Major Estimate Revision • May 16
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩34.2b to ₩37.1b. EPS estimate increased from ₩8,458 to ₩9,967 per share. Net income forecast to grow 600% next year vs 4.4% growth forecast for Gas Utilities industry in South Korea. Consensus price target down from ₩46,700 to ₩45,700. Share price was steady at ₩37,850 over the past week. New Risk • Mar 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 63% 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: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩34.6b to ₩32.7b. EPS estimate also fell from ₩10,096 per share to ₩8,105 per share. Net income forecast to shrink 16% next year vs 8.9% growth forecast for Gas Utilities industry in South Korea . Consensus price target broadly unchanged at ₩46,700. Share price fell 10% to ₩36,950 over the past week. Annuncio • Mar 06
Korea Gas Corporation, Annual General Meeting, Mar 31, 2026 Korea Gas Corporation, Annual General Meeting, Mar 31, 2026, at 14:00 Tokyo Standard Time. Location: conference room, 120, cheomdan-ro, dong-gu, daegu South Korea New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩36,150, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 14x in the Gas Utilities industry in Asia. Total returns to shareholders of 41% over the past three years. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩34.6b to ₩33.7b. EPS estimate also fell from ₩10,096 per share to ₩8,489 per share. Net income forecast to shrink 10% next year vs 10% growth forecast for Gas Utilities industry in South Korea . Consensus price target of ₩47,300 unchanged from last update. Share price fell 9.6% to ₩41,200 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,455 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 22 April 2026. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (3.5%). Declared Dividend • Nov 13
Dividend of ₩1,455 announced Dividend of ₩1,455 is the same as last year. Ex-date: 29th December 2025 Payment date: 22nd April 2026 Dividend yield will be 3.5%, which is lower than the industry average of 9.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 1.4% over the next 3 years. However, it would need to fall by 85% to increase the payout ratio to a potentially unsustainable range. Annuncio • Nov 12
Korea Gas Corporation announces Annual dividend, payable on April 22, 2026 Korea Gas Corporation announced Annual dividend of KRW 1455.0000 per share payable on April 22, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Major Estimate Revision • Aug 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩9,494 to ₩8,368 per share. Revenue forecast steady at ₩37.5b. Net income forecast to shrink 28% next year vs 8.2% growth forecast for Gas Utilities industry in South Korea . Consensus price target of ₩48,091 unchanged from last update. Share price was steady at ₩40,450 over the past week. Annuncio • Aug 07
Korea Gas Corporation to Report First Half, 2025 Results on Aug 08, 2025 Korea Gas Corporation announced that they will report first half, 2025 results on Aug 08, 2025 New Risk • Aug 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩47,350, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Gas Utilities industry in Asia. Total returns to shareholders of 41% over the past three years. New Risk • Jun 01
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: 3.5% 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 Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • May 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Reported Earnings • Mar 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ₩13,174 (up from ₩8,949 loss in FY 2023). Revenue: ₩38t (down 14% from FY 2023). Net income: ₩1.15t (up ₩1.91t from FY 2023). Profit margin: 3.0% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is expected to decline by 1.7% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 11
Price target decreased by 7.7% to ₩47,182 Down from ₩51,091, the current price target is an average from 11 analysts. New target price is 28% above last closing price of ₩36,850. Stock is up 30% over the past year. The company is forecast to post earnings per share of ₩10,203 next year compared to a net loss per share of ₩8,949 last year. Annuncio • Mar 06
Korea Gas Corporation, Annual General Meeting, Mar 31, 2025 Korea Gas Corporation, Annual General Meeting, Mar 31, 2025, at 14:00 Tokyo Standard Time. Location: conference room, 120, cheomdan-ro, dong-gu, daegu South Korea Annuncio • Feb 27
Korea Gas Corporation announces Annual dividend Korea Gas Corporation announced Annual dividend of KRW 1455.0000 per share, ex-date on December 27, 2024 and record date on December 31, 2024. Annuncio • Feb 19
Korea Gas Corporation to Report Fiscal Year 2024 Results on Feb 21, 2025 Korea Gas Corporation announced that they will report fiscal year 2024 results on Feb 21, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩30,100, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 11x in the Gas Utilities industry in Asia. Total loss to shareholders of 16% over the past three years. New Risk • Feb 07
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 10.0% 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: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩40,300, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Gas Utilities industry in Asia. Total returns to shareholders of 14% over the past three years. Annuncio • Nov 07
Korea Gas Corporation to Report Nine Months, 2024 Results on Nov 12, 2024 Korea Gas Corporation announced that they will report nine months, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Sep 06
Now 24% undervalued Over the last 90 days, the stock has risen 18% to ₩45,000. The fair value is estimated to be ₩58,880, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Aug 12
Price target increased by 10% to ₩43,000 Up from ₩39,000, the current price target is an average from 9 analysts. New target price is 6.9% below last closing price of ₩46,200. Stock is up 85% over the past year. The company is forecast to post earnings per share of ₩8,161 next year compared to a net loss per share of ₩8,949 last year. Buy Or Sell Opportunity • Jul 25
Now 22% undervalued Over the last 90 days, the stock has risen 43% to ₩38,500. The fair value is estimated to be ₩49,225, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 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 9.9% 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: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). Buy Or Sell Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.3% to ₩26,400. The fair value is estimated to be ₩33,307, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company became loss making. Board Change • May 01
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. 12 experienced directors. No highly experienced directors. Independent Non-Standing Director Moon-Kyou Song was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 23
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: ₩8,949 loss per share (down from ₩17,317 profit in FY 2022). Revenue: ₩45t (down 14% from FY 2022). Net loss: ₩761.2b (down 151% from profit in FY 2022). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annuncio • Feb 29
Korea Gas Corporation, Annual General Meeting, Mar 28, 2024 Korea Gas Corporation, Annual General Meeting, Mar 28, 2024, at 14:00 Korea Standard Time. Location: International Conference Hall, Korea Gas Corporation Headquarters 120 Cheomdan-ro (Sinseo-dong), Dong-gu Daegu South Korea Agenda: To consider the approval of the 2023 fiscal year consolidated financial statement, nonconsolidated financial statement, and attachments (draft); and to consider the approval of the standing directors' remuneration limit (draft). Major Estimate Revision • Feb 29
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩42.6b to ₩41.0b. EPS estimate also fell from ₩7,404 per share to ₩6,552 per share. Net income forecast to shrink 36% next year vs 15% growth forecast for Gas Utilities industry in South Korea . Consensus price target broadly unchanged at ₩35,091. Share price fell 3.6% to ₩29,050 over the past week. Buy Or Sell Opportunity • Feb 28
Now 21% undervalued Over the last 90 days, the stock has risen 14% to ₩28,250. The fair value is estimated to be ₩35,736, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 7.5% per annum. Earnings are forecast to grow by 5.1% per annum over the same time period. Major Estimate Revision • Feb 01
Consensus EPS estimates fall by 24% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩2,980 to ₩2,263 per share. Revenue forecast steady at ₩45.7b. Net income forecast to shrink 28% next year vs 9.8% growth forecast for Gas Utilities industry in South Korea . Consensus price target up from ₩32,545 to ₩33,727. Share price rose 17% to ₩27,600 over the past week. Major Estimate Revision • Nov 30
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩4,227 to ₩3,760 per share. Revenue forecast steady at ₩46.3b. Net income forecast to shrink 25% next year vs 12% growth forecast for Gas Utilities industry in South Korea . Consensus price target down from ₩34,455 to ₩33,364. Share price rose 2.5% to ₩24,850 over the past week. Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩1,964 loss per share (vs ₩3,297 loss in 3Q 2022) Third quarter 2023 results: ₩1,964 loss per share (improved from ₩3,297 loss in 3Q 2022). Revenue: ₩7.89t (down 27% from 3Q 2022). Net loss: ₩166.8b (loss narrowed 41% from 3Q 2022). Revenue is expected to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩4,431 to ₩3,939 per share. Revenue forecast steady at ₩46.7b. Net income forecast to shrink 18% next year vs 17% growth forecast for Gas Utilities industry in South Korea . Consensus price target of ₩35,273 unchanged from last update. Share price was steady at ₩23,600 over the past week. Annuncio • Nov 08
Korea Gas Corporation to Report Q3, 2023 Results on Nov 13, 2023 Korea Gas Corporation announced that they will report Q3, 2023 results on Nov 13, 2023 Price Target Changed • Oct 31
Price target decreased by 9.1% to ₩35,273 Down from ₩38,800, the current price target is an average from 11 analysts. New target price is 54% above last closing price of ₩22,850. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₩4,431 for next year compared to ₩17,317 last year. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.6% net profit margin). Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩48.5b to ₩47.2b. EPS estimate also fell from ₩9,237 per share to ₩5,441 per share. Net income forecast to shrink 33% next year vs 15% growth forecast for Gas Utilities industry in South Korea . Consensus price target broadly unchanged at ₩40,000. Share price fell 3.3% to ₩25,000 over the past week. Price Target Changed • Jun 24
Price target decreased by 7.9% to ₩40,300 Down from ₩43,750, the current price target is an average from 10 analysts. New target price is 63% above last closing price of ₩24,700. Stock is down 37% over the past year. The company is forecast to post earnings per share of ₩7,928 for next year compared to ₩17,317 last year. Price Target Changed • Jun 02
Price target decreased by 8.8% to ₩39,900 Down from ₩43,750, the current price target is an average from 10 analysts. New target price is 48% above last closing price of ₩26,900. Stock is down 40% over the past year. The company is forecast to post earnings per share of ₩7,928 for next year compared to ₩17,317 last year. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ₩1,533 (vs ₩8,526 in 1Q 2022) First quarter 2023 results: EPS: ₩1,533 (down from ₩8,526 in 1Q 2022). Revenue: ₩18t (up 28% from 1Q 2022). Net income: ₩133.3b (down 82% from 1Q 2022). Profit margin: 0.7% (down from 5.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 13
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩54.9b to ₩46.0b. EPS estimate fell from ₩11,207 to ₩6,921 per share. Net income forecast to shrink 55% next year vs 16% growth forecast for Gas Utilities industry in South Korea . Consensus price target of ₩43,000 unchanged from last update. Share price was steady at ₩26,500 over the past week. Major Estimate Revision • Apr 22
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩63.0b to ₩55.6b. EPS estimate fell from ₩12,050 to ₩11,558 per share. Net income forecast to shrink 32% next year vs 17% growth forecast for Gas Utilities industry in South Korea . Consensus price target of ₩42,500 unchanged from last update. Share price was steady at ₩28,100 over the past week. Reported Earnings • Mar 26
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₩17,317 (up from ₩11,078 in FY 2021). Revenue: ₩52t (up 88% from FY 2021). Net income: ₩1.49t (up 57% from FY 2021). Profit margin: 2.9% (down from 3.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 28
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩52.8b to ₩58.2b. EPS estimate increased from ₩12,099 to ₩12,466 per share. Net income forecast to shrink 7.9% next year vs 15% growth forecast for Gas Utilities industry in South Korea . Consensus price target down from ₩52,375 to ₩47,375. Share price fell 11% to ₩28,050 over the past week. Price Target Changed • Feb 28
Price target decreased by 9.5% to ₩47,375 Down from ₩52,375, the current price target is an average from 8 analysts. New target price is 69% above last closing price of ₩28,050. Stock is down 32% over the past year. The company is forecast to post earnings per share of ₩12,530 for next year compared to ₩11,078 last year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩33,250, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 13x in the Gas Utilities industry in Asia. Total returns to shareholders of 5.2% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩2,728 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 19 April 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 7.2%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.2%). Price Target Changed • Dec 07
Price target decreased to ₩54,200 Down from ₩58,375, the current price target is an average from 10 analysts. New target price is 61% above last closing price of ₩33,650. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₩10,790 for next year compared to ₩11,078 last year. Board Change • Nov 16
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Non-Standing Director Moon-Kyou Song was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩34,350, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 12x in the Gas Utilities industry in Asia. Total loss to shareholders of 13% over the past three years. Price Target Changed • Jun 09
Price target increased to ₩58,375 Up from ₩54,222, the current price target is an average from 8 analysts. New target price is 24% above last closing price of ₩46,950. Stock is up 24% over the past year. The company is forecast to post earnings per share of ₩10,635 for next year compared to ₩11,078 last year. Buying Opportunity • May 30
Now 21% undervalued Over the last 90 days, the stock is up 6.5%. The fair value is estimated to be ₩55,535, 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. Meanwhile, the company has become profitable. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to decline by 35% in the next 2 years. Reported Earnings • May 21
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₩8,526 (up from ₩5,977 in 1Q 2021). Revenue: ₩14t (up 81% from 1Q 2021). Net income: ₩733.5b (up 43% from 1Q 2021). Profit margin: 5.2% (down from 6.7% in 1Q 2021). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 91%. Over the next year, revenue is forecast to grow 29%, compared to a 14% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 13
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be ₩55,308, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is forecast to decline by 8.3% per annum over the same time period. Board Change • Apr 27
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. Independent Non-Standing Director Eui-Hyeon Kim is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Apr 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₩7,983 to ₩8,972. Revenue forecast steady at ₩37.5b. Net income forecast to shrink 13% next year vs 13% growth forecast for Gas Utilities industry in South Korea . Consensus price target of ₩53,500 unchanged from last update. Share price rose 5.0% to ₩40,950 over the past week. Major Estimate Revision • Jan 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₩25.6b to ₩25.9b. EPS estimate fell from ₩6,906 to ₩5,748 per share. Net income forecast to grow 33% next year vs 11% growth forecast for Gas Utilities industry in South Korea. Consensus price target of ₩52,889 unchanged from last update. Share price fell 6.4% to ₩33,450 over the past week. Price Target Changed • Jan 05
Price target increased to ₩52,889 Up from ₩48,917, the current price target is an average from 9 analysts. New target price is 39% above last closing price of ₩37,950. Stock is up 19% over the past year. The company is forecast to post earnings per share of ₩6,906 next year compared to a net loss per share of ₩1,989 last year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 15% share price gain to ₩47,750, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Gas Utilities industry in Asia. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩43,866 per share. Reported Earnings • Mar 21
Full year 2020 earnings released: ₩1,989 loss per share (vs ₩395 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩21t (down 17% from FY 2019). Net loss: ₩172.1b (down ₩210.8b from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 17
Price target increased to ₩35,964 Up from ₩33,321, the current price target is an average from 13 analysts. New target price is 8.7% above last closing price of ₩33,100. Stock is up 82% over the past year. Annuncio • Mar 06
Korea Gas Corporation, Annual General Meeting, Mar 30, 2021 Korea Gas Corporation, Annual General Meeting, Mar 30, 2021, at 14:00 Korea Standard Time. Annuncio • Feb 25
Korea Gas Corporation to Report Fiscal Year 2020 Results on Feb 26, 2021 Korea Gas Corporation announced that they will report fiscal year 2020 results on Feb 26, 2021 Is New 90 Day High Low • Jan 12
New 90-day high: ₩32,700 The company is up 30% from its price of ₩25,100 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩67,737 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩380 Per Share Will be paid on the 14th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.3% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (1.8%).