Major Estimate Revision • Jun 17
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩1.18b to ₩1.11b. EPS estimate also fell from ₩1,418 per share to ₩1,205 per share. Net income forecast to grow 147% next year vs 10% growth forecast for Basic Materials industry in South Korea. Consensus price target of ₩14,500 unchanged from last update. Share price rose 6.0% to ₩10,120 over the past week. 공시 • Mar 06
Asia Cement Co.,Ltd., Annual General Meeting, Mar 26, 2026 Asia Cement Co.,Ltd., Annual General Meeting, Mar 26, 2026, at 09:00 Tokyo Standard Time. Location: auditorium, 430, nonhyeon-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩225 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 16 April 2026. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (4.6%). Major Estimate Revision • Dec 06
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩1.16b to ₩1.04b. EPS estimate fell from ₩1,827 to ₩1,292 per share. Net income forecast to grow 81% next year vs 18% growth forecast for Basic Materials industry in South Korea. Consensus price target up from ₩15,500 to ₩16,000. Share price was steady at ₩12,130 over the past week. New Risk • Nov 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% 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 Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.3% net profit margin). 공시 • Oct 16
Asia Cement Co.,Ltd. (KOSE:A183190) announces an Equity Buyback for KRW 5,000 million worth of its shares. Asia Cement Co.,Ltd. (KOSE:A183190) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the share repurchase is to enhance shareholder value and stock price stabilization. The repurchase program will expire on August 25, 2025. As of February 25, 2025, the company had 966,554 shares within scope available for dividend and had 13,270 shares in treasury through other repurchase. New Risk • Aug 20
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: 5.0% Last year net profit margin: 9.2% 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: Minor Risks High level of debt (43% net debt to equity). Profit margins are more than 30% lower than last year (5.0% net profit margin). Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩643 (vs ₩967 in 2Q 2024) Second quarter 2025 results: EPS: ₩643 (down from ₩967 in 2Q 2024). Revenue: ₩284.4b (down 7.2% from 2Q 2024). Net income: ₩23.5b (down 35% from 2Q 2024). Profit margin: 8.3% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩14,220, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Basic Materials industry in Asia. Total returns to shareholders of 23% over the past three years. Price Target Changed • Jul 01
Price target decreased by 15% to ₩13,000 Down from ₩15,300, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₩12,570. Stock is up 17% over the past year. The company is forecast to post earnings per share of ₩1,322 for next year compared to ₩2,187 last year. Reported Earnings • Mar 15
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₩2,187 (down from ₩2,340 in FY 2023). Revenue: ₩1.11t (down 7.5% from FY 2023). Net income: ₩81.4b (down 9.2% from FY 2023). Profit margin: 7.3% (down from 7.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Basic Materials industry in Asia. 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 13% per year, which means it is significantly lagging earnings. 공시 • Feb 27
Asia Cement Co.,Ltd., Annual General Meeting, Mar 20, 2025 Asia Cement Co.,Ltd., Annual General Meeting, Mar 20, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 430, nonhyeon-ro, gangnam-gu, seoul South Korea 공시 • Feb 26
Asia Cement Co.,Ltd. (KOSE:A183190) announces an Equity Buyback for KRW 5,000 million worth of its shares. Asia Cement Co.,Ltd. (KOSE:A183190) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the share repurchase is to enhance shareholder value and stock price stabilization. The repurchase program will expire on August 25, 2025. As of February 25, 2025, the company had 966,554 shares within scope available for dividend and had 13,270 shares in treasury through other repurchase. Upcoming Dividend • Dec 20
Upcoming dividend of ₩225 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 17 April 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (4.3%). New Risk • Dec 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risk High level of debt (42% net debt to equity). 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. This is currently the only risk that has been identified for the company. New Risk • Dec 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risk High level of debt (42% net debt to equity). 공시 • Nov 18
Asia Cement Co.,Ltd. (KOSE:A183190) announces an Equity Buyback for KRW 5,000 million worth of its shares. Asia Cement Co.,Ltd. (KOSE:A183190) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with NH INVESTMNET & SECURITIES CO.,LTD.. The purpose of the share repurchase is to enhance shareholder value. The repurchase program will expire on May 14, 2025. As of November 14, 2024, the company had 1,153,400 shares within scope available for dividend and had 13,270 shares in treasury through other repurchase. Price Target Changed • Nov 01
Price target increased by 11% to ₩17,000 Up from ₩15,300, the current price target is provided by 1 analyst. New target price is 60% above last closing price of ₩10,640. Stock is up 0.8% over the past year. The company posted earnings per share of ₩2,312 last year. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₩2,312 (vs ₩1,631 in FY 2022) Full year 2023 results: EPS: ₩2,312 (up from ₩1,631 in FY 2022). Revenue: ₩1.20t (up 15% from FY 2022). Net income: ₩89.6b (up 41% from FY 2022). Profit margin: 7.5% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. 공시 • Nov 07
Asia Cement Co.,Ltd. (KOSE:A183190) announces an Equity Buyback for KRW 7,000 million worth of its shares. Asia Cement Co.,Ltd. (KOSE:A183190) announces a share repurchase program. Under the program, the company will repurchase up to KRW 7,000 million worth of its shares, pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the program is to stabilize stock price and to enhance the shareholder value. The program will expire on May 7, 2024. As of November 5, 2023, the company had 502,671 shares in treasury within scope available for dividend and had 13,270 shares in treasury under other acquisitions. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩1,631 (vs ₩1,961 in FY 2021) Full year 2022 results: EPS: ₩1,631 (down from ₩1,961 in FY 2021). Revenue: ₩1.04t (up 17% from FY 2021). Net income: ₩63.5b (down 17% from FY 2021). Profit margin: 6.1% (down from 8.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩225 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 12 April 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.7%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Jin-Won Park was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩9,130, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 11x in the Basic Materials industry in South Korea. Total returns to shareholders of 2.6% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Jin-Won Park was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₩19,605 (up from ₩6,793 in FY 2020). Revenue: ₩892.6b (up 13% from FY 2020). Net income: ₩76.4b (up 189% from FY 2020). Profit margin: 8.6% (up from 3.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to ₩148,000, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 20x in the Basic Materials industry in South Korea. Total returns to shareholders of 47% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,250 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 13 April 2022. Payout ratio is a comfortable 7.5% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 15% share price gain to ₩144,000, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 20x in the Basic Materials industry in South Korea. Total returns to shareholders of 31% 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 15% share price gain to ₩139,000, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 28x in the Basic Materials industry in South Korea. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 23% share price gain to ₩108,000, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 29x in the Basic Materials industry in South Korea. Total returns to shareholders of 13% over the past three years. 공시 • Feb 27
Asia Cement Co.,Ltd., Annual General Meeting, Mar 19, 2021 Asia Cement Co.,Ltd., Annual General Meeting, Mar 19, 2021, at 10:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₩99,000, the stock is trading at a trailing P/E ratio of 21.3x, up from the previous P/E ratio of 18.3x. This compares to an average P/E of 34x in the Basic Materials industry in South Korea. Total return to shareholders over the past three years is a loss of 7.4%. Is New 90 Day High Low • Feb 03
New 90-day high: ₩97,400 The company is up 62% from its price of ₩60,000 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 41% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: ₩77,800 The company is up 31% from its price of ₩59,200 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 27% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩1,500 Per Share Will be paid on the 2nd of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.1% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.4%). Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 16% share price gain to ₩74,400, the stock is trading at a trailing P/E ratio of 16x, up from the previous P/E ratio of 13.9x. This compares to an average P/E of 31x in the Basic Materials industry in South Korea. Total return to shareholders over the past three years is a loss of 40%. Is New 90 Day High Low • Nov 11
New 90-day high: ₩62,400 The company is up 1.0% from its price of ₩62,000 on 13 August 2020. The South Korean market is also up 1.0% 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 down 9.0% over the same period.