New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 79% 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 79% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (₩6.3b net loss next year). Market cap is less than US$100m (₩57.2b market cap, or US$37.9m). 공시 • Mar 14
S-Fuelcell co., Ltd., Annual General Meeting, Mar 27, 2026 S-Fuelcell co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 114, beobwon-ro, songpa-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (0.6%). Declared Dividend • Nov 08
Dividend of ₩50.00 announced Dividend of ₩50.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 0.4%, which is about the same as the industry average. 공시 • Nov 07
S-Fuelcell co., Ltd. announces Annual dividend, payable on April 20, 2026 S-Fuelcell co., Ltd. announced Annual dividend of KRW 50.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • May 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to ₩11,440. The fair value is estimated to be ₩9,487, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. New Risk • Apr 23
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: Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (₩78.2b market cap, or US$55.0m). Buy Or Sell Opportunity • Apr 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to ₩11,210. The fair value is estimated to be ₩9,092, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Price Target Changed • Jan 17
Price target decreased by 50% to ₩10,000 Down from ₩20,000, the current price target is provided by 1 analyst. New target price is 5.3% above last closing price of ₩9,500. Stock is down 42% over the past year. The company is forecast to post a net loss per share of ₩397 next year compared to a net loss per share of ₩337 last year. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (₩64.6b market cap, or US$44.9m). 공시 • Oct 25
S-Fuelcell co., Ltd. announced that it has received KRW 15 million in funding from Mirae Asset Securities Co., Ltd., Samsung Securities Co.,Ltd., NH Investment & Securities Co., Ltd., KB Securities Co.,Ltd, Hanyang Securities Co. Ltd. On October 24, 2024, S-Fuelcell co., Ltd. closed the transaction. Buy Or Sell Opportunity • Sep 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₩12,450. The fair value is estimated to be ₩15,647, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10.0% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 05
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 7.7% 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 Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₩113.9b market cap, or US$83.1m). New Risk • May 24
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩121.1b market cap, or US$88.4m). Reported Earnings • Mar 19
Full year 2023 earnings released: ₩337 loss per share (vs ₩123 profit in FY 2022) Full year 2023 results: ₩337 loss per share (down from ₩123 profit in FY 2022). Revenue: ₩32.5b (down 31% from FY 2022). Net loss: ₩2.34b (down 377% from profit in FY 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 42% 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. Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (0.3%). New Risk • Aug 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 98% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (₩114.9b market cap, or US$85.7m). New Risk • Jun 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩129.4b (US$97.9m) 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: Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (₩129.4b market cap, or US$97.9m). Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 20 April 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 19% share price gain to ₩23,800, the stock trades at a trailing P/E ratio of 36.4x. Average trailing P/E is 17x in the Electrical industry in South Korea. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 27% share price gain to ₩24,500, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 15x in the Electrical industry in South Korea. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩18,500, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 15x in the Electrical industry in South Korea. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₩25,650, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 18x in the Electrical industry in South Korea. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩24,150, the stock trades at a trailing P/E ratio of 37.6x. Average trailing P/E is 17x in the Electrical industry in South Korea. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 20% share price gain to ₩28,600, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 18x in the Electrical industry in South Korea. Total returns to shareholders of 39% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.8%). Is New 90 Day High Low • Feb 24
New 90-day low: ₩33,950 The company is down 4.0% from its price of ₩35,400 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 3.0% over the same period. Upcoming Dividend • Dec 22
First Dividend Is ₩50.00 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 29th of December. This is the first dividend for S-Fuelcell since going public. The average dividend yield among industry peers is 1.2%. Is New 90 Day High Low • Sep 24
New 90-day low: ₩35,300 The company is down 18% from its price of ₩42,900 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 Electrical industry, which is up 44% over the same period.