New Risk • May 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 (21% accrual ratio). 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 (₩123.7b market cap, or US$81.4m). New Risk • Mar 27
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: 19% Last year net profit margin: 30% 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 (19% net profit margin). Market cap is less than US$100m (₩98.4b market cap, or US$65.2m). Announcement • Feb 26
Cell Biotech Co., Ltd., Annual General Meeting, Mar 26, 2026 Cell Biotech Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 50, aegibong-ro 409beon-gil, wolgot-myeo, gyeonggi-do, gimpo South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 03 April 2026. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.6%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩504 (vs ₩142 in 3Q 2024) Third quarter 2025 results: EPS: ₩504 (up from ₩142 in 3Q 2024). Revenue: ₩15.4b (up 26% from 3Q 2024). Net income: ₩3.45b (up 256% from 3Q 2024). Profit margin: 23% (up from 8.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 10
Now 21% overvalued Over the last 90 days, the stock has fallen 7.1% to ₩11,850. The fair value is estimated to be ₩9,797, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Declared Dividend • Nov 08
Dividend of ₩450 announced Dividend of ₩450 is the same as last year. Ex-date: 29th December 2025 Payment date: 3rd April 2026 Dividend yield will be 3.8%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Cell Biotech Co., Ltd. announces Annual dividend, payable on April 03, 2026 Cell Biotech Co., Ltd. announced Annual dividend of KRW 450.0000 per share payable on April 03, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • Oct 01
Now 21% overvalued Over the last 90 days, the stock has fallen 3.7% to ₩12,520. The fair value is estimated to be ₩10,388, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₩302 (vs ₩477 in 1Q 2024) First quarter 2025 results: EPS: ₩302 (down from ₩477 in 1Q 2024). Revenue: ₩11.2b (down 14% from 1Q 2024). Net income: ₩2.07b (down 37% from 1Q 2024). Profit margin: 18% (down from 25% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Cell Biotech Co., Ltd., Annual General Meeting, Mar 27, 2025 Cell Biotech Co., Ltd., Annual General Meeting, Mar 27, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 50, aegibong-ro 409beon-gil, wolgot-myeon, gyeonggi-do, gimpo South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 03 April 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.5%). New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. 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 (₩98.8b market cap, or US$68.8m). Buy Or Sell Opportunity • Aug 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to ₩13,140. The fair value is estimated to be ₩10,918, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 4.6%. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩16,280, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 22x in the Biotechs industry in South Korea. Total loss to shareholders of 10% over the past three years. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩921 (vs ₩1,201 in FY 2022) Full year 2023 results: EPS: ₩921 (down from ₩1,201 in FY 2022). Revenue: ₩53.8b (up 6.5% from FY 2022). Net income: ₩6.30b (down 24% from FY 2022). Profit margin: 12% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to ₩12,820. The fair value is estimated to be ₩10,573, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 7.1%. Buy Or Sell Opportunity • Feb 06
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to ₩12,010. The fair value is estimated to be ₩9,783, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 7.1%. Buy Or Sell Opportunity • Jan 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to ₩11,850. The fair value is estimated to be ₩9,783, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 7.1%. Upcoming Dividend • Dec 20
Upcoming dividend of ₩450 per share at 4.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 01 April 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.7%). New Risk • Nov 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 18x earnings per share. Cash payout ratio: 100% Earnings have declined by 20% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (₩75.8b market cap, or US$58.7m). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩417 (vs ₩434 in 1Q 2022) First quarter 2023 results: EPS: ₩417 (down from ₩434 in 1Q 2022). Revenue: ₩12.8b (up 6.2% from 1Q 2022). Net income: ₩2.86b (down 5.1% from 1Q 2022). Profit margin: 22% (down from 25% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 07
Now 20% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be ₩18,778, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 30%. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩14,900, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 24x in the Biotechs industry in South Korea. Total returns to shareholders of 12% over the past three years. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: ₩1,201 (vs ₩1,468 in FY 2021) Full year 2022 results: EPS: ₩1,201 (down from ₩1,468 in FY 2021). Revenue: ₩50.5b (up 7.8% from FY 2021). Net income: ₩8.28b (down 20% from FY 2021). Profit margin: 16% (down from 22% in FY 2021). 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 but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (0.7%). 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. 5 experienced directors. No highly experienced directors. No independent directors (5 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 • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩12,650, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 23x in the Biotechs industry in South Korea. Total loss to shareholders of 36% over the past three years. Board Change • Apr 27
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. 5 experienced directors. No highly experienced directors. No independent directors (5 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 2.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.8%). Is New 90 Day High Low • Feb 24
New 90-day low: ₩18,300 The company is down 4.0% from its price of ₩19,000 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 7.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: ₩21,850 The company is up 48% from its price of ₩14,750 on 24 September 2020. The South Korean market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 14% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩600 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 29th of December. The trailing yield of 2.9% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (0.3%). Is New 90 Day High Low • Dec 07
New 90-day high: ₩20,500 The company is up 25% from its price of ₩16,400 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: ₩17,600 The company is up 8.0% from its price of ₩16,350 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 5.0% over the same period. Announcement • Sep 21
Cell Biotech Co., Ltd.(KOSDAQ:A049960) dropped from S&P Global BMI Index Cell Biotech Co., Ltd.(KOSDAQ:A049960) dropped from S&P Global BMI Index