공시 • Mar 10
LK Samyang Co., Ltd, Annual General Meeting, Mar 26, 2026 LK Samyang Co., Ltd, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 123, jayumuyeok 6-gil, masanhoewon-gu, gyeongsangnam-do, changwon South Korea New Risk • Dec 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 39% This is considered a major 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 46% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩84.4b market cap, or US$57.5m). New Risk • Nov 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 46% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩76.1b market cap, or US$51.8m). 공시 • Nov 13
LK Samyang Co., Ltd has completed a Follow-on Equity Offering in the amount of KRW 23.97952 billion. LK Samyang Co., Ltd has completed a Follow-on Equity Offering in the amount of KRW 23.97952 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 19,720,000
Price\Range: KRW 1216
Discount Per Security: KRW 14.592
Transaction Features: Rights Offering New Risk • Oct 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 39% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩97.9b market cap, or US$68.5m). New Risk • May 30
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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 34% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). 공시 • Mar 11
LK Samyang Co., Ltd, Annual General Meeting, Mar 26, 2025 LK Samyang Co., Ltd, Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 123, jayumuyeok 6-gil, masanhoewon-gu, gyeongsangnam-do, changwon South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩10.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,905, the stock trades at a trailing P/E ratio of 51x. Average trailing P/E is 9x in the Consumer Durables industry in South Korea. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩2,730, the stock trades at a trailing P/E ratio of 47.9x. Average trailing P/E is 10x in the Consumer Durables industry in South Korea. Total returns to shareholders of 45% over the past three years. Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₩3.00 loss per share (vs ₩1.00 profit in 3Q 2023) Third quarter 2024 results: ₩3.00 loss per share (down from ₩1.00 profit in 3Q 2023). Revenue: ₩9.60b (up 2.2% from 3Q 2023). Net loss: ₩132.7m (down 344% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩2,240, the stock trades at a trailing P/E ratio of 36.9x. Average trailing P/E is 12x in the Consumer Durables industry in South Korea. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,200, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 12x in the Consumer Durables industry in South Korea. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • Sep 20
Upcoming dividend of ₩10.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 13 November 2024. Payout ratio is on the higher end at 99% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of South Korean dividend payers (3.8%). Higher than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,085, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 12x in the Consumer Durables industry in South Korea. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩2,175, the stock trades at a trailing P/E ratio of 44.7x. Average trailing P/E is 12x in the Consumer Durables industry in South Korea. Total returns to shareholders of 28% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 07 August 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.4%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩35.00 (vs ₩137 loss in 1Q 2023) First quarter 2024 results: EPS: ₩35.00 (up from ₩137 loss in 1Q 2023). Revenue: ₩9.58b (up 45% from 1Q 2023). Net income: ₩350.9m (up ₩1.74b from 1Q 2023). Profit margin: 3.7% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 13 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.6%). Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share at 9.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.4%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.4%). Upcoming Dividend • Sep 19
Upcoming dividend of ₩100.00 per share at 9.0% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 13 November 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.0%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (1.8%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩200 per share at 8.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 14 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.8%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.4%). Upcoming Dividend • Mar 23
Upcoming dividend of ₩200 per share at 8.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 15 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.3%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.5%). Reported Earnings • May 18
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₩168 (up from ₩87.00 in 1Q 2021). Revenue: ₩11.6b (up 33% from 1Q 2021). Net income: ₩1.70b (up 94% from 1Q 2021). Profit margin: 15% (up from 10.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. 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 4% per year, which means it has not declined as severely as earnings. Buying Opportunity • Apr 28
Now 21% undervalued Over the last 90 days, the stock is up 37%. The fair value is estimated to be ₩17,227, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 30%. Reported Earnings • Mar 29
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₩1,054 (up from ₩213 in FY 2020). Revenue: ₩57.7b (up 50% from FY 2020). Net income: ₩10.6b (up 396% from FY 2020). Profit margin: 18% (up from 5.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the last 3 years on average, earnings per share has fallen by 30% 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. Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.2%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.2%). Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ₩261 (vs ₩76.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩14.2b (up 25% from 3Q 2020). Net income: ₩2.63b (up 240% from 3Q 2020). Profit margin: 19% (up from 6.8% in 3Q 2020). The increase in margin was driven by higher revenue. 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 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 22% share price gain to ₩12,650, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 18x in the Consumer Durables industry in South Korea. Total loss to shareholders of 2.6% over the past three years. Upcoming Dividend • Jun 24
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 27 August 2021. Trailing yield: 5.6%. Within top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (0.9%). Is New 90 Day High Low • Jan 28
New 90-day low: ₩9,060 The company is down 1.0% from its price of ₩9,170 on 30 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 53% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: ₩9,600 The company is up 1.0% from its price of ₩9,520 on 15 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is flat over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₩9,530 The company is up 4.0% from its price of ₩9,190 on 21 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is up 2.0% over the same period.