New Risk • 8h
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 35% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • Aug 15
Second quarter 2026 earnings released: EPS: ₩1,234 (vs ₩62.00 loss in 2Q 2025) Second quarter 2026 results: EPS: ₩1,234 (up from ₩62.00 loss in 2Q 2025). Revenue: ₩328.5b (up 24% from 2Q 2025). Net income: ₩29.6b (up ₩31.1b from 2Q 2025). Profit margin: 9.0% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% 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 • Jul 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩11,480, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩10,180, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total loss to shareholders of 42% over the past three years. Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: ₩97.00 (vs ₩1,879 in FY 2024) Full year 2025 results: EPS: ₩97.00 (down from ₩1,879 in FY 2024). Revenue: ₩1.04t (down 2.9% from FY 2024). Net income: ₩2.34b (down 95% from FY 2024). Profit margin: 0.2% (down from 4.2% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 25
Dividend of ₩300 announced Dividend of ₩300 is the same as last year. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 3.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 63% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.9% EPS decline seen over the last 5 years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩71.00 (vs ₩479 in 3Q 2024) Third quarter 2025 results: EPS: ₩71.00 (down from ₩479 in 3Q 2024). Revenue: ₩258.6b (down 9.5% from 3Q 2024). Net income: ₩1.70b (down 85% from 3Q 2024). Profit margin: 0.7% (down from 4.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ₩62.00 loss per share (vs ₩441 profit in 2Q 2024) Second quarter 2025 results: ₩62.00 loss per share (down from ₩441 profit in 2Q 2024). Revenue: ₩265.4b (down 3.0% from 2Q 2024). Net loss: ₩1.48b (down 114% from profit in 2Q 2024). 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 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: ₩1,879 (vs ₩1,452 in FY 2023) Full year 2024 results: EPS: ₩1,879 (up from ₩1,452 in FY 2023). Revenue: ₩1.07t (up 3.9% from FY 2023). Net income: ₩45.1b (up 29% from FY 2023). Profit margin: 4.2% (up from 3.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Anuncio • Feb 26
Songwon Industrial Co., Ltd. announces Annual dividend Songwon Industrial Co., Ltd. announced Annual dividend of KRW 300.0000 per share, ex-date on March 28, 2025 and record date on March 31, 2025. Anuncio • Feb 25
Songwon Industrial Co., Ltd., Annual General Meeting, Mar 21, 2025 Songwon Industrial Co., Ltd., Annual General Meeting, Mar 21, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 83, jangsaengpo-ro, nam-gu, ulsan South Korea Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₩479 (vs ₩390 in 3Q 2023) Third quarter 2024 results: EPS: ₩479 (up from ₩390 in 3Q 2023). Revenue: ₩285.8b (up 15% from 3Q 2023). Net income: ₩11.5b (up 23% from 3Q 2023). Profit margin: 4.0% (up from 3.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩11,180, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 10x in the Chemicals industry in South Korea. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩12,350, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩10,060, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 44% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩278 (vs ₩443 in 1Q 2023) First quarter 2024 results: EPS: ₩278 (down from ₩443 in 1Q 2023). Revenue: ₩255.8b (down 4.3% from 1Q 2023). Net income: ₩6.66b (down 37% from 1Q 2023). Profit margin: 2.6% (down from 4.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ₩1,452 (vs ₩5,497 in FY 2022) Full year 2023 results: EPS: ₩1,452 (down from ₩5,497 in FY 2022). Revenue: ₩1.03t (down 23% from FY 2022). Net income: ₩34.8b (down 74% from FY 2022). Profit margin: 3.4% (down from 9.9% in FY 2022). The decrease in margin was driven by lower revenue. 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 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩16,360, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 9.6% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 04 April 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩391 (vs ₩1,724 in 3Q 2022) Third quarter 2023 results: EPS: ₩391 (down from ₩1,724 in 3Q 2022). Revenue: ₩247.9b (down 29% from 3Q 2022). Net income: ₩9.37b (down 77% from 3Q 2022). Profit margin: 3.8% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Aug 21
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: 6.1% Last year net profit margin: 11% 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. Profit margins are more than 30% lower than last year (6.1% net profit margin). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩18,730, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₩443 (vs ₩1,809 in 1Q 2022) First quarter 2023 results: EPS: ₩443 (down from ₩1,809 in 1Q 2022). Revenue: ₩267.2b (down 21% from 1Q 2022). Net income: ₩10.6b (down 76% from 1Q 2022). Profit margin: 4.0% (down from 13% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: ₩5,497 (vs ₩3,011 in FY 2021) Full year 2022 results: EPS: ₩5,497 (up from ₩3,011 in FY 2021). Revenue: ₩1.33t (up 33% from FY 2021). Net income: ₩131.9b (up 83% from FY 2021). Profit margin: 9.9% (up from 7.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 1.9% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Dongbek Park was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩16,200, the stock trades at a trailing P/E ratio of 3x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total loss to shareholders of 11% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₩1,611 (vs ₩633 in 2Q 2021) Second quarter 2022 results: EPS: ₩1,611 (up from ₩633 in 2Q 2021). Revenue: ₩342.7b (up 48% from 2Q 2021). Net income: ₩38.7b (up 154% from 2Q 2021). Profit margin: 11% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 24% growth forecast for the Chemicals industry in South Korea. 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 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₩1,809 (vs ₩417 in 1Q 2021) First quarter 2022 results: EPS: ₩1,809 (up from ₩417 in 1Q 2021). Revenue: ₩338.4b (up 52% from 1Q 2021). Net income: ₩43.4b (up 334% from 1Q 2021). Profit margin: 13% (up from 4.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 22%, compared to a 23% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ₩36,000 Up from ₩26,000, the current price target is provided by 1 analyst. New target price is 46% above last closing price of ₩24,600. Stock is up 13% over the past year. The company posted earnings per share of ₩3,011 last year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Dongbek Park was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 05
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₩3,011 (up from ₩1,144 in FY 2020). Revenue: ₩998.2b (up 24% from FY 2020). Net income: ₩72.3b (up 163% from FY 2020). Profit margin: 7.2% (up from 3.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 19%, compared to a 23% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 03
Price target increased to ₩29,000 Up from ₩26,833, the current price target is provided by 1 analyst. New target price is 48% above last closing price of ₩19,600. Stock is down 1.8% over the past year. The company posted earnings per share of ₩1,144 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 7.4% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.5%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ₩874 (vs ₩356 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩260.1b (up 33% from 3Q 2020). Net income: ₩21.0b (up 146% from 3Q 2020). Profit margin: 8.1% (up from 4.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ₩417 (vs ₩459 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ₩222.5b (up 5.7% from 1Q 2020). Net income: ₩10.0b (down 9.3% from 1Q 2020). Profit margin: 4.5% (down from 5.2% 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 11% per year and the company’s share price has also fallen by 11% per year. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₩21,650, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total loss to shareholders of 22% over the past three years. Reported Earnings • Mar 09
Full year 2020 earnings released: EPS ₩1,144 (vs ₩1,448 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ₩807.8b (flat on FY 2019). Net income: ₩27.5b (down 21% from FY 2019). Profit margin: 3.4% (down from 4.3% in FY 2019). 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. Anuncio • Feb 23
Songwon Industrial Co., Ltd., Annual General Meeting, Mar 19, 2021 Songwon Industrial Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Location: Songwon Industrial Co., Ltd. 3rd floor auditorium 83 Jangsaengpo-ro, Nam-gu Ulsan South Korea Agenda: To approve the group financial statements and the consolidated financial statements; to approve the remuneration limit for directors; and to approve the remuneration limit of auditors. Is New 90 Day High Low • Feb 19
New 90-day high: ₩21,250 The company is up 49% from its price of ₩14,250 on 20 November 2020. The South Korean market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 23% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: ₩18,950 The company is up 31% from its price of ₩14,450 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 32% over the same period. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 18% share price gain to ₩18,950, the stock is trading at a trailing P/E ratio of 14.9x, up from the previous P/E ratio of 12.6x. This compares to an average P/E of 17x in the Chemicals industry in South Korea. Total return to shareholders over the past three years is a loss of 18%. Is New 90 Day High Low • Jan 07
New 90-day high: ₩17,750 The company is up 16% from its price of ₩15,250 on 08 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 Chemicals industry, which is up 22% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩150 Per Share Will be paid on the 7th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (0.9%). Is New 90 Day High Low • Dec 09
New 90-day high: ₩17,050 The company is up 29% from its price of ₩13,250 on 10 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 Chemicals industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 16% share price gain to ₩17,050, the stock is trading at a trailing P/E ratio of 13.4x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 15x in the Chemicals industry in South Korea. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Oct 06
New 90-day high: ₩14,500 The company is up 8.0% from its price of ₩13,400 on 08 July 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 30% over the same period. 
