i-Scream Media (KOSDAQ: 461300): 93% of Korea's Teachers, Four Times Earnings

A capital-light compounder hiding on the Korean micro-cap market. 31% margins, a return on capital most companies dream of, a near-10% dividend, and a balance sheet unlike any you've seen.

i-Scream Media (KOSDAQ: 461300, 아이스크림미디어) is a Korean edtech micro cap worth about ₩200bn, and roughly 91% of that market value sits in cash and securities. Every so often you find a business that makes you re-check the numbers, because they look too good for where the stock is sitting. This is one of them.

Almost every primary-school teacher in South Korea opens its software on their screen every day. It sells textbooks that schools re-order year after year. It keeps 31 of every 100 won of sales as operating profit, has grown that profit by roughly a quarter a year for three years, earns triple-digit returns on the capital it actually uses, and pays a dividend yielding close to 10%. And you can buy the whole thing for about four times FY2025 earnings.