Pull up IB Kimyoung (KOSDAQ: 339950) on any screener and you see a dull, cheap Korean education stock: a mid-single-digit multiple, a 1.5% yield, revenue creeping up.
You move on. You would be wrong to. That 1.5% is a year stale; the real dividend is worth over 15% at today’s ₩2,650.
A third of the market value sits in cash. The core business earns more than 150% on the capital it uses.
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A 150% Return on Capital, a 15% Yield, and a Catch: The Korean Microcap the Screeners Miss