Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩1,280, the stock trades at a trailing P/E ratio of 54.7x. Average trailing P/E is 18x in the Metals and Mining industry in South Korea. Total loss to shareholders of 16% over the past three years. New Risk • May 28
New major risk - Revenue and earnings growth Earnings have declined by 4.6% 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 Interest payments are not well covered by earnings (2.9x net interest cover). Earnings have declined by 4.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩68.4b market cap, or US$45.5m). Duyuru • Mar 17
Seowon Co., Ltd., Annual General Meeting, Mar 31, 2026 Seowon Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 94, sandan-ro 67beon-gil, danwon-gu, gyeonggi-do, ansan South Korea Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩50.00 loss per share (vs ₩27.00 loss in 3Q 2024) Third quarter 2025 results: ₩50.00 loss per share (further deteriorated from ₩27.00 loss in 3Q 2024). Revenue: ₩415.1b (up 12% from 3Q 2024). Net loss: ₩2.40b (loss widened 87% from 3Q 2024). Reported Earnings • Aug 20
Second quarter 2025 earnings released: ₩77.00 loss per share (vs ₩50.00 loss in 2Q 2024) Second quarter 2025 results: ₩77.00 loss per share (further deteriorated from ₩50.00 loss in 2Q 2024). Revenue: ₩393.2b (down 6.4% from 2Q 2024). Net loss: ₩3.67b (loss widened 53% from 2Q 2024). New Risk • May 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: 1.4% Last year net profit margin: 9.8% 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: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (₩56.1b market cap, or US$40.9m). Duyuru • Mar 13
Seowon Co., Ltd., Annual General Meeting, Mar 28, 2025 Seowon Co., Ltd., Annual General Meeting, Mar 28, 2025, at 11:00 Tokyo Standard Time. Location: auditorium, 94, sandan-ro 67beon-gil, danwon-gu, gyeonggi-do, ansan South Korea New Risk • May 20
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 8.8% 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 Latest financial reports are more than 1 year old (reported March 2022 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (₩91.0b market cap, or US$66.9m). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩1,961, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total loss to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩1,747, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 80% After last week's 80% share price gain to ₩2,220, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total loss to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩1,761, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total loss to shareholders of 40% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩15.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.4%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 15% share price gain to ₩1,380, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩1,175, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 6.6% 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 21% share price decline to ₩1,270, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 2.8% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: ₩13.00 (vs ₩163 in 1Q 2021) First quarter 2022 results: EPS: ₩13.00 (down from ₩163 in 1Q 2021). Revenue: ₩79.8b (up 25% from 1Q 2021). Net income: ₩624.1m (down 92% from 1Q 2021). Profit margin: 0.8% (down from 12% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩1,770, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 67% over the past three years. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ₩171 (vs ₩40.00 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩75.0b (up 36% from 1Q 2020). Net income: ₩8.11b (up 324% from 1Q 2020). Profit margin: 11% (up from 3.5% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 18
Full year 2020 earnings released: ₩115 loss per share (vs ₩67.00 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩238.1b (down 7.6% from FY 2019). Net loss: ₩5.47b (down 276% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Duyuru • Mar 06
Seowon Co., Ltd., Annual General Meeting, Mar 23, 2021 Seowon Co., Ltd., Annual General Meeting, Mar 23, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 29
New 90-day low: ₩2,290 The company is down 19% from its price of ₩2,815 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 21% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: ₩2,510 The company is down 24% from its price of ₩3,320 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 30% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: ₩2,740 The company is down 15% from its price of ₩3,210 on 24 September 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 26% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩10.00 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.4% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (3.1%). Is New 90 Day High Low • Oct 26
New 90-day low: ₩2,820 The company is down 23% from its price of ₩3,680 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period.