Announcement • Feb 25
YounglimwonSoftLab Co.Ltd, Annual General Meeting, Mar 25, 2026 YounglimwonSoftLab Co.Ltd, Annual General Meeting, Mar 25, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 583, yangcheon-ro, gangseo-gu, seoul South Korea New Risk • Nov 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% 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 Risks Earnings have declined by 1.3% per year over the past 5 years. High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩47.7b market cap, or US$32.5m). Buy Or Sell Opportunity • Aug 04
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₩6,040. The fair value is estimated to be ₩4,814, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 41%. Announcement • Jun 20
YounglimwonSoftLab Co.Ltd (KOSDAQ:A060850) announces an Equity Buyback for KRW 1,000 million worth of its shares. YounglimwonSoftLab Co.Ltd (KOSDAQ:A060850) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 worth of its shares pursuant the contract with Mirae Asset Securities. The purpose behind the program is to enhance shareholder value. The repurchase program will expire on December 19, 2025. As of June 19, 2025, the company had no treasury shares within scope available for dividend or through other repurchases. Buy Or Sell Opportunity • Jun 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.1% to ₩5,850. The fair value is estimated to be ₩4,819, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 41%. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₩18.00 (vs ₩56.00 loss in 1Q 2024) First quarter 2025 results: EPS: ₩18.00 (up from ₩56.00 loss in 1Q 2024). Revenue: ₩16.6b (up 37% from 1Q 2024). Net income: ₩149.5m (up ₩590.4m from 1Q 2024). Profit margin: 0.9% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩413 (vs ₩469 in FY 2023) Full year 2024 results: EPS: ₩413 (down from ₩469 in FY 2023). Revenue: ₩62.6b (up 13% from FY 2023). Net income: ₩3.29b (down 13% from FY 2023). Profit margin: 5.3% (down from 6.8% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
YounglimwonSoftLab Co.Ltd, Annual General Meeting, Mar 26, 2025 YounglimwonSoftLab Co.Ltd, Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 583, yangcheon-ro, gangseo-gu, seoul South Korea New Risk • Sep 17
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 Risk Market cap is less than US$100m (₩55.3b market cap, or US$42.0m). Announcement • Aug 29
Flextudio 3.0, A Revolutionary No-Code/Low-Code App Builder Becomes Available for Businesses The Flextudio team, an in-house venture of YoungLimWon Soft Lab Co. Ltd. announced that it has launched Flextudio 3.0, the latest version of Flextudio. It is a SaaS-based low-code/no-code app development tool that offers significant improvements in user convenience. Flextudio is a SaaS-based app development tool that operates directly through a web browser, eliminating the need for separate installation. This tool enables users to expedite the development process by utilizing a range of design templates curated by design experts, while also allowing for customizations through JavaScript as necessary. Flextudio 3.0's key strength is its enhanced API integration, enabling seamless connections with diverse systems and data sources. Many companies are hesitant to shift to mobile platforms due to the challenges of integrating legacy system data. Flextudio 3.0 simplifies this migration process by facilitating seamless connections while ensuring existing systems remain intact. Kwon Olim, the Business Director who conceived Flextudio and leads the Flextudio team is a seasoned mobile software developer with 14 years of experience in creating mobile apps for corporate clients. Flextudio 3.0 has integrated an SNS OAuth (Open Authorization) login function to enhance its user-friendliness as an app creation tool. Additionally, the tool offers design templates based on different business logics to reduce development time while increasing usability through a reorganized library. Flextudio empowers enterprises to develop applications that meet diverse needs by effortlessly integrating native mobile functions such as push notifications, QR code scanning, and GPS. A free trial version of Flextudio is available on the company website. The Flextudio team is scheduled to participate in CES 2025 in Las Vegas, Nevada, where it aims to reach global investors and buyers. New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings have declined by 2.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.0% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.4% net profit margin). Market cap is less than US$100m (₩61.7b market cap, or US$46.2m). Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩469 (vs ₩888 in FY 2022) Full year 2023 results: EPS: ₩469 (down from ₩888 in FY 2022). Revenue: ₩55.5b (down 3.5% from FY 2022). Net income: ₩3.76b (down 47% from FY 2022). Profit margin: 6.8% (down from 12% in FY 2022). The decrease in margin was primarily driven by lower revenue. 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 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩140 per share at 1.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 18 April 2024. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.6%). New Risk • Nov 30
New major risk - Revenue and earnings growth Revenue has declined by 5.1% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 5.1% over the past year. Minor Risks Dividend is not well covered by cash flows (105% cash payout ratio). Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (₩74.8b market cap, or US$57.7m). Announcement • Nov 22
YounglimwonSoftLab Co.Ltd (KOSDAQ:A060850) announces an Equity Buyback for KRW 1,700 million worth of its shares. YounglimwonSoftLab Co.Ltd (KOSDAQ:A060850) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,700 worth of its shares pursuant the contract with Mirae Asset Securities. The purpose behind the program is to improve shareholder value and to stabilize stock price. The repurchase program will expire on May 19, 2024. As of November 19, 2023, the company had 100,000 treasury shares within scope available for dividend and no shares in treasury through other repurchase. New Risk • Aug 20
New major risk - Revenue and earnings growth Revenue has declined by 0.3% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 0.3% over the past year. High level of non-cash earnings (23% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.9% net profit margin). Market cap is less than US$100m (₩65.7b market cap, or US$49.0m). Buying Opportunity • Mar 27
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be ₩12,762, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last year. Earnings per share has grown by 46%. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩888 (vs ₩607 in FY 2021) Full year 2022 results: EPS: ₩888 (up from ₩607 in FY 2021). Revenue: ₩57.5b (up 21% from FY 2021). Net income: ₩7.14b (up 45% from FY 2021). Profit margin: 12% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Dec 21
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 9.7% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₩383 (vs ₩351 in 3Q 2021) Third quarter 2022 results: EPS: ₩383 (up from ₩351 in 3Q 2021). Revenue: ₩15.3b (up 13% from 3Q 2021). Net income: ₩3.08b (up 7.8% from 3Q 2021). Profit margin: 20% (in line with 3Q 2021). Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩383 (vs ₩351 in 3Q 2021) Third quarter 2022 results: EPS: ₩383 (up from ₩351 in 3Q 2021). Revenue: ₩15.3b (up 13% from 3Q 2021). Net income: ₩3.08b (up 7.8% from 3Q 2021). Profit margin: 20% (in line with 3Q 2021). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 25% share price gain to ₩11,300, the stock trades at a trailing P/E ratio of 11.3x. Average forward P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 7.2% over the past year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩7,160, the stock trades at a trailing P/E ratio of 7.2x. Average forward P/E is 12x in the Software industry in South Korea. Total loss to shareholders of 39% over the past year. Buying Opportunity • Mar 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₩12,277, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 35% over the last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 17% but the company is paying out more than the cash it is generating. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.0%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ₩351 (vs ₩294 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩13.6b (up 15% from 3Q 2020). Net income: ₩2.86b (up 44% from 3Q 2020). Profit margin: 21% (up from 17% in 3Q 2020). The increase in margin was driven by higher revenue. Announcement • Feb 26
Younglimwon Soft Lab Co.Ltd, Annual General Meeting, Mar 26, 2021 Younglimwon Soft Lab Co.Ltd, Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 26
New 90-day low: ₩13,600 The company is down 9.0% from its price of ₩15,000 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩4,234 per share. 
