New Risk • May 16
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 1.9% per year over the past 5 years. New Risk • Mar 24
New major risk - Revenue and earnings growth Earnings have declined by 1.7% 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 Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 24
Full year 2025 earnings released: ₩708 loss per share (vs ₩221 profit in FY 2024) Full year 2025 results: ₩708 loss per share (down from ₩221 profit in FY 2024). Revenue: ₩1.36t (down 1.3% from FY 2024). Net loss: ₩60.4b (down 395% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 04
TS Corporation, Annual General Meeting, Mar 27, 2026 TS Corporation, Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 299, olympic-ro, songpa-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 18% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.9%). Declared Dividend • Nov 08
Dividend of ₩120 announced Dividend of ₩120 is the same as last year. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
TS Corporation announces Annual dividend, payable on March 31, 2026 TS Corporation announced Annual dividend of KRW 120.0000 per share payable on March 31, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Jul 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. New Risk • May 23
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩2,915, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 11x in the Food industry in South Korea. Total loss to shareholders of 28% over the past three years. New Risk • Apr 16
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 9.3% 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 (9.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ₩3,885, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 11x in the Food industry in South Korea. Total loss to shareholders of 2.5% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩221 (vs ₩354 in FY 2023) Full year 2024 results: EPS: ₩221 (down from ₩354 in FY 2023). Revenue: ₩1.37t (up 3.1% from FY 2023). Net income: ₩20.5b (down 37% from FY 2023). Profit margin: 1.5% (down from 2.4% in FY 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 25
TS Corporation, Annual General Meeting, Mar 21, 2025 TS Corporation, Annual General Meeting, Mar 21, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 299, olympic-ro, songpa-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩115 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 01 April 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.9%). Declared Dividend • Nov 27
Dividend of ₩115 announced Shareholders will receive a dividend of ₩115. Ex-date: 27th December 2024 Payment date: 1st April 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 13% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩34.00 (vs ₩75.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩34.00 (down from ₩75.00 in 3Q 2023). Revenue: ₩354.7b (up 6.0% from 3Q 2023). Net income: ₩3.27b (down 53% from 3Q 2023). Profit margin: 0.9% (down from 2.1% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. 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 Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.0% Last year net profit margin: 3.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Announcement • Aug 08
TS Corporation (KOSE:A001790) announces an Equity Buyback for KRW 10,000 million worth of its shares. TS Corporation (KOSE:A001790) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million worth of its shares, pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the program is to stabilize stock price and improve corporate value. The program will expire on August 7, 2025. As of August 6, 2024, the company had no shares in treasury within scope available for dividend and under other acquisitions. Buy Or Sell Opportunity • Mar 25
Now 20% overvalued Over the last 90 days, the stock has fallen 2.3% to ₩3,245. The fair value is estimated to be ₩2,702, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩354 (vs ₩276 in FY 2022) Full year 2023 results: EPS: ₩354 (up from ₩276 in FY 2022). Revenue: ₩1.33t (down 3.3% from FY 2022). Net income: ₩32.6b (up 28% from FY 2022). Profit margin: 2.4% (up from 1.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 20
Upcoming dividend of ₩120 per share at 3.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 03 April 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.9%). New Risk • Jun 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.3% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩129 (vs ₩43.00 loss in 1Q 2022) First quarter 2023 results: EPS: ₩129 (up from ₩43.00 loss in 1Q 2022). Revenue: ₩312.5b (down 1.9% from 1Q 2022). Net income: ₩11.8b (up ₩15.5b from 1Q 2022). Profit margin: 3.8% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩4,065, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 11x in the Food industry in South Korea. Total returns to shareholders of 136% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,085, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 11x in the Food industry in South Korea. Total returns to shareholders of 105% over the past three years. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: ₩276 (vs ₩220 in FY 2021) Full year 2022 results: EPS: ₩276 (up from ₩220 in FY 2021). Revenue: ₩1.38t (up 9.3% from FY 2021). Net income: ₩25.5b (up 27% from FY 2021). Profit margin: 1.9% (up from 1.6% in FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 03 April 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 4.1%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩2,660, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 10x in the Food industry in South Korea. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 20% share price gain to ₩4,955, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 11x in the Food industry in South Korea. Total returns to shareholders of 174% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings released: ₩43.00 loss per share (vs ₩46.00 profit in 1Q 2021) First quarter 2022 results: ₩43.00 loss per share (down from ₩46.00 profit in 1Q 2021). Revenue: ₩318.6b (up 12% from 1Q 2021). Net loss: ₩3.70b (down 193% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,545, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 12x in the Food industry in South Korea. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 36% share price gain to ₩3,900, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 13x in the Food industry in South Korea. Total returns to shareholders of 97% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩90.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.0%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.4%). Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS ₩80.00 (vs ₩110 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₩331.3b (up 6.0% from 3Q 2020). Net income: ₩6.88b (down 27% from 3Q 2020). Profit margin: 2.1% (down from 3.0% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 20% share price gain to ₩8,740, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 16x in the Food industry in South Korea. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improved over the past week After last week's 22% share price gain to ₩27,200, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 16x in the Food industry in South Korea. Total returns to shareholders of 34% over the past three years. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS ₩2,625 (vs ₩1,380 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ₩1.21t (flat on FY 2019). Net income: ₩22.6b (up 91% from FY 2019). Profit margin: 1.9% (up from 1.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 21
New 90-day high: ₩21,950 The company is up 18% from its price of ₩18,600 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 2.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: ₩21,000 The company is up 9.0% from its price of ₩19,200 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 8.0% over the same period.