Upcoming Dividend • Jun 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 31 August 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of South Korean dividend payers (4.2%). Higher than average of industry peers (7.1%). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩702 (vs ₩902 in FY 2024) Full year 2025 results: EPS: ₩702 (down from ₩902 in FY 2024). Revenue: ₩220.9b (down 3.2% from FY 2024). Net income: ₩6.61b (down 13% from FY 2024). Profit margin: 3.0% (down from 3.3% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Mar 07
Creverse, Inc., Annual General Meeting, Mar 25, 2026 Creverse, Inc., Annual General Meeting, Mar 25, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 518, teheran-ro, gangnam-gu, seoul South Korea Announcement • Feb 06
Creverse, Inc. announced that it has received KRW 4 billion in funding from Eugene Investment & Securities Co.,Ltd. and other investors On February 5, 2026, Creverse, Inc. closed the transaction. New Risk • Nov 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 434% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Cash payout ratio: 142% Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩106.2b market cap, or US$72.3m). New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). High level of non-cash earnings (34% accrual ratio). 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 (₩109.7b market cap, or US$79.1m). Upcoming Dividend • Jun 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 29 August 2025. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 14%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (4.9%). New Risk • May 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 232% Cash payout ratio: 93% Dividend yield: 14% 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 Interest payments are not well covered by earnings (1.6x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 232% Cash payout ratio: 93% Minor Risks Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (₩118.8b market cap, or US$85.6m). Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩902 (vs ₩1,805 in FY 2023) Full year 2024 results: EPS: ₩902 (down from ₩1,805 in FY 2023). Revenue: ₩228.2b (down 2.3% from FY 2023). Net income: ₩7.57b (down 50% from FY 2023). Profit margin: 3.3% (down from 6.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Mar 12
Creverse, Inc., Annual General Meeting, Mar 27, 2025 Creverse, Inc., Annual General Meeting, Mar 27, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 518, teheran-ro, gangnam-gu, seoul South Korea New Risk • Nov 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x 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 (2.6x net interest cover). Minor Risks Dividend is not well covered by earnings (269% payout ratio). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (₩124.9b market cap, or US$89.5m). Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₩167 (vs ₩454 in 2Q 2023) Second quarter 2024 results: EPS: ₩167 (down from ₩454 in 2Q 2023). Revenue: ₩56.9b (down 1.5% from 2Q 2023). Net income: ₩1.40b (down 63% from 2Q 2023). Profit margin: 2.5% (down from 6.5% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 21% per year. New Risk • Jul 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.0b (US$100.0m) 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: Minor Risks High level of debt (202% net debt to equity). Dividend is not well covered by earnings (144% payout ratio). Market cap is less than US$100m (₩139.0b market cap, or US$100.0m). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩1,805 (vs ₩609 in FY 2022) Full year 2023 results: EPS: ₩1,805 (up from ₩609 in FY 2022). Revenue: ₩233.5b (up 2.6% from FY 2022). Net income: ₩15.0b (up 204% from FY 2022). Profit margin: 6.4% (up from 2.2% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 11% per year. New Risk • Jan 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.9b (US$99.5m) 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: Minor Risks High level of debt (101% net debt to equity). Dividend is not well covered by earnings (205% payout ratio). Market cap is less than US$100m (₩133.9b market cap, or US$99.5m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩800 per share at 10% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 12 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 10%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (3.5%). New Risk • Aug 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.3b (US$99.5m) 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: Minor Risks High level of debt (78% net debt to equity). Dividend is not well covered by earnings (121% payout ratio). Market cap is less than US$100m (₩133.3b market cap, or US$99.5m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ₩454 (vs ₩18.00 in 2Q 2022) Second quarter 2023 results: EPS: ₩454 (up from ₩18.00 in 2Q 2022). Revenue: ₩57.8b (flat on 2Q 2022). Net income: ₩3.77b (up ₩3.60b from 2Q 2022). Profit margin: 6.5% (up from 0.3% in 2Q 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of ₩1,000 per share at 8.5% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 24 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.5%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (3.5%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩1,000 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 12 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.4%). 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. 6 experienced directors. No highly experienced directors. 1 independent director (5 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 • Jun 22
Upcoming dividend of ₩1,000 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 26 August 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.6%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (3.2%). 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. 6 experienced directors. No highly experienced directors. 1 independent director (5 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 ₩500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 23% share price gain to ₩40,200, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Consumer Services industry in Asia. Total returns to shareholders of 137% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩19,905 per share. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₩32,400, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Consumer Services industry in Asia. Total returns to shareholders of 79% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩22,311 per share. Upcoming Dividend • Jun 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 24 August 2021. Trailing yield: 2.2%. Within top quartile of South Korean dividend payers (2.1%). In line with average of industry peers (2.1%). Price Target Changed • May 27
Price target increased to ₩43,000 Up from ₩25,000, the current price target is provided by 1 analyst. New target price is 30% above last closing price of ₩33,100. Stock is up 66% over the past year. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₩32,450, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Consumer Services industry in Asia. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improved over the past week After last week's 21% share price gain to ₩24,050, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x in the Consumer Services industry in Asia. Total returns to shareholders of 81% over the past three years. Is New 90 Day High Low • Jan 08
New 90-day low: ₩19,250 The company is down 14% from its price of ₩22,500 on 08 October 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 5.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩500 Per Share Will be paid on the 16th of April to those who are registered shareholders by the 29th of December. The trailing yield of 3.0% is in the top quartile of South Korean dividend payers (2.6%), and it is in line with industry peers (3.2%).