New Risk • Jun 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩15.0b (US$9.72m) 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 Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 72% per year over the past 5 years. Market cap is less than US$10m (₩15.0b market cap, or US$9.72m). New Risk • May 19
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 72% 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 (₩25.5b market cap, or US$16.9m). Reported Earnings • Mar 17
Full year 2025 earnings released: ₩229 loss per share (vs ₩191 loss in FY 2024) Full year 2025 results: ₩229 loss per share (further deteriorated from ₩191 loss in FY 2024). Revenue: ₩50.1b (down 6.9% from FY 2024). Net loss: ₩12.9b (loss widened 19% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Feb 20
SANGBO Corp., Annual General Meeting, Mar 26, 2026 SANGBO Corp., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 50, daeseomyeong-ro, tongjin-eup, gyeonggi-do, gimpo South Korea New Risk • Jan 07
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 9.8% 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 69% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (₩54.4b market cap, or US$37.6m). New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 29% 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 29% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩60.4b market cap, or US$44.0m). Reported Earnings • Mar 14
Full year 2024 earnings released: ₩191 loss per share (vs ₩8.00 profit in FY 2023) Full year 2024 results: ₩191 loss per share (down from ₩8.00 profit in FY 2023). Revenue: ₩53.8b (down 19% from FY 2023). Net loss: ₩10.8b (down ₩11.3b from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Announcement • Feb 12
SANGBO Corp., Annual General Meeting, Mar 26, 2025 SANGBO Corp., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: auditorium, 50, daeseomyeong-ro, tongjin-eup, gyeonggi-do, gimpo South Korea 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 8.9% 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 (8.9% average weekly change). Market cap is less than US$100m (₩63.6b market cap, or US$44.4m). New Risk • Dec 07
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩72.5b market cap, or US$51.0m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩22.00 (vs ₩31.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩22.00 (down from ₩31.00 in 2Q 2023). Revenue: ₩15.5b (down 10% from 2Q 2023). Net income: ₩1.24b (down 31% from 2Q 2023). Profit margin: 8.0% (down from 10% in 2Q 2023). 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 11% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 17
Now 23% overvalued Over the last 90 days, the stock has fallen 11% to ₩1,868. The fair value is estimated to be ₩1,524, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 34% over the last 3 years. Earnings per share has declined by 25%. Buy Or Sell Opportunity • Apr 27
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₩1,840. The fair value is estimated to be ₩1,532, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 34% over the last 3 years. Earnings per share has declined by 25%. Announcement • Apr 09
SANGBO Corp. (KOSDAQ:A027580) announces an Equity Buyback for KRW 1,500 million worth of its shares. SANGBO Corp. (KOSDAQ:A027580) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,500 million worth of its shares pursuant to a contract with KB Securities Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on October 8, 2024. As of April 7, 2024, the company had 1,992,650 shares in treasury within scope available for dividend and had 2,022 shares in treasury through other repurchase. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩8.00 (vs ₩67.43 in FY 2022) Full year 2023 results: EPS: ₩8.00 (down from ₩67.43 in FY 2022). Revenue: ₩66.2b (down 1.9% from FY 2022). Net income: ₩438.5m (down 89% from FY 2022). Profit margin: 0.7% (down from 5.9% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Feb 20
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 8.1% 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 (8.1% average weekly change). Market cap is less than US$100m (₩112.9b market cap, or US$84.7m). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩44.00 (vs ₩59.03 in 3Q 2022) Third quarter 2023 results: EPS: ₩44.00 (down from ₩59.03 in 3Q 2022). Revenue: ₩17.4b (up 12% from 3Q 2022). Net income: ₩2.53b (down 26% from 3Q 2022). Profit margin: 15% (down from 22% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩1,640, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩1,640, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 59% over the past three years. New Risk • Jun 23
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 11% 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 (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩1,966, the stock trades at a trailing P/E ratio of 59.3x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩1,614, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 134% over the past three years. Reported Earnings • Mar 14
Full year 2022 earnings released: EPS: ₩67.43 (vs ₩82.02 in FY 2021) Full year 2022 results: EPS: ₩67.43 (down from ₩82.02 in FY 2021). Revenue: ₩67.4b (down 6.9% from FY 2021). Net income: ₩4.00b (down 1.6% from FY 2021). Profit margin: 5.9% (up from 5.6% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩1,420, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total loss to shareholders of 1.3% over the past three years. Buying Opportunity • Mar 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ₩2,210, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% per annum over the last 3 years. The company has become profitable over the last 3 years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ₩60.00 (vs ₩17.00 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₩33.0b (down 16% from 3Q 2020). Net income: ₩3.01b (up 282% from 3Q 2020). Profit margin: 9.1% (up from 2.0% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 104% 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 • Jun 23
Investor sentiment improved over the past week After last week's 28% share price gain to ₩2,665, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 21x in the Chemicals industry in South Korea. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 18% share price gain to ₩1,955, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total returns to shareholders of 5.0% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ₩18.00 (vs ₩3.00 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩34.0b (up 17% from 1Q 2020). Net income: ₩851.5m (up ₩969.3m from 1Q 2020). Profit margin: 2.5% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 22
SANGBO Corp., Annual General Meeting, Mar 24, 2021 SANGBO Corp., Annual General Meeting, Mar 24, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 08
New 90-day high: ₩1,530 The company is up 18% from its price of ₩1,300 on 10 November 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 28% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: ₩1,490 The company is up 3.0% from its price of ₩1,445 on 02 September 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 12% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: ₩4.17 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: ₩15.5b (up 12% from 3Q 2019). Net loss: ₩198.9m (loss narrowed 91% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.