Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩144,200, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Semiconductor industry in South Korea. Total returns to shareholders of 244% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩244,500, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 26x in the Semiconductor industry in South Korea. Total returns to shareholders of 510% over the past three years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩191,500, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 354% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩180,000, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 251% over the past three years. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩3,721 (vs ₩10.00 in FY 2024) Full year 2025 results: EPS: ₩3,721 (up from ₩10.00 in FY 2024). Revenue: ₩492.7b (up 17% from FY 2024). Net income: ₩41.7b (up ₩41.6b from FY 2024). Profit margin: 8.5% (up from 0% 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 31% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩104,000, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Total returns to shareholders of 94% over the past three years. Announcement • Feb 24
HD Hyundai Energy Solutions Co.,Ltd., Annual General Meeting, Mar 23, 2026 HD Hyundai Energy Solutions Co.,Ltd., Annual General Meeting, Mar 23, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 477, bundangsuseo-ro, bundang-gu, gyeonggi-do, seongnam South Korea Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩70,500, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 30% over the past three years. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩1,069 (vs ₩66.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩1,069 (up from ₩66.00 in 3Q 2024). Revenue: ₩121.0b (up 20% from 3Q 2024). Net income: ₩12.0b (up ₩11.2b from 3Q 2024). Profit margin: 9.9% (up from 0.7% 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 51% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩58,400, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 23x in the Semiconductor industry in South Korea. Negligible returns to shareholders over past three years. New Risk • Oct 23
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 7.6% 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 Earnings have declined by 5.4% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). New Risk • Sep 13
New major risk - Revenue and earnings growth Earnings have declined by 5.4% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩52,100, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 31% over the past three years. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩1,017 (vs ₩924 in 2Q 2024) Second quarter 2025 results: EPS: ₩1,017 (up from ₩924 in 2Q 2024). Revenue: ₩133.7b (up 19% from 2Q 2024). Net income: ₩11.4b (up 10% from 2Q 2024). Profit margin: 8.5% (down from 9.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩41,150, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total returns to shareholders of 24% over the past three years. New Risk • May 14
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 12% 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: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. New Risk • Apr 02
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 8.6% 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: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: ₩10.00 (vs ₩256 loss in FY 2023) Full year 2024 results: EPS: ₩10.00 (up from ₩256 loss in FY 2023). Revenue: ₩422.4b (down 23% from FY 2023). Net income: ₩114.2m (up ₩2.98b from FY 2023). Profit margin: 0% (up from net loss in FY 2023). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Feb 21
HD Hyundai Energy Solutions Co.,Ltd., Annual General Meeting, Mar 24, 2025 HD Hyundai Energy Solutions Co.,Ltd., Annual General Meeting, Mar 24, 2025, at 10:00 Tokyo Standard Time. Location: asan hall, 477, bundangsuseo-ro, bundang-gu, gyeonggi-do, seongnam South Korea New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (12% average weekly change). New Risk • Aug 20
New major risk - Revenue and earnings growth Earnings have declined by 2.8% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 2.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • May 23
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 11% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Reported Earnings • Mar 21
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: ₩256 loss per share (down from ₩5,412 profit in FY 2022). Revenue: ₩546.1b (down 45% from FY 2022). Net loss: ₩2.86b (down 105% from profit in FY 2022). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 23
HD Hyundai Energy Solutions Co.,Ltd., Annual General Meeting, Mar 26, 2024 HD Hyundai Energy Solutions Co.,Ltd., Annual General Meeting, Mar 26, 2024, at 10:00 Korea Standard Time. Location: Asan Hall, 1F, HD Hyundai Group Global R&D Center 477 Bundangsuseo-ro Seongnam- Si Gyeonggi-do South Korea Agenda: To consider Approval of the financial statement for the 8th fiscal year Jan.01,2023~Dec.31,2023; to consider Appointment of director; to consider Approval of the directors' remuneration limit; and to consider other matters. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩29,350, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 21% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share at 2.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 25 April 2024. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 0.7% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩32,100, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 7.1% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₩42,150, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Semiconductor industry in South Korea. Total returns to shareholders of 118% over the past three years. Reported Earnings • Mar 23
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: ₩5,412 (up from ₩594 loss in FY 2021). Revenue: ₩984.8b (up 66% from FY 2021). Net income: ₩60.6b (up ₩67.3b from FY 2021). Profit margin: 6.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) exceeded analyst estimates by 5.3%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩59,200, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 161% over the past three years. Price Target Changed • Nov 16
Price target increased to ₩80,000 Up from ₩73,000, the current price target is provided by 1 analyst. New target price is 23% above last closing price of ₩64,800. Stock is up 209% over the past year. The company is forecast to post earnings per share of ₩5,141 next year compared to a net loss per share of ₩594 last year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩60,200, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Semiconductor industry in South Korea. Total returns to shareholders of 144% over the past year. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 18% share price gain to ₩76,500, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 7x in the Semiconductor industry in South Korea. Total returns to shareholders of 194% over the past year. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 18% share price gain to ₩64,900, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 144% over the past year. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: ₩594 loss per share (down from ₩556 profit in FY 2020). Revenue: ₩593.2b (up 50% from FY 2020). Net loss: ₩6.66b (down 207% from profit in FY 2020). Revenue exceeded analyst estimates by 7.4%. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 21 April 2022. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩556 (vs ₩2,788 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩394.4b (down 12% from FY 2019). Net income: ₩6.22b (down 74% from FY 2019). Profit margin: 1.6% (down from 5.3% in FY 2019). Is New 90 Day High Low • Feb 26
New 90-day low: ₩32,500 The company is down 19% from its price of ₩40,000 on 27 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 Semiconductor industry, which is up 36% over the same period. Announcement • Feb 22
Hyundai Energy Solutions Co.,Ltd, Annual General Meeting, Mar 23, 2021 Hyundai Energy Solutions Co.,Ltd, Annual General Meeting, Mar 23, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 09
New 90-day low: ₩35,650 The company is down 9.0% from its price of ₩39,050 on 11 November 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 36% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₩43,000 The company is up 17% from its price of ₩36,650 on 07 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 38% over the same period. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 16% share price gain to ₩39,050, the stock is trading at a trailing P/E ratio of 21.8x, up from the previous P/E ratio of 18.8x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. Is New 90 Day High Low • Nov 09
New 90-day high: ₩42,650 The company is up 24% from its price of ₩34,350 on 11 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 20% share price gain to ₩42,650, the stock is trading at a trailing P/E ratio of 23.8x, up from the previous P/E ratio of 19.8x. This compares to an average P/E of 19x in the Semiconductor industry in South Korea. 
