Korea Small Cap Gem #32: Pulmuone

• Pulmuone has benefited from improved sales and profitability of its US subsidiary, driven by higher demand for Korean foods and plant based/non-meat based foods such as tofu.

• The company has nearly 70% market share in the tofu segment in the US. It has gained meaningful economies of scale of its tofu product in the United States.

• Pulmuone currently has a market cap of 390 billion won. Using the consensus net profit estimate of 37.6 billion won, this would suggest a P/E of 10.3x.