New Risk • Apr 23
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 94% Dividend yield: 7.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (94% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₩4,269 (down from ₩8,190 in FY 2024). Revenue: ₩483.3b (down 22% from FY 2024). Net income: ₩25.6b (down 49% from FY 2024). Profit margin: 5.3% (down from 8.0% in FY 2024). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Leisure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 13
GOLFZON Co., Ltd., Annual General Meeting, Mar 27, 2026 GOLFZON Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 13, techno 11-ro, yuseong-gu, daejeon South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩48,550, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 16x in the Leisure industry in Asia. Total loss to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩60,800, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Leisure industry in Asia. Total loss to shareholders of 48% over the past three years. Price Target Changed • Jan 17
Price target decreased by 7.7% to ₩79,667 Down from ₩86,333, the current price target is an average from 3 analysts. New target price is 48% above last closing price of ₩53,900. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₩8,110 for next year compared to ₩8,190 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩4,000 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.2%). Declared Dividend • Nov 08
Dividend of ₩4,000 announced Dividend of ₩4,000 is the same as last year. Ex-date: 29th December 2025 Payment date: 10th April 2026 Dividend yield will be 6.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 14% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 85% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Nov 07
GOLFZON Co., Ltd. announces Annual dividend, payable on April 10, 2026 GOLFZON Co., Ltd. announced Annual dividend of KRW 4000.0000 per share payable on April 10, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Price Target Changed • May 04
Price target decreased by 7.6% to ₩85,500 Down from ₩92,500, the current price target is an average from 3 analysts. New target price is 33% above last closing price of ₩64,400. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₩9,064 for next year compared to ₩8,190 last year. Reported Earnings • Mar 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₩8,190 (down from ₩12,973 in FY 2023). Revenue: ₩620.0b (down 9.5% from FY 2023). Net income: ₩49.8b (down 37% from FY 2023). Profit margin: 8.0% (down from 12% in FY 2023). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Leisure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Mar 14
GOLFZON Co., Ltd., Annual General Meeting, Mar 28, 2025 GOLFZON Co., Ltd., Annual General Meeting, Mar 28, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 13, techno11-ro, yuseong-gu, daejeon South Korea Price Target Changed • Mar 05
Price target decreased by 11% to ₩87,167 Down from ₩97,500, the current price target is an average from 3 analysts. New target price is 47% above last closing price of ₩59,300. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₩10,986 for next year compared to ₩12,973 last year. Price Target Changed • Jan 24
Price target decreased by 10% to ₩92,500 Down from ₩103,333, the current price target is an average from 3 analysts. New target price is 54% above last closing price of ₩60,000. Stock is down 25% over the past year. The company is forecast to post earnings per share of ₩10,986 for next year compared to ₩12,973 last year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩4,500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 April 2025. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.9%). Tillkännagivande • Jun 24
GOLFZON Co., Ltd. (KOSDAQ:A215000) announces an Equity Buyback for KRW 10,000 million worth of its shares. GOLFZON Co., Ltd. (KOSDAQ:A215000) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares, pursuant to a contract with Shinhan Investment & Securities. The purpose of the program is to stabilization of stock price and shareholder value improvement. The program will expire on December 24, 2024. As of June 23, 2024, the company had 135,981 shares in treasury within scope available for dividend and had 64 shares in treasury under other capacities. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩12,973 (vs ₩18,293 in FY 2022) Full year 2023 results: EPS: ₩12,973 (down from ₩18,293 in FY 2022). Revenue: ₩685.1b (up 11% from FY 2022). Net income: ₩79.5b (down 30% from FY 2022). Profit margin: 12% (down from 18% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Leisure industry in Asia. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 02
GOLFZON Co., Ltd. (KOSDAQ:A215000) completed the acquisition of remaining 26.37% stake in GolfzonDeca Inc. (XKON:A183410). GOLFZON Co., Ltd. (KOSDAQ:A215000) agreed to acquire the remaining 26.37% stake in GolfzonDeca Inc. (XKON:A183410) for KRW 1.2 billion on November 8, 2023.
GOLFZON Co., Ltd. (KOSDAQ:A215000) completed the acquisition of remaining 26.37% stake in GolfzonDeca Inc. (XKON:A183410) on January 31, 2024. Upcoming Dividend • Dec 20
Upcoming dividend of ₩4,500 per share at 5.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.3%). Price Target Changed • Nov 02
Price target decreased by 12% to ₩134,750 Down from ₩152,667, the current price target is an average from 4 analysts. New target price is 54% above last closing price of ₩87,400. Stock is down 20% over the past year. The company is forecast to post earnings per share of ₩11,631 for next year compared to ₩18,293 last year. New Risk • Sep 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 20% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk 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 (13% net profit margin). Price Target Changed • Jul 31
Price target decreased by 8.0% to ₩152,667 Down from ₩166,000, the current price target is an average from 3 analysts. New target price is 58% above last closing price of ₩96,600. Stock is down 31% over the past year. The company is forecast to post earnings per share of ₩18,481 for next year compared to ₩18,293 last year. Price Target Changed • Jul 18
Price target decreased by 9.5% to ₩159,333 Down from ₩176,000, the current price target is an average from 3 analysts. New target price is 46% above last closing price of ₩109,500. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₩19,774 for next year compared to ₩18,293 last year. Tillkännagivande • Jun 28
Golfzon's Mobile Golf Game Golfzon M: Real Swing Officially Launched Globally Golfzon Co., Ltd. announced on the 28th the official global launch of Golfzon M: Real Swing, a self-developed mobile golf game, on Google Play (Android) and the App Store (iOS). Golfzon M is a realistic golf game that vividly captures real-life famous golf courses around the world in a mobile game. In addition to real-world courses, the game also features realistic environmental factors such as wind speed and direction along with green slope. With Golfzon M, everyone can enjoy a round of golf anytime, anywhere. Golfzon M offers a Challenge Mode for single-player gameplay, a Battlezon Mode for one-on-one match play with golfers around the world, and a Tournament Mode. For added depth, the game even features a character enhancement system where can boost character abilities and clubs, as well as try out shaft fitting and stance adjustment. A promotional event with a ton of perks is also being held to commemorate the launch of Golfzon M. Players who log in daily to Golfzon M for seven days will receive a special reward item, and those who win after playing as a beginner in Battlezon Mode or who succeed in game-specific missions such as par, birdie, fairway landing, putt, closest to the pin, and perfect shot challenges will receive gifts such as 100 premium item draw tickets, gold, shaft exchange coupons, and gems. Price Target Changed • Feb 15
Price target decreased by 9.7% to ₩176,000 Down from ₩195,000, the current price target is an average from 3 analysts. New target price is 30% above last closing price of ₩135,200. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₩19,996 for next year compared to ₩12,167 last year. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 17% share price gain to ₩127,700, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Leisure industry in Asia. Total returns to shareholders of 131% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩3,500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.9%). Price Target Changed • Nov 24
Price target decreased to ₩182,000 Down from ₩204,100, the current price target is an average from 4 analysts. New target price is 61% above last closing price of ₩112,700. Stock is down 34% over the past year. The company is forecast to post earnings per share of ₩19,894 for next year compared to ₩12,167 last year. Tillkännagivande • Jul 07
GOLFZON Co., Ltd. (KOSDAQ:A215000) announces an Equity Buyback for KRW 20,000 million worth of its shares. GOLFZON Co., Ltd. (KOSDAQ:A215000) announces a share repurchase program. Under the program, the company will repurchase up to KRW 20,000 million worth of its shares pursuant to a contract with SK Securities. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on January 5, 2023. As of July 5, 2022, the company had no shares in treasury within scope available for dividend and had 2,945 shares in treasury through other repurchase. Price Target Changed • May 19
Price target increased to ₩222,500 Up from ₩204,100, the current price target is an average from 5 analysts. New target price is 26% above last closing price of ₩176,600. Stock is up 52% over the past year. The company is forecast to post earnings per share of ₩17,705 for next year compared to ₩12,167 last year. Price Target Changed • Apr 20
Price target increased to ₩206,667 Up from ₩191,250, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ₩174,800. Stock is up 94% over the past year. The company is forecast to post earnings per share of ₩16,147 for next year compared to ₩12,167 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Price Target Changed • Nov 23
Price target increased to ₩199,500 Up from ₩181,250, the current price target is an average from 4 analysts. New target price is 7.3% above last closing price of ₩185,900. Stock is up 162% over the past year. The company is forecast to post earnings per share of ₩14,653 for next year compared to ₩6,101 last year. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₩166,900, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 31x in the Entertainment industry in South Korea. Total returns to shareholders of 461% over the past three years. Price Target Changed • Aug 03
Price target increased to ₩166,667 Up from ₩153,333, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ₩145,000. Stock is up 98% over the past year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 15% share price gain to ₩155,500, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Entertainment industry in South Korea. Total returns to shareholders of 316% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩277,306 per share. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₩116,300, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the Entertainment industry in South Korea. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩219,490 per share. Major Estimate Revision • May 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₩335.4m to ₩397.0m. EPS estimate unchanged from ₩8,927 at last update. Entertainment industry in South Korea expected to see average net income growth of 44% next year. Consensus price target up from ₩107,000 to ₩130,000. Share price rose 5.0% to ₩94,000 over the past week. Price Target Changed • Apr 07
Price target increased to ₩107,000 Up from ₩97,000, the current price target is an average from 2 analysts. New target price is 17% above last closing price of ₩91,400. Stock is up 121% over the past year. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 19% share price gain to ₩76,500, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 21x in the Entertainment industry in South Korea. Total returns to shareholders of 88% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₩64,200 The company is down 10.0% from its price of ₩71,100 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩303,858 per share. Is New 90 Day High Low • Jan 22
New 90-day low: ₩67,500 The company is down 9.0% from its price of ₩74,000 on 23 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 Entertainment industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩297,396 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩2,050 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 3.0% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (0.7%). Price Target Changed • Oct 30
Price target raised to ₩102,000 Up from ₩91,000, the current price target is an average from 2 analysts. The new target price is 45% above the current share price of ₩70,500. As of last close, the stock is up 2.0% over the past year. Is New 90 Day High Low • Sep 22
New 90-day low: ₩64,700 The company is down 11% from its price of ₩72,600 on 24 June 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩228,018 per share.