Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩2,960, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 17x in the Diversified Financial industry in South Korea. Total returns to shareholders of 6.2% over the past year. Buy Or Sell Opportunity • May 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to ₩2,960. The fair value is estimated to be ₩3,728, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 17%. New Risk • Apr 20
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 0% Dividend yield: 1.0% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risk Revenue has declined by 4.3% over the past year. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Share price has been volatile over the past 3 months (13% average weekly change). Buy Or Sell Opportunity • Mar 23
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₩3,465. The fair value is estimated to be ₩4,557, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 20%. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩3,395, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 15x in the Diversified Financial industry in South Korea. Buy Or Sell Opportunity • Mar 04
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₩3,395. The fair value is estimated to be ₩4,524, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 20%. Announcement • Feb 20
Dozn Co., Ltd., Annual General Meeting, Mar 30, 2026 Dozn Co., Ltd., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 465, gangnam-daero, seocho-gu, seoul South Korea Buy Or Sell Opportunity • Jan 29
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to ₩5,300. The fair value is estimated to be ₩4,286, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 20%. New Risk • Jan 23
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 10.0% 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 Revenue has declined by 6.2% over the past year. Minor Risk Share price has been volatile over the past 3 months (10.0% average weekly change). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩4,665, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 10x in the Diversified Financial industry in South Korea. New Risk • Nov 26
New major risk - Revenue and earnings growth Revenue has declined by 6.2% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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. This is currently the only risk that has been identified for the company. Announcement • Nov 20
Dozn Co., Ltd. (KOSDAQ:A462860) announces an Equity Buyback for 284,090 shares, for KRW 1,000 million. Dozn Co., Ltd. (KOSDAQ:A462860) announces a share repurchase program. Under the program, the company will repurchase up to 284,090 shares for KRW 1,000 million. The purpose of the program is to to enhance shareholder value and performance compensation for employee. The program will expire on February 18, 2026. New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Less than 3 years of financial data is available. Profit margins are more than 30% lower than last year (16% net profit margin). Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩5,270, the stock trades at a trailing P/E ratio of 38.7x. Average forward P/E is 8x in the Diversified Financial industry in South Korea. Buy Or Sell Opportunity • Jun 16
Now 32% overvalued The stock has been flat over the last 90 days, currently trading at ₩4,195. The fair value is estimated to be ₩3,172, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last year. Earnings per share has declined by 37%. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩3,395, the stock trades at a trailing P/E ratio of 24.8x. Average forward P/E is 7x in the Diversified Financial industry in South Korea. Buy Or Sell Opportunity • May 19
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at ₩2,810. The fair value is estimated to be ₩3,652, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has declined by 14%. Revenue is forecast to grow by 25% in a year. Earnings are forecast to grow by 45% in the next year. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,265, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 8x in the Diversified Financial industry in South Korea. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩4,185, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 8x in the Diversified Financial industry in South Korea. Buy Or Sell Opportunity • Apr 29
Now 26% overvalued The stock has been flat over the last 90 days, currently trading at ₩4,725. The fair value is estimated to be ₩3,750, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has declined by 14%. Revenue is forecast to grow by 25% in a year. Earnings are forecast to grow by 45% in the next year. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩8,110, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 9x in the Diversified Financial industry in South Korea. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: ₩484 (vs ₩562 in FY 2023) Full year 2024 results: EPS: ₩484 (down from ₩562 in FY 2023). Revenue: ₩62.7b (up 49% from FY 2023). Net income: ₩10.0b (down 12% from FY 2023). Profit margin: 16% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. 
