Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩6,380, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 14x in the Medical Equipment industry in South Korea. Total loss to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩6,100, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 15x in the Medical Equipment industry in South Korea. Total loss to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩7,800, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Medical Equipment industry in South Korea. Total loss to shareholders of 12% over the past three years. Announcement • Mar 17
Wonbiogen Co., Ltd., Annual General Meeting, Mar 31, 2026 Wonbiogen Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: seminar room, 56, 1gongdan-ro 5-gil, gyeongsangbuk-do, gumi South Korea Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩8,100, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 19x in the Medical Equipment industry in South Korea. Total loss to shareholders of 7.4% over the past three years. Announcement • Dec 09
Wonbiogen Co., Ltd. (KOSDAQ:A307280) announces an Equity Buyback for KRW 2,000 million worth of its shares. Wonbiogen Co., Ltd. (KOSDAQ:A307280) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares according to the contract with NH Investment & Securities. The purpose of the program is stock price stability and shareholder value reconsideration. The program will expire on June 9, 2026. As of December 7, 2025, the company had 0 shares in treasury within scope available for dividend and had 1,375 shares under other acquisitions. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩307 (vs ₩199 in 3Q 2024) Third quarter 2025 results: EPS: ₩307 (up from ₩199 in 3Q 2024). Revenue: ₩9.22b (up 34% from 3Q 2024). Net income: ₩2.18b (up 54% from 3Q 2024). Profit margin: 24% (up from 21% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 08
Dividend of ₩20.00 announced Shareholders will receive a dividend of ₩20.00. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 0.4%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 26% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 74% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Wonbiogen Co., Ltd. announces Annual dividend, payable on April 15, 2026 Wonbiogen Co., Ltd. announced Annual dividend of KRW 20.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩226 (vs ₩231 in 2Q 2024) Second quarter 2025 results: EPS: ₩226 (down from ₩231 in 2Q 2024). Revenue: ₩8.40b (up 5.0% from 2Q 2024). Net income: ₩1.60b (down 2.1% from 2Q 2024). Profit margin: 19% (down from 21% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • May 26
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 58% a day. 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. This is currently the only risk that has been identified for the company. Announcement • Mar 18
Wonbiogen Co., Ltd., Annual General Meeting, Mar 31, 2025 Wonbiogen Co., Ltd., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: seminar room, 56, 1gongdan-ro 5-gil, gyeongsangbuk-do, gumi South Korea New Risk • Dec 16
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 Market cap is less than US$100m (₩41.3b market cap, or US$28.8m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩1,165, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 13x in the Medical Equipment industry in South Korea. Total loss to shareholders of 42% over the past three years. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₩40.00 (vs ₩16.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩40.00 (up from ₩16.00 in 3Q 2023). Revenue: ₩6.86b (down 1.3% from 3Q 2023). Net income: ₩1.42b (up 146% from 3Q 2023). Profit margin: 21% (up from 8.3% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Apr 01
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 1.1% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (₩65.7b market cap, or US$48.7m). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩157 (vs ₩90.00 in FY 2022) Full year 2023 results: EPS: ₩157 (up from ₩90.00 in FY 2022). Revenue: ₩29.6b (up 11% from FY 2022). Net income: ₩5.50b (up 72% from FY 2022). Profit margin: 19% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩1,931, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 16x in the Medical Equipment industry in South Korea. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩20.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 8.1% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.6%). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₩16.00 (vs ₩42.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩16.00 (down from ₩42.00 in 3Q 2022). Revenue: ₩6.95b (up 1.6% from 3Q 2022). Net income: ₩576.2m (down 62% from 3Q 2022). Profit margin: 8.3% (down from 22% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in South Korea. New Risk • Oct 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Market cap is less than US$100m (₩62.2b market cap, or US$46.0m). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,440, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Medical Equipment industry in South Korea. Total returns to shareholders of 42% over the past year. Reported Earnings • May 14
First quarter 2023 earnings released: EPS: ₩41.00 (vs ₩23.00 in 1Q 2022) First quarter 2023 results: EPS: ₩41.00 (up from ₩23.00 in 1Q 2022). Revenue: ₩7.74b (up 10% from 1Q 2022). Net income: ₩1.44b (up 71% from 1Q 2022). Profit margin: 19% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Medical Equipment industry in South Korea. Buying Opportunity • Apr 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.4%. The fair value is estimated to be ₩2,323, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Mar 07
Wonbiogen Co., Ltd. Delisted from KRX According to the Korea Stock Exchange (KRX), Wonbiogen Co., Ltd. has been delisted from KRX, effective from February 09, 2021.