Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: ₩1,489 (vs ₩1,038 in FY 2024) Full year 2025 results: EPS: ₩1,489 (up from ₩1,038 in FY 2024). Revenue: ₩140.4b (down 7.8% from FY 2024). Net income: ₩11.9b (up 44% from FY 2024). Profit margin: 8.4% (up from 5.4% in FY 2024). The increase in margin was driven by lower expenses. 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 5% per year, which means it is significantly lagging earnings. Annonce • Mar 10
TAEYANG Corporation, Annual General Meeting, Mar 27, 2026 TAEYANG Corporation, Annual General Meeting, Mar 27, 2026, at 09:30 Tokyo Standard Time. Location: auditorium, 27, eopseong 1-gil, seobuk-gu, chungcheongnam-do, cheonan South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩160 (vs ₩216 in 3Q 2024) Third quarter 2025 results: EPS: ₩160 (down from ₩216 in 3Q 2024). Revenue: ₩33.6b (down 2.8% from 3Q 2024). Net income: ₩1.28b (down 26% from 3Q 2024). Profit margin: 3.8% (down from 5.0% in 3Q 2024). 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 10% per year, which means it is significantly lagging earnings. New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩52.0b market cap, or US$37.5m). New Risk • Apr 25
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: 3.1% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.5% 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. Market cap is less than US$100m (₩51.8b market cap, or US$36.0m). Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ₩1,038 (vs ₩918 in FY 2023) Full year 2024 results: EPS: ₩1,038 (up from ₩918 in FY 2023). Revenue: ₩152.2b (down 3.0% from FY 2023). Net income: ₩8.26b (up 13% from FY 2023). Profit margin: 5.4% (up from 4.7% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Annonce • Mar 13
TAEYANG Corporation, Annual General Meeting, Mar 28, 2025 TAEYANG Corporation, Annual General Meeting, Mar 28, 2025, at 09:30 Tokyo Standard Time. Location: auditorium, 27, eopseong 1-gil, seobuk-gu, chungcheongnam-do, cheonan South Korea Buy Or Sell Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock has risen 2.4% to ₩6,400. The fair value is estimated to be ₩8,042, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Dec 20
Upcoming dividend of ₩380 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (4.0%). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩216 (vs ₩156 in 3Q 2023) Third quarter 2024 results: EPS: ₩216 (up from ₩156 in 3Q 2023). Revenue: ₩34.6b (up 3.2% from 3Q 2023). Net income: ₩1.72b (up 39% from 3Q 2023). Profit margin: 5.0% (up from 3.7% 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 2% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.5% to ₩6,150. The fair value is estimated to be ₩7,707, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₩6,070. The fair value is estimated to be ₩7,663, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩180 (vs ₩481 in 1Q 2023) First quarter 2024 results: EPS: ₩180 (down from ₩481 in 1Q 2023). Revenue: ₩38.1b (down 12% from 1Q 2023). Net income: ₩1.44b (down 63% from 1Q 2023). Profit margin: 3.8% (down from 8.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₩918 (vs ₩827 in FY 2022) Full year 2023 results: EPS: ₩918 (up from ₩827 in FY 2022). Revenue: ₩157.0b (down 9.9% from FY 2022). Net income: ₩7.31b (up 11% from FY 2022). Profit margin: 4.7% (up from 3.8% 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 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share at 4.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 12 April 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (3.5%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩156 (vs ₩647 in 3Q 2022) Third quarter 2023 results: EPS: ₩156 (down from ₩647 in 3Q 2022). Revenue: ₩33.5b (down 20% from 3Q 2022). Net income: ₩1.24b (down 76% from 3Q 2022). Profit margin: 3.7% (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 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩481 (vs ₩94.00 in 1Q 2022) First quarter 2023 results: EPS: ₩481 (up from ₩94.00 in 1Q 2022). Revenue: ₩43.4b (up 2.5% from 1Q 2022). Net income: ₩3.83b (up 413% from 1Q 2022). Profit margin: 8.8% (up from 1.8% in 1Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩827 (vs ₩604 in FY 2021) Full year 2022 results: EPS: ₩827 (up from ₩604 in FY 2021). Revenue: ₩174.2b (up 16% from FY 2021). Net income: ₩6.58b (up 37% from FY 2021). Profit margin: 3.8% (up from 3.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 11% 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: 07 April 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩7,560, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 7x in the Oil and Gas industry in South Korea. Total loss to shareholders of 20% over the past three years. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩604 (down from ₩881 in FY 2020). Revenue: ₩150.0b (up 6.0% from FY 2020). Net income: ₩4.81b (down 31% from FY 2020). Profit margin: 3.2% (down from 5.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improved over the past week After last week's 16% share price gain to ₩11,650, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 5x in the Oil and Gas industry in South Korea. Total returns to shareholders of 15% over the past three years. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS ₩881 (vs ₩925 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: ₩141.5b (flat on FY 2019). Net income: ₩7.01b (down 4.8% from FY 2019). Profit margin: 5.0% (down from 5.2% in FY 2019). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 20% share price gain to ₩10,700, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 7.9x. This compares to an average P/E of 10x in the Oil and Gas industry in South Korea. Total return to shareholders over the past three years is a loss of 8.4%. Is New 90 Day High Low • Feb 05
New 90-day high: ₩9,350 The company is up 14% from its price of ₩8,190 on 06 November 2020. The South Korean market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 66% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ₩9,140 The company is up 6.0% from its price of ₩8,630 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 Oil and Gas industry, which is up 47% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩150 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.8% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (1.7%). Is New 90 Day High Low • Oct 29
New 90-day low: ₩8,060 The company is down 14% from its price of ₩9,400 on 31 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is flat over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩8,230 The company is down 10.0% from its price of ₩9,130 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is flat over the same period.