New Risk • May 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩150.2b (US$99.6m) 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: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 31% 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. Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (₩150.2b market cap, or US$99.6m). New Risk • Apr 19
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: 1.0% 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 Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 31% 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. Share price has been volatile over the past 3 months (15% average weekly change). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩17,730, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 145% over the past three years. 공시 • Mar 06
HANSHIN Engineering & Construction Co., Ltd., Annual General Meeting, Mar 27, 2026 HANSHIN Engineering & Construction Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 82, deokpyeong-ro, baegam-myeon, cheoin-gu, gyeonggi-do, yongin South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩11,470, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩12,770, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 42% 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 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 8.6% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.7%). New Risk • Dec 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 10% 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 Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 36% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (₩127.9b market cap, or US$87.3m). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩11,050, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 13% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩2,249 (vs ₩262 in 3Q 2024) Third quarter 2025 results: EPS: ₩2,249 (up from ₩262 in 3Q 2024). Revenue: ₩285.9b (down 23% from 3Q 2024). Net income: ₩26.0b (up ₩23.0b from 3Q 2024). Profit margin: 9.1% (up from 0.8% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 08
Dividend of ₩100.00 announced Dividend of ₩100.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 1.3%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (2% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. 공시 • Nov 07
HANSHIN Engineering & Construction Co., Ltd. announces Annual dividend, payable on April 27, 2026 HANSHIN Engineering & Construction Co., Ltd. announced Annual dividend of KRW 100.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩320 (vs ₩1,629 in 2Q 2024) Second quarter 2025 results: EPS: ₩320 (down from ₩1,629 in 2Q 2024). Revenue: ₩300.2b (down 14% from 2Q 2024). Net income: ₩3.70b (down 80% from 2Q 2024). Profit margin: 1.2% (down from 5.4% in 2Q 2024). The decrease in margin was driven by lower revenue. 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 13% per year, which means it has not declined as severely as earnings. New Risk • Mar 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 2.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 23% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (₩71.7b market cap, or US$48.9m). 공시 • Mar 08
HANSHIN Engineering & Construction Co., Ltd., Annual General Meeting, Mar 28, 2025 HANSHIN Engineering & Construction Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 82, deokpyeong-ro, baegam-myeon, cheoin-gu, gyeonggi-do, yongin South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. Payout ratio is a comfortable 2.4% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.2%). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩262 (vs ₩273 in 3Q 2023) Third quarter 2024 results: EPS: ₩262 (down from ₩273 in 3Q 2023). Revenue: ₩370.2b (up 12% from 3Q 2023). Net income: ₩3.03b (down 4.1% from 3Q 2023). Profit margin: 0.8% (down from 1.0% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. New Risk • Sep 17
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 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 (₩81.1b market cap, or US$61.6m). Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₩452 (vs ₩384 in 1Q 2023) First quarter 2024 results: EPS: ₩452 (up from ₩384 in 1Q 2023). Revenue: ₩289.3b (down 7.8% from 1Q 2023). Net income: ₩5.23b (up 18% from 1Q 2023). Profit margin: 1.8% (up from 1.4% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year whereas the company’s share price has fallen by 34% per year. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩2,757 (vs ₩3,928 in FY 2022) Full year 2023 results: EPS: ₩2,757 (down from ₩3,928 in FY 2022). Revenue: ₩1.31t (up 7.2% from FY 2022). Net income: ₩31.9b (down 30% from FY 2022). Profit margin: 2.4% (down from 3.7% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share at 4.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.9%). New Risk • Nov 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 3.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 24% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (₩85.0b market cap, or US$65.5m). New Risk • Nov 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 3.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 24% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (₩86.1b market cap, or US$66.0m). Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ₩384 (vs ₩909 in 1Q 2022) First quarter 2023 results: EPS: ₩384 (down from ₩909 in 1Q 2022). Revenue: ₩313.9b (up 12% from 1Q 2022). Net income: ₩4.44b (down 58% from 1Q 2022). Profit margin: 1.4% (down from 3.8% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩3,928 (vs ₩4,187 in FY 2021) Full year 2022 results: EPS: ₩3,928 (down from ₩4,187 in FY 2021). Revenue: ₩1.22t (down 6.8% from FY 2021). Net income: ₩45.5b (down 6.2% from FY 2021). Profit margin: 3.7% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 8.6% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩9,700, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩11,000, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 36% over the past three years. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ₩909 (vs ₩1,041 in 1Q 2021) First quarter 2022 results: EPS: ₩909 (down from ₩1,041 in 1Q 2021). Revenue: ₩280.4b (up 5.3% from 1Q 2021). Net income: ₩10.5b (down 13% from 1Q 2021). Profit margin: 3.8% (down from 4.5% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₩20,000, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 22 April 2022. Payout ratio is a comfortable 6.4% but the company is not cash flow positive. Trailing yield: 2.6%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 20% share price gain to ₩23,900, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 11x in the Construction industry in South Korea. Total returns to shareholders of 23% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩9,155 (vs ₩6,212 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₩1.56t (down 4.1% from FY 2019). Net income: ₩105.9b (up 47% from FY 2019). Profit margin: 6.8% (up from 4.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. 공시 • Mar 04
HANSHIN Engineering & Construction Co., Ltd., Annual General Meeting, Mar 23, 2021 HANSHIN Engineering & Construction Co., Ltd., Annual General Meeting, Mar 23, 2021, at 09:00 Korea Standard Time. Location: 82, Deokpyeong-ro, Baekam-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do South Korea Is New 90 Day High Low • Jan 19
New 90-day high: ₩20,000 The company is up 45% from its price of ₩13,800 on 21 October 2020. The South Korean market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 31% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ₩17,450 The company is up 28% from its price of ₩13,600 on 06 October 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: ₩15,850 The company is up 10.0% from its price of ₩14,350 on 10 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: ₩14,750 The company is up 2.0% from its price of ₩14,400 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 7.0% over the same period.