New Risk • May 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 155% Dividend yield: 3.9% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 155% Minor Risk Profit margins are more than 30% lower than last year (4.3% net profit margin). Price Target Changed • Apr 10
Price target increased by 13% to ₩16,500 Up from ₩14,625, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₩16,000. The company is forecast to post earnings per share of ₩1,382 for next year compared to ₩529 last year. New Risk • Apr 03
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: 3.7% Last year net profit margin: 8.4% 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 Dividend is not well covered by earnings (125% payout ratio). Profit margins are more than 30% lower than last year (3.7% net profit margin). Announcement • Mar 17
Echomarketing Co.,Ltd., Annual General Meeting, Mar 31, 2026 Echomarketing Co.,Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 137, olympic-ro 35-gil, songpa-gu, seoul South Korea Announcement • Mar 10
Bain Capital Asia Fund V, L.P., a fund managed by Bain Capital Private Equity, LP. acquired 43.61% stake in Echomarketing Co.,Ltd. (KOSDAQ:A230360) from Kim Cheol-woong and AI Marketing Group Co., Ltd. Bain Capital Asia Fund V, L.P., a fund managed by Bain Capital Private Equity, LP. entered into a Share Purchase Agreement to acquire 43.61% stake in Echomarketing Co.,Ltd. (KOSDAQ:A230360) from Kim Cheol-woong and AI Marketing Group Co., Ltd. for approximately KRW 220 billion on December 31, 2025. A cash consideration of KRW 16,000 per share will be paid by Bain Capital Asia Fund V, L.P., a fund managed by Bain Capital Private Equity, LP. As part of consideration, KRW 216.55 billion is paid towards common equity of Echomarketing Co.,Ltd. In related transaction, Bain Capital will acquire 56.39% stake in Echomarketing Co.,Ltd. through a tender offer. The transaction is done through the equity investment.
The expected completion of the transaction is March 31, 2026.
Bain Capital Asia Fund V, L.P., a fund managed by Bain Capital Private Equity, LP. completed the acquisition of 43.61% stake in Echomarketing Co.,Ltd. (KOSDAQ:A230360) from Kim Cheol-woong and AI Marketing Group Co., Ltd. March 9, 2026. Announcement • Mar 06
Echomarketing Co.,Ltd.(KOSDAQ:A230360) dropped from S&P Global BMI Index Echomarketing Co.,Ltd.(KOSDAQ:A230360) dropped from S&P Global BMI Index Announcement • Mar 03
Bain Capital Asia Fund V, L.P. managed by Bain Capital Private Equity, LP agreed to acquire remaining 9.23% stake in Echomarketing Co.,Ltd. (KOSDAQ:A230360) for KRW 45.9 billion. Bain Capital Asia Fund V, L.P. managed by Bain Capital Private Equity, LP agreed to acquire remaining 9.23% stake in Echomarketing Co.,Ltd. (KOSDAQ:A230360) for KRW 45.9 billion on March 3, 2026. A cash consideration valued at KRW 16000 per share will be paid by Bain Capital Asia Fund V, L.P., Bain Capital Private Equity, LP. For the tender offer, the buyer utilized Equity Funding: KRW 9,514.7 million and Borrowings: KRW 38,058.8 million. The funds are deposited with NH Investment & Securities and will be managed separately until the settlement date, with withdrawal restrictions in place until the day before settlement, post-March 31, 2026.
The expected completion of the transaction is March 31, 2026. Major Estimate Revision • Jan 03
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩1,370 to ₩1,217 per share. Revenue forecast steady at ₩441.5m. Net income forecast to grow 58% next year vs 20% growth forecast for Multiline Retail industry in South Korea. Consensus price target of ₩15,250 unchanged from last update. Share price rose 24% to ₩13,910 over the past week. New Risk • Jan 02
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 10.0% 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: Minor Risks Dividend is not well covered by earnings (125% payout ratio). Share price has been volatile over the past 3 months (10.0% average weekly change). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩13,910, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Multiline Retail industry in South Korea. Total returns to shareholders of 28% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. The company is paying out more than 100% of its profits and is paying out 80% of its cash flow. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (3.1%). Price Target Changed • Aug 18
Price target increased by 27% to ₩13,200 Up from ₩10,425, the current price target is an average from 4 analysts. New target price is 7.7% below last closing price of ₩14,300. Stock is up 34% over the past year. The company is forecast to post earnings per share of ₩1,454 for next year compared to ₩943 last year. New Risk • Aug 12
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 8.4% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (7.6% net profit margin). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,600, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Multiline Retail industry in Asia. Total loss to shareholders of 24% over the past three years. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₩58.00 (vs ₩129 in 1Q 2024) First quarter 2025 results: EPS: ₩58.00 (down from ₩129 in 1Q 2024). Revenue: ₩72.9b (up 17% from 1Q 2024). Net income: ₩1.83b (down 56% from 1Q 2024). Profit margin: 2.5% (down from 6.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Multiline Retail industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Price Target Changed • Mar 26
Price target decreased by 17% to ₩11,225 Down from ₩13,500, the current price target is an average from 4 analysts. New target price is 38% above last closing price of ₩8,150. Stock is down 38% over the past year. The company is forecast to post earnings per share of ₩1,058 for next year compared to ₩1,253 last year. Major Estimate Revision • Mar 25
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩391.3m to ₩378.6m. EPS estimate also fell from ₩1,320 per share to ₩1,100 per share. Net income forecast to grow 10% next year vs 13% growth forecast for Multiline Retail industry in South Korea. Consensus price target down from ₩13,500 to ₩13,000. Share price fell 7.8% to ₩8,210 over the past week. Announcement • Mar 14
Echomarketing Co.,Ltd., Annual General Meeting, Mar 28, 2025 Echomarketing Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 137, olympic-ro 35-gil, songpa-gu, seoul South Korea Price Target Changed • Dec 21
Price target decreased by 10% to ₩13,875 Down from ₩15,500, the current price target is an average from 4 analysts. New target price is 38% above last closing price of ₩10,060. The company is forecast to post earnings per share of ₩1,211 for next year compared to ₩1,253 last year. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩8,830, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Multiline Retail industry in South Korea. Total loss to shareholders of 51% over the past three years. Major Estimate Revision • Sep 13
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩370.8m to ₩358.2m. EPS estimate also fell from ₩1,392 per share to ₩1,251 per share. Net income forecast to grow 8.8% next year vs 17% growth forecast for Multiline Retail industry in South Korea. Consensus price target down from ₩15,500 to ₩14,625. Share price fell 6.6% to ₩10,390 over the past week. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩12,490, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 5x in the Multiline Retail industry in South Korea. Total loss to shareholders of 51% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩90.00 per share at 5.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (3.5%). Major Estimate Revision • Aug 09
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩393.4m to ₩371.0m. EPS estimate also fell from ₩1,362 per share to ₩1,207 per share. Net income forecast to grow 13% next year vs 25% growth forecast for Multiline Retail industry in South Korea. Consensus price target of ₩15,000 unchanged from last update. Share price was steady at ₩10,460 over the past week. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩9,200, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 19x in the Multiline Retail industry in Asia. Total loss to shareholders of 58% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩220 per share at 2.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (4.1%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩220 per share at 2.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (4.1%). Price Target Changed • Jun 06
Price target decreased by 11% to ₩16,000 Down from ₩18,000, the current price target is an average from 4 analysts. New target price is 41% above last closing price of ₩11,350. Stock is down 28% over the past year. The company is forecast to post earnings per share of ₩1,417 for next year compared to ₩1,182 last year. Price Target Changed • Apr 25
Price target decreased by 7.7% to ₩18,000 Down from ₩19,500, the current price target is an average from 4 analysts. New target price is 55% above last closing price of ₩11,600. Stock is down 45% over the past year. The company is forecast to post earnings per share of ₩1,532 for next year compared to ₩1,182 last year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 13 April 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.4%). Price Target Changed • Nov 16
Price target increased to ₩21,250 Up from ₩18,750, the current price target is an average from 2 analysts. New target price is 45% above last closing price of ₩14,650. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₩1,834 for next year compared to ₩859 last year. Upcoming Dividend • Sep 22
Upcoming dividend of ₩90.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 17 November 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.1%). Lower than average of industry peers (3.4%). Major Estimate Revision • Aug 11
Consensus revenue estimates increase by 19% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ₩299.6m to ₩355.0m. EPS estimate increased from ₩1,347 to ₩1,834 per share. Net income forecast to grow 126% next year vs 14% growth forecast for Media industry in South Korea. Consensus price target up from ₩18,750 to ₩21,250. Share price was steady at ₩18,050 over the past week. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 15% share price gain to ₩15,350, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Media industry in South Korea. Total returns to shareholders of 12% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 11 August 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (3.2%). Major Estimate Revision • Jun 15
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩314.9m to ₩284.1m. EPS estimate also fell from ₩1,370 per share to ₩1,225 per share. Net income forecast to grow 69% next year vs 22% growth forecast for Media industry in South Korea. Consensus price target of ₩22,750 unchanged from last update. Share price fell 11% to ₩14,600 over the past week. Price Target Changed • Apr 27
Price target decreased to ₩23,833 Down from ₩29,667, the current price target is an average from 3 analysts. New target price is 13% above last closing price of ₩21,100. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₩1,452 for next year compared to ₩859 last year. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 23% share price gain to ₩20,650, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Media industry in South Korea. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 18% share price gain to ₩17,500, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Media industry in South Korea. Total returns to shareholders of 181% over the past three years. Price Target Changed • Jan 30
Price target decreased to ₩27,083 Down from ₩29,667, the current price target is an average from 6 analysts. New target price is 91% above last closing price of ₩14,200. Stock is down 49% over the past year. The company is forecast to post earnings per share of ₩892 for next year compared to ₩1,635 last year. Major Estimate Revision • Jan 13
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ₩277.0m to ₩250.0m. EPS estimate also fell from ₩1,373 per share to ₩947 per share. Net income forecast to grow 83% next year vs 15% growth forecast for Media industry in South Korea. Consensus price target down from ₩31,000 to ₩29,667. Share price fell 2.8% to ₩15,600 over the past week. Price Target Changed • Jan 13
Price target decreased to ₩29,667 Down from ₩32,417, the current price target is an average from 6 analysts. New target price is 90% above last closing price of ₩15,600. Stock is down 46% over the past year. The company is forecast to post earnings per share of ₩947 for next year compared to ₩1,635 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.3%). Price Target Changed • Oct 21
Price target decreased to ₩31,000 Down from ₩34,071, the current price target is an average from 6 analysts. New target price is 66% above last closing price of ₩18,700. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₩1,373 for next year compared to ₩1,635 last year. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 17% share price gain to ₩19,400, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Media industry in South Korea. Total returns to shareholders of 193% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of ₩290 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 13 November 2021. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (2.2%). Lower than average of industry peers (2.1%). Major Estimate Revision • Aug 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₩244.9m to ₩273.7m. EPS estimate unchanged from ₩1,425 at last update. Media industry in South Korea expected to see average net income growth of 28% next year. Consensus price target down from ₩34,071 to ₩32,417. Share price rose 3.1% to ₩26,450 over the past week. Price Target Changed • Aug 03
Price target decreased to ₩33,417 Down from ₩36,429, the current price target is an average from 6 analysts. New target price is 25% above last closing price of ₩26,650. Stock is up 3.5% over the past year. Upcoming Dividend • Jun 22
Upcoming dividend of ₩520 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 10 August 2021. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.1%). Lower than average of industry peers (2.1%). Announcement • May 25
Echomarketing Co.,Ltd. announced that it has received KRW 3.2572355 billion in funding On May 25, 2021, Echomarketing Co.,Ltd. (KOSDAQ:A230360) closed the transaction. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS ₩1,635 (vs ₩974 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩177.0b (up 59% from FY 2019). Net income: ₩53.0b (up 68% from FY 2019). Profit margin: 30% (up from 28% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 25
New 90-day high: ₩30,900 The company is up 27% from its price of ₩24,400 on 27 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩54,508 per share. Price Target Changed • Jan 09
Price target raised to ₩37,000 Up from ₩34,250, the current price target is an average from 7 analysts. The new target price is 31% above the current share price of ₩28,150. As of last close, the stock is up 80% over the past year. Is New 90 Day High Low • Dec 24
New 90-day high: ₩28,450 The company is up 4.0% from its price of ₩27,300 on 25 September 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩56,552 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.2% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.2%). Is New 90 Day High Low • Nov 11
New 90-day low: ₩22,150 The company is down 20% from its price of ₩27,750 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩50,489 per share. Price Target Changed • Oct 20
Price target raised to ₩34,250 Up from ₩30,000, the current price target is an average from 7 analysts. The new target price is 38% above the current share price of ₩24,900. As of last close, the stock is up 38% over the past year. Upcoming Dividend • Sep 22
Upcoming Dividend of ₩80.00 Per Share Will be paid on the 7th of November to those who are registered shareholders by the 28th of September. The trailing yield of 1.2% is below the top quartile of South Korean dividend payers (2.8%), and is lower than industry peers (2.4%). Announcement • Sep 08
An unknown buyer agreed to acquire 10.97% stake in Glluga Inc from Echomarketing Co., Ltd. (KOSDAQ:A230360) for KRW 12 billion. An unknown buyer agreed to acquire 10.97% stake in Glluga Inc from Echomarketing Co., Ltd. (KOSDAQ:A230360) for KRW 12 billion on September 4, 2020. Echomarketing Co., Ltd. (KOSDAQ:A230360) will sell 90,091 shares. Post completion Echomarketing Co., Ltd. will hold 0.21 million shares representing 14% stake in Glluga Inc. The transaction is expected to close in September 21, 2020.