Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩8,110, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 7.3% over the past three years. New Risk • Mar 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.04% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩43.5b market cap, or US$29.1m). Reported Earnings • Mar 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₩511 (down from ₩607 in FY 2024). Revenue: ₩22.9b (down 3.3% from FY 2024). Net income: ₩2.58b (down 16% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩6,360, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 49% over the past three years. Duyuru • Feb 12
Innorules Co.,Ltd, Annual General Meeting, Mar 26, 2026 Innorules Co.,Ltd, Annual General Meeting, Mar 26, 2026, at 09:30 Tokyo Standard Time. Location: conference room, 7, beobwon-ro 6-gil, songpa-gu, seoul South Korea New Risk • Jan 20
New major risk - Revenue and earnings growth Earnings have declined by 2.1% 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 2.1% per year over the past 5 years. 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 (₩26.8b market cap, or US$18.2m). Upcoming Dividend • Dec 22
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 16 April 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Declared Dividend • Nov 08
Dividend of ₩250 announced Dividend of ₩250 is the same as last year. Ex-date: 29th December 2025 Payment date: 16th April 2026 Dividend yield will be 4.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 31% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Nov 07
Innorules Co.,Ltd announces Annual dividend, payable on April 16, 2026 Innorules Co.,Ltd announced Annual dividend of KRW 250.0000 per share payable on April 16, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩7,940, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 17% over the past year. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩607 (vs ₩7.00 in FY 2023) Full year 2024 results: EPS: ₩607 (up from ₩7.00 in FY 2023). Revenue: ₩23.7b (up 53% from FY 2023). Net income: ₩3.07b (up ₩3.04b from FY 2023). Profit margin: 13% (up from 0.2% in FY 2023). The increase in margin was driven by higher revenue. Duyuru • Feb 19
Innorules Co.,Ltd, Annual General Meeting, Mar 27, 2025 Innorules Co.,Ltd, Annual General Meeting, Mar 27, 2025, at 09:10 Tokyo Standard Time. Location: conference room, 7, beobwon-ro 6-gil, songpa-gu, seoul South Korea New Risk • Feb 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 92% Dividend yield: 3.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (92% cash payout ratio). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩33.0b market cap, or US$22.7m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (1.6%). 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 Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩34.8b market cap, or US$24.2m). New Risk • Dec 09
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 10.0% 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 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (₩35.6b market cap, or US$24.9m). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,050, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 1.6% over the past year. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩6,000, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 14% over the past year. New Risk • Aug 05
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 7.9% 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 29% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (₩27.6b market cap, or US$20.2m). Buy Or Sell Opportunity • Jul 18
Now 37% overvalued after recent price rise Over the last 90 days, the stock has risen 1.4% to ₩7,200. The fair value is estimated to be ₩5,251, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last year. Earnings per share has declined by 16%. New Risk • Jun 10
New major risk - Revenue and earnings growth Earnings have declined by 29% 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 29% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩40.1b market cap, or US$29.1m). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩7.00 (vs ₩500 in FY 2022) Full year 2023 results: EPS: ₩7.00 (down from ₩500 in FY 2022). Revenue: ₩15.5b (down 4.4% from FY 2022). Net income: ₩34.8m (down 98% from FY 2022). Profit margin: 0.2% (down from 13% in FY 2022). The decrease in margin was primarily driven by higher expenses. Upcoming Dividend • Dec 20
Upcoming dividend of ₩110 per share at 1.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩7,650, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 16x in the Software industry in South Korea. Duyuru • May 17
Innorules Co.,Ltd (KOSDAQ:A296640) announces an Equity Buyback for KRW 1,000 million worth of its shares. Innorules Co.,Ltd (KOSDAQ:A296640) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to a trust agreement with NH Investment & Securities Co., Ltd. The purpose behind the program is to stabilize the stock price and to enhance shareholder value. The program will continue until May 16, 2024. As of May 14, 2023, the company had no shares in treasury through buyback within dividend capacity or through other acquisitions. Buying Opportunity • Apr 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₩12,102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩10,290, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 20x in the Software industry in South Korea. Buying Opportunity • Mar 31
Now 23% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be ₩15,161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Oct 25
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩18,664, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last year. Earnings per share has grown by 16%. Duyuru • Oct 08
Innorules Co.,Ltd has completed an IPO in the amount of KRW 14.4343 billion. Innorules Co.,Ltd has completed an IPO in the amount of KRW 14.4343 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 818,187
Price\Range: KRW 12500
Discount Per Security: KRW 500
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 336,557
Price\Range: KRW 12500
Discount Per Security: KRW 500
Transaction Features: ESOP Related Offering; Sponsor Backed Offering