Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩6,010, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 19x in the IT industry in South Korea. Total returns to shareholders of 124% over the past three years. Buy Or Sell Opportunity • Apr 15
Now 49% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to ₩5,470. The fair value is estimated to be ₩3,669, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 9.1%. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩562 (vs ₩664 in FY 2024) Full year 2025 results: EPS: ₩562 (down from ₩664 in FY 2024). Revenue: ₩183.1b (up 12% from FY 2024). Net income: ₩10.9b (down 15% from FY 2024). Profit margin: 6.0% (down from 7.8% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Tillkännagivande • Feb 28
RingNet Co., Ltd., Annual General Meeting, Mar 27, 2026 RingNet Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 April 2026. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 5.0%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.4%). Declared Dividend • Nov 13
Dividend of ₩200 announced Shareholders will receive a dividend of ₩200. Ex-date: 29th December 2025 Payment date: 30th April 2026 Dividend yield will be 5.1%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is covered by earnings (29% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 77% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ₩197 (vs ₩185 in 3Q 2024) Third quarter 2025 results: EPS: ₩197 (up from ₩185 in 3Q 2024). Revenue: ₩43.7b (up 38% from 3Q 2024). Net income: ₩3.79b (up 5.4% from 3Q 2024). Profit margin: 8.7% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 14% per year. Tillkännagivande • Nov 12
RingNet Co., Ltd. announces Annual dividend, payable on April 30, 2026 RingNet Co., Ltd. announced Annual dividend of KRW 199.9990 per share payable on April 30, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩4,012, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 29% over the past three years. New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (89% accrual ratio). Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩73.6b market cap, or US$53.1m). Buy Or Sell Opportunity • Jul 08
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to ₩4,460. The fair value is estimated to be ₩3,640, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.3% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Jun 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₩4,375. The fair value is estimated to be ₩3,644, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.3% over the last 3 years. Earnings per share has grown by 24%. New Risk • May 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 48% 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 (48% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩66.3b market cap, or US$48.2m). Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: ₩869 (vs ₩1,034 in FY 2023) Full year 2024 results: EPS: ₩869. Revenue: ₩163.9b (down 25% from FY 2023). Net income: ₩12.9b (flat on FY 2023). Profit margin: 7.8% (up from 5.9% in FY 2023). The increase in margin was driven by lower expenses. Tillkännagivande • Feb 28
RingNet Co., Ltd., Annual General Meeting, Mar 28, 2025 RingNet Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea Buy Or Sell Opportunity • Jan 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.6% to ₩4,800. The fair value is estimated to be ₩3,990, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 26%. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,730, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 17x in the IT industry in South Korea. Total loss to shareholders of 6.3% over the past three years. New Risk • Nov 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 (22% accrual ratio). Minor Risk Market cap is less than US$100m (₩69.7b market cap, or US$49.9m). Declared Dividend • Nov 21
Dividend of ₩76.92 announced Shareholders will receive a dividend of ₩76.92. Ex-date: 27th December 2024 Payment date: 28th April 2025 Dividend yield will be 1.8%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (2% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Aug 20
RingNet Co., Ltd. (KOSDAQ:A042500) announces an Equity Buyback for KRW 1,000 million worth of its shares. RingNet Co., Ltd. (KOSDAQ:A042500) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares under the contract with Yuanta Securities. The purpose of the share repurchases is to enhance shareholder value and to stabilize stock price. The program is valid till August 18, 2025. As of August 18, 2024, the company had 2,906,302 shares in treasury within scope available for dividend and had 6,376 shares in treasury through other repurchase. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩6,380, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩7,000, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 15x in the IT industry in South Korea. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩7,660, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 19% over the past three years. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩1,034 (vs ₩810 in FY 2022) Full year 2023 results: EPS: ₩1,034 (up from ₩810 in FY 2022). Revenue: ₩217.7b (up 6.7% from FY 2022). Net income: ₩12.8b (up 27% from FY 2022). Profit margin: 5.9% (up from 4.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩6,290, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 20x in the IT industry in South Korea. Total returns to shareholders of 2.2% over the past three years. Upcoming Dividend • Dec 20
Inaugural dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 30 April 2024. This is the first dividend for RingNet since going public. The average dividend yield among industry peers is 1.2%. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩324 (vs ₩101 in 3Q 2022) Third quarter 2023 results: EPS: ₩324 (up from ₩101 in 3Q 2022). Revenue: ₩47.3b (down 28% from 3Q 2022). Net income: ₩4.02b (up 218% from 3Q 2022). Profit margin: 8.5% (up from 1.9% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Tillkännagivande • Oct 05
RingNet Co., Ltd. (KOSDAQ:A042500) announces an Equity Buyback for KRW 1,000 million worth of its shares. RingNet Co., Ltd. (KOSDAQ:A042500) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares under the contract with Yuanta Securities. The purpose of the share repurchases is to improve shareholder value and to stabilize stock price. The program is valid till October 4, 2024. As of October 3, 2023, the company had 2,912,306 shares in treasury within scope available for dividend and had 0 shares in treasury through other repurchase. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩810 (vs ₩674 in FY 2021) Full year 2022 results: EPS: ₩810 (up from ₩674 in FY 2021). Revenue: ₩204.0b (down 5.0% from FY 2021). Net income: ₩10.1b (up 16% from FY 2021). Profit margin: 4.9% (up from 4.0% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,840, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 23x in the IT industry in South Korea. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩5,900, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 27x in the IT industry in South Korea. Total returns to shareholders of 36% over the past three years. Tillkännagivande • Nov 18
RingNet Co., Ltd. (KOSDAQ:A042500) announces an Equity Buyback for KRW 1,000 million worth of its shares. RingNet Co., Ltd. (KOSDAQ:A042500) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares under the contract with Yuanta Securities. The purpose of the share repurchases is to improve shareholder value and to stabilize stock price. The program is valid till November 16, 2023. As of November 16, 2022, the company had 2,870,975 shares in treasury within scope available for dividend and had 0 shares in treasury through other repurchase. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 18% share price gain to ₩4,180, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 16x in the IT industry in South Korea. Total loss to shareholders of 2.3% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩3,660, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 18x in the IT industry in South Korea. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,805, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 15x in the IT industry in South Korea. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,500, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 15x in the IT industry in South Korea. Total loss to shareholders of 1.7% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 35% share price gain to ₩8,620, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 20x in the IT industry in South Korea. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₩8,600, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 25x in the IT industry in South Korea. Total returns to shareholders of 113% over the past three years. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS ₩598 (vs ₩571 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₩149.5b (up 13% from FY 2019). Net income: ₩7.58b (up 7.9% from FY 2019). Profit margin: 5.1% (down from 5.3% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 15% per year. Tillkännagivande • Feb 25
RingNet Co., Ltd., Annual General Meeting, Mar 26, 2021 RingNet Co., Ltd., Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩7,800, the stock is trading at a trailing P/E ratio of 16.2x, down from the previous P/E ratio of 20x. This compares to an average P/E of 20x in the IT industry in South Korea. Total returns to shareholders over the past three years are 112%. Is New 90 Day High Low • Dec 16
New 90-day high: ₩9,630 The company is up 39% from its price of ₩6,950 on 17 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 38% share price gain to ₩9,630, the stock is trading at a trailing P/E ratio of 20x, up from the previous P/E ratio of 14.5x. This compares to an average P/E of 20x in the IT industry in South Korea. Total returns to shareholders over the past three years are 147%. Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 23% share price gain to ₩6,960, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.1x. This compares to an average P/E of 20x in the IT industry in South Korea. Total returns to shareholders over the past three years are 74%.