Announcement • Jul 23
INSAN Inc. announced that it expects to receive KRW 1.00000472 billion in funding INSAN Inc. announces a private placement to issue 204,919 Common Share at an issue price of KRW 4,880 for an aggregate gross proceeds of KRW 1,000,004,720 on July 22, 2026. The transaction involves the participation of Kim Yoon-se for 204,919 Common Share. The securities under the transaction are subject to 1-year lockup. The company will issue the common share by the way of Third-Party Allotment. The transaction is expected to closed on September 21, 2026. The transaction is approved by board members of the company. Board Change • Jul 13
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. 4 experienced directors. No highly experienced directors. 1 independent director (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. Reported Earnings • May 21
First quarter 2026 earnings released: ₩9.00 loss per share (vs ₩7.00 loss in 1Q 2025) First quarter 2026 results: ₩9.00 loss per share (further deteriorated from ₩7.00 loss in 1Q 2025). Revenue: ₩9.99b (up 32% from 1Q 2025). Net loss: ₩331.9m (loss widened 26% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. New Risk • Mar 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.8% Last year net profit margin: 2.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.8% operating cash flow to total debt). Earnings have declined by 29% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (₩42.5b market cap, or US$28.3m). Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩17.00 (vs ₩23.00 in FY 2024) Full year 2025 results: EPS: ₩17.00 (down from ₩23.00 in FY 2024). Revenue: ₩35.8b (up 10% from FY 2024). Net income: ₩651.6m (down 27% from FY 2024). Profit margin: 1.8% (down from 2.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Mar 06
INSAN Inc., Annual General Meeting, Mar 24, 2026 INSAN Inc., Annual General Meeting, Mar 24, 2026, at 11:00 Tokyo Standard Time. Location: conference room, 292-90, sambong-ro, hamyang-eup, hamyang-gun, gyeongsangnam-do, South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.8%). New Risk • Nov 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Debt is not well covered by operating cash flow (8.9% operating cash flow to total debt). Earnings have declined by 24% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩44.9b market cap, or US$30.7m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₩33.00 (vs ₩2.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩33.00 (up from ₩2.00 in 3Q 2024). Revenue: ₩10.9b (up 17% from 3Q 2024). Net income: ₩1.24b (up 301% from 3Q 2024). Profit margin: 11% (up from 3.3% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 08
Dividend of ₩20.00 announced Dividend of ₩20.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 1.7%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is not covered by earnings (154% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 71% to bring the payout ratio under control. However, EPS has declined by 39% over the last 5 years so the company would need to reverse this trend. Announcement • Nov 07
INSAN Inc. announces Annual dividend, payable on April 13, 2026 INSAN Inc. announced Annual dividend of KRW 20.0000 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 5.2% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 158% Paying a dividend despite having no free cash flows. Earnings have declined by 20% 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 (1.5% net profit margin). Market cap is less than US$100m (₩47.2b market cap, or US$34.0m). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩1,564, the stock trades at a trailing P/E ratio of 55.1x. Average trailing P/E is 19x in the Personal Products industry in South Korea. Total loss to shareholders of 15% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: ₩23.00 (vs ₩141 in FY 2023) Full year 2024 results: EPS: ₩23.00 (down from ₩141 in FY 2023). Revenue: ₩32.5b (down 13% from FY 2023). Net income: ₩887.5m (down 82% from FY 2023). Profit margin: 2.7% (down from 13% in FY 2023). The decrease in margin was driven by lower revenue. 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 19% per year, which means it has not declined as severely as earnings. Announcement • Feb 28
INSAN Inc., Annual General Meeting, Mar 27, 2025 INSAN Inc., Annual General Meeting, Mar 27, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 292-90, sambong-ro, hamyang-gun, gyeongsangnam-do, South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 07 April 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.6%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.1%). New Risk • Dec 03
New major risk - Revenue and earnings growth Earnings have declined by 2.4% 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: 133% Paying a dividend despite having no free cash flows. Earnings have declined by 2.4% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (₩48.0b market cap, or US$34.2m). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩141 (vs ₩111 in FY 2022) Full year 2023 results: EPS: ₩141 (up from ₩111 in FY 2022). Revenue: ₩37.3b (up 11% from FY 2022). Net income: ₩4.97b (up 39% from FY 2022). Profit margin: 13% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩40.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 05 April 2024. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.2%). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ₩52.00 (vs ₩27.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩52.00 (up from ₩27.00 in 3Q 2022). Revenue: ₩10.2b (up 18% from 3Q 2022). Net income: ₩1.97b (up 126% from 3Q 2022). Profit margin: 19% (up from 10.0% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Nov 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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 Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (₩72.8b market cap, or US$56.0m). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩2,680, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 34x in the Personal Products industry in South Korea. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩2,570, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 34x in the Personal Products industry in South Korea. Total returns to shareholders of 68% over the past three years. New Risk • Jun 08
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 8.6% 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 High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (10.0% net profit margin). Market cap is less than US$100m (₩82.5b market cap, or US$63.2m). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ₩2,550, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 27x in the Personal Products industry in South Korea. Total returns to shareholders of 50% over the past three years. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: ₩117 (vs ₩209 in FY 2021) Full year 2022 results: EPS: ₩117 (down from ₩209 in FY 2021). Revenue: ₩33.5b (down 13% from FY 2021). Net income: ₩3.77b (down 40% from FY 2021). Profit margin: 11% (down from 17% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.3%). Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩209 (up from ₩177 in FY 2020). Revenue: ₩38.3b (up 26% from FY 2020). Net income: ₩6.33b (up 35% from FY 2020). Profit margin: 17% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 21% share price gain to ₩2,570, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 19x in the Personal Products industry in South Korea. Total returns to shareholders of 60% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.8%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₩51.00 (vs ₩43.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩9.94b (up 22% from 3Q 2020). Net income: ₩1.61b (up 41% from 3Q 2020). Profit margin: 16% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% 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 • Apr 17
Investor sentiment improved over the past week After last week's 20% share price gain to ₩2,515, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 24x in the Personal Products industry in South Korea. Total returns to shareholders of 79% over the past year. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS ₩177 (vs ₩121 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩30.5b (up 18% from FY 2019). Net income: ₩4.68b (up 50% from FY 2019). Profit margin: 15% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Jan 29
New 90-day low: ₩1,840 The company is down 4.0% from its price of ₩1,925 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 Personal Products industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₩1,885 The company is down 10.0% from its price of ₩2,085 on 13 October 2020. The South Korean market is up 29% 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. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩30.00 Per Share Will be paid on the 8th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.5% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.6%). Is New 90 Day High Low • Oct 07
New 90-day high: ₩2,090 The company is up 24% from its price of ₩1,685 on 09 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 7.0% over the same period.