Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩22,950, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 268% over the past three years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩30,000, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 380% over the past three years. Declared Dividend • Feb 26
Dividend increased to ₩450 Dividend of ₩450 is 29% higher than last year. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 1.8%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (7% 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 13% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 26
HDC HOLDINGS CO.,Ltd, Annual General Meeting, Mar 26, 2026 HDC HOLDINGS CO.,Ltd, Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 520, yeongdong-daero, gangnam-gu, seoul South Korea Announcement • Feb 25
HDC HOLDINGS CO.,Ltd announces Annual dividend HDC HOLDINGS CO.,Ltd announced Annual dividend of KRW 450.0000 per share, ex-date on March 30, 2026 and record date on March 31, 2026. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩22,650, the stock trades at a trailing P/E ratio of 4.5x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 297% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩19,310, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 244% over the past three years. Announcement • Dec 12
HDC HOLDINGS CO.,Ltd(KOSE:A012630) dropped from KOSPI 200 Index HDC HOLDINGS CO.,Ltd has been droppped from the KOSPI 200 Index Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩1,473 (vs ₩855 in 3Q 2024) Third quarter 2025 results: EPS: ₩1,473 (up from ₩855 in 3Q 2024). Revenue: ₩1.82t (up 16% from 3Q 2024). Net income: ₩73.5b (up 70% from 3Q 2024). Profit margin: 4.0% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩20,050, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 227% over the past three years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₩1,222 (vs ₩629 in 2Q 2024) Second quarter 2025 results: EPS: ₩1,222 (up from ₩629 in 2Q 2024). Revenue: ₩1.82t (up 18% from 2Q 2024). Net income: ₩60.7b (up 90% from 2Q 2024). Profit margin: 3.3% (up from 2.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 12
Now 20% undervalued Over the last 90 days, the stock has risen 26% to ₩24,050. The fair value is estimated to be ₩30,199, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 78%. Revenue is forecast to grow by 12% in a year. Earnings are forecast to grow by 118% in the next year. New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings have declined by 5.1% 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 Debt is not well covered by operating cash flow (6.9% operating cash flow to total debt). Earnings have declined by 5.1% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Aug 02
HDC HOLDINGS CO.,Ltd to Report First Half, 2025 Results on Aug 05, 2025 HDC HOLDINGS CO.,Ltd announced that they will report first half, 2025 results on Aug 05, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩17,790, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Chemicals industry in South Korea. Total returns to shareholders of 176% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩2,903 (vs ₩2,147 in FY 2023) Full year 2024 results: EPS: ₩2,903 (up from ₩2,147 in FY 2023). Revenue: ₩6.20t (up 4.9% from FY 2023). Net income: ₩146.4b (up 29% from FY 2023). Profit margin: 2.4% (up from 1.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₩467 (vs ₩410 in 1Q 2023) First quarter 2024 results: EPS: ₩467 (up from ₩410 in 1Q 2023). Revenue: ₩1.37t (down 8.0% from 1Q 2023). Net income: ₩24.0b (up 7.2% from 1Q 2023). Profit margin: 1.8% (up from 1.5% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩2,147 (vs ₩93.00 loss in FY 2022) Full year 2023 results: EPS: ₩2,147 (up from ₩93.00 loss in FY 2022). Revenue: ₩5.91t (up 17% from FY 2022). Net income: ₩113.1b (up ₩118.2b from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Feb 29
HDC HOLDINGS CO.,Ltd, Annual General Meeting, Mar 28, 2024 HDC HOLDINGS CO.,Ltd, Annual General Meeting, Mar 28, 2024, at 10:00 Korea Standard Time. Location: Pony Chung Hall, 520 Yeongdong-daero, Gangnam-gu Seoul South Korea Agenda: To consider approval of the 47th (January 1-December 31, 2023) financial statement (including surplus appropriation statement) and consolidated financial statement; to consider changes in some Articles of incorporation; to consider appointment of directors (draft) (1 inside director, 2 outside directors); and to transact such other business matters. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩7,900, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total loss to shareholders of 24% over the past three years. Buying Opportunity • Jan 12
Now 21% undervalued Over the last 90 days, the stock is up 6.0%. The fair value is estimated to be ₩8,272, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Dec 20
Upcoming dividend of ₩250 per share at 3.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 24 April 2024. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 28 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.4%). Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. CEO, President & Director Byeong-gyu Yoo was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. CEO, President & Director Byeong-gyu Yoo was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 7.7% but the company is not cash flow positive. Trailing yield: 2.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.5%). Announcement • Jun 12
HDC HOLDINGS CO.,Ltd(KOSE:A012630) dropped from KOSPI 200 Index HDC HOLDINGS CO.,Ltd has been removed from KOSPI 200 Index . Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 18% share price gain to ₩14,550, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 21x in the Chemicals industry in South Korea. Total returns to shareholders of 173% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩1,869 (vs ₩4,460 in FY 2019) The company reported a decent full year result with improved revenues, although earnings and profit margins were weaker. Full year 2020 results: Revenue: ₩3.95t (up 144% from FY 2019). Net income: ₩103.6b (down 60% from FY 2019). Profit margin: 2.6% (down from 16% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Announcement • Mar 04
HDC HOLDINGS CO.,Ltd, Annual General Meeting, Mar 25, 2021 HDC HOLDINGS CO.,Ltd, Annual General Meeting, Mar 25, 2021, at 09:00 Korea Standard Time. Announcement • Jan 30
HDC HOLDINGS CO.,Ltd to Report Q4, 2020 Results on Feb 04, 2021 HDC HOLDINGS CO.,Ltd announced that they will report Q4, 2020 results on Feb 04, 2021 Is New 90 Day High Low • Jan 19
New 90-day high: ₩11,800 The company is up 14% from its price of ₩10,350 on 21 October 2020. The South Korean market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 35% over the same period. Announcement • Jul 31
HDC HOLDINGS CO.,Ltd (KOSE:A012630) acquired an additional 12.5% stake in HDC 1st Reit Co., Ltd from Hdc I-Service Co., Ltd. and HDC I-Controls Co., Ltd. (KOSE:A039570) for KRW 2.4 billion. HDC HOLDINGS CO.,Ltd (KOSE:A012630) acquired an additional 12.5% stake in HDC 1st Reit Co., Ltd from Hdc I-Service Co., Ltd. and HDC I-Controls Co., Ltd. (KOSE:A039570) for KRW 2.4 billion on April 24, 2020. As per terms, Hdc I-Service Co., Ltd. and HDC I-Controls Co., Ltd. sold 0.04 million shares each at KRW 29,562 per share. Post completion, HDC HOLDINGS CO.,Ltd increased its stake in HDC 1st Reit Co., Ltd from 81.25% to 93.75% whereas Hdc I-Service Co., Ltd. and HDC I-Controls Co., Ltd. reduced their stake in HDC 1st Reit Co., Ltd to 0%.
HDC HOLDINGS CO.,Ltd (KOSE:A012630) completed the acquisition of an additional 12.5% stake in HDC 1st Reit Co., Ltd from Hdc I-Service Co., Ltd. and HDC I-Controls Co., Ltd. (KOSE:A039570) on April 24, 2020. Announcement • Jul 30
HDC HOLDINGS CO.,Ltd (KOSE:A012630) acquired an additional 6.43% stake in Youngchang Co., Ltd. from HDC I-Controls Co., Ltd. (KOSE:A039570) for KRW 1 billion. HDC HOLDINGS CO.,Ltd (KOSE:A012630) acquired an additional 6.43% stake in Youngchang Co., Ltd. from HDC I-Controls Co., Ltd. (KOSE:A039570) for KRW 1 billion on April 24, 2020. Under the terms of the transaction, HDC HOLDINGS acquired 14.4 million shares at a price of KRW 72 per share.
HDC HOLDINGS CO.,Ltd (KOSE:A012630) completed the acquisition of an additional 6.43% stake in Youngchang Co., Ltd. from HDC I-Controls Co., Ltd. (KOSE:A039570) on April 24, 2020. 