New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩150.7b (US$96.6m) 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: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (₩150.7b market cap, or US$96.6m). Upcoming Dividend • Mar 23
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 22 April 2026. Payout ratio is a comfortable 3.7% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.3%). Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩729 (vs ₩31.00 loss in FY 2024) Full year 2025 results: EPS: ₩729 (up from ₩31.00 loss in FY 2024). Revenue: ₩197.7b (up 3.7% from FY 2024). Net income: ₩37.0b (up ₩38.6b from FY 2024). Profit margin: 19% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Aug 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 have declined by 6.2% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Reported Earnings • Mar 21
Full year 2024 earnings released: ₩31.00 loss per share (vs ₩11.07 loss in FY 2023) Full year 2024 results: ₩31.00 loss per share (further deteriorated from ₩11.07 loss in FY 2023). Revenue: ₩190.6b (up 24% from FY 2023). Net loss: ₩1.59b (loss widened 185% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Feb 07
UBcare. Co., Ltd., Annual General Meeting, Mar 25, 2025 UBcare. Co., Ltd., Annual General Meeting, Mar 25, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 108, yeoui-daero, yeongdeungpo-gu, seoul South Korea New Risk • Dec 07
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 Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Sep 17
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 • Mar 23
Full year 2023 earnings released: ₩11.07 loss per share (vs ₩86.85 profit in FY 2022) Full year 2023 results: ₩11.07 loss per share (down from ₩86.85 profit in FY 2022). Revenue: ₩154.0b (up 16% from FY 2022). Net loss: ₩557.4m (down 113% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Feb 16
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 8.7% 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 Earnings have declined by 17% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Upcoming Dividend • Dec 20
Upcoming dividend of ₩60.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.8%). New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings have declined by 7.7% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 447% Paying a dividend despite having no free cash flows. Earnings have declined by 7.7% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩71.00 (vs ₩245 in FY 2021) Full year 2022 results: EPS: ₩71.00 (down from ₩245 in FY 2021). Revenue: ₩133.3b (up 19% from FY 2021). Net income: ₩3.59b (down 71% from FY 2021). Profit margin: 2.7% (down from 11% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩6,310, the stock trades at a trailing P/E ratio of 48.3x. Average trailing P/E is 40x in the Healthcare Services industry in Asia. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩40.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (0.4%). 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 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. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 19% share price gain to ₩4,955, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 36x in the Healthcare Services industry in Asia. Total loss to shareholders of 9.4% over the past three years. 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 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 ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.2%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩123 (vs ₩135 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩107.8b (down 2.7% from FY 2019). Net income: ₩6.23b (down 9.5% from FY 2019). Profit margin: 5.8% (down from 6.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Is New 90 Day High Low • Feb 24
New 90-day low: ₩8,290 The company is down 19% from its price of ₩10,200 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare Services industry, which is down 10.0% over the same period. Announcement • Feb 10
UBcare. Co., Ltd., Annual General Meeting, Mar 24, 2021 UBcare. Co., Ltd., Annual General Meeting, Mar 24, 2021, at 11:00 Korea Standard Time. Is New 90 Day High Low • Jan 29
New 90-day low: ₩8,310 The company is down 2.0% from its price of ₩8,440 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare Services industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 16% share price gain to ₩10,450, the stock is trading at a trailing P/E ratio of 74.7x, up from the previous P/E ratio of 64.1x. This compares to an average P/E of 79x in the Healthcare Services industry in Asia. Total returns to shareholders over the past three years are 185%. Is New 90 Day High Low • Oct 15
New 90-day low: ₩9,890 The company is down 22% from its price of ₩12,700 on 17 July 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare Services industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩5,434 per share. Announcement • Jul 31
GCHEALTHCARE co.,Ltd completed the acquisition of 52.7% stake in UBCare Co., Ltd. (KOSDAQ:A032620) from a group of sellers. GCHEALTHCARE co.,Ltd agreed to acquire 52.7% stake in UBCare Co., Ltd. (KOSDAQ:A032620) from a group of sellers for approximately KRW 210 billion on February 6, 2020. GCHEALTHCARE co.,Ltd signed the contract to acquire 52.7% stake in UBCare Co., Ltd. on February 7, 2020. As per the terms consideration will be payable in cash and GCHEALTHCARE co.,Ltd will acquire 27.5 million shares. KRW 68 billion will be paid to Kakao Investment on February 7, 2020 and with balance on April 29, 2020. KEB Hana Bank Co. Ltd. will provide approximately KRW 10 billion of acquisition financing to GCHEALTHCARE for the period of February 7, 2020 to March 7, 2020. As of April 29, 2020, down payment of KRW 6.7 billion was paid to Euonymus Holdings Inc. on February 21, 2020 and KRW 3.6 billion was paid to Kakao Investment on February 7, 2020.
The deal is subject to an approval reply from the Fair Trade Commission for the business combination report from the Fair Trade Commission. The board resolved the transaction on February 6, 2020. The transaction is expected to be completed on April 29, 2020. The expected closing date postponed to May 29, 2020. As reported, closing date of the transaction is not confirmed.
GCHEALTHCARE co.,Ltd completed the acquisition of 52.7% stake in UBCare Co., Ltd. (KOSDAQ:A032620) from a group of sellers on May 7, 2020. 
