New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings have declined by 0.1% 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 0.1% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩56.7b market cap, or US$38.6m). Reported Earnings • Sep 18
Full year 2025 earnings released: EPS: ₩178 (vs ₩179 in FY 2024) Full year 2025 results: EPS: ₩178 (down from ₩179 in FY 2024). Revenue: ₩32.9b (up 5.1% from FY 2024). Net income: ₩4.55b (down 3.9% from FY 2024). Profit margin: 14% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Sep 08
FORCS Co.,Ltd., Annual General Meeting, Sep 24, 2025 FORCS Co.,Ltd., Annual General Meeting, Sep 24, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 646, nonhyeon-ro, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩2,825, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 19x in the Software industry in South Korea. Total returns to shareholders of 25% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.5%). Declared Dividend • May 31
Dividend of ₩50.00 announced Dividend of ₩50.00 is the same as last year. Ex-date: 27th June 2025 Payment date: 17th October 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 11% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 4.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 30
FORCS Co.,Ltd. announces Annual dividend, payable on October 17, 2025 FORCS Co.,Ltd. announced Annual dividend of KRW 50.0000 per share payable on October 17, 2025, ex-date on June 27, 2025 and record date on June 30, 2025. Reported Earnings • Feb 20
Second quarter 2025 earnings released: EPS: ₩175 (vs ₩132 in 2Q 2024) Second quarter 2025 results: EPS: ₩175 (up from ₩132 in 2Q 2024). Revenue: ₩10.6b (down 3.8% from 2Q 2024). Net income: ₩4.45b (up 23% from 2Q 2024). Profit margin: 42% (up from 33% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year and the company’s share price has also fallen by 9% per year. 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 (₩56.7b market cap, or US$39.5m). New Risk • Nov 22
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: 13% Last year net profit margin: 19% 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 (13% net profit margin). Market cap is less than US$100m (₩57.5b market cap, or US$41.1m). Duyuru • Sep 11
FORCS Co.,Ltd., Annual General Meeting, Sep 25, 2024 FORCS Co.,Ltd., Annual General Meeting, Sep 25, 2024, at 09:01 Tokyo Standard Time. Location: conference room, 646, nonhyeon-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Jun 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 17 October 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.4%). Reported Earnings • Feb 18
Second quarter 2024 earnings released: EPS: ₩132 (vs ₩427 in 2Q 2023) Second quarter 2024 results: EPS: ₩132 (down from ₩427 in 2Q 2023). Revenue: ₩11.0b (down 14% from 2Q 2023). Net income: ₩3.61b (down 7.0% from 2Q 2023). Profit margin: 33% (up from 30% in 2Q 2023). The increase in margin was driven by lower expenses. 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 11% per year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩2,980, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 21x in the Software industry in South Korea. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩3,525, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 21x in the Software industry in South Korea. Total returns to shareholders of 60% over the past three years. Buying Opportunity • Jan 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be ₩3,405, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 14%. New Risk • Dec 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 12% 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩73.1b market cap, or US$56.0m). Buying Opportunity • Nov 24
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be ₩3,452, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Nov 19
First quarter 2024 earnings released: EPS: ₩47.00 (vs ₩10.00 in 1Q 2023) First quarter 2024 results: EPS: ₩47.00 (up from ₩10.00 in 1Q 2023). Revenue: ₩7.22b (down 6.8% from 1Q 2023). Net income: ₩1.10b (up ₩1.01b from 1Q 2023). Profit margin: 15% (up from 1.1% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩3,290, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 17x in the Software industry in South Korea. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩2,550, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 18x in the Software industry in South Korea. Negligible returns to shareholders over past three years. Reported Earnings • Sep 20
Full year 2023 earnings released: EPS: ₩576 (vs ₩722 in FY 2022) Full year 2023 results: EPS: ₩576 (down from ₩722 in FY 2022). Revenue: ₩33.2b (up 12% from FY 2022). Net income: ₩5.24b (down 20% from FY 2022). Profit margin: 16% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,400, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 18x in the Software industry in South Korea. Total returns to shareholders of 16% over the past three years. New Risk • Jul 04
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 9.9% 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: Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (₩109.0b market cap, or US$83.8m). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩3,990, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 19x in the Software industry in South Korea. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩100.00 per share at 1.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 25 October 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 17% share price gain to ₩8,290, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 63% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 25 October 2022. Payout ratio is a comfortable 13% and the cash payout ratio is 96%. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (1.7%). Reported Earnings • Nov 18
First quarter 2022 earnings released: EPS ₩55.00 (vs ₩10.00 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₩5.35b (up 29% from 1Q 2021). Net income: ₩503.2m (up ₩584.9m from 1Q 2021). Profit margin: 9.4% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 22
Upcoming dividend of ₩95.24 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 08 October 2021. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 19% share price gain to ₩10,150, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 23x in the Software industry in South Korea. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₩8,800, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 27x in the Software industry in South Korea. Total returns to shareholders of 21% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₩6,800 The company is down 16% from its price of ₩8,050 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 10.0% over the same period. Reported Earnings • Feb 20
Second quarter 2021 earnings released: EPS ₩305 (vs ₩335 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₩8.33b (up 8.8% from 2Q 2020). Net income: ₩2.44b (down 9.5% from 2Q 2020). Profit margin: 29% (down from 35% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 29
New 90-day low: ₩7,160 The company is down 12% from its price of ₩8,100 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 Software industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₩7,220 The company is down 18% from its price of ₩8,800 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 17% share price gain to ₩8,700, the stock is trading at a trailing P/E ratio of 16.8x, up from the previous P/E ratio of 14.3x. This compares to an average P/E of 21x in the Software industry in South Korea. Total returns to shareholders over the past three years are 91%. Is New 90 Day High Low • Dec 02
New 90-day low: ₩7,410 The company is down 7.0% from its price of ₩7,960 on 03 September 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 Software industry, which is up 1.0% over the same period. Reported Earnings • Nov 20
First quarter 2021 earnings released: ₩10.00 loss per share The company reported a poor first quarter result with weaker earnings, revenues and control over expenses. First quarter 2021 results: Revenue: ₩4.13b (down 1.0% from 1Q 2020). Net loss: ₩81.7m (down 110% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings.