New Risk • May 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.0% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩20,111 (vs ₩19,783 in FY 2024) Full year 2025 results: EPS: ₩20,111 (up from ₩19,783 in FY 2024). Revenue: ₩1.16t (down 4.9% from FY 2024). Net income: ₩79.3b (up 2.0% from FY 2024). Profit margin: 6.8% (up from 6.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 19
Upcoming dividend of ₩4,000 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 09 April 2026. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (1.2%). Announcement • Feb 13
KPX Holdings Co., Ltd., Annual General Meeting, Mar 20, 2026 KPX Holdings Co., Ltd., Annual General Meeting, Mar 20, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 137, mapo-daero, mapo-gu, seoul South Korea Upcoming Dividend • Jul 10
Upcoming dividend of ₩1,000 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 07 August 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.5%). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩19,783 (vs ₩21,366 in FY 2023) Full year 2024 results: EPS: ₩19,783 (down from ₩21,366 in FY 2023). Revenue: ₩1.22t (up 1.4% from FY 2023). Net income: ₩77.8b (down 7.4% from FY 2023). Profit margin: 6.4% (down from 7.0% in FY 2023). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Feb 22
KPX Holdings Co., Ltd., Annual General Meeting, Mar 21, 2025 KPX Holdings Co., Ltd., Annual General Meeting, Mar 21, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 137, mapo-daero, mapo-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩2,750 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 April 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.2%). 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. Upcoming Dividend • Jun 20
Upcoming dividend of ₩750 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 12 August 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩21,366 (vs ₩2,267 in FY 2022) Full year 2023 results: EPS: ₩21,366 (up from ₩2,267 in FY 2022). Revenue: ₩1.21t (down 2.7% from FY 2022). Net income: ₩84.0b (up ₩75.1b from FY 2022). Profit margin: 7.0% (up from 0.7% in FY 2022). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩2,400 per share at 7.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 7.2%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩600 per share at 5.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 11 August 2023. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.5%). Buying Opportunity • Apr 18
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩67,087, 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. Earnings per share has grown by 3.2%. Upcoming Dividend • Dec 21
Upcoming dividend of ₩2,250 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 07 April 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 5.3%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.4%). Board Change • Nov 16
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. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Upcoming Dividend • Jun 22
Upcoming dividend of ₩750 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 4.9%. Within top quartile of South Korean dividend payers (3.2%). 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. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 08 April 2022. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 5.9%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.5%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 13 August 2021. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (1.4%). 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 ₩80,100, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 21x in the Chemicals industry in South Korea. Total returns to shareholders of 38% over the past three years. Announcement • May 08
KPX Holdings Co.,Ltd. (KOSE:A092230) announces an Equity Buyback for KRW 12,000 million worth of its shares. KPX Holdings Co.,Ltd. (KOSE:A092230) announces a share repurchase program. Under the program, the company will repurchase up to KRW 12,000 million worth of its own shares pursuant to a trust agreement with Samsung Securities Co., Ltd. The purpose of the program is to enhance shareholder value and efficiency of fund management through stock price stabilization. The program will expire on November 8, 2021. As of May 6, 2021, the company had 138,750 shares within the range of dividends available and no shares under other acquisitions. Announcement • Mar 05
KPX Holdings Co.,Ltd., Annual General Meeting, Mar 26, 2021 KPX Holdings Co.,Ltd., Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Mar 05
New 90-day low: ₩55,900 The company is down 9.0% from its price of ₩61,500 on 04 December 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩2,000 Per Share Will be paid on the 9th of April to those who are registered shareholders by the 29th of December. The trailing yield of 4.1% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (0.9%). Valuation Update With 7 Day Price Move • Nov 18
Market pulls back on stock over the past week After last week's 16% share price decline to ₩69,000, the stock is trading at a trailing P/E ratio of 4.8x, down from the previous P/E ratio of 5.7x. This compares to an average P/E of 13x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 12%. Is New 90 Day High Low • Nov 10
New 90-day high: ₩63,400 The company is up 49% from its price of ₩42,550 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 Chemicals industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 34% share price gain to ₩63,400, the stock is trading at a trailing P/E ratio of 4.4x, up from the previous P/E ratio of 3.3x. This compares to an average P/E of 13x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 2.6%. Is New 90 Day High Low • Oct 19
New 90-day high: ₩49,150 The company is up 16% from its price of ₩42,550 on 21 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 25% over the same period.