Announcement • Apr 03
BFLABS Co.,LTD. announced that it expects to receive KRW 3.8 billion in funding BFLABS Co.,LTD. has announced to issue 2,500,000 common stock at a price of KRW 1520 per share for gross proceeds of KRW 3,800,000,000 on April 2, 2026. The transaction include investor participation from Resellmon Korea Co., Ltd. The transaction has been approved by board of directors. The transaction is expected to close on April 30, 2026. All the securities issued pursuant to the offering is subject to hold period of one year. Announcement • Feb 12
BFLABS Co.,LTD., Annual General Meeting, Apr 04, 2025 BFLABS Co.,LTD., Annual General Meeting, Apr 04, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 153-32, yesulgongwon-ro, manan-gu, gyeonggi-do, anyang South Korea Reported Earnings • Apr 10
Full year 2023 earnings released: EPS: ₩11.00 (vs ₩191 loss in FY 2022) Full year 2023 results: EPS: ₩11.00 (up from ₩191 loss in FY 2022). Revenue: ₩28.8b (up 1.5% from FY 2022). Net income: ₩81.5m (up ₩20.4b from FY 2022). Profit margin: 0.3% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩6,240, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total loss to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,730, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩6,990, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total loss to shareholders of 53% over the past three years. New Risk • Nov 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% 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 (39% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (₩58.1b market cap, or US$44.8m). Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩6,050, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩7,350, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total loss to shareholders of 51% over the past three years. New Risk • Jun 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% 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). High level of non-cash earnings (25% accrual ratio). Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (₩46.3b market cap, or US$35.2m). Announcement • May 20
Citylabs Co.,Ltd. announced that it expects to receive KRW 3 billion in funding Citylabs Co.,Ltd. announced a private placement of 10th Bearer Type Interest Part Unsecured Private Placement Convertible Bonds for gross proceeds of KRW 3,000,000,000 on May 18, 2023. The transaction included participation from new individual investor Seongwoo Lee. The bonds will carry 6% coupon rate will mature on May 26, 2026 and will be 100% convertible into 6,000,000 common shares of the company at a fixed conversion price of KRW 500 per share from May 26, 2024 to April 26, 2026. The transaction has been approved by the board of directors of the company. The payment date is on May 26, 2023. Announcement • Jan 19
Wonik Holdings Co., Ltd (KOSDAQ:A030530) completed the acquisition of 23.27% stake in Carelabs Co.,Ltd (KOSDAQ:A263700) from Citylabs Co.,Ltd. (KOSDAQ:A139050). Wonik Holdings Co., Ltd (KOSDAQ:A030530) agreed to acquire 23.27% stake in Carelabs Co.,Ltd (KOSDAQ:A263700) from Citylabs Co.,Ltd. (KOSDAQ:A139050) for KRW 64.6 billion on November 28, 2022. Wonik Holdings plans to pay 19 billion won upfront in cash by Wednesday and the balance of 45.7 billion won on Jan. 17, 2023 to close the transaction.
Wonik Holdings Co., Ltd (KOSDAQ:A030530) completed the acquisition of 23.27% stake in Carelabs Co.,Ltd (KOSDAQ:A263700) from Citylabs Co.,Ltd. (KOSDAQ:A139050) on January 17, 2023. Reported Earnings • Apr 03
Full year 2021 earnings released: ₩105 loss per share (vs ₩214 loss in FY 2020) Full year 2021 results: ₩105 loss per share (up from ₩214 loss in FY 2020). Revenue: ₩39.2b (up 6.1% from FY 2020). Net loss: ₩8.77b (loss narrowed 27% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Jun 01
CITYLABS Co.,LTD. announced that it has received KRW 5.1 billion in funding from Sangsangin Plus Savings Bank, Investment Arm On May 31, 2021, CITYLABS Co.,LTD. (KOSDAQ:A139050) closed the transaction. The company received total proceeds of KRW 5,100,000,000. Announcement • Mar 31
CITYLABS Co.,LTD. announced that it has received KRW 14.999999474 billion in funding from PSI International, Inc. On March 29, 2021, CITYLABS Co.,LTD. (KOSDAQ:A139050) closed the transaction. The company has raised 8th series unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 10,200,000,000 in its final tranche. Announcement • Mar 23
CITYLABS Co.,LTD. announced that it has received KRW 24.799999474 billion in funding from PSI International, Inc. On March 22, 2021, CITYLABS Co.,LTD. (KOSDAQ:A139050) closed the transaction. Is New 90 Day High Low • Jan 27
New 90-day low: ₩941 The company is down 8.0% from its price of ₩1,025 on 29 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 57% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₩1,495 The company is up 132% from its price of ₩645 on 21 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 14% over the same period. Is New 90 Day High Low • Oct 30
New 90-day high: ₩1,225 The company is up 121% from its price of ₩555 on 31 July 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 Electronic industry, which is flat over the same period. Announcement • Oct 29
DAYLI BlockChain Co.,LTD. announced that it expects to receive KRW 24.999999914 billion in funding from PSI International, Inc. DAYLI BlockChain Co.,LTD. (KOSDAQ:A139050) announced a private placement of 7,122,507 common shares at a price of KRW 702 per share for gross proceeds of KRW 4,999,999,914 and unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 20,000,000,000 for aggregate gross proceeds of KRW 22,499,999,957 on October 28, 2020. The common shares have face value of KRW 500 per share. The bonds carry an interest rate of 1% and yield to maturity 4% and will mature on March 12, 2024. The bonds are convertible into 23,668,639 common shares of the company at a price of KRW 845 per share. The conversion period is from March 12, 2022 to February 12, 2024. The transaction will include participation from new investor, PSI International, Inc. for bonds and common shares. The transaction has been approved by the board of directors of the company. The transaction is expected to close on March 12, 2021. The company will receive funds through third party allotment of capital. The shares issued are subject to restriction period of one year. Announcement • Sep 01
DAYLI BlockChain Co.,LTD. announced that it has received KRW 2 billion in funding from KJ Corporation On May 29, 2020, DAYLI BlockChain Co.,LTD. (KOSDAQ:A139050) closed the transaction. 
