Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩17,950, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 14x in the Personal Products industry in South Korea. Total loss to shareholders of 50% over the past three years. New Risk • Jul 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 13% 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 6.8% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩15,070, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 13x in the Personal Products industry in South Korea. Total loss to shareholders of 61% over the past three years. Announcement • Jun 24
Manyo Factory Co., Ltd (KOSDAQ:A439090) announces an Equity Buyback for KRW 10,000 million worth of its shares. Manyo Factory Co., Ltd (KOSDAQ:A439090) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares pursuant to a contract with NH INVESTMENT&SECURITIES CO.,LTD. The purpose of the program is to enhance shareholder value and to stabilize stock price. The repurchase program will expire on December 23, 2026. As of June 1, 2026, the company had 685,151 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. 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 ₩14,600, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 13x in the Personal Products industry in South Korea. Total loss to shareholders of 61% over the past three years. Announcement • Jun 03
Manyo Factory Co., Ltd (KOSDAQ:A439090) announces an Equity Buyback for KRW 5,000 million worth of its shares. Manyo Factory Co., Ltd (KOSDAQ:A439090) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with NH Investment & Securities co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The repurchase program will expire on December 2, 2026. As of June 2, 2026, the company had 332,905 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩14,220, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 14x in the Personal Products industry in South Korea. Total loss to shareholders of 20% over the past year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩17,790, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 19x in the Personal Products industry in South Korea. Total loss to shareholders of 7.7% over the past year. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩16,390, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 20x in the Personal Products industry in South Korea. Total loss to shareholders of 10% over the past year. New Risk • Apr 03
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: 8.1% Last year net profit margin: 13% 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 Risk Earnings have declined by 7.2% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (8.1% net profit margin). Announcement • Mar 25
Manyo Factory Co., Ltd (KOSDAQ:A439090) announces an Equity Buyback for KRW 5,000 million worth of its shares. Manyo Factory Co., Ltd (KOSDAQ:A439090) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with NH Investment & Securities co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The repurchase program will expire on September 24, 2026. As of March 24, 2026, the company had 0 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. Announcement • Mar 17
Manyo Factory Co., Ltd, Annual General Meeting, Mar 31, 2026 Manyo Factory Co., Ltd, Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 10, ttukseom-ro 1-gil, gangnam-gu, seoul South Korea 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 ₩11,110, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 20x in the Personal Products industry in South Korea. Total loss to shareholders of 43% over the past year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩15,750, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 19x in the Personal Products industry in South Korea. Total returns to shareholders of 2.9% over the past year. New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 52% 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. This is currently the only risk that has been identified for the company. Announcement • May 02
KDBKL Small and Medium-sized Value Industry No. 2 Private Equity Partnership completed the acquisition of 51.90% stake in Manyo Factory Co., Ltd (KOSDAQ:A439090) from L&P Cosmetic Co., Ltd. KDBKL Small and Medium-sized Value Industry No. 2 Private Equity Partnership agreed to acquire 51.90% stake in Manyo Factory Co., Ltd (KOSDAQ:A439090) from L&P Cosmetic Co., Ltd. for approximately KRW 190 billion on March 20, 2025. A cash consideration of KRW 190 billion valued at KRW 22367 per share will be paid by KDBKL Small and Medium-sized Value Industry No. 2 Private Equity Partnership. As part of consideration, KRW 190 billion is paid towards common equity of Manyo Factory Co., Ltd. The transaction shall be financed using own funds.
The expected completion of the transaction is April 30, 2025.
KDBKL Small and Medium-sized Value Industry No. 2 Private Equity Partnership completed the acquisition of 51.90% stake in Manyo Factory Co., Ltd (KOSDAQ:A439090) from L&P Cosmetic Co., Ltd. on April 30, 2025. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩16,100, the stock trades at a trailing P/E ratio of 16.1x. Average forward P/E is 10x in the Personal Products industry in South Korea. Total loss to shareholders of 14% over the past year. Buy Or Sell Opportunity • Apr 02
Now 20% undervalued Over the last 90 days, the stock has risen 28% to ₩19,130. The fair value is estimated to be ₩23,923, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 178%. Announcement • Mar 22
KDBKL Small and Medium-sized Value Industry No. 2 Private Equity Partnership agreed to acquire 51.90% stake in Manyo Factory Co., Ltd (KOSDAQ:A439090) from L&P Cosmetic Co., Ltd. for approximately KRW 190 billion. KDBKL Small and Medium-sized Value Industry No. 2 Private Equity Partnership agreed to acquire 51.90% stake in Manyo Factory Co., Ltd (KOSDAQ:A439090) from L&P Cosmetic Co., Ltd. for approximately KRW 190 billion on March 20, 2025. A cash consideration of KRW 190 billion valued at KRW 22367 per share will be paid by KDBKL Small and Medium-sized Value Industry No. 2 Private Equity Partnership. As part of consideration, KRW 190 billion is paid towards common equity of Manyo Factory Co., Ltd.
The expected completion of the transaction is April 30, 2025. Announcement • Mar 18
Manyo Factory Co., Ltd, Annual General Meeting, Mar 31, 2025 Manyo Factory Co., Ltd, Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 518, gonghang-daero, gangseo-gu, seoul South Korea New Risk • Jan 06
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 9.7% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩18,140, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Personal Products industry in South Korea. Total loss to shareholders of 23% over the past year. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩13,200, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Personal Products industry in South Korea. Total loss to shareholders of 36% over the past year. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₩196 (vs ₩209 in 3Q 2023) Third quarter 2024 results: EPS: ₩196 (down from ₩209 in 3Q 2023). Revenue: ₩28.8b (up 8.9% from 3Q 2023). Net income: ₩3.21b (down 1.2% from 3Q 2023). Profit margin: 11% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,200, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Personal Products industry in South Korea. Total loss to shareholders of 23% over the past year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₩402 (vs ₩93.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩402 (up from ₩93.00 in 2Q 2023). Revenue: ₩36.6b (up 47% from 2Q 2023). Net income: ₩6.59b (up 422% from 2Q 2023). Profit margin: 18% (up from 5.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Personal Products industry in South Korea. New Risk • Aug 12
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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (9.5% net profit margin). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₩19,150, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Personal Products industry in South Korea. Total loss to shareholders of 35% over the past year. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩28,950, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Personal Products industry in South Korea. Total loss to shareholders of 31% over the past year. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩23,350, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩20,950, the stock trades at a trailing P/E ratio of 41.8x. Average trailing P/E is 33x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩20,000, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 30x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩27,950, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 24x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩23,350, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 25x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩29,250, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 28x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to ₩36,900, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 34x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩22,400, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 27x in the Personal Products industry in South Korea. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩31,550, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 34x in the Personal Products industry in South Korea. 
