Reported Earnings • Feb 25
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: ₩1,069 (down from ₩1,072 in FY 2024). Revenue: ₩50.0b (up 11% from FY 2024). Net income: ₩12.9b (flat on FY 2024). Profit margin: 26% (down from 29% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Professional Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Duyuru • Feb 11
e-Credible Co., Ltd., Annual General Meeting, Mar 26, 2026 e-Credible Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: d-ballroom1, guro-gu, seoul South Korea Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩800 (vs ₩786 in 2Q 2024) Second quarter 2025 results: EPS: ₩800 (up from ₩786 in 2Q 2024). Revenue: ₩22.0b (up 7.7% from 2Q 2024). Net income: ₩9.64b (up 1.8% from 2Q 2024). Profit margin: 44% (down from 46% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Professional Services industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 147% Cash payout ratio: 154% Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Buy Or Sell Opportunity • May 09
Now 20% undervalued Over the last 90 days, the stock has risen 16% to ₩15,050. The fair value is estimated to be ₩18,878, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 9.6% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Reported Earnings • Feb 20
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: ₩1,072 (up from ₩975 in FY 2023). Revenue: ₩45.1b (up 9.7% from FY 2023). Net income: ₩12.9b (up 9.9% from FY 2023). Profit margin: 29% (in line with FY 2023). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Professional Services industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Duyuru • Feb 08
e-Credible Co., Ltd., Annual General Meeting, Mar 26, 2025 e-Credible Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: d-ballroom1, guro-gu, seoul South Korea Buy Or Sell Opportunity • Jul 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.6% to ₩12,820. The fair value is estimated to be ₩16,040, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 4.9%. Revenue is forecast to grow by 6.8% in a year. Earnings are forecast to decline by 15% in the next year. Buy Or Sell Opportunity • Jun 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to ₩12,790. The fair value is estimated to be ₩16,068, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has declined by 4.9%. Revenue is forecast to grow by 6.8% in a year. Earnings are forecast to decline by 15% in the next year. New Risk • May 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 6.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: ₩975 (vs ₩1,300 in FY 2022) Full year 2023 results: EPS: ₩975 (down from ₩1,300 in FY 2022). Revenue: ₩41.1b (down 13% from FY 2022). Net income: ₩11.7b (down 25% from FY 2022). Profit margin: 29% (down from 33% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,040 per share at 7.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 19 April 2024. The company is paying out more than 100% of its profits and is paying out 86% of its cash flow. Trailing yield: 7.1%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (4.0%). Buying Opportunity • Dec 18
Now 20% undervalued Over the last 90 days, the stock is up 1.7%. The fair value is estimated to be ₩18,228, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.6%. Revenue is forecast to grow by 9.8% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Buying Opportunity • Jun 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be ₩19,561, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 2.9% in 2 years. Earnings is forecast to decline by 2.7% in the next 2 years. Reported Earnings • Feb 24
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₩1,300 (up from ₩1,156 in FY 2021). Revenue: ₩47.1b (up 3.1% from FY 2021). Net income: ₩15.7b (up 12% from FY 2021). Profit margin: 33% (up from 31% in FY 2021). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩16,050, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the IT industry in South Korea. Total returns to shareholders of 21% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩2,720 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 15%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.0%). Price Target Changed • Nov 16
Price target decreased to ₩22,000 Down from ₩25,000, the current price target is provided by 1 analyst. New target price is 27% above last closing price of ₩17,300. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₩1,243 for next year compared to ₩1,156 last year. Price Target Changed • Apr 27
Price target decreased to ₩25,000 Down from ₩30,000, the current price target is provided by 1 analyst. New target price is 30% above last closing price of ₩19,200. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₩1,261 for next year compared to ₩1,156 last year. Buying Opportunity • Apr 04
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩24,324, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 7.9% in 2 years. Earnings is forecast to grow by 16% in the next 2 years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₩1,156 (up from ₩1,084 in FY 2020). Revenue: ₩45.7b (up 6.5% from FY 2020). Net income: ₩13.9b (up 6.7% from FY 2020). Profit margin: 31% (in line with FY 2020). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 3.3%, compared to a 14% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩700 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.4%). Is New 90 Day High Low • Feb 15
New 90-day low: ₩21,600 The company is down 10.0% from its price of ₩23,950 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 10.0% over the same period. Duyuru • Feb 11
e-Credible Co., Ltd., Annual General Meeting, Mar 25, 2021 e-Credible Co., Ltd., Annual General Meeting, Mar 25, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 04
New 90-day low: ₩23,150 The company is down 2.0% from its price of ₩23,600 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩740 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 3.1% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (1.3%).