New Risk • May 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 74% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩19,920, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 240% over the past three years. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩1,511 (vs ₩839 in FY 2024) Full year 2025 results: EPS: ₩1,511 (up from ₩839 in FY 2024). Revenue: ₩133.5b (up 28% from FY 2024). Net income: ₩25.5b (up 86% from FY 2024). Profit margin: 19% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩13,160, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 164% over the past three years. Duyuru • Feb 12
Hanla IMS Co., Ltd., Annual General Meeting, Mar 26, 2026 Hanla IMS Co., Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 115, hwajeonsandan 1-ro, gangseo-gu, busan South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 21% and the cash payout ratio is 78%. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩14,460, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 181% over the past three years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩467 (vs ₩158 in 3Q 2024) Third quarter 2025 results: EPS: ₩467 (up from ₩158 in 3Q 2024). Revenue: ₩31.7b (up 36% from 3Q 2024). Net income: ₩7.83b (up 203% from 3Q 2024). Profit margin: 25% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Declared Dividend • Nov 08
Dividend of ₩300 announced Dividend of ₩300 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 1.9%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is covered by earnings (27% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 28% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Nov 07
Hanla IMS Co., Ltd. announces Annual dividend, payable on April 15, 2026 Hanla IMS Co., Ltd. announced Annual dividend of KRW 300.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩20,800, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 360% over the past three years. New Risk • Oct 22
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 11% 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Sep 08
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 9.4% 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 High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩14,080, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 185% over the past three years. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩12,160, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩8,920, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 62% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩839 (vs ₩4,212 in FY 2023) Full year 2024 results: EPS: ₩839 (down from ₩4,212 in FY 2023). Revenue: ₩104.2b (up 32% from FY 2023). Net income: ₩13.7b (down 81% from FY 2023). Profit margin: 13% (down from 91% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 09
Hanla IMS Co., Ltd., Annual General Meeting, Mar 26, 2025 Hanla IMS Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 115, hwajeonsandan 1-ro, gangseo-gu, busan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: ₩4,212 (vs ₩470 in FY 2022) Full year 2023 results: EPS: ₩4,212 (up from ₩470 in FY 2022). Revenue: ₩78.9b (down 20% from FY 2022). Net income: ₩71.7b (up ₩63.5b from FY 2022). Profit margin: 91% (up from 8.3% in FY 2022). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 2.5% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.9%). Duyuru • Nov 21
Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces an Equity Buyback for KRW 2,000 million worth of its shares. Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares according to the contract with Mirae Asset Securities. The purpose of the program is stock price stability and shareholder value enhancement. The program will expire on November 19, 2024. As of November 19, 2023, the company had 400,000 treasury stock holdings in acquisition within the scope of allotment and no shares through other acquisition, respectively. Duyuru • Oct 06
Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces an Equity Buyback for KRW 3,000 million worth of its shares. Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares according to the contract with Mirae Asset Securities. The purpose of the program is stock price stability and shareholder value enhancement. The program will expire on October 4, 2024. As of October 4, 2023, the company had 0 treasury stock holdings in acquisition within the scope of allotment and through other acquisition, respectively. New Risk • Aug 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 26% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 26% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin). Market cap is less than US$100m (₩110.9b market cap, or US$84.1m). Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩6,320, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩7,200, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 105% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩470 (vs ₩237 in FY 2021) Full year 2022 results: EPS: ₩470 (up from ₩237 in FY 2021). Revenue: ₩98.6b (up 75% from FY 2021). Net income: ₩8.19b (up 99% from FY 2021). Profit margin: 8.3% (up from 7.3% in FY 2021). 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 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 05 April 2023. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.0%). Duyuru • Oct 15
Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces an Equity Buyback for KRW 1,000 million worth of its shares. Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares according to the contract with Mirae Asset Securities. The purpose of the program is stock price stability and shareholder value enhancement. The program will expire on October 13, 2023. As of October 13, 2022, the company had 363,914 and 0 treasury stock holdings in acquisition within the scope of allotment and through other acquisition, respectively. Duyuru • Jul 31
Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces an Equity Buyback for KRW 1,000 million worth of its shares. Hanla IMS Co., Ltd. (KOSDAQ:A092460) 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 contract with Mirae Asset Securities. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on July 28, 2023. As of July 28, 2022, the company had 189,394 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. Duyuru • Jun 25
Hanla IMS Co., Ltd. (KOSDAQ:A092460) announces an Equity Buyback for KRW 1,000 million worth of its shares. Hanla IMS Co., Ltd. (KOSDAQ:A092460) 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 contract with Mirae Asset Daewoo. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on June 23, 2023. As of June 23, 2022, the company had no shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. Upcoming Dividend • Dec 22
Upcoming dividend of ₩66.67 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 45% share price gain to ₩10,750, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 25x in the Electronic industry in South Korea. Total returns to shareholders of 41% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩300 (vs ₩392 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩54.3b (up 12% from FY 2019). Net income: ₩3.29b (down 25% from FY 2019). Profit margin: 6.1% (down from 9.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 23
New 90-day high: ₩6,900 The company is up 8.0% from its price of ₩6,380 on 25 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 30% over the same period. Duyuru • Feb 10
Hanla IMS Co., Ltd., Annual General Meeting, Mar 30, 2021 Hanla IMS Co., Ltd., Annual General Meeting, Mar 30, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 25
New 90-day high: ₩6,890 The company is up 21% from its price of ₩5,700 on 27 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 Electronic industry, which is up 58% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₩6,650 The company is up 16% from its price of ₩5,720 on 08 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 Electronic industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: ₩6,200 The company is up 17% from its price of ₩5,290 on 18 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 4.0% over the same period.