Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: ₩5,656 (vs ₩5,477 in FY 2024) Full year 2025 results: EPS: ₩5,656 (up from ₩5,477 in FY 2024). Revenue: ₩109.8b (up 5.5% from FY 2024). Net income: ₩25.2b (up 3.3% from FY 2024). Profit margin: 23% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Declared Dividend • Feb 13
Dividend increased to ₩8,009 Dividend of ₩8,009 is 103% higher than last year. Ex-date: 26th February 2026 Payment date: 1st January 1970 Dividend yield will be 7.1%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 9.0% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 5.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 13
Korea Ratings Corporation, Annual General Meeting, Mar 26, 2026 Korea Ratings Corporation, Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 97, uisadang-daero, yeongdeungpo-gu, seoul South Korea Announcement • Feb 12
Korea Ratings Corporation announces Annual dividend Korea Ratings Corporation announced Annual dividend of KRW 8009.0000 per share, ex-date on February 26, 2026 and record date on February 27, 2026. Buy Or Sell Opportunity • Feb 12
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₩112,000. The fair value is estimated to be ₩91,755, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩843 (vs ₩1,109 in 3Q 2024) Third quarter 2025 results: EPS: ₩843 (down from ₩1,109 in 3Q 2024). Revenue: ₩22.2b (down 2.8% from 3Q 2024). Net income: ₩3.76b (down 24% from 3Q 2024). Profit margin: 17% (down from 22% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Buy Or Sell Opportunity • Jul 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to ₩101,400. The fair value is estimated to be ₩84,053, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.8%. Buy Or Sell Opportunity • Jun 12
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₩106,900. The fair value is estimated to be ₩87,544, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.8%. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ₩5,477 (vs ₩4,570 in FY 2023) Full year 2024 results: EPS: ₩5,477 (up from ₩4,570 in FY 2023). Revenue: ₩104.1b (up 8.9% from FY 2023). Net income: ₩24.4b (up 20% from FY 2023). Profit margin: 24% (up from 21% 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 3% per year whereas the company’s share price has increased by 5% per year. Announcement • Feb 12
Korea Ratings Co., Ltd., Annual General Meeting, Mar 26, 2025 Korea Ratings Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 97, uisadang-daero, yeongdeungpo-gu, seoul South Korea New Risk • Dec 09
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 Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩748 (vs ₩336 in 1Q 2023) First quarter 2024 results: EPS: ₩748 (up from ₩336 in 1Q 2023). Revenue: ₩20.6b (up 8.2% from 1Q 2023). Net income: ₩3.34b (up 123% from 1Q 2023). Profit margin: 16% (up from 7.9% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: ₩4,570 (vs ₩4,582 in FY 2022) Full year 2023 results: EPS: ₩4,570 (down from ₩4,582 in FY 2022). Revenue: ₩95.6b (down 5.9% from FY 2022). Net income: ₩20.4b (flat on FY 2022). Profit margin: 21% (up from 20% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩5,100 per share at 3.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.5%. Within top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (3.9%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: ₩4,582 (vs ₩4,990 in FY 2021) Full year 2022 results: EPS: ₩4,582 (down from ₩4,990 in FY 2021). Revenue: ₩101.6b (down 2.8% from FY 2021). Net income: ₩20.4b (down 8.2% from FY 2021). Profit margin: 20% (down from 21% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩3,397 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 28 April 2023. Payout ratio is a comfortable 72% and the cash payout ratio is 98%. Trailing yield: 4.6%. Within top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (6.6%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Outside Independent Director Haesin Chung was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Jun 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.0%. The fair value is estimated to be ₩93,421, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 5.9%. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Outside Independent Director Haesin Chung was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩4,990 (up from ₩4,474 in FY 2020). Revenue: ₩104.5b (up 9.0% from FY 2020). Net income: ₩22.3b (up 12% from FY 2020). Profit margin: 21% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,907 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 19 April 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (3.8%). Announcement • Feb 10
Korea Ratings Co., Ltd., Annual General Meeting, Mar 25, 2021 Korea Ratings Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 15
New 90-day low: ₩89,700 The company is down 3.0% from its price of ₩92,800 on 16 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 28% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩97,400, the stock is trading at a trailing P/E ratio of 22.2x, down from the previous P/E ratio of 27x. This compares to an average P/E of 15x in the Capital Markets industry in South Korea. Total returns to shareholders over the past three years are 141%. Is New 90 Day High Low • Dec 24
New 90-day high: ₩114,000 The company is up 21% from its price of ₩94,000 on 25 September 2020. The South Korean market is also up 21% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Capital Markets industry, which is up 22% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩8,518 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 8.1% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (3.5%). Is New 90 Day High Low • Nov 24
New 90-day high: ₩97,500 The company is up 13% from its price of ₩86,000 on 26 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Capital Markets industry, which is up 14% over the same period. Upcoming Dividend • Sep 21
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 25th of November to those who are registered shareholders by the 28th of September. The trailing yield of 9.0% is in the top quartile of South Korean dividend payers (2.8%), and it is higher than industry peers (4.0%). 
