New Risk • Jan 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Market cap is less than US$100m (₩60.2b market cap, or US$41.0m). Announcement • Dec 11
InkredibleBuzz Inc. (KOSDAQ:A064090) agreed to acquire 9.81% stake in Motiva Korea Ltd. for KRW 8.9 billion. InkredibleBuzz Inc. (KOSDAQ:A064090) agreed to acquire 9.81% stake in Motiva Korea Ltd. for KRW 8.9 billion on December 10, 2025. A cash consideration of KRW 8.86 billion will be paid by InkredibleBuzz Inc.
The expected completion of the transaction is January 13, 2026. Reported Earnings • Nov 20
Third quarter 2025 earnings released: ₩89.00 loss per share (vs ₩15.00 loss in 3Q 2024) Third quarter 2025 results: ₩89.00 loss per share (further deteriorated from ₩15.00 loss in 3Q 2024). Revenue: ₩2.01b (up 83% from 3Q 2024). Net loss: ₩4.50b (loss widened 254% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (9.9% average weekly change). Revenue is less than US$5m (₩6.7b revenue, or US$4.9m). Market cap is less than US$100m (₩114.4b market cap, or US$82.5m). Announcement • Jun 13
Motiva Korea Ltd., InkredibleBuzz Inc. (KOSDAQ:A064090) and Human Wellness Co.,Ltd. acquired 33.78% stake in Wing's Foot Inc. (KOSDAQ:A335870) from Kim Young-cheon. Motiva Korea Ltd., InkredibleBuzz Inc. (KOSDAQ:A064090) and Human Wellness Co.,Ltd. acquired 33.78% stake in Wing's Foot Inc. (KOSDAQ:A335870) from Kim Young-cheon on June 12, 2025. As of July 24, 2025, the Extraordinary General Shareholders' Meeting will propose and resolve the appointment of directors and auditors.
Motiva Korea Ltd., InkredibleBuzz Inc. (KOSDAQ:A064090) and Human Wellness Co.,Ltd. completed the acquisition of 33.78% stake in Wing's Foot Inc. (KOSDAQ:A335870) from Kim Young-cheon on June 12, 2025. New Risk • May 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩132.1b (US$95.5m) 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 Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (80% accrual ratio). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Revenue is less than US$5m (₩4.6b revenue, or US$3.3m). Market cap is less than US$100m (₩132.1b market cap, or US$95.5m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩3,580, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 18x in the Retail Distributors industry in South Korea. Total returns to shareholders of 7.7% over the past three years. Announcement • May 09
InkredibleBuzz Inc. announced that it expects to receive KRW 9.9999984 billion in funding from Human Wellness Co.,Ltd. InkredibleBuzz Inc. announced a private placement to issue 2,626,050 shares at an issue price of KRW 3,808 per share for gross proceeds of KRW 9,999,998,400 on May 8, 2025. The transaction will include participation from returning investor Human Wellness Co.,Ltd. The transaction has been approved by shareholders, restricted and is expected to close on August 28, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩3,400, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 16x in the Retail Distributors industry in South Korea. Total returns to shareholders of 15% over the past three years. Announcement • Mar 18
InkredibleBuzz Inc., Annual General Meeting, Mar 31, 2025 InkredibleBuzz Inc., Annual General Meeting, Mar 31, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 262, gangnam-daero, gangnam-gu, seoul South Korea New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Revenue is less than US$5m (₩5.2b revenue, or US$3.6m). Market cap is less than US$100m (₩98.2b market cap, or US$67.7m). New Risk • Jan 17
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 Risk Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₩5.2b revenue, or US$3.5m). Market cap is less than US$100m (₩104.0b market cap, or US$71.3m). New Risk • Dec 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.5b (US$99.5m) 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 Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Revenue is less than US$5m (₩5.2b revenue, or US$3.5m). Market cap is less than US$100m (₩146.5b market cap, or US$99.5m). New Risk • Dec 07
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Revenue is less than US$5m (₩5.2b revenue, or US$3.6m). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩4,080, the stock trades at a trailing P/E ratio of 53.8x. Average trailing P/E is 28x in the Retail Distributors industry in South Korea. Total returns to shareholders of 76% over the past three years. New Risk • Nov 08
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 8.0% 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 High level of non-cash earnings (61% accrual ratio). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Revenue is less than US$5m (₩4.6b revenue, or US$3.3m). Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,720, the stock trades at a trailing P/E ratio of 49.1x. Average trailing P/E is 28x in the Retail Distributors industry in South Korea. Total returns to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩4,990, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 21x in the Retail Distributors industry in Asia. Total returns to shareholders of 63% over the past three years. New Risk • Aug 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 63% This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (191% accrual ratio). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risk Revenue is less than US$5m (₩4.3b revenue, or US$3.2m). Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩5,910, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 19x in the Retail Distributors industry in Asia. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₩4,160, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 20x in the Retail Distributors industry in Asia. Total returns to shareholders of 34% over the past three years. New Risk • May 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩107.6b market cap, or US$79.5m). New Risk • Apr 12
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩6.9b (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue 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: Minor Risks Shareholders have been diluted in the past year (50% increase in shares outstanding). Revenue is less than US$5m (₩6.9b revenue, or US$5.0m). Market cap is less than US$100m (₩91.5b market cap, or US$66.2m). New Risk • Apr 11
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 8.3% 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 Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (50% increase in shares outstanding). Market cap is less than US$100m (₩92.1b market cap, or US$67.5m). Reported Earnings • Mar 22
Full year 2023 earnings released: ₩262 loss per share (vs ₩1,298 loss in FY 2022) Full year 2023 results: ₩262 loss per share (improved from ₩1,298 loss in FY 2022). Revenue: ₩6.90b (down 77% from FY 2022). Net loss: ₩6.99b (loss narrowed 53% from FY 2022). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩1,921, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total loss to shareholders of 70% over the past three years. Board Change • Jan 31
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. 4 experienced directors. No highly experienced directors. No independent directors (4 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 • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,190, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 10x in the Electronic industry in South Korea. Total loss to shareholders of 58% over the past three years. Announcement • Sep 30
FN REPUBLIC Co., Ltd announced that it has received KRW 25.308 billion in funding On September 30, 2022, FN REPUBLIC Co., Ltd has closed the transaction. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 22% share price gain to ₩3,850, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total loss to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improved over the past week After last week's 33% share price gain to ₩3,795, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 66% 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. 4 experienced directors. No highly experienced directors. No independent directors (4 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 • Apr 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,425, the stock trades at a trailing P/E ratio of 44.2x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total loss to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₩2,920, the stock trades at a trailing P/E ratio of 37.7x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total loss to shareholders of 86% over the past three years. Reported Earnings • Aug 23
Second quarter 2021 earnings released: ₩695 loss per share (vs ₩985 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: ₩7.10b (up 10.0% from 2Q 2020). Net loss: ₩7.64b (loss widened 1.6% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 17 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
FN REPUBLIC Co., Ltd announced that it has received KRW 6 billion in funding On July 21, 2021, FN REPUBLIC Co., Ltd (KOSDAQ:A064090) closed the transaction. Announcement • Jul 15
FN REPUBLIC Co., Ltd announced that it expects to receive KRW 6 billion in funding FN REPUBLIC Co., Ltd announced that it will issue series 21 bearer type non-guarantee private equity convertible bond for gross proceeds of KRW 6,000,000,000 on July 14, 2021. The bonds will be issued at par. The transaction will include participation from Sofia No. 1 Association and Seung-geunfor Yang for KRW 3,000,000,000 each. The bonds will bear an interest at the rate of 2% per annum and will mature on July 21, 2024. The bonds are fully convertible into 1,864,512 common shares at a fixed conversion price of KRW 3,218 per share from July 21, 2022 to June 20, 2024. The date of subscription and expected date of payment is July 21, 2021. The transaction is approved by the board of directors of the company. All securities issued will be subject to a hold period of one year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ₩12.00 (vs ₩18.86 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₩4.91b (down 24% from 1Q 2020). Net income: ₩1.35b (up ₩2.63b from 1Q 2020). Profit margin: 28% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 30 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2020 earnings released: ₩526 loss per share (vs ₩696 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ₩30.2b (down 5.3% from FY 2019). Net loss: ₩39.7b (loss narrowed 10% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 17
New 90-day high: ₩533 The company is up 27% from its price of ₩421 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 Electronic industry, which is up 14% over the same period.