New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 Less than 1 year of cash runway based on free cash flow trend (-US$1.5m free cash flow). Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m (US$80k revenue). Market cap is less than US$10m (S$2.00m market cap, or US$1.56m). Announcement • Jun 05
Spackman Entertainment Group Limited, Annual General Meeting, Jun 29, 2026 Spackman Entertainment Group Limited, Annual General Meeting, Jun 29, 2026, at 14:00 Singapore Standard Time. Location: tanah merah country club, 1 tanah merah coast road, heliconia room, singapore 498722, Singapore Reported Earnings • May 06
Full year 2025 earnings released: US$0.79 loss per share (vs US$0.031 profit in FY 2024) Full year 2025 results: US$0.79 loss per share (down from US$0.031 profit in FY 2024). Revenue: US$1.22m (up US$1.04m from FY 2024). Net loss: US$14.5m (down US$15.1m from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2025 earnings released Third quarter 2025 results: Net loss: US$485.0k (flat on 3Q 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
First half 2025 earnings released: US$0.13 loss per share (vs US$0.12 loss in 1H 2024) First half 2025 results: US$0.13 loss per share (further deteriorated from US$0.12 loss in 1H 2024). Revenue: US$1.21m (up 157% from 1H 2024). Net loss: US$2.34m (loss widened 4.1% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: US$0 (vs US$0.003 loss in FY 2023) Full year 2024 results: EPS: US$0 (improved from US$0.003 loss in FY 2023). Net income: US$566.2k (up US$6.96m from FY 2023). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Announcement • Apr 09
Spackman Entertainment Group Limited, Annual General Meeting, Apr 30, 2025 Spackman Entertainment Group Limited, Annual General Meeting, Apr 30, 2025, at 14:00 Singapore Standard Time. Location: tanah merah country club, 1 tanah merah coast road, heliconia room, singapore 498722, Singapore Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: US$0 (vs US$0.004 loss in FY 2023) Full year 2024 results: EPS: US$0 (improved from US$0.004 loss in FY 2023). Net income: US$349.0k (up US$8.40m from FY 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Announcement • Apr 16
Spackman Entertainment Group Limited, Annual General Meeting, Apr 30, 2024 Spackman Entertainment Group Limited, Annual General Meeting, Apr 30, 2024, at 14:00 Singapore Standard Time. Location: Orchid Country Club, 1 Orchid Club Road, Sapphire III, Singapore Singapore Agenda: To consider and approve the Directors' Statement and Audited Financial Statements for the financial year ended 31 December 2023 together with the Auditor's Report thereon; to consider and re-elect Directors of the Company; to consider and approve the payment of Directors' fees; to consider and re-appoint Messrs Baker Tilly TFW LLP as the Auditors of the Company and to authorize the Directors to fix their remuneration; and to consider other business matters. Reported Earnings • Mar 01
Full year 2023 earnings released: US$0.004 loss per share (vs US$0.004 loss in FY 2022) Full year 2023 results: US$0.004 loss per share (in line with FY 2022). Net loss: US$7.13m (loss widened 6.4% from FY 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Aug 16
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: -US$7.8m 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 (-US$7.8m free cash flow). Shares are highly illiquid. Earnings have declined by 6.6% per year over the past 5 years. Market cap is less than US$10m (S$5.51m market cap, or US$4.05m). Minor Risk Revenue is less than US$5m (US$2.7m revenue). Reported Earnings • Aug 15
First half 2023 earnings released: US$0.001 loss per share (vs US$0.001 loss in 1H 2022) First half 2023 results: US$0.001 loss per share (in line with 1H 2022). Revenue: US$299.0k (down 70% from 1H 2022). Net loss: US$1.96m (loss widened 17% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Jun 02
Spackman Entertainment Group Limited Announces Appointment of Na Kyoungwon as Chief Executive Officer Spackman Entertainment Group Limited announced appointment of Mr. Na Kyoungwon as Chief Executive Officer. The Board of Directors ("Board") has reviewed and assessed the professional and academic qualifications, working experience and suitability of Mr. Na Kyoungwon ("Mr Kay"), and has considered the recommendations of the Nominating Committee ("NC") that Mr. Kay be appointed as the Chief Executive Officer of the Company ("CEO"). The Board is satisfied that Mr. Kay has the requisite experience and capabilities to assume the responsibilities of CEO, and has approved the appointment of Mr. Kay as the CEO. Mr. Kay is an Executive Director, President, Chief Operating Officer, and Joint Company Secretary of the Company. In addition, Mr. Kay is a member of the NC of the Company. He has abstained in the deliberation and decision as a member of the Board and NC on his appointment as CEO. Executive. As CEO of the Company, Mr. Kay will assume the executive responsibilities of the overall business and operational decisions of the Company. Working Experience: February 2019 to Current - Chief Operating Officer and President, Spackman Entertainment Group Limited January 2018 to Current - Executive Director, Spackman Entertainment Group Limited September 2013 to February 2019 - Chief Financial Officer, Spackman Entertainment Group Limited. Professional Qualifications: Member of the Institute of Singapore Chartered Accountants and a Member of the Korean Institution of Certified Public Accountants. Reported Earnings • Apr 19
Full year 2022 earnings released: US$0.004 loss per share (vs US$0.001 profit in FY 2021) Full year 2022 results: US$0.004 loss per share (down from US$0.001 profit in FY 2021). Revenue: US$3.40m (down 77% from FY 2021). Net loss: US$6.71m (down US$7.83m from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2022 earnings released: US$0.004 loss per share (vs US$0.001 profit in FY 2021) Full year 2022 results: US$0.004 loss per share (down from US$0.001 profit in FY 2021). Revenue: US$3.40m (down 77% from FY 2021). Net loss: US$6.69m (down US$7.81m from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: US$0.001 loss per share. Net loss: US$1.52m (flat on 3Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Sep 02
Spackman Entertainment Group Limited Announces Appointment of Lee Doo Hee as Non-Executive Independent Director Spackman Entertainment Group Limited announced appointment of Lee Doo Hee as non executive independent director. The Board, having considered the recommendation of the Nominating Committee and assessed the qualification and experience of Mr. Lee Doo Hee, is of the view that he has the requisite experience and capability to assume the duties and responsibilities of a Non-Executive Independent Director. Working Experience: July 2018 to current - Widus Partners Pte. Ltd., Director June 2015 to June 2018 - Latham & Watkins LLP, Attorney July 2013 to June 2015 - Samsung Life Insurance Co. Ltd., Senior Legal Counsel September 2010 to May 2013 - Sidley Austin LLP, Attorney. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: US$0 (vs US$0.001 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0 (up from US$0.001 loss in 2Q 2021). Revenue: US$496.0k (down 90% from 2Q 2021). Net loss: US$878.0k (loss narrowed 33% from 2Q 2021). 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 36% per year, which means it is significantly lagging earnings. Announcement • Jul 09
Spackman Entertainment Group Limited Appoints Lee Jae Seung as Non-Executive Independent Director The board of directors of Spackman Entertainment Group Limited, having considered the recommendation of the Nominating Committee and assessed the qualification and experience of Mr. Lee Jae Seung, is of the view that he has the requisite experience and capability to assume the duties and responsibilities of a Non-Executive Independent Director. Job Title: Independent Director, Chairman of Remuneration Committee, member of Nominating Committee, and member of Audit and Risk Management Committee. Working Experience: May 2005 to March 2012 - Accenture, Senior Manager/Director March 2012 to March 2013 - Ernst & Young (EY) Advisory, Director April 2013 to March 2018 - Samsung SDS, Directing Consultant March 2018 to Current - LG CNS, Directing Consultant. Director Experience Details: Mr. Lee Jae Seung will attend the requisite training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange within 1 year from his appointment as a director of the Company. Announcement • Jun 21
Spackman Entertainment Group Limited Announces Board Changes Spackman Entertainment Group Limited announced resignations of the following Directors (a) Mr. Richard Lee (Non-Executive and Non-Independent Director); (b) Ms Thong Yuen Siew Jessie (Lead Independent Director, Chairman of the Nominating Committee, and member of the Audit and Risk Management Committee and the Remuneration Committee); and (c) Mr. Ng Hong Whee (Independent Director, Chairman of the Remuneration Committee, and member of the Audit and Risk Management Committee). collectively referred to as the "Resigning Directors" The Resigning Directors will resign as Directors of the Company with effect from 20 July 2022 or once a suitable replacement Independent Director has been found, whichever is earlier. The Resigning Directors will continue to provide relevant assistance in relation to the Independent Review and follow up matters during their tenure of directorships. The Board would like to extend its appreciation to the Resigning Directors and their contributions during their tenure of office as Directors. The detailed template announcements pursuant to Rule 704(6) of the SGX-ST Catalist Rules, containing the particulars of each of the Resigning Directors were released via SGX Net on 20 June 2022. Subsequent to the aforesaid resignation of the Resigning Directors, the composition of the Board and Board committees are as follows: Board of Directors Anthony Wei Kit Wong Non-Executive and Independent Chairman Na Kyoungwon Executive Director, President and Chief Operating Officer Audit and Risk Management CommitteeAnthony Wei Kit Wong: Chairman, Remuneration Committee: Anthony Wei Kit Wong: Member, Nominating Committee: Anthony Wei Kit Wong Member, Na Kyoungwon Member. Board Change • Apr 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Non-Executive & Non-Independent Director Richard Lee was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
Full year 2021 earnings released: EPS: US$0.001 (vs US$0.012 loss in FY 2020) Full year 2021 results: EPS: US$0.001 (up from US$0.012 loss in FY 2020). Revenue: US$14.9m (up 67% from FY 2020). Net income: US$1.12m (up US$20.2m from FY 2020). Profit margin: 7.5% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year whereas the company’s share price has fallen by 44% per year. Announcement • Apr 15
Spackman Entertainment Group Limited, Annual General Meeting, Apr 29, 2022 Spackman Entertainment Group Limited, Annual General Meeting, Apr 29, 2022, at 15:00 China Standard Time. Agenda: To consider receive and adopt the Directors' Statement and the audited financial statements of the company for the financial year ended 31 December 2021 together with the Auditor's Report thereon; to consider re-elect Mr Anthony Wong Wei Kit who is retiring pursuant to the company's constitution and who, being eligible, offers himself for re-election; to consider re-elect Mr Ng Hong Whee who is retiring pursuant to the company's constitution and who, being eligible, offers himself for re-election; to consider approve the payment of Directors' fees of USD 108,000 (2021: USD 108,000) for the financial year ending 31 December 2022 to be paid quarterly in arrears; to consider re-appoint Messrs Baker Tilly TFW LLP as the Auditors of the company and to authorise the Directors to fix their remuneration; and to consider other matters. Announcement • Apr 07
Spackman Entertainment Group Limited, Annual General Meeting, Apr 29, 2022 Spackman Entertainment Group Limited, Annual General Meeting, Apr 29, 2022, at 15:00 Singapore Standard Time. Agenda: To consider Authority to Allot and Issue Shares;. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.002 (up from US$0.014 loss in FY 2020). Revenue: US$3.18m (down 67% from FY 2020). Net income: US$2.49m (up US$25.4m from FY 2020). Profit margin: 78% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 45% per year whereas the company’s share price has fallen by 46% per year. Announcement • Jan 01
High Vision Co., Ltd. completed the acquisition of Frame Pictures Co., Ltd. from Spackman Entertainment Group Limited (Catalist:40E). High Vision Co., Ltd. entered into a sale and purchase agreement to acquire Frame Pictures Co., Ltd. from Spackman Entertainment Group Limited (Catalist:40E) for KRW 450 million on December 23, 2021. As per the transaction, High Vision Co., Ltd. will acquire 10,000 common voting shares in Frame Pictures Co., Ltd. representing 100% stake. The consideration will be paid in two tranches, 80% in cash upon satisfaction of the conditions precedent and 20% in cash after High Vision Co., Ltd. gives notice to Spackman Entertainment Group Limited of completion of examinations on the camera leasing equipment owned by Frame Pictures. The transaction is subject to consummation of due diligence, regulatory approval, shareholder’s and board of director’s approval of High Vision Co., Ltd. and Spackman Entertainment Group Limited. Spackman Entertainment Group Limited intends to utilize 50% of the Net Proceeds for investment projects and the other 50% for working capital.
High Vision Co., Ltd. completed the acquisition of Frame Pictures Co., Ltd. from Spackman Entertainment Group Limited (Catalist:40E) on December 30, 2021. Reported Earnings • Aug 18
First half 2021 earnings released: US$0.002 loss per share (vs US$0.003 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$9.61m (up 73% from 1H 2020). Net loss: US$2.63m (loss narrowed 36% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 7 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$9.48m (down 53% from FY 2019). Net loss: US$19.7m (loss widened US$16.5m from FY 2019). Announcement • Feb 11
Spackman Entertainment Group Limited to Report Fiscal Year 2020 Results on Feb 28, 2021 Spackman Entertainment Group Limited announced that they will report fiscal year 2020 results on Feb 28, 2021 Announcement • Aug 14
Spackman Entertainment Group Limited (Catalist:40E) completed the acquisition of Simplex Films Co., Ltd. from Lim Ji Young, Oh Shangmin, Kang Hyunju and Nam Yu Ri. Spackman Entertainment Group Limited (Catalist:40E) entered into a sale and purchase agreement to acquire Simplex Films Co., Ltd. from Lim Ji Young, Oh Shangmin, Kang Hyunju and Nam Yu Ri for SGD 2.8 million on July 13, 2019. Spackman Entertainment Group Limited shall issue 165 million shares as consideration. The new Spackman Entertainment Group Limited’s shares, when allotted and issued, will represent about 13.8% stake of the enlarged share capital of Spackman Entertainment Group Limited upon completion of the acquisition. RHT Capital Pte. Ltd. will be making an application on behalf of Spackman Entertainment Group Limited to the SGX-ST for the admission of consideration shares to Catalist of SGX-ST and for the listing and quotation of consideration shares on Catalist of SGX-ST. Spackman Entertainment Group Limited will make the necessary announcements once the approval-in-principle for the listing and quotation of the consideration shares have been obtained from the SGX-ST. Prior to the transaction, Lim Ji Young, Oh Shangmin, Kang Hyunju and Nam Yu Ri hold 10.62% stake, 29.79% stake, 29.79% stake and 29.79% stake in Simplex Films Co., Ltd. respectively. After the transaction, Simplex Films Co., Ltd. will become a wholly owned subsidiary of Spackman Entertainment Group Limited.
There are no persons who are proposed to be appointed as a Director of Spackman Entertainment Group Limited in connection with the acquisition. Accordingly, no service contract is proposed to be entered into between Spackman Entertainment Group Limited and any such person. The transaction is subject to conditions precedent including veracity of warranty, completion of due diligence, regulatory approvals, consents of Board of Directors of Simplex Films Co., Ltd. and Spackman Entertainment Group Limited. Completion shall take place on the date on which all the conditions precedent have been fulfilled and the purchase consideration has been fully satisfied. The transaction is expected to have a positive impact on the earnings per share of Spackman Entertainment Group Limited. Fusion Corporate Partners acted s a financial advisor to Spackman Entertainment Group Limited.
Spackman Entertainment Group Limited (Catalist:40E) completed the acquisition of Simplex Films Co., Ltd. from Lim Ji Young, Oh Shangmin, Kang Hyunju and Nam Yu Ri on August 20, 2019. Announcement • Jul 08
An unknown buyer signed a non-binding letter of intent to acquire Zip Cinema Co., Ltd. from Spackman Entertainment Group Limited (Catalist:40E). An unknown buyer signed a non-binding letter of intent to acquire Zip Cinema Co., Ltd. from Spackman Entertainment Group Limited (Catalist:40E) on July 7, 2020. Under the plan, the buyer will acquire 0.02 million common shares of Zip Cinema. The consideration of the transaction shall be negotiated and agreed upon between the Purchaser and the Spackman, subject to the relevant regulations and necessary approvals by the Singapore Exchange Securities Trading Limited and the Korea Exchange, and the Parties’ respective shareholders, where applicable. The transaction is subject to the execution of a definitive agreement. The definitive agreement is expected to be executed on or before December 31, 2020. Jangho Myung of Charm Accounting Corporation acted as accountant for the buyer.