Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: ₩238 (vs ₩487 in FY 2024) Full year 2025 results: EPS: ₩238 (down from ₩487 in FY 2024). Revenue: ₩201.7b (up 3.6% from FY 2024). Net income: ₩4.69b (down 52% from FY 2024). Profit margin: 2.3% (down from 5.0% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Mar 17
GRITEE, Inc., Annual General Meeting, Mar 27, 2026 GRITEE, Inc., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 11, hakdong-ro 67-gil, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.4%). Declared Dividend • Nov 08
Dividend of ₩110 announced Dividend of ₩110 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 5.2%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.4% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
GRITEE, Inc. announces Annual dividend, payable on April 13, 2026 GRITEE, Inc. announced Annual dividend of KRW 110.0000 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 29
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). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (67% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (₩49.8b market cap, or US$35.9m). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩2,685, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 9x in the Luxury industry in South Korea. Negligible returns to shareholders over past three years. New Risk • Aug 13
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 11% 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 (11% average weekly change). High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩63.6b market cap, or US$46.0m). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩3,490, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 10x in the Luxury industry in South Korea. Total returns to shareholders of 18% over the past three years. New Risk • Jun 21
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 9.0% 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 High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₩87.4b market cap, or US$63.7m). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩3,385, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 24% over the past three years. New Risk • May 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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 Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩50.1b market cap, or US$36.4m). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩487 (vs ₩424 in FY 2023) Full year 2024 results: EPS: ₩487 (up from ₩424 in FY 2023). Revenue: ₩194.7b (up 11% from FY 2023). Net income: ₩9.72b (up 14% from FY 2023). Profit margin: 5.0% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 08
GRITEE, Inc., Annual General Meeting, Mar 21, 2025 GRITEE, Inc., Annual General Meeting, Mar 21, 2025, at 09:01 Tokyo Standard Time. Location: auditorium, 17, hakdong-ro 43-gil, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 07 April 2025. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 11
Third quarter 2024 earnings released: EPS: ₩169 (vs ₩160 in 3Q 2023) Third quarter 2024 results: EPS: ₩169 (up from ₩160 in 3Q 2023). Revenue: ₩54.3b (up 7.6% from 3Q 2023). Net income: ₩3.37b (up 5.3% from 3Q 2023). Profit margin: 6.2% (down from 6.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Oct 08
GRITEE, Inc. (KOSDAQ:A204020) announces an Equity Buyback for KRW 2,000 million worth of its shares. GRITEE, Inc. (KOSDAQ:A204020) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of own shares pursuant to a contract with KB Securities Co., Ltd. The purpose behind the program is to improve shareholder value and to stabilize stock price. The repurchase program will expire on April 7, 2025. As of October 6, 2024, the company had 125,773 treasury shares within scope available for dividend and no shares in treasury through other repurchase. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩220 (vs ₩169 in 2Q 2023) Second quarter 2024 results: EPS: ₩220 (up from ₩169 in 2Q 2023). Revenue: ₩63.1b (up 15% from 2Q 2023). Net income: ₩4.41b (up 30% from 2Q 2023). Profit margin: 7.0% (up from 6.2% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩84.00 (vs ₩65.00 in 1Q 2023) First quarter 2024 results: EPS: ₩84.00 (up from ₩65.00 in 1Q 2023). Revenue: ₩40.8b (up 6.6% from 1Q 2023). Net income: ₩1.69b (up 30% from 1Q 2023). Profit margin: 4.1% (up from 3.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩424 (vs ₩101 in FY 2022) Full year 2023 results: EPS: ₩424 (up from ₩101 in FY 2022). Revenue: ₩176.1b (up 23% from FY 2022). Net income: ₩8.49b (up 320% from FY 2022). Profit margin: 4.8% (up from 1.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩30.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 9.8% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.7%). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ₩160 (vs ₩78.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩160 (up from ₩78.00 in 3Q 2022). Revenue: ₩50.5b (up 14% from 3Q 2022). Net income: ₩3.20b (up 106% from 3Q 2022). Profit margin: 6.3% (up from 3.5% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ₩169 (vs ₩105 in 2Q 2022) Second quarter 2023 results: EPS: ₩169 (up from ₩105 in 2Q 2022). Revenue: ₩54.7b (up 25% from 2Q 2022). Net income: ₩3.38b (up 61% from 2Q 2022). Profit margin: 6.2% (up from 4.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩101 (vs ₩349 loss in FY 2021) Full year 2022 results: EPS: ₩101 (up from ₩349 loss in FY 2021). Revenue: ₩143.1b (up 32% from FY 2021). Net income: ₩2.02b (up ₩8.87b from FY 2021). Profit margin: 1.4% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₩78.00 (vs ₩38.00 loss in 3Q 2021) Third quarter 2022 results: EPS: ₩78.00 (up from ₩38.00 loss in 3Q 2021). Revenue: ₩44.4b (up 42% from 3Q 2021). Net income: ₩1.56b (up ₩2.31b from 3Q 2021). Profit margin: 3.5% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: ₩7.00 (vs ₩117 loss in 1Q 2021) First quarter 2022 results: EPS: ₩7.00 (up from ₩117 loss in 1Q 2021). Revenue: ₩26.6b (up 30% from 1Q 2021). Net income: ₩142.3m (up ₩2.36b from 1Q 2021). Profit margin: 0.5% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Is New 90 Day High Low • Jan 29
New 90-day low: ₩2,840 The company is down 8.0% from its price of ₩3,100 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₩2,920 The company is down 14% from its price of ₩3,390 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 8.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩30.00 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.0% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (1.4%).