New Risk • May 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩36b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩36b free cash flow). Earnings have declined by 57% per year over the past 5 years. Announcement • Mar 06
BINEX Co., Ltd., Annual General Meeting, Mar 23, 2026 BINEX Co., Ltd., Annual General Meeting, Mar 23, 2026, at 09:30 Tokyo Standard Time. Location: auditorium, 368-3, dadae-ro, saha-gu, busan South Korea Announcement • Oct 28
BINEX Co., Ltd. announced that it expects to receive KRW 15.548248544 billion in funding BINEX Co., Ltd. announced a private placement of LIFE Offering of KRW 15,548,248,544 by issuance of Unregistered No Interest No Guarantee Private Exchangeable Bonds on October 28, 2025. The bonds are 100% convertible into Common Shares of the company at a conversion value of KRW 18,587 to issue 836,512 Common Shares of the company. The exchange billing period starts from December 06, 2025 through October 06, 2030. The transaction includes participation from investor Samsung Securities Co., Ltd. Price Target Changed • Oct 01
Price target decreased by 7.9% to ₩24,500 Down from ₩26,600, the current price target is provided by 1 analyst. New target price is 53% above last closing price of ₩16,010. Stock is down 33% over the past year. The company posted a net loss per share of ₩1,126 last year. Price Target Changed • Apr 03
Price target decreased by 15% to ₩27,750 Down from ₩32,500, the current price target is an average from 2 analysts. New target price is 95% above last closing price of ₩14,200. Stock is up 4.6% over the past year. The company posted a net loss per share of ₩1,126 last year. New Risk • Mar 24
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 8.6% 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 45% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Reported Earnings • Mar 20
Full year 2024 earnings released: ₩1,126 loss per share (vs ₩151 profit in FY 2023) Full year 2024 results: ₩1,126 loss per share (down from ₩151 profit in FY 2023). Revenue: ₩130.1b (down 16% from FY 2023). Net loss: ₩35.1b (down ₩39.7b from profit in FY 2023). Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
BINEX Co., Ltd., Annual General Meeting, Mar 24, 2025 BINEX Co., Ltd., Annual General Meeting, Mar 24, 2025, at 09:30 Tokyo Standard Time. Location: auditorium, 368-3, dadae-ro, saha-gu, busan South Korea New Risk • Nov 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% 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 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 10% 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 10% per year over the past 5 years. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩151 (vs ₩402 in FY 2022) Full year 2023 results: EPS: ₩151 (down from ₩402 in FY 2022). Revenue: ₩154.8b (down 1.2% from FY 2022). Net income: ₩4.67b (down 63% from FY 2022). Profit margin: 3.0% (down from 7.9% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • May 15
First quarter 2023 earnings released: EPS: ₩228 (vs ₩61.00 in 1Q 2022) First quarter 2023 results: EPS: ₩228 (up from ₩61.00 in 1Q 2022). Revenue: ₩48.2b (up 37% from 1Q 2022). Net income: ₩7.06b (up 275% from 1Q 2022). Profit margin: 15% (up from 5.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩10,770, the stock trades at a trailing P/E ratio of 26.8x. Average forward P/E is 14x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 13% over the past three years. Buying Opportunity • Mar 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₩11,598, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 70% in the next 2 years. Buying Opportunity • Nov 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be ₩13,967, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 69% in the next 2 years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩170 (vs ₩159 in 3Q 2021) Third quarter 2022 results: EPS: ₩170 (up from ₩159 in 3Q 2021). Revenue: ₩39.5b (up 18% from 3Q 2021). Net income: ₩5.24b (up 5.9% from 3Q 2021). Profit margin: 13% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 14% per year. 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. 8 experienced directors. No highly experienced directors. No independent directors (8 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 • Jul 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₩14,950, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 59% 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. 8 experienced directors. No highly experienced directors. No independent directors (8 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. Buying Opportunity • Mar 18
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩19,921, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% per annum over the last 3 years. The company has become profitable over the last 3 years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₩14,200, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 20x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₩14,300, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 15x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 28% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩206 (vs ₩273 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩133.0b (up 6.2% from FY 2019). Net income: ₩6.41b (down 25% from FY 2019). Profit margin: 4.8% (down from 6.8% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 49% share price decline to ₩14,500, the stock is trading at a trailing P/E ratio of 32.4x, down from the previous P/E ratio of 63.4x. This compares to an average P/E of 25x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 28%. Is New 90 Day High Low • Mar 10
New 90-day low: ₩16,250 The company is down 45% from its price of ₩29,400 on 10 December 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 Pharmaceuticals industry, which is down 23% over the same period. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩26,650, the stock is trading at a trailing P/E ratio of 59.5x, down from the previous P/E ratio of 73.7x. This compares to an average P/E of 26x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 148%. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 20% share price gain to ₩32,900, the stock is trading at a trailing P/E ratio of 73.4x, up from the previous P/E ratio of 61.4x. This compares to an average P/E of 27x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 199%. Is New 90 Day High Low • Feb 10
New 90-day high: ₩32,900 The company is up 18% from its price of ₩27,950 on 12 November 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 15% share price decline to ₩23,400, the stock is trading at a trailing P/E ratio of 63.7x, down from the previous P/E ratio of 75x. This compares to an average P/E of 25x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 163%. Announcement • Oct 07
BINEX Co., Ltd. announced that it has received KRW 50 billion in funding from Kiwoom Securities Co., Ltd., Aju IB Investment Co., Ltd., Kiwoom Private Equity, Inc. On October 6, 2020, BINEX Co., Ltd. (KOSDAQ:A053030) closed the transaction. Announcement • Sep 29
BINEX Co., Ltd. announced that it expects to receive KRW 12 billion in funding from Kiwoom Securities Co., Ltd., Aju IB Investment Co., Ltd., Kiwoom Private Equity, Inc. BINEX Co., Ltd. (KOSDAQ:A053030) announced private placement of series 6 non-guaranteed private equity exchange bonds for gross proceeds of KRW 12,000,000,000 on September 28, 2020. The transaction will include participation from new investors Kiwoom Securities Co., Ltd. (KOSE:A039490) for KRW 2,000,000,000, Kiwoom Private Equity Aju First New Technology Business Investment Association, a fund co-managed by Kiwoom Private Equity, Inc. and existing investor Aju IB Investment Co., Ltd. (KOSDAQ:A027360) for KRW 10,000,000,000. The bonds will be issued at par and does not bears any interest. The bonds will mature on October 6, 2025 and is redeemable at par on certain dates. The bonds are convertible into 387,722 shares representing 1.21% stake in the company, at a fixed conversion price of KRW 30,950 per share starting from April 6, 2021 and ending on September 6, 2025. The expected payment date is October 6, 2020. The transaction has been approved by the board of directors of the company. 