공시 • Feb 24
Chosun Refractories Co.,Ltd., Annual General Meeting, Mar 26, 2026 Chosun Refractories Co.,Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 32, jungdong-ro, jeollanam-do, gwangyang South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 11%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (4.6%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: ₩109 loss per share (vs ₩789 loss in 3Q 2024) Third quarter 2025 results: ₩109 loss per share (improved from ₩789 loss in 3Q 2024). Revenue: ₩135.5b (up 13% from 3Q 2024). Net loss: ₩1.28b (loss narrowed 86% from 3Q 2024). New Risk • Oct 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 13x earnings per share. Cash payout ratio: 119% Dividend yield: 11% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 (2.8x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 13x earnings per share. Cash payout ratio: 119% Revenue has declined by 2.9% over the past year. Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Aug 20
Second quarter 2025 earnings released Second quarter 2025 results: EPS: ₩397. Net income: ₩4.70b (up ₩4.70b from 2Q 2024). New Risk • May 21
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 (3.0x net interest cover). Revenue has declined by 7.1% over the past year. Minor Risks Less than 3 years of financial data is available. Paying a dividend despite being loss-making. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.0b (US$99.1m) 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 (2.6x net interest cover). Revenue has declined by 10% over the past year. Minor Risks Less than 3 years of financial data is available. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₩145.0b market cap, or US$99.1m). 공시 • Feb 19
Chosun Refractories Co.,Ltd., Annual General Meeting, Mar 20, 2025 Chosun Refractories Co.,Ltd., Annual General Meeting, Mar 20, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 32, jungdong-ro, jeollanam-do, gwangyang South Korea 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 Risk Short dividend paying track record (less than a year of continuous dividend payments). New Risk • Jul 17
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 4.2% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 Debt is not well covered by operating cash flow (4.4% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (34% accrual ratio). Minor Risks Less than 3 years of financial data is available. Short dividend paying track record (less than a year of continuous dividend payments). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩21,350, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 10x in the Basic Materials industry in South Korea. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩19,410, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 10x in the Basic Materials industry in South Korea. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩21,550, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 9x in the Basic Materials industry in South Korea. New Risk • Aug 08
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 Risks No financial data reported. Shares are highly illiquid.