New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings have declined by 7.8% 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 Risk Earnings have declined by 7.8% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩32.8b market cap, or US$21.9m). Announcement • Mar 13
Playgram Co., Ltd., Annual General Meeting, Mar 26, 2026 Playgram Co., Ltd., Annual General Meeting, Mar 26, 2026, at 08:30 Tokyo Standard Time. Location: conference room, 15, pangyo-ro 228beon-gil, bundang-gu, gyeonggi-do, seongnam South Korea Board Change • Feb 10
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 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: Minority of independent directors. Insufficient board refreshment. New Risk • May 29
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 9.3% 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 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₩59.5b market cap, or US$43.3m). Announcement • Mar 14
Playgram Co., Ltd., Annual General Meeting, Mar 28, 2025 Playgram Co., Ltd., Annual General Meeting, Mar 28, 2025, at 08:00 Tokyo Standard Time. Location: conference room, 230, pangyoyeok-ro, bundang-gu, gyeonggi-do, seongnam South Korea New Risk • Dec 27
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 9.2% 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 55% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₩53.6b market cap, or US$36.5m). New Risk • Jul 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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 (17% average weekly change). Earnings have declined by 37% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₩87.3b market cap, or US$63.1m). New Risk • Jun 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 37% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩121.3b market cap, or US$88.2m). Reported Earnings • Mar 26
Full year 2023 earnings released: ₩303 loss per share (vs ₩31.55 profit in FY 2022) Full year 2023 results: ₩303 loss per share (down from ₩31.55 profit in FY 2022). Revenue: ₩214.4b (up 63% from FY 2022). Net loss: ₩37.4b (down ₩40.3b from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 24
Playgram Co., Ltd. announced that it has received KRW 5 billion in funding On February 23, 2024, Playgram Co., Ltd. closed the transaction. Announcement • Jan 11
Playgram Co., Ltd. announced that it expects to receive KRW 3 billion in funding from Cosnine, Inc. Playgram Co., Ltd. announced a private placement of Series 37 Bearer Interest Unsecured Private Placement Convertible Bonds for the gross proceeds of up to KRW 3,000,000,000 on January 10, 2024. The transaction will include participation from new investor, Cosnine, Inc. for KRW 2,000,000,000 and individual investor, Kyung Jae Lee for KRW 1,000,000,000. The bonds will mature on January 12, 2027. The bonds are fully convertible into 4,885,993 common shares at a conversion price of KRW 614 per share in a period from January 12, 2025 to December 12, 2026. The transaction is expected to close on January 12, 2024. The transaction has been approved by the board of directors of the company. New Risk • Nov 25
New major risk - Revenue and earnings growth Earnings have declined by 4.4% 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 Risk Earnings have declined by 4.4% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (41% increase in shares outstanding). Market cap is less than US$100m (₩69.5b market cap, or US$53.3m). New Risk • Jun 23
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 8.1% 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: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (41% increase in shares outstanding). Market cap is less than US$100m (₩106.5b market cap, or US$82.3m). Buying Opportunity • Jun 07
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩1,064, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 70% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩825, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 14x in the Packaging industry in South Korea. Total loss to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩866, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 20x in the Packaging industry in South Korea. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩958, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 18x in the Packaging industry in South Korea. Total returns to shareholders of 3.9% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩31.55 (vs ₩218 loss in FY 2021) Full year 2022 results: EPS: ₩31.55 (up from ₩218 loss in FY 2021). Revenue: ₩131.3b (up 222% from FY 2021). Net income: ₩2.96b (up ₩20.7b from FY 2021). Profit margin: 2.3% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 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: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 22
Playgram Co., Ltd. announced that it expects to receive KRW 15 billion in funding Playgram Co., Ltd. announced a private placement of Series 35 bearer type convertible non-guaranteed private exchange bond for gross proceeds of KRW 15,000,000,000 on September 20, 2022. The transaction will include participation from new investors, ND Investment Co., Ltd. and Lauta Fund for KRW 7,500,000,000 each. The series 35 bonds will mature on September 22, 2025 having yield to maturity of 6%. The bonds are fully convertible into 750,000 common shares of MDS Tech Inc. at a conversion price of KRW 20,000 per share and will be convertible between the period of October 6, 2022 and September 15, 2025. The subscription date and expected date of payment is September 22, 2022. The transaction has been approved by board of directors of the company. Announcement • Jul 22
Playgram Co., Ltd. announced that it has received KRW 10 billion in funding Playgram Co., Ltd. announced a private placement of series 34 unregistered unguaranteed private convertible bond for gross proceeds of KRW 10,000,000,000 on July 20, 2022. The payment date of the transaction is July 21, 2022. Announcement • Jul 13
Playgram Co., Ltd. announced that it has received KRW 20 billion in funding from INCON Co.,Ltd. On July 12, 2022, Playgram Co., Ltd. closed the transaction. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 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: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩773, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 15x in the Packaging industry in South Korea. Total loss to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 24% share price gain to ₩807, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 14x in the Packaging industry in South Korea. Total loss to shareholders of 41% over the past three years. Announcement • Mar 13
NK Mulsan CO., LTD., Annual General Meeting, Mar 29, 2021 NK Mulsan CO., LTD., Annual General Meeting, Mar 29, 2021, at 08:30 Korea Standard Time. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩513, the stock is trading at a trailing P/E ratio of 3x, down from the previous P/E ratio of 3.6x. This compares to an average P/E of 13x in the Packaging industry in South Korea. Total return to shareholders over the past three years is a loss of 50%. Is New 90 Day High Low • Jan 11
New 90-day low: ₩513 The company is down 34% from its price of ₩772 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 19% share price gain to ₩614, the stock is trading at a trailing P/E ratio of 3.6x, up from the previous P/E ratio of 3x. This compares to an average P/E of 13x in the Packaging industry in South Korea. Total return to shareholders over the past three years is a loss of 37%. Is New 90 Day High Low • Dec 22
New 90-day low: ₩541 The company is down 21% from its price of ₩688 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 29% over the same period. Is New 90 Day High Low • Nov 30
New 90-day low: ₩631 The company is down 11% from its price of ₩712 on 01 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 Packaging industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Nov 25
Market pulls back on stock over the past week After last week's 16% share price decline to ₩670, the stock is trading at a trailing P/E ratio of 4x, down from the previous P/E ratio of 4.7x. This compares to an average P/E of 12x in the Packaging industry in South Korea. Total return to shareholders over the past three years is a loss of 33%. Is New 90 Day High Low • Sep 24
New 90-day low: ₩316 The company is down 43% from its price of ₩555 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 17% over the same period. Announcement • Sep 12
Onedays Private Equity Co., Ltd. cancelled the acquisition of 17.6% stake in NK Mulsan CO., LTD. (KOSE:A009810) from POBIS TNC CO., Ltd (KOSDAQ:A016670). Onedays Private Equity Co., Ltd. agreed to acquire 17.6% stake in NK Mulsan CO., LTD. (KOSE:A009810) from POBIS TNC CO., Ltd (KOSDAQ:A016670) for KRW 12.9 billion on June 11, 2019. Onedays Private Equity Co., Ltd. will acquire 14.6 million shares. On the contract signing date, total of 3 billion won will be paid to POBIS TNC CO., Ltd and the balance amount will be paid until August 27, 2019. The transaction is expected to close on August 27, 2019.
Onedays Private Equity Co., Ltd. cancelled the acquisition of 17.6% stake in NK Mulsan CO., LTD. (KOSE:A009810) from POBIS TNC CO., Ltd (KOSDAQ:A016670) on June 11, 2020. Announcement • Jul 23
Onedays Private Equity Co., Ltd. cancelled the acquisition of an additional 15.14% stake in NK Mulsan CO., LTD. (KOSE:A009810) from Hana Modu Co Ltd, X. Co., Ltd, Onurimedia Co., Ltd., Hana Mulsan Co., Ltd. and Kyun Namgung Onedays Private Equity Co., Ltd. entered into an agreement to acquire an additional 15.14% stake in NK Mulsan CO., LTD. (KOSE:A009810) from Hana Modu Co Ltd, X. Co., Ltd, Onurimedia Co., Ltd., Hana Mulsan Co., Ltd. and Kyun Namgung for KRW 34.3 billion on June 11, 2019. Onedays Private Equity Co., Ltd. will acquire 12.3 million shares. On the contract signing date, total of 3 billion won will be paid to the sellers respectively and the balance amount will be paid until August 27, 2019.
Onedays Private Equity Co., Ltd. cancelled the acquisition of an additional 15.14% stake in NK Mulsan CO., LTD. (KOSE:A009810) from Hana Modu Co Ltd, X. Co., Ltd, Onurimedia Co., Ltd., Hana Mulsan Co., Ltd. and Kyun Namgung on June 11, 2020.