New Risk • Apr 29
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 9.6% 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: Major Risk Earnings have declined by 82% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (₩100.0b market cap, or US$69.7m). Buy Or Sell Opportunity • Mar 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to ₩2,125. The fair value is estimated to be ₩2,706, 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. Announcement • Feb 28
TY Holdings Co., Ltd, Annual General Meeting, Mar 28, 2025 TY Holdings Co., Ltd, Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: t-art hall, 111, yeouigongwon-ro, yeongdeungpo-gu, seoul South Korea Buy Or Sell Opportunity • Oct 28
Now 28% overvalued Over the last 90 days, the stock has fallen 7.9% to ₩3,620. The fair value is estimated to be ₩2,835, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last year. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 13
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₩3,415. The fair value is estimated to be ₩2,841, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last year. Meanwhile, the company became loss making. Announcement • Aug 27
IMM Private Equity, Inc. and IMM Investment, Corp. agreed to acquire ECORBIT corp. from TY Holdings Co., Ltd (KOSE:A363280) and others for KRW 2.1 trillion. IMM Private Equity, Inc. and IMM Investment, Corp. agreed to acquire ECORBIT corp. from TY Holdings Co., Ltd (KOSE:A363280) and others for KRW 2.1 trillion on August 26, 2024. A cash consideration of KRW 2.07 trillion will be paid by IMM Private Equity, Inc. and IMM Investment, Corp. For the period ending December 31, 2023, ECORBIT corp. reported total revenue of KRW 674.38 billion and net income of KRW 9.99 billion. As of December 31, 2023, ECORBIT corp. reported total debt of KRW 1.06 trillion, total assets of KRW 1.72 trillion and total common equity of KRW 656.62 billion. Transaction is expected to close on December 31, 2024. New Risk • Jun 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 107% per year over the past 5 years. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Market cap is less than US$100m (₩124.7b market cap, or US$90.2m). Announcement • Feb 27
An undisclosed buyer completed the acquisition of a 91.6% stake in Sbs Medianet Co. Ltd from TY Holdings Co., Ltd (KOSE:A363280) An undisclosed buyer agreed to acquire a 91.6% stake in Sbs Medianet Co. Ltd from TY Holdings Co., Ltd (KOSE:A363280) on February 23, 2024.
An undisclosed buyer completed the acquisition of a 91.6% stake in Sbs Medianet Co. Ltd from TY Holdings Co., Ltd (KOSE:A363280) on February 27, 2024. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩4,000, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 8x in the Media industry in South Korea. Total loss to shareholders of 85% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share at 3.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (4.2%). Buying Opportunity • Dec 14
Now 33% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be ₩7,598, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.1%. Revenue is forecast to grow by 6.7% in a year. Earnings is forecast to grow by 155% in the next year. New Risk • Dec 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 9.7% 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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (9.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩6,590, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Media industry in South Korea. Total loss to shareholders of 71% over the past three years. New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 65% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Buying Opportunity • Sep 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be ₩7,729, 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 year. Earnings per share has declined by 43%. Revenue is forecast to grow by 4.4% in a year. Earnings is forecast to grow by 85% in the next year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩8,260, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Media industry in South Korea. Total loss to shareholders of 57% over the past year. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩9,640, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 5x in the Construction industry in South Korea. Total loss to shareholders of 65% over the past year. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩11,850, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 5x in the Construction industry in South Korea. Total loss to shareholders of 59% over the past year. 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 ₩18,900, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Construction industry in South Korea. Total loss to shareholders of 37% over the past year. Price Target Changed • Apr 27
Price target increased to ₩39,000 Up from ₩34,000, the current price target is provided by 1 analyst. New target price is 54% above last closing price of ₩25,300. Stock is down 5.1% over the past year. The company is forecast to post earnings per share of ₩3,653 for next year compared to ₩4,004 last year. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2022 The analyst covering TY Holdings previously expected the company to break even in 2021. New forecast suggests the company will make a profit of ₩147.0b in 2022. Average annual earnings growth of 20% is required to achieve expected profit on schedule. Is New 90 Day High Low • Jan 15
New 90-day high: ₩28,450 The company is up 37% from its price of ₩20,700 on 16 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 35% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ₩27,700 The company is up 13% from its price of ₩24,450 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 24% over the same period. 
