New Risk • Apr 03
New major risk - Revenue and earnings growth Earnings have declined by 10% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₩4.2b free cash flow). Earnings have declined by 10% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩48.1b market cap, or US$31.9m). Duyuru • Mar 17
Green Plus Co., Ltd., Annual General Meeting, Mar 31, 2026 Green Plus Co., Ltd., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 50-42, eumbong-ro, eumbong-myeon, yesan-gun, chungchengnam-do, South Korea Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ₩25.00 (vs ₩141 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩25.00 (up from ₩141 loss in 3Q 2024). Revenue: ₩27.9b (up 37% from 3Q 2024). Net income: ₩275.5m (up ₩1.79b from 3Q 2024). Profit margin: 1.0% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Nov 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩65.9b market cap, or US$45.0m). New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings have declined by 26% 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 26% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩67.9b market cap, or US$48.9m). New Risk • May 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩83.5b market cap, or US$60.0m). Reported Earnings • Mar 22
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩72.00 (up from ₩1,305 loss in FY 2023). Revenue: ₩87.7b (up 49% from FY 2023). Net income: ₩777.7m (up ₩14.8b from FY 2023). Profit margin: 0.9% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Duyuru • Mar 17
Green Plus Co., Ltd. announced that it has received KRW 15 billion in funding On March 17, 2025, Green Plus Co., Ltd. closed the transaction. Duyuru • Mar 12
Green Plus Co., Ltd., Annual General Meeting, Mar 31, 2025 Green Plus Co., Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 50-42, eumbong-ro, eumbong-myeon, yesan-gun, chungchengnam-do, South Korea Reported Earnings • Nov 14
Third quarter 2024 earnings released: ₩141 loss per share (vs ₩120 loss in 3Q 2023) Third quarter 2024 results: ₩141 loss per share (further deteriorated from ₩120 loss in 3Q 2023). Revenue: ₩20.4b (up 50% from 3Q 2023). Net loss: ₩1.52b (loss widened 18% from 3Q 2023). Revenue is forecast to grow 49% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Metals and Mining industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩10.00 (vs ₩26.00 in 1Q 2023) First quarter 2024 results: EPS: ₩10.00 (down from ₩26.00 in 1Q 2023). Revenue: ₩17.9b (up 14% from 1Q 2023). Net income: ₩101.1m (down 64% from 1Q 2023). Profit margin: 0.6% (down from 1.8% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: ₩1,305 loss per share (further deteriorated from ₩252 loss in FY 2022). Revenue: ₩58.9b (down 29% from FY 2022). Net loss: ₩14.0b (loss widened 420% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Nov 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩11b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩11b free cash flow). Earnings have declined by 66% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (₩76.1b market cap, or US$59.0m). New Risk • Oct 28
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 8.9% 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 56% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩11b). Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (₩71.4b market cap, or US$52.7m). New Risk • Aug 30
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -₩11b This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩11b). Market cap is less than US$100m (₩96.8b market cap, or US$73.1m). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₩86.00 (vs ₩83.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩86.00 (up from ₩83.00 in 3Q 2021). Revenue: ₩20.1b (up 16% from 3Q 2021). Net income: ₩923.6m (up 9.2% from 3Q 2021). Profit margin: 4.6% (down from 4.9% in 3Q 2021). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Metals and Mining industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. 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. 2 highly experienced directors. 1 independent director (4 non-independent directors). Independent Board Director/Trustee Dong-hyeon Lee was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 11
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ₩97.00 (down from ₩181 in 1Q 2021). Revenue: ₩19.4b (up 2.9% from 1Q 2021). Net income: ₩1.04b (down 40% from 1Q 2021). Profit margin: 5.4% (down from 9.2% in 1Q 2021). Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 155%. 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. 2 highly experienced directors. 1 independent director (4 non-independent directors). Independent Board Director/Trustee Dong-hyun Lee was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Mar 08
New 90-day low: ₩12,250 The company is down 3.0% from its price of ₩12,600 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 14% over the same period. Duyuru • Feb 25
Green Plus Co., Ltd., Annual General Meeting, Mar 29, 2021 Green Plus Co., Ltd., Annual General Meeting, Mar 29, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 25
New 90-day high: ₩14,200 The company is up 25% from its price of ₩11,350 on 27 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ₩13,650 The company is up 39% from its price of ₩9,800 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 Metals and Mining industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: ₩13,550 The company is up 34% from its price of ₩10,125 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩920 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 19% share price gain to ₩13,500, the stock is trading at a trailing P/E ratio of 51.6x, up from the previous P/E ratio of 43.2x. This compares to an average P/E of 20x in the Metals and Mining industry in South Korea. Total returns to shareholders over the past three years are 327%. Is New 90 Day High Low • Nov 09
New 90-day high: ₩12,250 The company is up 42% from its price of ₩8,600 on 11 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩614 per share. Is New 90 Day High Low • Oct 13
New 90-day high: ₩22,150 The company is up 28% from its price of ₩17,350 on 15 July 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩1,214 per share.