Announcement • Feb 13
BCWORLD PHARM. Co., Ltd., Annual General Meeting, Mar 26, 2026 BCWORLD PHARM. Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 22, geumto-ro 40-gil, sujeong-gu, gyeonggi-do, seongnam South Korea Declared Dividend • Dec 13
Dividend of ₩100.00 announced Shareholders will receive a dividend of ₩100.00. Ex-date: 29th December 2025 Payment date: 1st January 1970 Dividend yield will be 1.9%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (139% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 7 years and payments have been stable during that time. Announcement • Dec 12
BCWORLD PHARM. Co., Ltd. announces Annual dividend BCWORLD PHARM. Co., Ltd. announced Annual dividend of KRW 100.0000 per share, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Nov 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 126% Dividend yield: 2.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 126% Earnings have declined by 3.8% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩38.0b market cap, or US$25.9m). Buy Or Sell Opportunity • Nov 11
Now 20% undervalued Over the last 90 days, the stock has risen 7.2% to ₩4,680. The fair value is estimated to be ₩5,857, 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. Earnings per share has declined by 76%. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 1.8% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩41.0b market cap, or US$29.5m). Reported Earnings • Mar 15
Full year 2024 earnings released: ₩525 loss per share (vs ₩312 profit in FY 2023) Full year 2024 results: ₩525 loss per share (down from ₩312 profit in FY 2023). Revenue: ₩74.8b (flat on FY 2023). Net loss: ₩4.43b (down 268% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Feb 14
BCWORLD PHARM. Co., Ltd., Annual General Meeting, Mar 28, 2025 BCWORLD PHARM. Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 22, geumto-ro 40beon-gil, sujeong-gu, gyeonggi-do, seongnam South Korea 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 Risk Market cap is less than US$100m (₩39.7b market cap, or US$27.6m). Reported Earnings • May 19
First quarter 2024 earnings released: ₩184 loss per share (vs ₩27.00 profit in 1Q 2023) First quarter 2024 results: ₩184 loss per share (down from ₩27.00 profit in 1Q 2023). Revenue: ₩16.3b (down 15% from 1Q 2023). Net loss: ₩1.55b (down ₩1.77b from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩312 (vs ₩33.00 in FY 2022) Full year 2023 results: EPS: ₩312 (up from ₩33.00 in FY 2022). Revenue: ₩75.1b (up 3.3% from FY 2022). Net income: ₩2.63b (up ₩2.35b from FY 2022). Profit margin: 3.5% (up from 0.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.1%). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩10.00 (vs ₩59.00 loss in 3Q 2022) Third quarter 2023 results: EPS: ₩10.00 (up from ₩59.00 loss in 3Q 2022). Revenue: ₩17.6b (flat on 3Q 2022). Net income: ₩87.3m (up ₩588.8m from 3Q 2022). Profit margin: 0.5% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 27 April 2023. Payout ratio is a comfortable 75% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: ₩33.00 (vs ₩194 loss in 2Q 2021) Second quarter 2022 results: EPS: ₩33.00 (up from ₩194 loss in 2Q 2021). Revenue: ₩18.5b (up 20% from 2Q 2021). Net income: ₩282.2m (up ₩1.94b from 2Q 2021). Profit margin: 1.5% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ₩8,300, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 23x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 31% over the past three years. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩360 (down from ₩548 in FY 2020). Revenue: ₩61.6b (up 8.2% from FY 2020). Net income: ₩3.07b (down 34% from FY 2020). Profit margin: 5.0% (down from 8.2% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 18% share price gain to ₩21,750, the stock trades at a trailing P/E ratio of 55.7x. Average trailing P/E is 25x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₩22,350, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 26x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 7.7% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS ₩132 (vs ₩176 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ₩14.6b (flat on 1Q 2020). Net income: ₩1.13b (down 25% from 1Q 2020). Profit margin: 7.7% (down from 10% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 20% share price gain to ₩19,700, the stock trades at a trailing P/E ratio of 36x. Average trailing P/E is 27x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 16% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day low: ₩17,250 The company is down 21% from its price of ₩21,850 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is down 23% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ₩548 (vs ₩712 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: ₩56.9b (up 10% from FY 2019). Net income: ₩4.66b (down 23% from FY 2019). Profit margin: 8.2% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
BCWORLD PHARM. Co., Ltd., Annual General Meeting, Mar 12, 2021 BCWORLD PHARM. Co., Ltd., Annual General Meeting, Mar 12, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 09
New 90-day low: ₩19,350 The company is down 6.0% from its price of ₩20,650 on 11 November 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 16% share price gain to ₩26,550, the stock is trading at a trailing P/E ratio of 43.4x, up from the previous P/E ratio of 37.3x. This compares to an average P/E of 32x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 38%. Is New 90 Day High Low • Dec 18
New 90-day high: ₩25,750 The company is up 22% from its price of ₩21,150 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₩25,750, the stock is trading at a trailing P/E ratio of 42.1x, up from the previous P/E ratio of 36.4x. This compares to an average P/E of 30x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 34%. Is New 90 Day High Low • Oct 08
New 90-day high: ₩23,950 The company is up 32% from its price of ₩18,150 on 10 July 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 13% over the same period.