Board Change • Jun 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Jin Wook Seo was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 24
Upcoming dividend of ₩298 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 22 April 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of South Korean dividend payers (3.7%). Lower than average of industry peers (5.0%). Announcement • Mar 07
Incross Co., Ltd., Annual General Meeting, Mar 26, 2026 Incross Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 1, gwanak-ro, gwanak-gu, seoul South Korea Announcement • Feb 10
Incross Co., Ltd. announces Annual dividend, payable on April 22, 2026 Incross Co., Ltd. announced Annual dividend of KRW 298.0000 per share payable on April 22, 2026, ex-date on March 31, 2026 and record date on April 01, 2026. Board Change • Jan 13
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Outside Director Hyun-Chul Kim is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • May 20
New major risk - Revenue and earnings growth Earnings have declined by 3.0% 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 3.0% per year over the past 5 years. 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 (₩86.1b market cap, or US$61.8m). Reported Earnings • May 20
First quarter 2025 earnings released: EPS: ₩196 (vs ₩105 in 1Q 2024) First quarter 2025 results: EPS: ₩196 (up from ₩105 in 1Q 2024). Revenue: ₩10.2b (up 20% from 1Q 2024). Net income: ₩2.37b (up 87% from 1Q 2024). Profit margin: 23% (up from 15% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 29% per year. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ₩806 (vs ₩1,047 in FY 2023) Full year 2024 results: EPS: ₩806 (down from ₩1,047 in FY 2023). Revenue: ₩48.8b (up 4.3% from FY 2023). Net income: ₩9.73b (down 23% from FY 2023). Profit margin: 20% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Announcement • Mar 08
Incross Co., Ltd., Annual General Meeting, Mar 27, 2025 Incross Co., Ltd., Annual General Meeting, Mar 27, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 1, gwanak-ro, gwanak-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩321 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 23 April 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (5.2%). New Risk • Aug 22
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: 21% Last year net profit margin: 31% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (21% net profit margin). Market cap is less than US$100m (₩81.2b market cap, or US$60.8m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩6,320, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 9x in the Media industry in South Korea. Total loss to shareholders of 79% over the past three years. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩1,047 (vs ₩1,281 in FY 2022) Full year 2023 results: EPS: ₩1,047 (down from ₩1,281 in FY 2022). Revenue: ₩46.8b (down 12% from FY 2022). Net income: ₩12.6b (down 18% from FY 2022). Profit margin: 27% (down from 29% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Media industry in South Korea. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩12,010, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Media industry in South Korea. Total loss to shareholders of 55% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩389 per share at 3.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩15,880, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Media industry in South Korea. Total returns to shareholders of 32% over the past three years. Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: ₩1,281 (vs ₩1,753 in FY 2021) Full year 2022 results: EPS: ₩1,281 (down from ₩1,753 in FY 2021). Revenue: ₩53.3b (up 2.9% from FY 2021). Net income: ₩15.4b (down 27% from FY 2021). Profit margin: 29% (down from 41% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Media industry in South Korea. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩18,660, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Media industry in South Korea. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩434 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 19 April 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.4%). Price Target Changed • Nov 16
Price target decreased to ₩20,000 Down from ₩38,406, the current price target is provided by 1 analyst. New target price is 33% above last closing price of ₩15,000. Stock is down 48% over the past year. The company is forecast to post earnings per share of ₩1,164 for next year compared to ₩1,779 last year. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 24% share price gain to ₩15,150, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Media industry in South Korea. Total returns to shareholders of 18% over the past three years. Buying Opportunity • Aug 23
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₩20,604, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 37%. Buying Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₩22,022, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 37%. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩17,300, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 14x in the Media industry in South Korea. Total returns to shareholders of 22% over the past three years. Reported Earnings • Mar 13
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ₩2,958 (up from ₩1,701 in FY 2020). Revenue: ₩51.8b (up 31% from FY 2020). Net income: ₩21.1b (up 72% from FY 2020). Profit margin: 41% (up from 31% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 29%. Over the next year, revenue is forecast to grow 23%, compared to a 13% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 31% per year. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 16% share price gain to ₩57,900, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Media industry in South Korea. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩89,662 per share. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS ₩1,701 (vs ₩1,240 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩39.4b (up 14% from FY 2019). Net income: ₩12.3b (up 32% from FY 2019). Profit margin: 31% (up from 27% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 15
New 90-day high: ₩56,500 The company is up 20% from its price of ₩46,900 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩92,464 per share. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 18% share price gain to ₩52,100, the stock is trading at a trailing P/E ratio of 33.3x, up from the previous P/E ratio of 28.3x. This compares to an average P/E of 19x in the Media industry in South Korea. Total returns to shareholders over the past three years are 111%. Is New 90 Day High Low • Dec 29
New 90-day high: ₩51,800 The company is up 18% from its price of ₩43,900 on 29 September 2020. The South Korean market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩76,916 per share. Is New 90 Day High Low • Oct 26
New 90-day low: ₩39,050 The company is down 2.0% from its price of ₩39,800 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩74,717 per share. Price Target Changed • Sep 25
Price target raised to ₩42,500 Up from ₩38,300, the current price target is an average from 4 analysts. The new target price is close to the current share price of ₩42,200. As of last close, the stock is up 91% over the past year.