공시 • Jun 15
SsangYong C&E Co., Ltd.(KOSE:A003410) dropped from KOSPI 200 Index SsangYong C&E Co., Ltd removed New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 11% 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 11% per year over the past 5 years. Minor Risks High level of debt (122% net debt to equity). Dividend is not well covered by earnings (145% payout ratio). 공시 • Mar 18
SsangYong C&E Co., Ltd.(KOSE:A003410) dropped from FTSE All-World Index (USD) SsangYong C&E Co., Ltd.(KOSE:A003410) dropped from FTSE All-World Index (USD) 공시 • Mar 07
Hahn & Co. Cement Holdings Limited completed the acquisition of the remaining stake in SsangYong C&E Co., Ltd. (KOSE:A003410) Hahn & Co. Cement Holdings Limited made an offer to acquire 20.1% stake in SsangYong C&E Co., Ltd. (KOSE:A003410) for approximately KRW700 billion on February 5, 2024.
Hahn & Co. Cement Holdings Limited completed the acquisition of the remaining stake in SsangYong C&E Co., Ltd. (KOSE:A003410) on March 6, 2024. 공시 • Feb 06
SsangYong C&E Co., Ltd. (KOSE:A003410) announces an Equity Buyback for 47,857,142 shares. SsangYong C&E Co., Ltd. (KOSE:A003410) announces a share repurchase program. Under the program, the company will repurchase up to KRW 20,000 million worth of its shares, pursuant to a contract with NH Investment & Securities Co., Ltd. The program is aimed at becoming a complete subsidiary of the target company. The program will expire on March 6, 2024. As of February 1, 2024, the company had 7,052,960 shares in treasury within scope available for dividend and had 887 shares in treasury under other acquisitions. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩6,940, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩4,613 per share. Major Estimate Revision • Feb 01
Consensus EPS estimates increase by 25%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩2.06b to ₩1.94b. EPS estimate rose from ₩333 to ₩417. Net income forecast to grow 38% next year vs 30% growth forecast for Basic Materials industry in South Korea. Consensus price target broadly unchanged at ₩6,800. Share price rose 10% to ₩6,280 over the past week. Buy Or Sell Opportunity • Jan 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to ₩5,850. The fair value is estimated to be ₩4,851, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to decline by 11% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩70.00 per share at 4.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 4.9%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (4.3%). Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: ₩24.26 (vs ₩23.10 in 3Q 2022) Third quarter 2023 results: EPS: ₩24.26 (up from ₩23.10 in 3Q 2022). Revenue: ₩420.4b (up 4.2% from 3Q 2022). Net income: ₩12.1b (up 4.8% from 3Q 2022). Profit margin: 2.9% (in line with 3Q 2022). Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Asia are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. 공시 • Oct 19
SsangYong C&E Co., Ltd. (KOSE:A003410) announces an Equity Buyback for KRW 20,000 million worth of its shares. SsangYong C&E Co., Ltd. (KOSE:A003410) announces a share repurchase program. Under the program, the company will repurchase up to KRW 20,000 million worth of its shares, pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the program is shareholder value enhancement. The program will expire on April 16, 2024. As of October 16, 2023, the company had 7,249,508 shares in treasury within scope available for dividend and had 887 shares in treasury under other acquisitions. Upcoming Dividend • Sep 19
Upcoming dividend of ₩110 per share at 4.9% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 27 November 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.9%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (4.1%). Price Target Changed • Sep 15
Price target decreased by 7.3% to ₩6,600 Down from ₩7,120, the current price target is an average from 5 analysts. New target price is 17% above last closing price of ₩5,620. Stock is down 15% over the past year. The company is forecast to post earnings per share of ₩241 for next year compared to ₩254 last year. Price Target Changed • Jul 25
Price target decreased by 7.2% to ₩7,240 Down from ₩7,800, the current price target is an average from 5 analysts. New target price is 44% above last closing price of ₩5,040. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₩210 for next year compared to ₩254 last year. Price Target Changed • Jul 21
Price target decreased by 9.2% to ₩7,500 Down from ₩8,257, the current price target is an average from 5 analysts. New target price is 48% above last closing price of ₩5,080. Stock is down 21% over the past year. The company is forecast to post earnings per share of ₩199 for next year compared to ₩254 last year. Upcoming Dividend • Jun 22
Upcoming dividend of ₩110 per share at 5.0% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 30 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.0%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (0.8%). Reported Earnings • Mar 26
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₩254 (down from ₩370 in FY 2021). Revenue: ₩1.97t (up 18% from FY 2021). Net income: ₩127.8b (down 31% from FY 2021). Profit margin: 6.5% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 55%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Feb 17
Price target decreased by 8.6% to ₩7,857 Down from ₩8,600, the current price target is an average from 7 analysts. New target price is 33% above last closing price of ₩5,900. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₩177 for next year compared to ₩370 last year. Price Target Changed • Jan 03
Price target decreased to ₩8,600 Down from ₩9,386, the current price target is an average from 7 analysts. New target price is 63% above last closing price of ₩5,280. Stock is down 33% over the past year. The company is forecast to post earnings per share of ₩177 for next year compared to ₩370 last year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 01 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.4%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩41.00 (vs ₩145 in 3Q 2021) Third quarter 2022 results: EPS: ₩41.00 (down from ₩145 in 3Q 2021). Revenue: ₩474.7b (up 12% from 3Q 2021). Net income: ₩20.5b (down 72% from 3Q 2021). Profit margin: 4.3% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Nov 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩282 to ₩193 per share. Revenue forecast steady at ₩1.92b. Net income forecast to grow 43% next year vs 24% growth forecast for Basic Materials industry in South Korea. Consensus price target of ₩9,386 unchanged from last update. Share price was steady at ₩5,770 over the past week. Upcoming Dividend • Sep 22
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.5%. Within top quartile of South Korean dividend payers (3.1%). Higher than average of industry peers (1.6%). Major Estimate Revision • Aug 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₩1.94b to ₩1.96b. EPS estimate fell from ₩346 to ₩298 per share. Net income forecast to grow 18% next year vs 15% growth forecast for Basic Materials industry in South Korea. Consensus price target of ₩9,786 unchanged from last update. Share price rose 4.1% to ₩6,870 over the past week. Upcoming Dividend • Jun 22
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 28 August 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.3%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (2.1%). Upcoming Dividend • Mar 23
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 09 May 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (2.6%). Higher than average of industry peers (2.0%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩110 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 earnings and cash flow. Trailing yield: 5.6%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.7%). Upcoming Dividend • Sep 22
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 28 October 2021. Trailing yield: 5.3%. Within top quartile of South Korean dividend payers (2.2%). Higher than average of industry peers (1.6%). Major Estimate Revision • Aug 06
Consensus EPS estimates increase to ₩380 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₩1.56b to ₩1.59b. EPS estimate increased from ₩333 to ₩380 per share. Net income forecast to grow 39% next year vs 15% growth forecast for Basic Materials industry in South Korea. Consensus price target broadly unchanged at ₩9,413. Share price rose 2.9% to ₩8,190 over the past week. Upcoming Dividend • Jun 22
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 28 August 2021. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (1.6%). 공시 • Jun 17
Greenvane Co., Ltd. agreed to acquire the remaining 6.9% stake in SsangYong C&E Co., Ltd. (KOSE:A003410) for KRW 30 billion. Greenvane Co., Ltd. agreed to acquire the remaining 6.9% stake in SsangYong C&E Co., Ltd. (KOSE:A003410) for KRW 30 billion on June 16, 2021. As a part of the transaction, Greenvane acquired 0.3 million shares of SsangYong C&E. Post closing of the transaction, Greenvane will hold 100% stake in SsangYong C&E. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩39.00 (vs ₩38.00 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ₩336.6b (up 7.2% from 1Q 2020). Net income: ₩19.7b (up 1.1% from 1Q 2020). Profit margin: 5.8% (down from 6.2% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of ₩110 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 07 May 2021. Trailing yield: 6.3%. Within top quartile of South Korean dividend payers (2.3%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩275 (vs ₩258 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: ₩1.47t (down 4.4% from FY 2019). Net income: ₩138.2b (up 5.8% from FY 2019). Profit margin: 9.4% (up from 8.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. 공시 • Feb 10
Ssangyong Cement Industrial Co., Ltd., Annual General Meeting, Mar 25, 2021 Ssangyong Cement Industrial Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩110 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 6.3% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (2.4%). Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 21% share price gain to ₩6,700, the stock is trading at a trailing P/E ratio of 27x, up from the previous P/E ratio of 22.3x. This compares to an average P/E of 31x in the Basic Materials industry in South Korea. Total returns to shareholders over the past three years are 115%. Is New 90 Day High Low • Dec 04
New 90-day high: ₩6,700 The company is up 13% from its price of ₩5,930 on 04 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 outperformed the Basic Materials industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩5,811 per share. Is New 90 Day High Low • Nov 10
New 90-day low: ₩5,490 The company is down 3.0% from its price of ₩5,670 on 12 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩5,914 per share.