcement • Feb 13
Winix Inc., Annual General Meeting, Mar 26, 2025 Winix Inc., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 80-13, sujeong-ro, gyeonggi-do, hwaseong South Korea New Risk • Jan 10
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 Interest payments are not well covered by earnings (1.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 167% Cash payout ratio: 259% Earnings have declined by 41% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩101.3b market cap, or US$69.0m). Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩6,410, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 9x in the Consumer Durables industry in South Korea. Total loss to shareholders of 62% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 16 April 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.2%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.8%). Buy Or Sell Opportunity • Dec 12
Now 23% overvalued Over the last 90 days, the stock has fallen 19% to ₩4,845. The fair value is estimated to be ₩3,925, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 56%. New Risk • Nov 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 167% Cash payout ratio: 259% Earnings have declined by 41% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩82.0b market cap, or US$58.7m). Declared Dividend • Nov 16
Dividend of ₩300 announced Shareholders will receive a dividend of ₩300. Ex-date: 27th December 2024 Payment date: 16th April 2025 Dividend yield will be 5.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 49% to shift the payout ratio to a potentially unsustainable range, which is more than the 21% EPS decline seen over the last 5 years. 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 (₩94.5b market cap, or US$71.8m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩6,350, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 12x in the Consumer Durables industry in South Korea. Total loss to shareholders of 67% over the past three years. Buy Or Sell Opportunity • Jul 01
Now 23% undervalued Over the last 90 days, the stock has risen 1.1% to ₩9,350. The fair value is estimated to be ₩12,119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has declined by 80%. New Risk • May 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩131.4b (US$96.7m) 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 Risk Earnings have declined by 36% 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. Market cap is less than US$100m (₩131.4b market cap, or US$96.7m). New Risk • Apr 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩136.9b (US$99.0m) 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 32% 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. Market cap is less than US$100m (₩136.9b market cap, or US$99.0m). New Risk • Apr 11
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 277% Dividend yield: 3.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risk Earnings have declined by 32% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (277% payout ratio). Large one-off items impacting financial results. Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company last paid an ordinary dividend in August 2019. The average dividend yield among industry peers is 2.4%. Upcoming Dividend • Jun 22
Upcoming dividend of ₩200 per share at 3.2% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 24 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.2%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.4%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is on the higher end at 95% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.2%). 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. 1 independent director (7 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 • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩9,320, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Consumer Durables industry in South Korea. Total loss to shareholders of 54% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 23 July 2022. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.4%). 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. 1 independent director (7 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 16 April 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 3.5%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.1%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 27 July 2021. Trailing yield: 2.2%. Within top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (0.9%). Announcement • Feb 11
Winix Inc., Annual General Meeting, Mar 29, 2021 Winix Inc., Annual General Meeting, Mar 29, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 05
New 90-day high: ₩24,950 The company is up 20% from its price of ₩20,750 on 06 November 2020. The South Korean market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩44,988 per share. Is New 90 Day High Low • Jan 12
New 90-day high: ₩23,850 The company is up 18% from its price of ₩20,250 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₩23,000 The company is up 23% from its price of ₩18,750 on 25 September 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 17% over the same period.