Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,805, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 2.6% over the past three years. New Risk • May 06
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: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (₩90.4b market cap, or US$62.1m). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ₩3,125, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 20x in the IT industry in South Korea. Total returns to shareholders of 9.0% over the past three years. Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₩266 (vs ₩251 in FY 2024) Full year 2025 results: EPS: ₩266. Revenue: ₩233.1b (up 3.0% from FY 2024). Net income: ₩7.26b (down 4.3% from FY 2024). Profit margin: 3.1% (down from 3.4% in FY 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩1,926, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 19x in the IT industry in South Korea. Total loss to shareholders of 44% over the past three years. Announcement • Feb 28
Openbase, Inc., Annual General Meeting, Mar 27, 2026 Openbase, Inc., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 16, maeheon-ro, seocho-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩25.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 28 April 2026. Payout ratio is a comfortable 6.0% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.4%). Declared Dividend • Nov 08
Dividend of ₩25.00 announced Dividend of ₩25.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 28th April 2026 Dividend yield will be 1.0%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Openbase, Inc. announces Annual dividend, payable on April 28, 2026 Openbase, Inc. announced Annual dividend of KRW 25.0000 per share payable on April 28, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩2,935, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,600, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 13x in the IT industry in South Korea. Total loss to shareholders of 29% over the past three years. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₩251 (vs ₩166 in FY 2023) Full year 2024 results: EPS: ₩251 (up from ₩166 in FY 2023). Revenue: ₩226.3b (up 11% from FY 2023). Net income: ₩7.58b (up 46% from FY 2023). Profit margin: 3.4% (up from 2.6% in FY 2023). 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 18% per year, which means it is performing significantly worse than earnings. New Risk • Mar 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩66.2b market cap, or US$45.2m). Announcement • Feb 28
Openbase, Inc., Annual General Meeting, Mar 28, 2025 Openbase, Inc., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 16, maeheon-ro, seocho-gu, seoul South Korea Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,710, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 17x in the IT industry in South Korea. Total loss to shareholders of 29% over the past three years. Announcement • Nov 25
Openbase, Inc. (KOSDAQ:A049480) announces an Equity Buyback for KRW 3,400 million worth of its shares. Openbase, Inc. (KOSDAQ:A049480) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,400 million worth of its shares, pursuant to a contract with KB Securities Co., Ltd. The purpose of the program is to stabilize stock price and improve the shareholder value. The program will expire on May 24, 2025. As of November 24, 2024, the company had 2,747,883 shares in treasury within scope available for dividend and under other acquisitions. Announcement • Sep 11
Openbase, Inc. (KOSDAQ:A049480) announces an Equity Buyback for KRW 3,600 million worth of its shares. Openbase, Inc. (KOSDAQ:A049480) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,600 million worth of its shares, pursuant to a contract with KB Securities Co., Ltd. The purpose of the program is to stabilize stock price and improve the shareholder value. The program will expire on March 10, 2025. As of September 11, 2024, the company had 1,170,403 shares in treasury within scope available for dividend and under other acquisitions. New Risk • Aug 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risk Market cap is less than US$100m (₩78.1b market cap, or US$58.5m). Announcement • Mar 20
Openbase, Inc. (KOSDAQ:A049480) announces an Equity Buyback for KRW 3,000 million worth of its shares. Openbase, Inc. (KOSDAQ:A049480) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares, pursuant to a contract with KB Securities Co., Ltd. The purpose of the program is to stabilize stock price and improve the shareholder value. The program will expire on September 18, 2024. As of March 18, 2024, the company had no shares in treasury within scope available for dividend and under other acquisitions. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩166 (vs ₩191 in FY 2022) Full year 2023 results: EPS: ₩166 (down from ₩191 in FY 2022). Revenue: ₩204.0b (up 5.7% from FY 2022). Net income: ₩5.21b (down 13% from FY 2022). Profit margin: 2.6% (down from 3.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩15.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 24 April 2024. Payout ratio is a comfortable 9.5% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.2%). New Risk • Aug 25
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: 2.4% Last year net profit margin: 3.8% 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 Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (₩81.1b market cap, or US$61.3m). Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩4,315, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 27x in the IT industry in South Korea. Total returns to shareholders of 30% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩15.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. Payout ratio is a comfortable 8.1% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.0%). Board Change • Nov 16
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 20
Investor sentiment improved over the past week After last week's 18% share price gain to ₩2,605, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 16x in the IT industry in South Korea. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩2,285, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 16x in the IT industry in South Korea. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩2,495, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 14x in the IT industry in South Korea. Total loss to shareholders of 18% 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 • Mar 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,690, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₩3,950, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 22% share price gain to ₩4,320, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 93% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩15.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 6.9% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 21% share price gain to ₩3,860, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩6,080, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 24x in the IT industry in South Korea. Total returns to shareholders of 130% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 19% share price gain to ₩6,570, the stock trades at a trailing P/E ratio of 53.4x. Average trailing P/E is 24x in the IT industry in South Korea. Total returns to shareholders of 171% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 39% share price gain to ₩4,625, the stock trades at a trailing P/E ratio of 37.6x. Average trailing P/E is 23x in the IT industry in South Korea. Total returns to shareholders of 84% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₩3,010 The company is down 9.0% from its price of ₩3,325 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 16% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: ₩3,060 The company is down 6.0% from its price of ₩3,255 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 23% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩15.00 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.5% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (1.3%). Is New 90 Day High Low • Nov 16
New 90-day high: ₩3,640 The company is up 24% from its price of ₩2,935 on 18 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₩3,525 The company is up 2.0% from its price of ₩3,455 on 16 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 4.0% over the same period.