New Risk • May 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.8b (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Market cap is less than US$100m (₩146.8b market cap, or US$98.2m). New Risk • Mar 25
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 13% 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 Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). New Risk • Mar 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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 Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩7,130, the stock trades at a trailing P/E ratio of 72x. Average trailing P/E is 14x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 13% over the past three years. Announcement • Feb 26
Kyongbo Pharmaceutical Co., Ltd, Annual General Meeting, Mar 26, 2026 Kyongbo Pharmaceutical Co., Ltd, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 174, silok-ro, chungcheongnam-do, asan South Korea New Risk • May 23
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: 1.0% Last year net profit margin: 2.3% 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: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 3.9% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (₩128.9b market cap, or US$93.8m). Announcement • Feb 27
Kyongbo Pharmaceutical Co., Ltd, Annual General Meeting, Mar 26, 2025 Kyongbo Pharmaceutical Co., Ltd, Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 174, silok-ro, chungcheongnam-do, asan South Korea Announcement • Feb 26
Kyongbo Pharmaceutical Co., Ltd announces Annual dividend Kyongbo Pharmaceutical Co., Ltd announced Annual dividend of KRW 50.0000 per share, ex-date on December 27, 2024 and record date on December 31, 2024. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩6,970, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 12x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 19% over the past three years. New Risk • Feb 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩144.9b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.6% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 19% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩144.9b market cap, or US$99.8m). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩7,700, the stock trades at a trailing P/E ratio of 61.9x. Average trailing P/E is 21x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 36% over the past three years. Upcoming Dividend • Dec 20
Inaugural dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. This is the first dividend for Kyongbo Pharmaceutical since going public. The average dividend yield among industry peers is 1.1%. New Risk • Nov 03
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 10% 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 Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 55% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Upcoming Dividend • Dec 21
Inaugural dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. This is the first dividend for Kyongbo Pharmaceutical since going public. The average dividend yield among industry peers is 1.0%. Upcoming Dividend • Dec 22
Inaugural dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for Kyongbo Pharmaceutical since going public. The average dividend yield among industry peers is 0.8%. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩11,300, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 25x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 6.0% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₩15,000, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 32x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 39% share price gain to ₩16,100, the stock trades at a trailing P/E ratio of 41x. Average trailing P/E is 27x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 8.7% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day low: ₩11,800 The company is down 27% from its price of ₩16,200 on 08 December 2020. The South Korean market is up 8.0% 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. Announcement • Mar 06
Kyongbo Pharmaceutical Co., Ltd, Annual General Meeting, Mar 26, 2021 Kyongbo Pharmaceutical Co., Ltd, Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩15,650, the stock is trading at a trailing P/E ratio of 51.6x, down from the previous P/E ratio of 62.6x. 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 29%. Upcoming Dividend • Dec 22
First Dividend Is ₩100.00 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. This is the first dividend for Kyongbo Pharmaceutical since going public. The average dividend yield among industry peers is 0.6%. Is New 90 Day High Low • Dec 21
New 90-day high: ₩19,000 The company is up 80% from its price of ₩10,550 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: ₩14,950 The company is up 25% from its price of ₩12,000 on 02 September 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 33% share price gain to ₩14,950, the stock is trading at a trailing P/E ratio of 47.2x, up from the previous P/E ratio of 35.4x. This compares to an average P/E of 29x in the Pharmaceuticals industry in South Korea. Total returns to shareholders over the past three years are 19%. Is New 90 Day High Low • Oct 22
New 90-day low: ₩10,000 The company is down 11% from its price of ₩11,250 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 2.0% over the same period.