New Risk • May 07
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: 0.9% 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: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 11% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩14,850, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 12x in the Food industry in South Korea. Total loss to shareholders of 3.2% over the past three years. 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 ₩13,400, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 11x in the Food industry in South Korea. Total returns to shareholders of 12% over the past three years. Upcoming Dividend • Feb 19
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 22 April 2026. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.4%). Lower than average of industry peers (1.9%). Announcement • Feb 13
Harim Holdings Co., Ltd., Annual General Meeting, Mar 31, 2026 Harim Holdings Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 121, jungang-ro, jeollabuk-do, iksan South Korea Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩15,870, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 11x in the Food industry in South Korea. Total returns to shareholders of 53% over the past three years. New Risk • Jan 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 11% per year over the past 5 years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,860, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 10x in the Food industry in South Korea. Total returns to shareholders of 55% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 22 April 2026. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.9%). New Risk • Dec 11
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: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 11% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩11,530, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 10x in the Food industry in South Korea. Total returns to shareholders of 59% over the past three years. Declared Dividend • Nov 08
Dividend of ₩120 announced Dividend of ₩120 is the same as last year. Ex-date: 29th December 2025 Payment date: 22nd April 2026 Dividend yield will be 1.6%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (5% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Harim Holdings Co., Ltd. announces Annual dividend, payable on April 22, 2026 Harim Holdings Co., Ltd. announced Annual dividend of KRW 120.0000 per share payable on April 22, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Sep 05
Harim Holdings Co., Ltd. announced that it expects to receive KRW 143.21274572 billion in funding from NH Investment & Securities Co., Ltd. Harim Holdings Co., Ltd. announced private placement of Series 13 Zero Coupon Convertible Unsecured Private Bonds due September 12, 2030 for gross proceeds of KRW 143,212,745,720 on September 4, 2025. The transaction includes participation from returning investor NH Investment & Securities Co., Ltd. for KRW 143,212,745,720. The bond bears no interest rate and will mature on September 12, 2030. The bonds will be 100% convertible into 14,744,440 shares at a conversion price of KRW 9,713 from September 15, 2025 to August 12, 2030. The transaction has been approved by board of directors of the company. The transaction is expected to close on September 12, 2025. 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 December 2016. 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 December 2016 fiscal period end). High level of non-cash earnings (20% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 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 7.8% 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 Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings have declined by 6.7% per year over the past 5 years. 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 (7.8% average weekly change). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩7,040, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 12x in the Food industry in South Korea. Total loss to shareholders of 28% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: ₩271 (vs ₩384 in FY 2023) Full year 2024 results: EPS: ₩271 (down from ₩384 in FY 2023). Revenue: ₩12t (up 1.7% from FY 2023). Net income: ₩26.4b (down 29% from FY 2023). Profit margin: 0.2% (down from 0.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • Feb 13
Harim Holdings Co., Ltd., Annual General Meeting, Mar 27, 2025 Harim Holdings Co., Ltd., Annual General Meeting, Mar 27, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 121, jungang-ro, jeollabuk-do, iksan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 9.8% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (1.9%). 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 • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₩3.02t (down 7.2% from 2Q 2023). Net income: ₩4.46b (down 92% from 2Q 2023). Profit margin: 0.1% (down from 1.6% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Jun 20
Mexican Co. Ltd completed the acquisition of Harim Distribution Co., Ltd. from Harim Holdings Co., Ltd. (KOSDAQ:A003380) Mexican Co. Ltd agreed to acquire Harim Distribution Co., Ltd. from Harim Holdings Co., Ltd. (KOSDAQ:A003380) on June 12, 2024.Mexican Co. Ltd completed the acquisition of Harim Distribution Co., Ltd. from Harim Holdings Co., Ltd. (KOSDAQ:A003380) on June 19, 2024. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩384 (vs ₩2,736 in FY 2022) Full year 2023 results: EPS: ₩384 (down from ₩2,736 in FY 2022). Revenue: ₩12t (down 12% from FY 2022). Net income: ₩37.1b (down 85% from FY 2022). Profit margin: 0.3% (down from 1.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Buy Or Sell Opportunity • Feb 02
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to ₩8,330. The fair value is estimated to be ₩6,722, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 18%. Upcoming Dividend • Dec 20
Upcoming dividend of ₩120 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 4.9% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to ₩11,420, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 11x in the Food industry in South Korea. Total returns to shareholders of 95% over the past three years. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: ₩2,736 (vs ₩4,057 in FY 2021) Full year 2022 results: EPS: ₩2,736 (down from ₩4,057 in FY 2021). Revenue: ₩14t (up 30% from FY 2021). Net income: ₩244.0b (down 20% from FY 2021). Profit margin: 1.8% (down from 2.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩15,530, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 10x in the Food industry in South Korea. Total returns to shareholders of 208% over the past three years. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩10,720, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 10x in the Food industry in South Korea. Total returns to shareholders of 37% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 19 April 2023. Payout ratio is a comfortable 2.4% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.6%). 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 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. Announcement • Sep 21
Harim Holdings Co., Ltd. announced that it expects to receive KRW 44.2 billion in funding Harim Holdings Co., Ltd. announced a private placement of exchangeable bonds for the gross proceeds of KRW 44,200,000,000 on September 20, 2022. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 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. Reported Earnings • Mar 17
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ₩4,129 (up from ₩725 in FY 2020). Revenue: ₩11t (up 40% from FY 2020). Net income: ₩311.8b (up 470% from FY 2020). Profit margin: 2.9% (up from 0.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.2%. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 22 April 2022. Payout ratio is a comfortable 1.6% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 19% share price gain to ₩11,300, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 11x in the Food industry in South Korea. Total returns to shareholders of 3.9% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₩11,150, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 16x in the Food industry in South Korea. Total loss to shareholders of 26% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩725 (vs ₩736 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩7.72t (up 5.1% from FY 2019). Net income: ₩54.7b (down 1.5% from FY 2019). Profit margin: 0.7% (down from 0.8% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 23
New 90-day high: ₩9,240 The company is up 24% from its price of ₩7,460 on 25 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: ₩8,550 The company is up 30% from its price of ₩6,570 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 2.0% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: ₩7,330 The company is up 2.0% from its price of ₩7,160 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 11% over the same period. Announcement • Sep 23
Sunjin Co.,Ltd. (KOSE:A136490) agreed to acquire 37.4% stake in Sunjin Philippines Corporation from Harim Holdings Co., Ltd. (KOSDAQ: A003380) for PHP 2.1 billion. Sunjin Co.,Ltd. (KOSE:A136490) agreed to acquire 37.4% stake in Sunjin Philippines Corporation from Harim Holdings Co., Ltd. (KOSDAQ:A003380) for PHP 2.1 billion on September 15, 2020. As per terms of transaction consideration is in cash. Consideration of approximately PHP 410 million (KRW 10 billion) on September 17, 2020 and balance payment of approximately PHP 1.7 billion (approximately KRW 41 billion) on completion date. For the year ended December 31, 2019, Sunjin Philippines Corporation from reported total assets of approximately PHP 2.4 billion (approximately KRW 59 billion), total equity of approximately PHP 1.3 billion (approximately KRW 33 billion), sales of approximately PHP 4 billion (approximately KRW 98 billion) and net income of approximately PHP 190 million (KRW 4 billion). Transaction is expected to complete on October 5, 2020.