Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,545, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 51% over the past year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,050, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 44% over the past year. New Risk • May 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Interest payments are not well covered by earnings (1.3x net interest cover). High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (₩69.4b market cap, or US$46.0m). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,340, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total loss to shareholders of 3.6% over the past year. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,500, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total loss to shareholders of 16% over the past year. New Risk • Apr 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.7x 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 Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risk Market cap is less than US$100m (₩64.2b market cap, or US$42.5m). Announcement • Mar 17
Nobland International Inc., Annual General Meeting, Mar 31, 2026 Nobland International Inc., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 49, ogeum-ro 46-gil, songpa-gu, seoul South Korea Announcement • Dec 09
Nobland International Inc. (KOSDAQ:A145170) agreed to acquire Bando Vina Co.,ltd for KRW 10.3 billion. Nobland International Inc. (KOSDAQ:A145170) agreed to acquire Bando Vina Co.,ltd for KRW 10.3 billion on December 8, 2025. A cash consideration of KRW 10.3 billion will be paid by Nobland International Inc. As part of consideration, KRW 10.3 billion is paid towards common equity of Bando Vina Co.,ltd.
For the period ending December 31, 2024, Bando Vina Co.,ltd reported total revenue of KRW 12.98 billion and net loss of KRW 328 million. As of December 31, 2024, Bando Vina Co.,ltd reported total assets of KRW 5.62 billion and total common equity of KRW 4.27 billion.
The expected completion of the transaction is January 2, 2026. New Risk • Sep 01
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩79.6b market cap, or US$57.2m). Announcement • Feb 19
Nobland International Inc., Annual General Meeting, Mar 31, 2025 Nobland International Inc., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 49, ogeum-ro 46-gil, songpa-gu, seoul South Korea New Risk • Nov 14
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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 8.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩126.1b market cap, or US$89.8m). Announcement • Sep 11
Nobland International Inc. (KOSDAQ:A145170) agreed to acquire UNICO Global Inc. for KRW 26 billion. Nobland International Inc. (KOSDAQ:A145170) agreed to acquire UNICO Global Inc. for KRW 26 billion on September 10, 2024. Nobland will acquire 0.458 million shares of UNICO Global. The expected completion of the transaction is October 2, 2024. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings have declined by 8.2% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 8.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩117.3b market cap, or US$88.0m). New Risk • Jul 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩135.4b (US$97.9m) 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 Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (₩135.4b market cap, or US$97.9m). 
