Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩12,010, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 38% over the past three years. 공고 • Mar 13
Changhae Ethanol Co., Ltd., Annual General Meeting, Mar 26, 2026 Changhae Ethanol Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 15, wonmanseong-ro, deokjin-gu, jeonbuk-do, jeonju South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.3%). Declared Dividend • Nov 08
Dividend of ₩600 announced Dividend of ₩600 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 6.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (36% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.4% EPS decline seen over the last 5 years. 공고 • Nov 07
Changhae Ethanol Co., Ltd. announces Annual dividend, payable on April 15, 2026 Changhae Ethanol Co., Ltd. announced Annual dividend of KRW 600.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2010. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2010 fiscal period end). Minor Risk Market cap is less than US$100m (₩76.0b market cap, or US$54.8m). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩10,170, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Chemicals industry in South Korea. Total loss to shareholders of 15% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩1,650 (vs ₩506 loss in FY 2023) Full year 2024 results: EPS: ₩1,650 (up from ₩506 loss in FY 2023). Revenue: ₩137.5b (up 18% from FY 2023). Net income: ₩12.5b (up ₩16.4b from FY 2023). Profit margin: 9.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. 공고 • Mar 13
Changhae Ethanol Co., Ltd., Annual General Meeting, Mar 26, 2025 Changhae Ethanol Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 15, wonmanseong-ro, deokjin-gu, jeonbuk-do, jeonju South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 16 April 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.2%). 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 (₩70.0b market cap, or US$48.7m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₩1,163 (vs ₩567 in 3Q 2023) Third quarter 2024 results: EPS: ₩1,163. Revenue: ₩34.4b (up 21% from 3Q 2023). Net income: ₩4.30b (flat on 3Q 2023). Profit margin: 13% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Buy Or Sell Opportunity • Aug 05
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to ₩8,780. The fair value is estimated to be ₩11,563, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 22
Full year 2023 earnings released: ₩506 loss per share (vs ₩10.00 profit in FY 2022) Full year 2023 results: ₩506 loss per share (down from ₩10.00 profit in FY 2022). Revenue: ₩116.4b (up 6.4% from FY 2022). Net loss: ₩3.84b (down ₩3.92b from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 5.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.1%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). Upcoming Dividend • Dec 21
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio and cash payout ratio are on the higher end at 89% and 95% respectively. Trailing yield: 5.2%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩12,400, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 1.1% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.4%). Is New 90 Day High Low • Mar 05
New 90-day low: ₩12,600 The company is down 10.0% from its price of ₩14,050 on 04 December 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩600 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 29th of December. The trailing yield of 4.4% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (0.9%). Is New 90 Day High Low • Dec 04
New 90-day high: ₩14,050 The company is up 5.0% from its price of ₩13,400 on 04 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 Chemicals industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 21
New 90-day low: ₩12,950 The company is down 5.0% from its price of ₩13,650 on 23 June 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 35% over the same period.