New Risk • May 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.0b (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (₩145.0b market cap, or US$97.3m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩5,380, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 147% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,945, the stock trades at a trailing P/E ratio of 42.3x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 157% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩5,210, the stock trades at a trailing P/E ratio of 62x. Average trailing P/E is 10x in the Luxury industry in South Korea. Total returns to shareholders of 174% over the past three years. Duyuru • Mar 07
Codes Combine Co., Ltd., Annual General Meeting, Mar 26, 2026 Codes Combine Co., Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 66, nonhyeon-ro 145-gil, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,120, the stock trades at a trailing P/E ratio of 60.9x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩3,970, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 11x in the Luxury industry in South Korea. Total returns to shareholders of 116% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩3,190, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 10x in the Luxury industry in South Korea. Total returns to shareholders of 79% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩34.00 (vs ₩12.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩34.00 (up from ₩12.00 in 3Q 2024). Revenue: ₩9.56b (up 6.4% from 3Q 2024). Net income: ₩1.28b (up 176% from 3Q 2024). Profit margin: 13% (up from 5.1% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to ₩2,515, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩2,650, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,310, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total returns to shareholders of 27% over the past three years. New Risk • Oct 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 15% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩81.3b market cap, or US$57.9m). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩2,070, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 7.0% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩2,615, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 15% over the past three years. New Risk • Aug 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩92.1b market cap, or US$66.3m). Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩2,095, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total loss to shareholders of 8.5% over the past three years. New Risk • May 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩65.7b market cap, or US$47.2m). New Risk • Mar 31
New major risk - Revenue and earnings growth Earnings have declined by 11% 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 Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (5.2% net profit margin). Market cap is less than US$100m (₩58.7b market cap, or US$39.9m). Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩1,555, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 37% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩55.00 (vs ₩98.00 in FY 2023) Full year 2024 results: EPS: ₩55.00 (down from ₩98.00 in FY 2023). Revenue: ₩39.6b (down 5.6% from FY 2023). Net income: ₩2.08b (down 44% from FY 2023). Profit margin: 5.2% (down from 8.8% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Duyuru • Mar 06
Codes Combine Co., Ltd., Annual General Meeting, Mar 26, 2025 Codes Combine Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 66, nonhyeon-ro 145-gil, gangnam-gu, seoul South Korea New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (₩59.4b market cap, or US$41.4m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩1,574, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total loss to shareholders of 37% over the past three years. Buy Or Sell Opportunity • Sep 13
Now 22% undervalued Over the last 90 days, the stock has risen 6.5% to ₩1,671. The fair value is estimated to be ₩2,148, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 21%. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩1,640, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total loss to shareholders of 48% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩22.00 (vs ₩37.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩22.00 (down from ₩37.00 in 2Q 2023). Revenue: ₩10.2b (down 8.9% from 2Q 2023). Net income: ₩833.0m (down 41% from 2Q 2023). Profit margin: 8.2% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 23% per year. Buy Or Sell Opportunity • May 03
Now 22% overvalued Over the last 90 days, the stock has fallen 7.3% to ₩1,641. The fair value is estimated to be ₩1,345, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years, while earnings per share has been flat. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₩98.00 (vs ₩201 in FY 2022) Full year 2023 results: EPS: ₩98.00 (down from ₩201 in FY 2022). Revenue: ₩42.0b (up 7.4% from FY 2022). Net income: ₩3.71b (down 51% from FY 2022). Profit margin: 8.8% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩22.00 (vs ₩25.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩22.00 (down from ₩25.00 in 3Q 2022). Revenue: ₩9.99b (down 2.4% from 3Q 2022). Net income: ₩839.8m (down 9.2% from 3Q 2022). Profit margin: 8.4% (down from 9.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Aug 23
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: 11% Last year net profit margin: 27% 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: Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (₩74.0b market cap, or US$55.2m). Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩2,550, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 6x in the Luxury industry in South Korea. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,200, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total returns to shareholders of 14% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩201 (vs ₩175 in FY 2021) Full year 2022 results: EPS: ₩201 (up from ₩175 in FY 2021). Revenue: ₩39.1b (up 2.1% from FY 2021). Net income: ₩7.60b (up 15% from FY 2021). Profit margin: 20% (up from 17% in FY 2021). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 21% share price gain to ₩2,185, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩1,680, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 8x in the Luxury industry in South Korea. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 29% share price gain to ₩3,540, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 15x in the Luxury industry in South Korea. Total returns to shareholders of 14% over the past three years. Is New 90 Day High Low • Mar 05
New 90-day low: ₩2,440 The company is down 11% from its price of ₩2,745 on 04 December 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 21% over the same period. Duyuru • Feb 25
Codes Combine Co., Ltd., Annual General Meeting, Mar 25, 2021 Codes Combine Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Nov 03
Market pulls back on stock over the past week After last week's 15% share price decline to ₩2,785, the stock is trading at a trailing P/E ratio of 21.1x, down from the previous P/E ratio of 24.9x. This compares to an average P/E of 13x in the Luxury industry in South Korea. Total returns to shareholders over the past three years are 7.1%. Valuation Update With 7 Day Price Move • Oct 28
Market bids up stock over the past week After last week's 24% share price gain to ₩3,290, the stock is trading at a trailing P/E ratio of 24.9x, up from the previous P/E ratio of 20.1x. This compares to an average P/E of 14x in the Luxury industry in South Korea. Total returns to shareholders over the past three years are 28%. Is New 90 Day High Low • Oct 28
New 90-day high: ₩3,290 The company is up 22% from its price of ₩2,705 on 30 July 2020. The South Korean market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩2,295 The company is down 13% from its price of ₩2,630 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period.