Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩8,690, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 10% over the past three years. New Risk • Apr 20
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.4% net profit margin). Market cap is less than US$100m (₩123.7b market cap, or US$83.9m). New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.4% net profit margin). Market cap is less than US$100m (₩116.3b market cap, or US$77.0m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩8,300, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 29% over the past three years. Announcement • Feb 24
Sunjin Beauty Science Co.Ltd, Annual General Meeting, Mar 26, 2026 Sunjin Beauty Science Co.Ltd, Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 28 April 2026. Payout ratio is a comfortable 8.9% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.3%). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩101 (vs ₩92.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩101. Revenue: ₩18.9b (up 3.4% from 3Q 2024). Net income: ₩808.3m (down 27% from 3Q 2024). Profit margin: 4.3% (down from 6.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Chemicals industry in South Korea. Buy Or Sell Opportunity • Nov 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₩9,350. The fair value is estimated to be ₩11,755, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 20% in a year. Earnings are forecast to grow by 49% in the next year. Declared Dividend • Nov 08
Dividend of ₩60.00 announced Dividend of ₩60.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 28th April 2026 Dividend yield will be 0.6%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (9% 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 increased by an average of 43% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 42% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Sunjin Beauty Science Co.Ltd announces Annual dividend, payable on April 28, 2026 Sunjin Beauty Science Co.Ltd announced Annual dividend of KRW 60.0000 per share payable on April 28, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩134.2b (US$95.7m) This is considered a minor 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Minor Risk Market cap is less than US$100m (₩134.2b market cap, or US$95.7m). New Risk • May 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 (12% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Valuation Update With 7 Day Price Move • May 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩15,190, the stock trades at a trailing P/E ratio of 20x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 85% over the past three years. 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 9.0% 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 Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩13,350, the stock trades at a trailing P/E ratio of 17.6x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total returns to shareholders of 53% over the past three years. New Risk • Mar 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% 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 Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (₩138.4b market cap, or US$94.4m). Announcement • Feb 21
Sunjin Beauty Science Co.Ltd, Annual General Meeting, Mar 28, 2025 Sunjin Beauty Science Co.Ltd, Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩40.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 30 April 2025. Payout ratio is a comfortable 6.2% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩9,740, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 7x in the Chemicals industry in South Korea. Total returns to shareholders of 45% over the past three years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩92.00 (vs ₩13.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩92.00 (up from ₩13.00 in 3Q 2023). Revenue: ₩18.2b (up 19% from 3Q 2023). Net income: ₩1.10b (up ₩943.2m from 3Q 2023). Profit margin: 6.1% (up from 1.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩9,230, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Chemicals industry in South Korea. Total returns to shareholders of 25% over the past three years. 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 ₩10,750, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total returns to shareholders of 4.1% over the past three years. Buy Or Sell Opportunity • Aug 02
Now 22% undervalued Over the last 90 days, the stock has risen 38% to ₩12,220. The fair value is estimated to be ₩15,613, 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 grown by 63%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 119% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩17,470, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total returns to shareholders of 73% over the past three years. Buy Or Sell Opportunity • Jul 01
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 122% to ₩17,860. The fair value is estimated to be ₩14,271, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 63%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 119% in the next 2 years. Buy Or Sell Opportunity • Jun 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 174% to ₩21,250. The fair value is estimated to be ₩17,414, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 63%. Revenue is forecast to grow by 25% in a year. Earnings are forecast to grow by 439% in the next year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩22,200, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total returns to shareholders of 132% over the past three years. Buy Or Sell Opportunity • Jun 14
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 190% to ₩22,200. The fair value is estimated to be ₩17,446, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 63%. Revenue is forecast to grow by 25% in a year. Earnings are forecast to grow by 439% in the next year. New Risk • May 30
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 7.6% 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: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (8.4% net profit margin). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩15,500, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total returns to shareholders of 59% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩271 (vs ₩225 in 1Q 2023) First quarter 2024 results: EPS: ₩271 (up from ₩225 in 1Q 2023). Revenue: ₩20.8b (up 2.0% from 1Q 2023). Net income: ₩3.25b (up 20% from 1Q 2023). Profit margin: 16% (up from 13% in 1Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩10,460, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 11% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩20.00 per share at 0.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 24 April 2024. Payout ratio is a comfortable 1.2% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.8%). New Risk • Nov 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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 Risk High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (₩91.6b market cap, or US$70.6m). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩7,960, the stock trades at a trailing P/E ratio of 4.6x. Average forward P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 29% over the past year. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩10,560, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total returns to shareholders of 77% over the past year. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩8,520, the stock trades at a trailing P/E ratio of 5.2x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total returns to shareholders of 17% over the past year. 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 ₩6,950, the stock trades at a trailing P/E ratio of 4.3x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total loss to shareholders of 11% over the past year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩10.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 26 April 2023. Payout ratio is a comfortable 6.6% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 15% share price gain to ₩7,250, the stock trades at a trailing P/E ratio of 47.2x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 4.1% over the past year. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 18% share price gain to ₩6,410, the stock trades at a trailing P/E ratio of 43x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total loss to shareholders of 13% over the past year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩5,210, the stock trades at a trailing P/E ratio of 34.9x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total loss to shareholders of 41% over the past year. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩5,530, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 43% over the past year. Buying Opportunity • May 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.8%. The fair value is estimated to be ₩9,160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last year. Earnings per share has declined by 64%. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 18% share price gain to ₩21,400, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 5.6% over the past year. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 17% share price gain to ₩14,850, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total loss to shareholders of 44% over the past year. Buying Opportunity • Jan 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ₩17,656, 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 year. Earnings per share has declined by 32% over the last year.