Reported Earnings • Apr 05
Full year 2025 earnings released: ₩697 loss per share (vs ₩706 loss in FY 2024) Full year 2025 results: ₩697 loss per share. Revenue: ₩7.48b (down 8.5% from FY 2024). Net loss: ₩7.34b (loss widened 51% from FY 2024). Announcement • Mar 17
Carry Co., Ltd., Annual General Meeting, Mar 31, 2026 Carry Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 7-3, chobu-ro 54beon-gil, mohyeon-eup, cheoin-gu, gyeonggi-do, yongin South Korea New Risk • Dec 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.4b (US$9.79m) This is considered a major 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 Less than 1 year of cash runway based on free cash flow trend (-₩5.5b free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue has declined by 2.0% over the past year. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Market cap is less than US$10m (₩14.4b market cap, or US$9.79m). Minor Risk Less than 3 years of financial data is available. New Risk • Nov 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: -₩5.5b 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 (-₩5.5b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue has declined by 2.0% over the past year. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩18.5b market cap, or US$12.6m). Announcement • May 29
Carry Co., Ltd. announced that it has received KRW 11 billion in funding On May 27, 2025, Carry Co., Ltd. closed the transaction. The company raised KRW 11,000,000,000 in the transaction. New Risk • Apr 23
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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue has declined by 2.5% over the past year. Shareholders have been substantially diluted in the past year (76% increase in shares outstanding). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩65.9b market cap, or US$46.3m). Announcement • Apr 04
Carry Co., Ltd. (KOSDAQ:A313760) agreed to acquire 3.57% stake in Paygate Co, Ltd. for KRW 2.5 billion. Carry Co., Ltd. (KOSDAQ:A313760) agreed to acquire 3.57% stake in Paygate Co, Ltd. for KRW 2.5 billion on April 2, 2025. Acquisition will be paid through payment of self-convertible bonds.
The expected completion of the transaction is April 2, 2025. Announcement • Mar 12
Carry Co., Ltd., Annual General Meeting, Mar 28, 2025 Carry Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 7-3, chobu-ro 54beon-gil, mohyeon-eup, cheoin-gu, gyeonggi-do, yongin South Korea New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% 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 Less than 1 year of cash runway based on free cash flow trend (-₩6.5b free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 70% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩23.9b market cap, or US$16.4m). 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 Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (₩42.3b market cap, or US$29.4m). New Risk • May 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% 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 Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 83% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (₩49.9b market cap, or US$36.7m). New Risk • Nov 30
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: -₩9.7b 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 (-₩9.7b free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 102% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩49.1b market cap, or US$37.8m). New Risk • Sep 13
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: -₩6.8b 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 (-₩6.8b free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 110% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩52.3b market cap, or US$39.4m). Announcement • Jun 14
Willings Co., Ltd. announced that it expects to receive KRW 39.99998672 billion in funding from Meta Hyper Co., Ltd. Willings Co., Ltd. announced a private placement to issue 1,796,944 common shares at an issue price of KRW 11,130 per share for the gross proceeds of KRW 19,999,986,720 and Series 2 unsecured convertible bonds with bearer interest for gross proceeds of KRW 20,000,000,000; for aggregate total gross proceeds of KRW 39,999,986,720 on June 13, 2023. The transaction included participation from new investors Pina Closes Investment Fund 1 for 1,347,708 shares and Rewater World Co., Ltd. for 449,236 shares and Meta Hyper Co., Ltd. for KRW 20,000,000,000 under convertible bonds. The bonds will bear surface interest rate of 2% and interest rate to maturity of 5%. The bonds will mature on August 10, 2026. The bonds are convertible at conversion rate of 100%, conversion value of KRW 13,120 for 1,524,390 common shares of the company. The conversion period will start from August 10, 2024 and ends on July 10, 2026. The transaction has been approved by the shareholders of the company and is expected to close on August 10, 2023. The shares are restricted for a hold period of one year. Upcoming Dividend • Dec 21
Inaugural dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. This is the first dividend for Willings since going public. The average dividend yield among industry peers is 1.8%. Announcement • Nov 01
Willings Co., Ltd. announced a financing transaction Willings Co., Ltd. announced a private placement of Series 1 private convertible bond on October 31, 2022. The bonds are 100% convertible into 1,156,069 shares at a conversion price of KRW 8,650 per share. Announcement • Aug 31
Willings Co., Ltd. announced that it has received KRW 10 billion in funding from Meritz Securities Co., Ltd. On August 29, 2022, Willings Co., Ltd. closed the transaction. Announcement • Jun 24
Willings Co., Ltd. (KOSDAQ:A313760) announces an Equity Buyback for KRW 2,000 million worth of its shares. Willings Co., Ltd. (KOSDAQ:A313760) announces a share repurchase program. Under the program, the company will repurchase up to ¥2,000 million worth of its shares pursuant to a trust agreement with DB Financial Investment Co., Ltd. The purpose behind the program is to stabilize the stock price and to enhance shareholder value. The program will continue until December 24, 2022. As of June 23, 2022, the company had no common shares in treasury through buyback within dividend capacity or through other acquisitions. Is New 90 Day High Low • Mar 08
New 90-day low: ₩15,100 The company is down 10.0% from its price of ₩16,850 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 17% over the same period. Upcoming Dividend • Dec 22
First Dividend Is ₩80.00 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 Willings since going public. The average dividend yield among industry peers is 0.8%. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 18% share price gain to ₩19,000, the stock is trading at a trailing P/E ratio of 58.5x, up from the previous P/E ratio of 49.4x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. Total returns to shareholders over the past year are 35%. Valuation Update With 7 Day Price Move • Oct 19
Market pulls back on stock over the past week After last week's 17% share price decline to ₩16,000, the stock is trading at a trailing P/E ratio of 49.2x, down from the previous P/E ratio of 59.1x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. Total returns to shareholders over the past year are 2.0%. Is New 90 Day High Low • Oct 08
New 90-day high: ₩18,850 The company is up 54% from its price of ₩12,250 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 Semiconductor industry, which is up 4.0% over the same period. 