New Risk • Jul 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (19% increase in shares outstanding). Buy Or Sell Opportunity • Apr 28
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to ₩16,650. The fair value is estimated to be ₩13,454, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to ₩81,800. The fair value is estimated to be ₩67,268, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: ₩20,013 (vs ₩2,136 in FY 2024) Full year 2025 results: EPS: ₩20,013 (up from ₩2,136 in FY 2024). Revenue: ₩1.33t (up 14% from FY 2024). Net income: ₩86.7b (up ₩77.6b from FY 2024). Profit margin: 6.5% (up from 0.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩71,200, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 5x in the Gas Utilities industry in South Korea. Total returns to shareholders of 248% over the past three years. Annonce • Feb 24
INVENI Co., Ltd., Annual General Meeting, Mar 18, 2026 INVENI Co., Ltd., Annual General Meeting, Mar 18, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 92, hangang-daero, yongsan-gu, seoul South Korea Upcoming Dividend • Feb 19
Upcoming dividend of ₩5,400 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 03 April 2026. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (3.5%). Buy Or Sell Opportunity • Feb 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to ₩82,500. The fair value is estimated to be ₩68,573, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Meanwhile, the company has become profitable. Declared Dividend • Jan 30
Dividend of ₩5,400 announced Shareholders will receive a dividend of ₩5,400. Ex-date: 26th February 2026 Payment date: 3rd April 2026 Dividend yield will be 6.9%, which is lower than the industry average of 9.7%. Sustainability & Growth Dividend is covered by earnings (23% 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 18% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 75% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jan 29
INVENI Co., Ltd. announces Annual dividend, payable on April 03, 2026 INVENI Co., Ltd. announced Annual dividend of KRW 3238.0000 per share payable on April 03, 2026, ex-date on February 26, 2026 and record date on February 27, 2026. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩79,500, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 5x in the Gas Utilities industry in South Korea. Total returns to shareholders of 263% over the past three years. Buy Or Sell Opportunity • Nov 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.8% to ₩62,200. The fair value is estimated to be ₩51,015, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ₩2,039 (vs ₩3,019 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩2,039 (up from ₩3,019 loss in 3Q 2024). Revenue: ₩150.3b (up 21% from 3Q 2024). Net income: ₩8.83b (up ₩21.8b from 3Q 2024). Profit margin: 5.9% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to ₩63,900. The fair value is estimated to be ₩52,218, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₩63,500. The fair value is estimated to be ₩52,839, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ₩63,600. The fair value is estimated to be ₩52,839, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: ₩11,949 (vs ₩1,926 in 2Q 2024) Second quarter 2025 results: EPS: ₩11,949 (up from ₩1,926 in 2Q 2024). Revenue: ₩247.1b (up 44% from 2Q 2024). Net income: ₩51.2b (up ₩42.9b from 2Q 2024). Profit margin: 21% (up from 4.8% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 12
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ₩62,800. The fair value is estimated to be ₩50,548, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jul 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₩61,300. The fair value is estimated to be ₩50,804, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩67,300, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 6x in the Gas Utilities industry in South Korea. Total returns to shareholders of 195% over the past three years. Buy Or Sell Opportunity • Jul 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to ₩61,400. The fair value is estimated to be ₩50,804, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Mar 13
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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 144% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Annonce • Mar 05
Yesco Holdings Co., Ltd., Annual General Meeting, Mar 20, 2025 Yesco Holdings Co., Ltd., Annual General Meeting, Mar 20, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 92, hangang-daero, yongsan-gu, seoul South Korea Upcoming Dividend • Feb 20
Upcoming dividend of ₩3,000 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 04 April 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.2%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩56,100, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 7x in the Gas Utilities industry in South Korea. Total returns to shareholders of 135% over the past three years. Reported Earnings • Nov 12
Third quarter 2024 earnings released: ₩3,019 loss per share (vs ₩3,089 loss in 3Q 2023) Third quarter 2024 results: ₩3,019 loss per share (improved from ₩3,089 loss in 3Q 2023). Revenue: ₩123.8b (flat on 3Q 2023). Net loss: ₩12.9b (loss narrowed 1.9% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Annonce • May 14
An undisclosed buyer agreed to acquire 65% stake in HANSUNG PCC Co. Ltd. from Yesco Holdings Co., Ltd. (KOSE:A015360) for KRW 80.5 billion. An undisclosed buyer agreed to acquire 65% stake in HANSUNG PCC Co. Ltd. from Yesco Holdings Co., Ltd. (KOSE:A015360) for KRW 80.5 billion on May 13, 2024. The consideration consists of KRW 80500 million in cash. As part of the consideration, KRW 80500 million was paid towards common equity. Annonce • May 10
Jeong In-cheol and Moon Man-young acquired 62.88% stake in Yesco Service Co., Ltd. from Yesco Holdings Co., Ltd. (KOSE:A015360) for KRW760 million. Jeong In-cheol and Moon Man-young acquired 62.88% stake in Yesco Service Co., Ltd. from Yesco Holdings Co., Ltd. (KOSE:A015360) for KRW760 million on April 30, 2024.Jeong In-cheol and Moon Man-young completed the acquisition of 62.88% stake in Yesco Service Co., Ltd. from Yesco Holdings Co., Ltd. (KOSE:A015360) for KRW760 million on April 30, 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩6,166 (vs ₩3,321 loss in FY 2022) Full year 2023 results: EPS: ₩6,166 (up from ₩3,321 loss in FY 2022). Revenue: ₩1.43t (down 2.7% from FY 2022). Net income: ₩26.3b (up ₩40.5b from FY 2022). Profit margin: 1.8% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2022 earnings released: ₩3,599 loss per share (vs ₩35,176 profit in FY 2021) Full year 2022 results: ₩3,599 loss per share (down from ₩35,176 profit in FY 2021). Revenue: ₩1.47t (up 14% from FY 2021). Net loss: ₩15.4b (down 193% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩2,250 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.9%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.2%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Outside Director Hyeon-Kuk Park was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 19
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ₩1,248 (down from ₩3,314 in 1Q 2021). Revenue: ₩508.9b (up 18% from 1Q 2021). Net income: ₩5.32b (down 62% from 1Q 2021). Profit margin: 1.0% (down from 3.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 31%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Outside Director Hyeon-Kuk Park was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,000 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (4.5%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,000 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (4.5%). Annonce • Mar 13
Yesco Holdings Co., Ltd., Annual General Meeting, Mar 30, 2021 Yesco Holdings Co., Ltd., Annual General Meeting, Mar 30, 2021, at 10:30 Korea Standard Time. Is New 90 Day High Low • Feb 15
New 90-day low: ₩34,000 The company is down 6.0% from its price of ₩36,000 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: ₩34,150 The company is down 6.0% from its price of ₩36,300 on 22 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₩36,750 The company is up 6.0% from its price of ₩34,600 on 25 September 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 19% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩1,750 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 4.2% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (1.8%). Is New 90 Day High Low • Nov 30
New 90-day low: ₩34,300 The company is down 2.0% from its price of ₩35,000 on 01 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 21% over the same period. Is New 90 Day High Low • Oct 23
New 90-day high: ₩36,450 The company is up 7.0% from its price of ₩34,200 on 24 July 2020. The South Korean market is also up 7.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Gas Utilities industry, which is up 25% over the same period.