New Risk • Jul 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.3b (US$9.42m) This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩5.8b free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (₩14.3b market cap, or US$9.42m). Board Change • May 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Outside Director JunHa Lee was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 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 16% 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 Less than 1 year of cash runway based on free cash flow trend (-₩6.4b free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 37% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩33.9b market cap, or US$22.9m). Announcement • Apr 15
Bonne Co., Ltd. (KOSDAQ:A226340) announces an Equity Buyback for KRW 1,000 million worth of its shares. Bonne Co., Ltd. (KOSDAQ:A226340) announces a share repurchase program. Under the program, the company will repurchase up to ¥1,000 million worth of its shares pursuant to a trust agreement with Eugene Investment & Securities. The purpose behind the program is to enhance shareholder value. The program will continue until October 16, 2026. As of April 13, 2026, the company had no common shares in treasury through buyback within dividend capacity and 40 shares through other acquisitions. New Risk • Apr 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩6.4b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩6.4b free cash flow). Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (₩20.4b market cap, or US$13.5m). New Risk • Mar 26
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 12% 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 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩23.2b market cap, or US$15.4m). Announcement • Mar 04
Bonne Co., Ltd., Annual General Meeting, Mar 31, 2026 Bonne Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 406, teheran-ro, gangnam-gu, seoul South Korea Buy Or Sell Opportunity • Aug 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₩807. The fair value is estimated to be ₩1,021, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Meanwhile, the company became loss making. Announcement • Feb 25
Bonne Co., Ltd., Annual General Meeting, Mar 26, 2025 Bonne Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 406, teheran-ro, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₩2,245, the stock trades at a trailing P/E ratio of 59.7x. Average forward P/E is 13x in the Personal Products industry in South Korea. Total loss to shareholders of 27% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩79.00 (vs ₩9.00 in 1Q 2023) First quarter 2024 results: EPS: ₩79.00 (up from ₩9.00 in 1Q 2023). Revenue: ₩20.8b (up 45% from 1Q 2023). Net income: ₩2.57b (up ₩2.30b from 1Q 2023). Profit margin: 12% (up from 1.8% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • May 02
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 8.0% 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 Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (₩104.6b market cap, or US$75.9m). New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 11% 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 Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (₩88.5b market cap, or US$65.6m). Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩2,915, the stock trades at a trailing P/E ratio of 24.4x. Average forward P/E is 15x in the Personal Products industry in South Korea. Total returns to shareholders of 5.2% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩69.00 (vs ₩39.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩69.00 (up from ₩39.00 in 3Q 2022). Revenue: ₩19.2b (up 12% from 3Q 2022). Net income: ₩2.43b (up 105% from 3Q 2022). Profit margin: 13% (up from 7.0% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩2,835, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 31x in the Personal Products industry in South Korea. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,345, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 35x in the Personal Products industry in South Korea. Total loss to shareholders of 8.2% over the past three years. New Risk • Aug 11
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 12% 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 (1.2x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 31% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (6.7% increase in shares outstanding). Market cap is less than US$100m (₩78.5b market cap, or US$59.5m). New Risk • Aug 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% 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: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 31% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (₩66.3b market cap, or US$50.8m). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,270, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 27x in the Personal Products industry in South Korea. Total loss to shareholders of 7.7% over the past three years. New Risk • Jul 12
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 9.5% 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 (1.2x net interest cover). Earnings have declined by 31% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩65.7b market cap, or US$51.0m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,140, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 30x in the Personal Products industry in South Korea. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩1,255, the stock trades at a trailing P/E ratio of 55.4x. Average trailing P/E is 13x in the Personal Products industry in South Korea. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩1,500, the stock trades at a trailing P/E ratio of 66.2x. Average trailing P/E is 17x in the Personal Products industry in South Korea. Total loss to shareholders of 61% over the past three years. Announcement • Feb 24
Bonne Co., Ltd. announced that it has received KRW 10.5 billion in funding from Eugene Investment & Securities Co.,Ltd. On February 22, 2022, Bonne Co., Ltd. closed the transaction. Reported Earnings • Apr 25
Full year 2020 earnings released: ₩63.00 loss per share (vs ₩168 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩36.0b (down 23% from FY 2019). Net loss: ₩1.92b (down 138% from profit in FY 2019). Announcement • Feb 19
Bonne Co., Ltd. announced that it has received KRW 12 billion in funding On February 18, 2021, Bonne Co., Ltd. (KOSDAQ:A226340) closed the transaction. Is New 90 Day High Low • Feb 15
New 90-day high: ₩2,910 The company is up 20% from its price of ₩2,415 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is up 15% over the same period. Announcement • Feb 05
Bonne Co., Ltd. (KOSDAQ:A226340) agreed to acquire 68.89% stake in AtoSafe Co., Ltd. from Eunjung Kim, Seungwon Cho Yujin and Cho Changhee Cho for approximately KRW 250 billion. Bonne Co., Ltd. (KOSDAQ:A226340) agreed to acquire 68.89% stake in AtoSafe Co., Ltd. from Eunjung Kim, Seungwon Cho Yujin and Cho Changhee Cho for approximately KRW 250 billion on February 4, 2021. The payment type is cash. The intermediate payment of KRW 9 billion to be paid of February 5, 2021 and the balance of KRW 15.8 billion to be paid on February 19, 2021. The deal will be funded with cash holdings of KRW 12.8 billion. For the current year, AtoSafe reported total assets of KRW 7.2 billion, total equity of KRW 3.5 billion, revenue of KRW 35.6 billion and net income of KRW 2.1 billion. The Board's resolution date of Bonne Co., Ltd. is February 4, 2021. Is New 90 Day High Low • Jan 25
New 90-day high: ₩2,870 The company is up 30% from its price of ₩2,215 on 27 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ₩2,600 The company is up 6.0% from its price of ₩2,445 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ₩2,235 The company is down 9.0% from its price of ₩2,460 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 6.0% over the same period.