Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩37,600, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 8x in the Transportation industry in South Korea. Total returns to shareholders of 134% over the past three years. Buy Or Sell Opportunity • May 13
Now 44% overvalued Over the last 90 days, the stock has fallen 22% to ₩43,250. The fair value is estimated to be ₩29,981, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Apr 08
Now 27% overvalued Over the last 90 days, the stock has fallen 34% to ₩41,500. The fair value is estimated to be ₩32,604, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Apr 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (₩102.4b market cap, or US$67.8m). Buy Or Sell Opportunity • Mar 23
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 54% to ₩40,900. The fair value is estimated to be ₩54,925, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 6.5%. Buy Or Sell Opportunity • Mar 04
Now 26% undervalued Over the last 90 days, the stock has risen 88% to ₩40,100. The fair value is estimated to be ₩53,926, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 6.5%. 공시 • Mar 04
Dongyang Express Corp., Annual General Meeting, Mar 31, 2026 Dongyang Express Corp., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 67, heungan-daero, dongan-gu, gyeonggi-do, anyang South Korea Buy Or Sell Opportunity • Jan 14
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 792% to ₩72,100. The fair value is estimated to be ₩58,606, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 6.5%. New Risk • Jan 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩144.8b (US$98.3m) 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 Risk Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risk Market cap is less than US$100m (₩144.8b market cap, or US$98.3m). Buy Or Sell Opportunity • Dec 15
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 861% to ₩79,100. The fair value is estimated to be ₩60,110, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 6.5%. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩287 (vs ₩457 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩287 (up from ₩457 loss in 3Q 2024). Revenue: ₩30.0b (flat on 3Q 2024). Net income: ₩748.7m (up ₩1.94b from 3Q 2024). Profit margin: 2.5% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 5% per year. New Risk • Nov 19
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 9.0% 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 Risk Earnings have declined by 9.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₩24.3b market cap, or US$16.6m). Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩552 (vs ₩582 loss in 2Q 2024) Second quarter 2025 results: EPS: ₩552 (up from ₩582 loss in 2Q 2024). Revenue: ₩30.9b (up 2.3% from 2Q 2024). Net income: ₩1.44b (up ₩2.96b from 2Q 2024). Profit margin: 4.7% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. 공시 • Feb 22
Dongyang Express Corp., Annual General Meeting, Mar 31, 2025 Dongyang Express Corp., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 67, heungan-daero, dongan-gu, gyeonggi-do, anyang South Korea 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 (₩19.8b market cap, or US$13.8m). New Risk • Dec 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.3% 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 (8.3% operating cash flow to total debt). Earnings have declined by 33% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩19.3b market cap, or US$13.4m). New Risk • Dec 07
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₩19.3b market cap, or US$13.6m). Reported Earnings • Mar 26
Full year 2023 earnings released: ₩1,183 loss per share (vs ₩4,899 loss in FY 2022) Full year 2023 results: ₩1,183 loss per share (improved from ₩4,899 loss in FY 2022). Revenue: ₩120.0b (up 15% from FY 2022). Net loss: ₩3.09b (loss narrowed 76% from FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ₩458 (vs ₩1,788 loss in 1Q 2022) First quarter 2023 results: EPS: ₩458 (up from ₩1,788 loss in 1Q 2022). Revenue: ₩28.2b (up 39% from 1Q 2022). Net income: ₩1.19b (up ₩5.86b from 1Q 2022). Profit margin: 4.2% (up from net loss in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2022 earnings released: ₩4,899 loss per share (vs ₩9,142 loss in FY 2021) Full year 2022 results: ₩4,899 loss per share (improved from ₩9,142 loss in FY 2021). Revenue: ₩104.4b (up 29% from FY 2021). Net loss: ₩12.8b (loss narrowed 47% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 18
First quarter 2022 earnings released: ₩1,788 loss per share (vs ₩1,861 loss in 1Q 2021) First quarter 2022 results: ₩1,788 loss per share (up from ₩1,861 loss in 1Q 2021). Revenue: ₩20.4b (up 13% from 1Q 2021). Net loss: ₩4.66b (loss narrowed 4.4% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 21 August 2021. Trailing yield: 9.7%. Within top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 21
Full year 2020 earnings released: ₩6,230 loss per share (vs ₩12,905 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩83.5b (down 41% from FY 2019). Net loss: ₩16.4b (down 147% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. 공시 • Feb 27
Dongyang Express Corp., Annual General Meeting, Mar 25, 2021 Dongyang Express Corp., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 18
New 90-day low: ₩24,050 The company is down 8.0% from its price of ₩26,050 on 20 October 2020. The South Korean market is up 30% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is down 3.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩2,000 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 17% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (2.1%). Is New 90 Day High Low • Dec 22
New 90-day high: ₩27,050 The company is up 1.0% from its price of ₩26,800 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Transportation industry, which is also up 1.0% over the same period. Upcoming Dividend • Sep 21
Upcoming Dividend of ₩2,000 Per Share Will be paid on the 24th of October to those who are registered shareholders by the 28th of September. The trailing yield of 17% is in the top quartile of South Korean dividend payers (2.8%), and it is higher than industry peers (2.3%).