New Risk • May 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 30% per year over the past 5 years. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩220 (vs ₩191 loss in FY 2024) Full year 2025 results: EPS: ₩220 (up from ₩191 loss in FY 2024). Revenue: ₩698.5b (up 20% from FY 2024). Net income: ₩7.33b (up ₩12.6b from FY 2024). Profit margin: 1.0% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% 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. 공고 • Mar 04
Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 24, 2026 Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 24, 2026, at 09:00 Tokyo Standard Time. Location: seminar room, 438, samseong-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩280 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 06 April 2026. The company is not currently making a profit and its cash payout ratio is 77%. Trailing yield: 4.3%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Declared Dividend • Nov 08
Dividend of ₩280 announced Dividend of ₩280 is the same as last year. Ex-date: 29th December 2025 Payment date: 6th April 2026 Dividend yield will be 4.7%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 5.0% per year over the past 8 years and payments have been stable during that time. 공고 • Nov 07
Dohwa Engineering Co., Ltd. announces Annual dividend, payable on April 06, 2026 Dohwa Engineering Co., Ltd. announced Annual dividend of KRW 280.0000 per share payable on April 06, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Apr 16
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 4.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 15% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. 공고 • Feb 22
Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 27, 2025 Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 27, 2025, at 09:00 Tokyo Standard Time. Location: seminar room, 438, samseong-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩280 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩6,620, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 9x in the Construction industry in South Korea. Total loss to shareholders of 19% over the past three years. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩623 (vs ₩47.00 in FY 2022) Full year 2023 results: EPS: ₩623 (up from ₩47.00 in FY 2022). Revenue: ₩575.0b (up 3.4% from FY 2022). Net income: ₩20.7b (up ₩19.1b from FY 2022). Profit margin: 3.6% (up from 0.3% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 28% 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. 공고 • Feb 21
Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 22, 2024 Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 22, 2024, at 09:01 Korea Standard Time. Location: B1F of Seminar room at Dohwa Tower, 438, Samseong-ro Seoul Gangnam-gu South Korea Agenda: To consider approval of the 62nd financial statement and the consolidated financial statement; to consider approval of changes in some articles of association; to consider appointment of inside directors; to consider appointment of outside directors to become a member of the audit committee; and to consider approval of the directors’ remuneration limit. Upcoming Dividend • Dec 20
Upcoming dividend of ₩280 per share at 3.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. The company is not currently making a profit and its cash payout ratio is 81%. Trailing yield: 3.5%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩47.00 (vs ₩451 in FY 2021) Full year 2022 results: EPS: ₩47.00 (down from ₩451 in FY 2021). Revenue: ₩555.8b (down 3.7% from FY 2021). Net income: ₩1.64b (down 89% from FY 2021). Profit margin: 0.3% (down from 2.6% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩280 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 30 March 2023. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (3.2%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Chairman & Co-CEO Young-Yoon Kim was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₩9,050, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 4x in the Construction industry in South Korea. Total returns to shareholders of 3.7% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩7,980, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩9,580, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 3.0% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 32% share price gain to ₩11,650, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 41% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Chairman & Co-CEO Young-Yoon Kim was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 13
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₩451 (down from ₩535 in FY 2020). Revenue: ₩577.4b (flat on FY 2020). Net income: ₩15.0b (down 16% from FY 2020). Profit margin: 2.6% (down from 3.1% in FY 2020). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩280 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is on the higher end at 75% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.1%). Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩32.00 (vs ₩28.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩139.3b (up 6.3% from 3Q 2020). Net income: ₩1.08b (up 17% from 3Q 2020). Profit margin: 0.8% (up from 0.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩122 (vs ₩233 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩114.0b (down 14% from 1Q 2020). Net income: ₩4.06b (down 48% from 1Q 2020). Profit margin: 3.6% (down from 5.9% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS ₩535 (vs ₩519 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₩574.9b (up 11% from FY 2019). Net income: ₩17.8b (up 2.6% from FY 2019). Profit margin: 3.1% (down from 3.4% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Is New 90 Day High Low • Mar 10
New 90-day low: ₩7,980 The company is down 3.0% from its price of ₩8,250 on 10 December 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 1.0% over the same period. 공고 • Feb 20
Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 19, 2021 Dohwa Engineering Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Dec 12
New 90-day high: ₩8,590 The company is up 13% from its price of ₩7,630 on 11 September 2020. The South Korean market is also up 13% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Construction industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: ₩7,890 The company is up 7.0% from its price of ₩7,390 on 27 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS ₩28.00 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₩131.0b (up 26% from 3Q 2019). Net income: ₩925.5m (up ₩3.69b from 3Q 2019). Profit margin: 0.7% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 15% per year. Is New 90 Day High Low • Nov 02
New 90-day low: ₩7,250 The company is down 9.0% from its price of ₩7,990 on 04 August 2020. The South Korean market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 5.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩7,260 The company is down 9.0% from its price of ₩8,010 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 Construction industry, which is flat over the same period.