New Risk • Mar 25
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: -₩6.6b 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 (-₩6.6b free cash flow). Earnings have declined by 67% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩64.8b market cap, or US$43.2m). Announcement • Feb 27
MemRAY BT Co., LTD., Annual General Meeting, Mar 26, 2026 MemRAY BT Co., LTD., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 626, teheran-ro, gangnam-gu, seoul South Korea New Risk • Feb 13
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: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 70% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩69.0b market cap, or US$47.7m). New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (₩91.1b market cap, or US$65.6m). Announcement • Aug 29
Yulho Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.999918 million. Yulho Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 999.999918 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,371,742
Price\Range: KRW 729
Transaction Features: Subsequent Direct Listing Announcement • Aug 28
Yulho Co., Ltd. announced that it expects to receive KRW 4.99999944 billion in funding Yulho Co., Ltd. announces a private placement to issue 5,875,440 Common Shares at a price of KRW 851 per share for gross proceeds of KRW 4,999,999,440 on August 27, 2025. Expected closing date of the Notes is October 15, 2025. Announcement • Aug 21
Yulho Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 999.999784 million. Yulho Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 999.999784 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,760,563
Price\Range: KRW 568
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 21
Full year 2024 earnings released: ₩212 loss per share (vs ₩131 loss in FY 2023) Full year 2024 results: ₩212 loss per share (further deteriorated from ₩131 loss in FY 2023). Revenue: ₩130.1b (up 45% from FY 2023). Net loss: ₩14.8b (loss widened 88% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
Yulho Co., Ltd., Annual General Meeting, Mar 26, 2025 Yulho Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 626, teheran-ro, gangnam-gu, seoul South Korea New Risk • Mar 13
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 9.1% 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 Earnings have declined by 75% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (₩124.3b market cap, or US$85.5m). New Risk • Nov 15
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 8.5% 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 Earnings have declined by 78% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (₩127.4b market cap, or US$91.4m). New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩131.3b (US$94.6m) 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 Earnings have declined by 78% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (₩131.3b market cap, or US$94.6m). New Risk • Jun 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.2b (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 Earnings have declined by 52% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (₩138.2b market cap, or US$99.5m). Reported Earnings • Mar 22
Full year 2023 earnings released: ₩131 loss per share (vs ₩7.27 loss in FY 2022) Full year 2023 results: ₩131 loss per share (further deteriorated from ₩7.27 loss in FY 2022). Revenue: ₩90.0b (down 18% from FY 2022). Net loss: ₩7.84b (loss widened ₩7.49b from FY 2022). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to ₩1,875, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 18x in the Software industry in South Korea. Total returns to shareholders of 12% over the past three years. Announcement • Aug 24
Yulho Co., Ltd. announced that it has received KRW 10 billion in funding On August 23, 2023, Yulho Co., Ltd. closed the transaction. Announcement • Nov 23
Yulho Co., Ltd. announced that it has received KRW 16 billion in funding from Seobo Industrial Co., Ltd. On November 22, 2022, Yulho Co., Ltd closed the transaction. The company has issued series 7 non-guaranteed private equity convertible bonds for gross proceeds of KRW 16,000,000,000. The transaction included participation from new investor Seobo Industrial Co., Ltd. The transaction has been approved by the board of directors of the company. The company will pay no interest on the bonds and interest rate to maturity is 3%. The bonds are convertible into 9,014,084 shares at conversion price of KRW 1,775 from April 26, 2022 to March 25, 2025. The bonds will mature on November 22, 2025. 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. 11 experienced directors. No highly experienced directors. No independent directors (11 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 • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩1,315, the stock trades at a trailing P/E ratio of 39.6x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₩2,070, the stock trades at a trailing P/E ratio of 56.4x. Average trailing P/E is 22x in the Software industry in South Korea. Total returns to shareholders of 29% over the past three years. Announcement • Apr 28
Yulho Co., Ltd. announced that it has received KRW 2.99999996 billion in funding On April 26, 2022, Yulho Co., Ltd. closed the transaction. The company amended the terms of the transaction and now issued 1,910,828 shares at a price of KRW 1,570 per share for gross proceeds KRW 2,999,999,960 to HJL Holdings. 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. 11 experienced directors. No highly experienced directors. No independent directors (11 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. Buying Opportunity • Mar 30
Now 35% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ₩2,712, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₩1,760, the stock trades at a trailing P/E ratio of 59x. Average trailing P/E is 21x in the Software industry in South Korea. Total returns to shareholders of 14% over the past three years. Announcement • Dec 01
Yulho Co., Ltd. announced that it expects to receive KRW 10 billion in funding from Clover Investment Association Yulho Co., Ltd. announced that it will issue series 6 unregistered coupon nonguaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on November 29, 2021. The bonds will be issued at par. The transaction will include participation from Clover Investment Association. The bonds will bear fixed interest rate of 1% per annum with maturity rate of 3% per annum. The bonds will mature on February 22, 2025. The bonds are convertible into 3,828,483 common shares at a fixed conversion price of KRW 2,612 per share from February 22, 2023 to January 21, 2025. The date of subscription is November 29, 2021 and expected date of payment is February 22, 2022. The transaction is approved by the board of directors of the company. The securities issued are subjected to one year hold period. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩2,165, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 23x in the Software industry in South Korea. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₩2,430, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 24x in the Software industry in South Korea. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 22% share price gain to ₩2,210, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 24x in the Software industry in South Korea. Total loss to shareholders of 2.6% over the past three years. Announcement • Jun 09
Yulho Co., Ltd. announced that it expects to receive KRW 19.999999473 billion in funding from H&Partners Co., Ltd. and other investors Yulho Co., Ltd. (KOSDAQ:A072770) announced a private placement of 3,517,411 common shares at a price of KRW 2,843 per share for gross proceeds of KRW 9,999,999,473 and series 5 non-guaranteed private convertible bonds with bearer type interest part for gross proceeds of KRW 10,000,000,000 on June 7, 2021. The transaction will include participation from Jung Hee, Park for 1,758,705 shares and Geun-sik Park for 1,758,706 shares, and H&Partners Co., Ltd. subscribed bonds for KRW 10,000,000,000. Post the closing, the number of shares will increase from 38,967,004 to 42,484,415. The shares will be issued through third party allocation method. The shares will have a hold period of one year. The shares will be issued at a premium. The bonds will be issued at par. The bonds are fully convertible into 2,927,400 shares representing 6.99% stake at a fixed conversion price of KRW 3,416 per share from October 27, 2022 to September 26, 2024. The bonds are redeemable after 1 year of issuance and every three months thereafter at a premium of 3% per annum. The payment date is October 27, 2021. The transaction has been approved by the board of directors of the company. Announcement • Jun 08
Yulho Co., Ltd. announced that it expects to receive KRW 10 billion in funding from H&Partners Co., Ltd. Yulho Co., Ltd. (KOSDAQ:A072770) announced private placement of series 5 non-guaranteed private convertible bonds with bearer type interest part for gross proceeds of KRW 10,000,000,000 with H&Partners Co., Ltd. on June 7, 2021. The bonds bear coupon rate of 1% per annum, payable quarterly and interest to maturity of 4% maturing on October 26, 2024. The bonds will be issued at par. The bonds are fully convertible into 2,927,400 shares representing 6.99% stake at a fixed conversion price of KRW 3,416 per share from October 27, 2022 to September 26, 2024. The bonds are redeemable after 1 year of issuance and every three months thereafter at a premium of 3% per annum. The expected payment date is October 27, 2021. The transaction has been approved by the board of directors of the company. The company announced that it has obtained approval from board. Announcement • Apr 15
Yulho Co., LTD. announced that it has received KRW 2.99999956 billion in funding On April 13, 2021, Yulho Co., LTD. (KOSDAQ:A072770) closed the transaction. The transaction included participation from individual investors Jung-Hee Park for 763,359 shares, and Hye-Jung Lee for 1,526,717 shares. Is New 90 Day High Low • Feb 20
New 90-day high: ₩2,520 The company is up 65% from its price of ₩1,530 on 20 November 2020. The South Korean market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: ₩1,670 The company is up 7.0% from its price of ₩1,560 on 27 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 Software industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: ₩1,380 The company is down 10.0% from its price of ₩1,540 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 15
New 90-day low: ₩1,435 The company is down 12% from its price of ₩1,625 on 16 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 16
New 90-day high: ₩1,750 The company is up 8.0% from its price of ₩1,615 on 17 July 2020. The South Korean market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Software industry, which is up 10.0% over the same period. Announcement • Sep 22
Yulho Co., LTD. announced that it expects to receive KRW 40 billion in funding from S&P Co., Ltd, Jinsong Co., Ltd. Yulho Co., LTD. (KOSDAQ:A072770) announced a private placement of series 3 unregistered coupon unguaranteed private convertible bonds for a gross proceeds of KRW 10,000,000,000 and series 4 non-guaranteed private convertible bonds for a gross proceeds of KRW 10,000,000,000; and series 2 unregistered coupon unguaranteed private convertible bonds for a gross proceeds of KRW 20,000,000,000 for an aggregate gross proceeds of KRW 40,000,000,000 on April 9, 2020. The transaction will include participation from Hannam World Co., Ltd for series 4 bonds, Robe Corporation for series 2 bonds and Krypton Ventures Limited for series 3 bonds. The bonds carry coupon rate of 3% and have yield to maturity of 5%. The bonds will be redeemable and will mature on May 12, 2023. The series 3 and series 4 bonds will be 100% converted into 5,847,953 common shares at a fixed conversion price of KRW 1,710 per share. The series 2 bonds will be 100% convertible into 11,695,906 common shares at a fixed conversion price of KRW 1,710 per share. The conversion period is from May 12, 2021 to April 12, 2023. The payment date of the transaction is May 12, 2020. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company. Announcement • Aug 14
Yulho Co., LTD. announced that it expects to receive KRW 2.99999956 billion in funding Yulho Co., LTD. (KOSDAQ:A072770) announced a private placement of 2,290,076 common shares at the price of KRW 1,310 per share for gross proceeds of KRW 2,999,999,560 on August 13, 2020. The transaction will include participation from returning investor JungHee Park. The company will issue shares having face value of KRW 500, at discount rate of 10% on the base price, through third party allocation method. The shares will be locked up for a year. The date of listing of new shares is October 28, 2020. The total number of shares issued will increase from 36,676,928 shares to 38,967,004 shares. The payment date is October 14, 2020. The transaction has been approved by board of directors of the company.