New Risk • May 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 126% 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 15% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (₩44.8b market cap, or US$29.7m). New Risk • Mar 29
New major risk - Revenue and earnings growth Earnings have declined by 5.4% 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 5.4% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (₩50.8b market cap, or US$33.7m). Announcement • Feb 20
BORATR CO., Ltd., Annual General Meeting, Mar 27, 2026 BORATR CO., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 518, gangnam-daero, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (3.0%). Declared Dividend • Nov 08
Dividend of ₩250 announced Dividend of ₩250 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (25% 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 8.9% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
BORATR CO., Ltd. announces Annual dividend, payable on April 27, 2026 BORATR CO., Ltd. announced Annual dividend of KRW 250.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • May 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.9% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.9% net profit margin). Market cap is less than US$100m (₩68.7b market cap, or US$49.7m). New Risk • Mar 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩64.5b market cap, or US$44.0m). Announcement • Mar 13
BORATR CO., Ltd., Annual General Meeting, Mar 27, 2025 BORATR CO., Ltd., Annual General Meeting, Mar 27, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 518, gangnam-daero, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 24 April 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.8%). 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 (₩66.8b market cap, or US$50.8m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩8,980, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 7x in the Consumer Retailing industry in South Korea. Total loss to shareholders of 44% over the past three years. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩1,444 (vs ₩2,644 in FY 2022) Full year 2023 results: EPS: ₩1,444 (down from ₩2,644 in FY 2022). Revenue: ₩76.9b (up 11% from FY 2022). Net income: ₩9.46b (down 45% from FY 2022). Profit margin: 12% (down from 25% in FY 2022). The decrease in margin was driven by higher expenses. 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 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share at 2.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 24 April 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩18,000, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 10x in the Consumer Retailing industry in South Korea. Total returns to shareholders of 20% over the past three years. Buying Opportunity • Jul 06
Now 22% undervalued Over the last 90 days, the stock is up 50%. The fair value is estimated to be ₩20,228, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 71%. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩17,130, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 11x in the Consumer Retailing industry in South Korea. Total returns to shareholders of 112% over the past three years. New Risk • Jun 15
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 10% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.1% net profit margin). Market cap is less than US$100m (₩118.3b market cap, or US$93.0m). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩13,630, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 12x in the Consumer Retailing industry in South Korea. Total returns to shareholders of 98% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩2,644 (vs ₩955 in FY 2021) Full year 2022 results: EPS: ₩2,644 (up from ₩955 in FY 2021). Revenue: ₩69.5b (up 14% from FY 2021). Net income: ₩17.3b (up 177% from FY 2021). Profit margin: 25% (up from 10% in FY 2021). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 27 April 2023. Payout ratio is a comfortable 6.1% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.6%). Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ₩557 (vs ₩72.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩557 (up from ₩72.00 in 3Q 2021). Revenue: ₩18.5b (up 30% from 3Q 2021). Net income: ₩3.65b (up ₩3.18b from 3Q 2021). Profit margin: 20% (up from 3.3% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₩13,750, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 8x in the Consumer Retailing industry in South Korea. Total returns to shareholders of 115% 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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 ₩150 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩12,500, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 21x in the Consumer Retailing industry in South Korea. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩14,650, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 16x in the Consumer Retailing industry in South Korea. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 23% share price gain to ₩20,650, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 17x in the Consumer Retailing industry in South Korea. Total returns to shareholders of 101% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day low: ₩13,500 The company is down 8.0% from its price of ₩14,700 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩15,800, the stock is trading at a trailing P/E ratio of 48.5x, down from the previous P/E ratio of 59.3x. This compares to an average P/E of 17x in the Consumer Retailing industry in South Korea. Total returns to shareholders over the past three years are 16%. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩16,550, the stock is trading at a trailing P/E ratio of 50.8x, down from the previous P/E ratio of 59.9x. This compares to an average P/E of 17x in the Consumer Retailing industry in South Korea. Total returns to shareholders over the past three years are 22%. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩150 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (1.9%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 27% share price gain to ₩19,500, the stock is trading at a trailing P/E ratio of 59.9x, up from the previous P/E ratio of 47x. This compares to an average P/E of 17x in the Consumer Retailing industry in South Korea. Total returns to shareholders over the past three years are 50%. Is New 90 Day High Low • Dec 09
New 90-day high: ₩15,300 The company is up 3.0% from its price of ₩14,850 on 10 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 25% share price gain to ₩14,200, the stock is trading at a trailing P/E ratio of 43.6x, up from the previous P/E ratio of 35x. This compares to an average P/E of 16x in the Consumer Retailing industry in South Korea. Total returns to shareholders over the past three years are 13%. Valuation Update With 7 Day Price Move • Nov 02
Market bids up stock over the past week After last week's 16% share price gain to ₩13,100, the stock is trading at a trailing P/E ratio of 35.3x, up from the previous P/E ratio of 30.4x. This compares to an average P/E of 14x in the Consumer Retailing industry in South Korea. Total returns to shareholders over the past three years are 1.2%. Valuation Update With 7 Day Price Move • Oct 20
Market pulls back on stock over the past week After last week's 18% share price decline to ₩12,000, the stock is trading at a trailing P/E ratio of 32.3x, down from the previous P/E ratio of 39.6x. This compares to an average P/E of 15x in the Consumer Retailing industry in South Korea. Total return to shareholders over the past three years is a loss of 5.2%. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 16% share price gain to ₩14,700, the stock is trading at a trailing P/E ratio of 39.6x, up from the previous P/E ratio of 34.1x. This compares to an average P/E of 15x in the Consumer Retailing industry in South Korea. Total returns to shareholders over the past three years are 19%.