Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩923, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 5x in the Auto Components industry in South Korea. Total loss to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩1,213, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Total loss to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩1,613, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 63% over the past three years. Buy Or Sell Opportunity • May 15
Now 24% undervalued Over the last 90 days, the stock has risen 7.2% to ₩1,613. The fair value is estimated to be ₩2,128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 27
Now 23% undervalued Over the last 90 days, the stock has risen 25% to ₩1,631. The fair value is estimated to be ₩2,118, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Meanwhile, the company has become profitable. Aankondiging • Mar 13
Union Materials Corp., Annual General Meeting, Mar 26, 2026 Union Materials Corp., Annual General Meeting, Mar 26, 2026, at 11:00 Tokyo Standard Time. Location: auditorium, 151, seongseogongdannam-ro, dalseo-gu, daegu South Korea New Risk • Oct 10
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 9.5% 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 71% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (₩71.5b market cap, or US$50.4m). Reported Earnings • Aug 20
Second quarter 2025 earnings released: ₩50.00 loss per share (vs ₩4.00 profit in 2Q 2024) Second quarter 2025 results: ₩50.00 loss per share (down from ₩4.00 profit in 2Q 2024). Revenue: ₩26.5b (down 10.0% from 2Q 2024). Net loss: ₩2.10b (down ₩2.27b from profit in 2Q 2024). 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. Aankondiging • Mar 13
Union Materials Corp., Annual General Meeting, Mar 27, 2025 Union Materials Corp., Annual General Meeting, Mar 27, 2025, at 11:00 Tokyo Standard Time. Location: auditorium, 151, seongseogongdannam-ro, dalseo-gu, daegu South Korea New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 8.1% 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 Risks Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 8.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩116.1b market cap, or US$86.1m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩35.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.0%). New Risk • Oct 18
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 9.2% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Upcoming Dividend • Dec 21
Upcoming dividend of ₩35.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₩2,930, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 10x in the Auto Components industry in South Korea. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩2,535, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 10x in the Auto Components industry in South Korea. Total returns to shareholders of 1.9% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩2,905, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 11x in the Auto Components industry in South Korea. Total returns to shareholders of 10% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: ₩32.00 (vs ₩30.00 in 1Q 2021) First quarter 2022 results: EPS: ₩32.00 (up from ₩30.00 in 1Q 2021). Revenue: ₩31.9b (up 12% from 1Q 2021). Net income: ₩1.35b (up 6.2% from 1Q 2021). Profit margin: 4.2% (down from 4.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Aankondiging • Mar 16
Union Materials Corp., Annual General Meeting, Mar 30, 2021 Union Materials Corp., Annual General Meeting, Mar 30, 2021, at 11:00 Korea Standard Time. Is New 90 Day High Low • Feb 19
New 90-day high: ₩4,720 The company is up 8.0% from its price of ₩4,370 on 20 November 2020. The South Korean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 31% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: ₩3,500 The company is down 13% from its price of ₩4,010 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 49% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: ₩3,630 The company is down 1.0% from its price of ₩3,670 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 18% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩50.00 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 1.2% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (1.7%). Is New 90 Day High Low • Sep 24
New 90-day low: ₩3,340 The company is down 10.0% from its price of ₩3,710 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 22% over the same period. 