What each of the three financial statements answers, how to open them on DART, and how they interlock in Muhak’s real 2024 numbers — read in ratios and trends, not single figures.
Revenue up 40% and operating profit up 75% in 2024, at a PBR of 0.36x. The questions are whether that surge is structural, and whether the record of rights issues and CBs keeps diluting shareholders.
Recurring rental revenue passed KRW 1tn in 2024 with operating profit of KRW 164.8bn, yet the shares trade at a PER of 3.9x. The pressure points: dealings with parent Cuckoo Holdings, and the substance of Malaysia.
Net cash-like assets of about KRW 374.5bn against a market capitalisation of KRW 214.9bn. But much of that cash sits in marketable financial assets, which is what makes net profit swing so widely.
A ‘patriotic company’ story lifted the shares past the KRW 30bn delisting threshold to about KRW 52.5bn. Behind the premium sit a 1.8% operating margin, falling revenue and a net loss.
Monami’s price is being set by the KOSPI delisting market-cap threshold and a wave of retail solidarity buying, not by earnings — and the KRW 50bn bar arrives in 2027.
In 2025 overseas cigarette revenue overtook domestic for the first time at KT&G. What that shift means for a company long treated as a defensive domestic-demand dividend stock.
Diversification is not measured by how many holdings you own but by how differently they move. Correlation, the 20–30 stock limit, the three axes, and the moment diversification fails.
Turning the vague sense of “risky” into two measurable numbers — volatility and MDD — with real market drawdowns, the asymmetry of loss, and how both should shape the design of an account.
How an ETF is built, the types on the shelf, the three layers of cost most investors never see, the tax treatment by account, and a five-minute checklist for choosing between funds tracking the same index.
Setting the ratios between asset classes: the character of each ingredient, the classic formulas from 60/40 to All Weather, how rebalancing works, and the phases — 2022 above all — in which allocation fails.