New Risk • May 04
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: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩107.6b market cap, or US$73.2m). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩8,350, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 13x in the Packaging industry in South Korea. Total returns to shareholders of 72% over the past three years. Announcement • Mar 07
SAMRYOONG Co.,Ltd, Annual General Meeting, Mar 27, 2026 SAMRYOONG Co.,Ltd, Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 192, beonnyeong-ro, danwon-gu, gyeonggi-do, ansan South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.8%). New Risk • Dec 09
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 9.1% 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: Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (₩125.3b market cap, or US$85.3m). Declared Dividend • Nov 08
Dividend of ₩75.00 announced Dividend of ₩75.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 1.2%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (20% cash payout ratio). The dividend has not increased over the past 6 years but payments have been stable during that time. Announcement • Nov 07
SAMRYOONG Co.,Ltd announces Annual dividend, payable on April 20, 2026 SAMRYOONG Co.,Ltd announced Annual dividend of KRW 75.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: ₩77.00 (vs ₩2.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩77.00 (up from ₩2.00 in 2Q 2024). Revenue: ₩24.7b (up 3.2% from 2Q 2024). Net income: ₩1.15b (up ₩1.11b from 2Q 2024). Profit margin: 4.7% (up from 0.2% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • May 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (27% average weekly change). Minor Risk Market cap is less than US$100m (₩104.8b market cap, or US$76.3m). Buy Or Sell Opportunity • May 21
Now 29% undervalued Over the last 90 days, the stock has risen 112% to ₩6,360. The fair value is estimated to be ₩8,975, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 02
Now 34% undervalued Over the last 90 days, the stock has risen 113% to ₩6,290. The fair value is estimated to be ₩9,496, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Apr 22
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 9.4% 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: Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$100m (₩55.4b market cap, or US$38.9m). Announcement • Mar 08
SAMRYOONG Co.,Ltd, Annual General Meeting, Mar 28, 2025 SAMRYOONG Co.,Ltd, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 192, beonnyeong-ro, danwon-gu, gyeonggi-do, ansan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.8%). 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 Market cap is less than US$100m (₩48.2b market cap, or US$33.9m). Declared Dividend • Nov 29
Dividend of ₩75.00 announced Shareholders will receive a dividend of ₩75.00. Ex-date: 27th December 2024 Payment date: 18th April 2025 Dividend yield will be 2.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 5 years but payments have been stable during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩135 (vs ₩172 loss in FY 2022) Full year 2023 results: EPS: ₩135 (up from ₩172 loss in FY 2022). Revenue: ₩86.3b (down 4.4% from FY 2022). Net income: ₩2.04b (up ₩4.64b from FY 2022). Profit margin: 2.4% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to ₩3,910. The fair value is estimated to be ₩3,209, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Dec 20
Upcoming dividend of ₩75.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩45.00 (vs ₩39.00 loss in 1Q 2022) First quarter 2023 results: EPS: ₩45.00 (up from ₩39.00 loss in 1Q 2022). Revenue: ₩20.7b (down 3.8% from 1Q 2022). Net income: ₩675.5m (up ₩1.27b from 1Q 2022). Profit margin: 3.3% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 14% per year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 19 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.5%). 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. 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. 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. 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.4%). Reported Earnings • Apr 04
Full year 2020 earnings released: ₩363 loss per share (vs ₩40.00 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: ₩86.9b (down 2.0% from FY 2019). Net loss: ₩5.49b (down ₩6.09b from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 128 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 26
New 90-day low: ₩8,130 The company is down 18% from its price of ₩9,970 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: ₩11,000 The company is up 36% from its price of ₩8,080 on 09 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 25% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: ₩10,650 The company is up 22% from its price of ₩8,720 on 19 June 2020. The South Korean market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 11% over the same period.