New Risk • Apr 03
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: 6.6% Last year net profit margin: 12% 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 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 (6.6% net profit margin). Duyuru • Feb 13
BAIKSAN Co,. Ltd, Annual General Meeting, Mar 27, 2026 BAIKSAN Co,. Ltd, Annual General Meeting, Mar 27, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 48, gongdan 1-daero 27beon-gil, gyeonggi-do, siheung 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: 09 April 2026. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (2.4%). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩424 (vs ₩625 in 3Q 2024) Third quarter 2025 results: EPS: ₩424 (down from ₩625 in 3Q 2024). Revenue: ₩134.4b (up 4.3% from 3Q 2024). Net income: ₩8.90b (down 34% from 3Q 2024). Profit margin: 6.6% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 13% per year. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩2,785 to ₩2,448 per share. Revenue forecast steady at ₩531.7m. Net income forecast to grow 13% next year vs 23% growth forecast for Luxury industry in South Korea. Consensus price target of ₩20,000 unchanged from last update. Share price fell 5.5% to ₩13,360 over the past week. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩320 (vs ₩573 in 2Q 2024) Second quarter 2025 results: EPS: ₩320 (down from ₩573 in 2Q 2024). Revenue: ₩122.1b (up 5.7% from 2Q 2024). Net income: ₩6.78b (down 47% from 2Q 2024). Profit margin: 5.6% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Jul 10
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: ₩622 (vs ₩811 in 1Q 2024) First quarter 2025 results: EPS: ₩622 (down from ₩811 in 1Q 2024). Revenue: ₩134.2b (up 13% from 1Q 2024). Net income: ₩13.4b (down 27% from 1Q 2024). Profit margin: 10.0% (down from 15% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 16
Price target decreased by 17% to ₩20,000 Down from ₩24,000, the current price target is provided by 1 analyst. New target price is 43% above last closing price of ₩13,950. Stock is down 2.8% over the past year. The company is forecast to post earnings per share of ₩2,785 for next year compared to ₩2,771 last year. Reported Earnings • Mar 22
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩2,771 (up from ₩1,805 in FY 2023). Revenue: ₩497.0b (up 19% from FY 2023). Net income: ₩60.7b (up 47% from FY 2023). Profit margin: 12% (up from 9.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.4%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 12
BAIKSAN Co,. Ltd, Annual General Meeting, Mar 26, 2025 BAIKSAN Co,. Ltd, Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 48, gongdan 1-daero 27beon-gil, gyeonggi-do, siheung South Korea Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ₩625 (vs ₩710 in 3Q 2023) Third quarter 2024 results: EPS: ₩625 (down from ₩710 in 3Q 2023). Revenue: ₩128.8b (up 11% from 3Q 2023). Net income: ₩13.5b (down 19% from 3Q 2023). Profit margin: 11% (down from 14% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩573 (vs ₩328 in 2Q 2023) Second quarter 2024 results: EPS: ₩573 (up from ₩328 in 2Q 2023). Revenue: ₩115.6b (up 21% from 2Q 2023). Net income: ₩12.7b (up 68% from 2Q 2023). Profit margin: 11% (up from 7.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Luxury industry in South Korea. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 06
Now 25% overvalued Over the last 90 days, the stock has fallen 11% to ₩12,390. The fair value is estimated to be ₩9,875, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩811 (vs ₩475 in 1Q 2023) First quarter 2024 results: EPS: ₩811 (up from ₩475 in 1Q 2023). Revenue: ₩119.0b (up 12% from 1Q 2023). Net income: ₩18.3b (up 65% from 1Q 2023). Profit margin: 15% (up from 10% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 14
Now 25% undervalued Over the last 90 days, the stock has risen 17% to ₩13,340. The fair value is estimated to be ₩17,685, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩1,805 (vs ₩1,882 in FY 2022) Full year 2023 results: EPS: ₩1,805 (down from ₩1,882 in FY 2022). Revenue: ₩417.7b (down 12% from FY 2022). Net income: ₩41.3b (down 8.9% from FY 2022). Profit margin: 9.9% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 70% 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 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩11,470, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 7x in the Luxury industry in South Korea. Total returns to shareholders of 86% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩710 (vs ₩884 in 3Q 2022) Third quarter 2023 results: EPS: ₩710 (down from ₩884 in 3Q 2022). Revenue: ₩116.0b (down 5.9% from 3Q 2022). Net income: ₩16.7b (down 22% from 3Q 2022). Profit margin: 14% (down from 17% 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 85% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩8,760, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 9x in the Luxury industry in South Korea. Total returns to shareholders of 118% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. Payout ratio is a comfortable 5.1% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.1%). Buying Opportunity • Dec 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₩10,287, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has grown by 58%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 13% in the next 2 years. Buying Opportunity • Nov 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₩11,068, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has grown by 58%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 13% in the next 2 years. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ₩506.9m to ₩493.2m. EPS estimate rose from ₩1,765 to ₩2,269. Net income forecast to grow 97% next year vs 27% growth forecast for Luxury industry in South Korea. Consensus price target of ₩17,000 unchanged from last update. Share price fell 3.0% to ₩9,230 over the past week. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 15% share price gain to ₩11,700, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Luxury industry in South Korea. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩8,960, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Luxury industry in South Korea. Total loss to shareholders of 6.9% over the past three years. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ₩555 (vs ₩426 in 1Q 2021) First quarter 2022 results: EPS: ₩555 (up from ₩426 in 1Q 2021). Revenue: ₩129.9b (up 37% from 1Q 2021). Net income: ₩13.4b (up 34% from 1Q 2021). Profit margin: 10% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₩10,500, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 21% share price gain to ₩9,830, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 12x in the Luxury industry in South Korea. Total returns to shareholders of 55% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩7.00 (vs ₩121 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩80.3b (down 14% from 3Q 2020). Net income: ₩163.8m (down 94% from 3Q 2020). Profit margin: 0.2% (down from 3.1% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩426 (vs ₩504 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ₩94.8b (down 25% from 1Q 2020). Net income: ₩10.1b (down 16% from 1Q 2020). Profit margin: 11% (up from 9.4% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day high: ₩6,840 The company is up 24% from its price of ₩5,520 on 25 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 17% over the same period. Duyuru • Feb 18
BAIKSAN Co,. Ltd, Annual General Meeting, Mar 26, 2021 BAIKSAN Co,. Ltd, Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Location: Auditorium on the 3rd floor of Baeksan Co., Ltd., 48,Gongdan 1-daero 27beon-gil Siheung-si, Gyeonggi-do Gyeonggi-do South Korea Agenda: To consider approval of consolidated financial statements; To consider partial amendment to the articles of association; To discuss appointment of directors; To discuss approval of the compensation limit for directors; and approval of audit compensation limit. Is New 90 Day High Low • Feb 01
New 90-day high: ₩6,060 The company is up 32% from its price of ₩4,580 on 03 November 2020. The South Korean market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ₩5,770 The company is up 27% from its price of ₩4,530 on 06 October 2020. The South Korean market is up 21% 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. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 8th of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.0% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (1.4%). Is New 90 Day High Low • Nov 20
New 90-day high: ₩5,480 The company is up 27% from its price of ₩4,310 on 21 August 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 15% over the same period.