Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩8,980, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 6x in the Construction industry in South Korea. Total returns to shareholders of 137% over the past three years. Buy Or Sell Opportunity • May 29
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₩9,310. The fair value is estimated to be ₩12,064, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Meanwhile, the company has become profitable. New Risk • May 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.1b (US$97.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 42% per year over the past 5 years. 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 (14% average weekly change). Market cap is less than US$100m (₩145.1b market cap, or US$97.1m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩10,410, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 179% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩10,760, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 166% over the past three years. New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 42% 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 42% per year over the past 5 years. 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 (13% average weekly change). Market cap is less than US$100m (₩129.5b market cap, or US$85.9m). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩10,210, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 170% over the past three years. New Risk • Mar 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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. Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. New Risk • Mar 03
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 10% 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 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 (10% average weekly change). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩8,530, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 127% over the past three years. Annonce • Feb 24
Sungdo Engineering & Construction Co., Ltd., Annual General Meeting, Mar 27, 2026 Sungdo Engineering & Construction Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 42, yeongdong-daero 106-gil, gangnam-gu, seoul South Korea 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 ₩7,340, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩7,410, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 69% over the past three years. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩889 (vs ₩401 in 3Q 2024) Third quarter 2025 results: EPS: ₩889 (up from ₩401 in 3Q 2024). Revenue: ₩176.1b (down 37% from 3Q 2024). Net income: ₩12.6b (up 121% from 3Q 2024). Profit margin: 7.2% (up from 2.0% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,740, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 34% over the past three years. Annonce • Feb 22
Sungdo Engineering & Construction Co., Ltd., Annual General Meeting, Mar 28, 2025 Sungdo Engineering & Construction Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 42, yeongdong-daero 106-gil, gangnam-gu, seoul South Korea Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩4,855, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 3.8% over the past three years. New Risk • Dec 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₩61.1b market cap, or US$43.9m). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩5,120, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 6.5% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.9%). Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩325 (vs ₩173 in 3Q 2022) Third quarter 2023 results: EPS: ₩325 (up from ₩173 in 3Q 2022). Revenue: ₩162.3b (up 12% from 3Q 2022). Net income: ₩4.62b (up 88% from 3Q 2022). Profit margin: 2.8% (up from 1.7% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 14 April 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 27% share price gain to ₩6,230, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 109% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,910, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 5x in the Construction industry in South Korea. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,965, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 7x in the Construction industry in South Korea. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 23% share price gain to ₩7,100, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 40% over the past three years. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩1,483 (down from ₩6,074 in FY 2020). Revenue: ₩555.6b (up 3.4% from FY 2020). Net income: ₩21.4b (down 76% from FY 2020). Profit margin: 3.8% (down from 17% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. Payout ratio is a comfortable 3.4% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.1%). Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩212 (vs ₩175 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₩119.2b (down 13% from 1Q 2020). Net income: ₩3.12b (up 21% from 1Q 2020). Profit margin: 2.6% (up from 1.9% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS ₩6,074 (vs ₩4,277 loss 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: ₩537.5b (down 23% from FY 2019). Net income: ₩89.3b (up ₩153.6b from FY 2019). Profit margin: 17% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Annonce • Feb 17
Sungdo Engineering & Construction Co., Ltd., Annual General Meeting, Mar 19, 2021 Sungdo Engineering & Construction Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 25
New 90-day high: ₩6,210 The company is up 57% from its price of ₩3,955 on 27 October 2020. The South Korean market is up 33% 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. Is New 90 Day High Low • Jan 04
New 90-day high: ₩4,765 The company is up 9.0% from its price of ₩4,380 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ₩4,560 The company is up 9.0% from its price of ₩4,185 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 18% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: ₩4,475 The company is up 24% from its price of ₩3,620 on 15 July 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: ₩4,470 The company is up 22% from its price of ₩3,650 on 25 June 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 2.0% over the same period.