New Risk • Jul 10
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 7.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: 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 (₩119.3b market cap, or US$79.3m). Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₩478 (up from ₩292 in FY 2024). Revenue: ₩119.5b (up 12% from FY 2024). Net income: ₩20.7b (up 64% from FY 2024). Profit margin: 17% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Consumer Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Ibkimyoung Co., Ltd., Annual General Meeting, Mar 25, 2026 Ibkimyoung Co., Ltd., Annual General Meeting, Mar 25, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 279, gangnam-daero, seocho-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩2,495, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Consumer Services industry in South Korea. Total returns to shareholders of 8.5% over the past three years. New Risk • Nov 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Earnings are forecast to decline by an average of 29% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Market cap is less than US$100m (₩84.4b market cap, or US$57.7m). New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 27% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (₩84.2b market cap, or US$57.5m). Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩2,180, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Consumer Services industry in South Korea. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩2,360, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Consumer Services industry in South Korea. Total loss to shareholders of 31% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩292 (up from ₩180 in FY 2023). Revenue: ₩107.1b (up 13% from FY 2023). Net income: ₩12.7b (up 63% from FY 2023). Profit margin: 12% (up from 8.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Consumer Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Ibkimyoung Co., Ltd., Annual General Meeting, Mar 26, 2025 Ibkimyoung Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 279, gangnam-daero, seocho-gu, seoul South Korea New Risk • Mar 04
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: Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (₩97.6b market cap, or US$66.8m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 April 2025. Payout ratio is a comfortable 7.1% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (4.5%). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩2,360, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Consumer Services industry in South Korea. Total loss to shareholders of 42% over the past three years. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₩180 (vs ₩107 in 3Q 2023) Third quarter 2024 results: EPS: ₩180 (up from ₩107 in 3Q 2023). Revenue: ₩32.4b (up 15% from 3Q 2023). Net income: ₩7.81b (up 68% from 3Q 2023). Profit margin: 24% (up from 16% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Consumer Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩37.00 (vs ₩38.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩37.00 (down from ₩38.00 in 2Q 2023). Revenue: ₩24.6b (up 12% from 2Q 2023). Net income: ₩1.58b (down 2.8% from 2Q 2023). Profit margin: 6.4% (down from 7.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Consumer Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩180 (vs ₩6.00 in FY 2022) Full year 2023 results: EPS: ₩180 (up from ₩6.00 in FY 2022). Revenue: ₩94.7b (up 9.5% from FY 2022). Net income: ₩7.77b (up ₩7.51b from FY 2022). Profit margin: 8.2% (up from 0.3% in FY 2022). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Feb 20
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 8.2% 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 Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩99.4b market cap, or US$74.5m). New Risk • Nov 30
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: 1.1% Last year net profit margin: 4.7% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₩76.2b market cap, or US$59.0m). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 17% share price gain to ₩2,160, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 15x in the Consumer Services industry in Asia. Total returns to shareholders of 7.7% over the past three years. Announcement • Sep 24
Ibkimyoung Co., Ltd. completed the acquisition of Nh Special Purpose Acquisition 15 Co., Ltd. (KOSDAQ:A339950) in a reverse merger transaction. Ibkimyoung Co., Ltd. signed an agreement to acquire Nh Special Purpose Acquisition 15 Co., Ltd. (KOSDAQ:A339950) in a reverse merger transaction on April 21, 2020. The shares will be exchanged at a ratio of 1 : 1.2555. As per announcement of July 22, 2020. the shares will be exchanged at a ratio of 1 : 1.217. The transaction is subject to customary closing conditions, including approval of the shareholders. Board of Directors of Ibkimyoung approved the transaction. The Board of Nh Special Purpose Acquisition passed the resolution for the transaction on June 29, 2020. The meeting of the shareholders of Nh Special Purpose Acquisition is scheduled on August 17, 2020. As of August 19, 2020, shareholders of Nh Special Purpose Acquisition 15 approved the transaction. Transaction is expected to close by September 22, 2020. Scheduled date of merger registration is September 23, 2020.
Ibkimyoung Co., Ltd. completed the acquisition of Nh Special Purpose Acquisition 15 Co., Ltd. (KOSDAQ:A339950) in a reverse merger transaction on September 18, 2020.