Announcement • Jun 12
NOROO Holdings Advances Commercialization Of Bio-Based 3-HP Through Major Korean Government Initiative NOROO Holdings Co., Ltd. has been selected as the lead executing organization for a major national project titled "Development of Feedstock Production and Value-Added Product Technologies to Promote the Bio-Based Polymer Market." This flagship initiative is supported by the Korea Evaluation Institute of Industrial Technology (KEIT) under the Ministry of Trade, Industry and Energy (MOTIE). This milestone underscores NOROO Group's strategic commitment to advancing its presence in the global industrial biotechnology sector through the development of 3-hydroxypropionic acid (3-HP), a next-generation bio-based platform chemical. Recognized by the U.S. Department of Energy (DOE) as one of the "Top 12 Bio-based Platform Chemicals," 3-HP serves as a highly versatile intermediate capable of conversion into a broad spectrum of high-value applications, including cosmetics, industrial coatings, and environmentally sustainable plastics. As a viable alternative to petroleum-derived feedstocks, the chemical is positioned as a cornerstone material in the transition toward carbon-neutral industrial systems. Under this government-supported initiative, NOROO Holdings will spearhead the core program focused on the "Large-Scale Demonstration of 3-HP Production from Waste Biomass." The company will oversee the entire value chain—from sustainable feedstock procurement and process optimization to pilot-scale production and commercialization readiness. Key project objectives include: Developing bio-based, acrylic acid–derived polymer materials; Scaling up and demonstrating the mass production of 3-HP utilizing agricultural and industrial waste biomass; Demonstrating bio-acrylic acid synthesis via the catalytic transformation of 3-HP. The initiative is also expected to drive powerful synergies across NOROO Group's core businesses, particularly through its flagship coatings subsidiary, NOROO Paint Co., Ltd. Charged with the "Demonstration of bio-acrylic acid synthesis via catalytic transformation of 3-HP," NOROO Paint will spearhead the process of converting the intermediate into industrial raw materials. This will allow the company to actively research replacing acrylic acid—which has traditionally relied entirely on petrochemical processes—with sustainable, bio-based alternatives. By incorporating 3-HP-derived materials into automotive coatings, industrial paints, and architectural finishes, NOROO aims to strengthen its competitiveness in the rapidly expanding market for sustainable, premium, eco-friendly, and high-performance materials. NOROO Group's dedicated research arm, the NOROO Bio Fusion Research Institute, has spent over a decade advancing microbial strain engineering and biosynthesis technologies for 3-HP production. The institute has successfully established a 5-ton-scale facility, demonstrated its stable production, secured EU REACH registration for 3-HP derivatives, and verified a 99% biodegradation rate of these derivatives within 28 days. These proven achievements provide a rock-solid foundation for rapid commercialization and global market entry. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩3,090 (vs ₩4,898 in FY 2024) Full year 2025 results: EPS: ₩3,090 (down from ₩4,898 in FY 2024). Revenue: ₩1.24t (flat on FY 2024). Net income: ₩32.4b (down 37% from FY 2024). Profit margin: 2.6% (down from 4.1% in FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 07
NOROO Holdings Co., Ltd., Annual General Meeting, Mar 20, 2026 NOROO Holdings Co., Ltd., Annual General Meeting, Mar 20, 2026, at 10:30 Tokyo Standard Time. Location: conference room, 351, bakdal-ro, manan-gu, gyeonggi-do, anyang South Korea Buy Or Sell Opportunity • Mar 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.6% to ₩21,200. The fair value is estimated to be ₩27,274, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 30%. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩23,775, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 161% over the past three years. Buy Or Sell Opportunity • Jan 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.4% to ₩21,150. The fair value is estimated to be ₩26,577, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 30%. Buy Or Sell Opportunity • Dec 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ₩21,150. The fair value is estimated to be ₩26,774, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 30%. Upcoming Dividend • Dec 22
Upcoming dividend of ₩550 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.3%). Buy Or Sell Opportunity • Dec 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 36% to ₩21,700. The fair value is estimated to be ₩27,161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 30%. Buy Or Sell Opportunity • Nov 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to ₩21,150. The fair value is estimated to be ₩26,997, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 30%. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩1,022 (vs ₩2,281 in 3Q 2024) Third quarter 2025 results: EPS: ₩1,022 (down from ₩2,281 in 3Q 2024). Revenue: ₩314.7b (up 2.4% from 3Q 2024). Net income: ₩10.7b (down 55% from 3Q 2024). Profit margin: 3.4% (down from 7.8% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 28% per year. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩25,400, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 173% over the past three years. Declared Dividend • Nov 08
Dividend of ₩550 announced Dividend of ₩550 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 2.4%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 66% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
NOROO Holdings Co., Ltd. announces Annual dividend, payable on April 20, 2026 NOROO Holdings Co., Ltd. announced Annual dividend of KRW 550.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩31,900, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 210% over the past three years. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩25,450, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 146% over the past three years. New Risk • Jul 15
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 8.5% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩23,600, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 152% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩17,760, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 11x in the Chemicals industry in South Korea. Total returns to shareholders of 71% over the past three years. New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.6b (US$99.5m) 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₩146.6b market cap, or US$99.5m). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩4,898 (vs ₩2,651 in FY 2023) Full year 2024 results: EPS: ₩4,898 (up from ₩2,651 in FY 2023). Revenue: ₩1.25t (up 2.8% from FY 2023). Net income: ₩51.4b (up 85% from FY 2023). Profit margin: 4.1% (up from 2.3% in FY 2023). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
NOROO Holdings Co., Ltd., Annual General Meeting, Mar 21, 2025 NOROO Holdings Co., Ltd., Annual General Meeting, Mar 21, 2025, at 10:30 Tokyo Standard Time. Location: conference room, 351, bakdal-ro, manan-gu, gyeonggi-do, anyang South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.2%). New Risk • Nov 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.2b (US$99.3m) 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩139.2b market cap, or US$99.3m). Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩13,890, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 45% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 4.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩12,130, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 47% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩2,391 (vs ₩153 in FY 2021) Full year 2022 results: EPS: ₩2,391 (up from ₩153 in FY 2021). Revenue: ₩1.04t (up 8.7% from FY 2021). Net income: ₩25.0b (up ₩23.4b from FY 2021). Profit margin: 2.4% (up from 0.2% in FY 2021). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.4%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩11,450, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 8.3% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 29% share price gain to ₩15,250, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 51% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 19% share price gain to ₩14,550, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total returns to shareholders of 8.4% over the past three years. Is New 90 Day High Low • Feb 18
New 90-day high: ₩11,750 The company is up 23% from its price of ₩9,580 on 20 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 26% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ₩11,550 The company is up 27% from its price of ₩9,070 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 22% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩400 Per Share Will be paid on the 17th of April to those who are registered shareholders by the 29th of December. The trailing yield of 3.6% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (0.9%). Is New 90 Day High Low • Dec 14
New 90-day high: ₩9,960 The company is up 6.0% from its price of ₩9,360 on 15 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 13
New 90-day high: ₩9,600 The company is up 1.0% from its price of ₩9,520 on 14 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: ₩9,010 The company is down 6.0% from its price of ₩9,580 on 24 June 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 31% over the same period.