Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩33,600, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 6x in the Construction industry in South Korea. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩29,150, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 6x in the Construction industry in South Korea. Total returns to shareholders of 98% over the past three years. New Risk • Jul 01
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 13% 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩35,050, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 6x in the Construction industry in South Korea. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩34,050, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 141% over the past three years. New Risk • Mar 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.7% net profit margin). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩27,250, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 100% over the past three years. Announcement • Feb 28
HANYANG ENG Co.,Ltd, Annual General Meeting, Mar 23, 2026 HANYANG ENG Co.,Ltd, Annual General Meeting, Mar 23, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 72, yeongtong-ro 26beon-gil, gyeonggi-do, hwaseong South Korea Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩29,100, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩26,350, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 103% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩650 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 21% and the cash payout ratio is 88%. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩480 (vs ₩1,085 in 3Q 2024) Third quarter 2025 results: EPS: ₩480 (down from ₩1,085 in 3Q 2024). Revenue: ₩251.7b (up 1.2% from 3Q 2024). Net income: ₩7.86b (down 57% from 3Q 2024). Profit margin: 3.1% (down from 7.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Nov 08
Dividend of ₩650 announced Dividend of ₩650 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (17% 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 8.4% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
HANYANG ENG Co.,Ltd announces Annual dividend, payable on April 20, 2026 HANYANG ENG Co.,Ltd announced Annual dividend of KRW 650.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Jul 10
HANYANG ENG Co.,Ltd (KOSDAQ:A045100) announces an Equity Buyback for KRW 7,000 million worth of its shares. HANYANG ENG Co.,Ltd (KOSDAQ:A045100) announces a share repurchase program. Under the program, the company will repurchase up to KRW 7,000 million worth of its shares pursuant to a contract with KB Securities co., Ltds. The purpose of the share repurchase program is to increase shareholder value and stabilize stock price. The share repurchase program is valid until July 10, 2026. As of July 9, 2025, the company had 1,483,018 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Mar 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩4,527 (vs ₩4,540 in FY 2023) Full year 2024 results: EPS: ₩4,527 (down from ₩4,540 in FY 2023). Revenue: ₩1.19t (up 16% from FY 2023). Net income: ₩76.3b (down 1.3% from FY 2023). Profit margin: 6.4% (down from 7.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 22
HANYANG ENG Co.,Ltd, Annual General Meeting, Mar 24, 2025 HANYANG ENG Co.,Ltd, Annual General Meeting, Mar 24, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 72, yeongtong-ro 26beon-gil, gyeonggi-do, hwaseong South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 22 April 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.2%). New Risk • Dec 09
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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₩1,085 (vs ₩898 in 3Q 2023) Third quarter 2024 results: EPS: ₩1,085 (up from ₩898 in 3Q 2023). Revenue: ₩248.7b (up 12% from 3Q 2023). Net income: ₩18.4b (up 20% from 3Q 2023). Profit margin: 7.4% (up from 6.9% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Sep 12
HANYANG ENG Co.,Ltd (KOSDAQ:A045100) announces an Equity Buyback for KRW 5,000 million worth of its shares. HANYANG ENG Co.,Ltd (KOSDAQ:A045100) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with Samsung Securities. The purpose of the share repurchase program is to stabilize treasury stock. The share repurchase program is valid until September 11, 2025. As of September 11, 2024, the company had 1,183,787 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩1,350 (vs ₩1,083 in 1Q 2023) First quarter 2024 results: EPS: ₩1,350 (up from ₩1,083 in 1Q 2023). Revenue: ₩308.1b (up 21% from 1Q 2023). Net income: ₩22.9b (up 23% from 1Q 2023). Profit margin: 7.4% (up from 7.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 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 ₩21,550, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 25% over the past three years. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₩4,540 (vs ₩4,044 in FY 2022) Full year 2023 results: EPS: ₩4,540 (up from ₩4,044 in FY 2022). Revenue: ₩1.03t (down 12% from FY 2022). Net income: ₩77.4b (up 11% from FY 2022). Profit margin: 7.5% (up from 6.0% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share at 3.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 24 April 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩17,040, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 74% over the past three years. New Risk • Aug 04
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 8.5% 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 High level of non-cash earnings (22% accrual ratio). 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 (8.5% average weekly change). Upcoming Dividend • Dec 21
Upcoming dividend of ₩550 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 18 April 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.2%). Buying Opportunity • Nov 21
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩18,328, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₩1,422 (vs ₩628 in 3Q 2021) Third quarter 2022 results: EPS: ₩1,422 (up from ₩628 in 3Q 2021). Revenue: ₩307.4b (up 60% from 3Q 2021). Net income: ₩24.4b (up 124% from 3Q 2021). Profit margin: 7.9% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩1,422 (vs ₩628 in 3Q 2021) Third quarter 2022 results: EPS: ₩1,422 (up from ₩628 in 3Q 2021). Revenue: ₩307.4b (up 60% from 3Q 2021). Net income: ₩24.4b (up 124% from 3Q 2021). Profit margin: 7.9% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 09
HANYANG ENG Co.,Ltd (KOSDAQ:A045100) announces an Equity Buyback for KRW 2,000 million worth of its shares. HANYANG ENG Co.,Ltd (KOSDAQ:A045100) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares pursuant to a trust contract with Samsung Securities Co., Ltd. The purpose of the share repurchase program is to stabilize treasury stock. The share repurchase program is valid until July 7, 2023. As of July 7, 2022, the company had 799,907 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ₩2,635 (down from ₩2,766 in FY 2020). Revenue: ₩891.0b (up 18% from FY 2020). Net income: ₩45.8b (down 4.8% from FY 2020). Profit margin: 5.1% (down from 6.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 3.1%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.1%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 3.1%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.1%). Reported Earnings • May 20
First quarter 2021 earnings released: EPS ₩643 (vs ₩729 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ₩231.8b (up 38% from 1Q 2020). Net income: ₩11.2b (down 12% from 1Q 2020). Profit margin: 4.8% (down from 7.6% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩2,766 (vs ₩1,695 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₩758.5b (down 1.8% from FY 2019). Net income: ₩48.1b (up 63% from FY 2019). Profit margin: 6.3% (up from 3.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 21
New 90-day high: ₩18,250 The company is up 63% from its price of ₩11,200 on 23 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 36% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩450 Per Share Will be paid on the 22nd of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.8% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (2.0%). Valuation Update With 7 Day Price Move • Dec 10
Market bids up stock over the past week After last week's 16% share price gain to ₩15,250, the stock is trading at a trailing P/E ratio of 5.9x, up from the previous P/E ratio of 5.1x. This compares to an average P/E of 9x in the Construction industry in South Korea. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Dec 07
New 90-day high: ₩14,150 The company is up 31% from its price of ₩10,800 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: ₩12,000 The company is up 11% from its price of ₩10,850 on 12 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 Construction industry, which is down 5.0% over the same period.