New Risk • Jul 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 153% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.3% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 153% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Profit margins are more than 30% lower than last year (6.3% net profit margin). New Risk • Jun 12
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 12% 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: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (6.3% net profit margin). New Risk • May 28
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: 6.3% Last year net profit margin: 21% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩154,700, the stock trades at a forward P/E ratio of 91x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 139% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩72,196 per share. Price Target Changed • May 13
Price target increased by 13% to ₩200,167 Up from ₩177,083, the current price target is an average from 12 analysts. New target price is 28% above last closing price of ₩155,800. Stock is up 153% over the past year. The company is forecast to post earnings per share of ₩1,700 for next year compared to ₩2,244 last year. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩2,244 (vs ₩1,538 in FY 2024) Full year 2025 results: EPS: ₩2,244 (up from ₩1,538 in FY 2024). Revenue: ₩518.8b (down 8.9% from FY 2024). Net income: ₩85.4b (up 46% from FY 2024). Profit margin: 17% (up from 10% in FY 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 12
Price target increased by 8.0% to ₩162,750 Up from ₩150,727, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of ₩166,500. Stock is up 163% over the past year. The company is forecast to post earnings per share of ₩2,627 for next year compared to ₩1,538 last year. New Risk • Mar 04
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 11% 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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩132,900, the stock trades at a forward P/E ratio of 69x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 102% over the past three years. Price Target Changed • Feb 12
Price target increased by 18% to ₩139,800 Up from ₩118,800, the current price target is an average from 10 analysts. New target price is 5.3% below last closing price of ₩147,600. Stock is up 111% over the past year. The company is forecast to post earnings per share of ₩2,627 for next year compared to ₩1,538 last year. Aankondiging • Feb 12
KEPCO Engineering & Construction Company, Inc., Annual General Meeting, Mar 31, 2026 KEPCO Engineering & Construction Company, Inc., Annual General Meeting, Mar 31, 2026, at 11:30 Tokyo Standard Time. Location: conference room, 269, hyeoksin-ro, gyeongsangbuk-do, gimcheon South Korea Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩151,700, the stock trades at a forward P/E ratio of 80x. Average forward P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 149% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩73,226 per share. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩116,200, the stock trades at a forward P/E ratio of 64x. Average forward P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 101% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩72,973 per share. Upcoming Dividend • Dec 22
Upcoming dividend of ₩999 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 April 2026. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.7%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩296 (vs ₩177 in 3Q 2024) Third quarter 2025 results: EPS: ₩296 (up from ₩177 in 3Q 2024). Revenue: ₩114.6b (up 8.2% from 3Q 2024). Net income: ₩11.3b (up 67% from 3Q 2024). Profit margin: 9.8% (up from 6.4% in 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 08
Dividend of ₩999 announced Dividend of ₩999 is the same as last year. Ex-date: 29th December 2025 Payment date: 30th April 2026 Dividend yield will be 1.1%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 29% per year over the past 5 years and payments have been stable during that time. EPS is expected to decline by 7.8% over the next 3 years. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Aankondiging • Nov 07
KEPCO Engineering & Construction Company, Inc. announces Annual dividend, payable on April 30, 2026 KEPCO Engineering & Construction Company, Inc. announced Annual dividend of KRW 999.0000 per share payable on April 30, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩95,400, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩39,625 per share. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩105,700, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 122% over the past three years. New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. High level of non-cash earnings (35% accrual ratio). Price Target Changed • Aug 10
Price target increased by 16% to ₩103,800 Up from ₩89,400, the current price target is an average from 5 analysts. New target price is 8.5% above last closing price of ₩95,700. Stock is up 41% over the past year. The company is forecast to post earnings per share of ₩2,894 for next year compared to ₩1,538 last year. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩94,400, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩39,459 per share. New Risk • Jun 12
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 11% 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 Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩72,900, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 5.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩39,874 per share. New Risk • May 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% 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 Risks Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Dividend is not well covered by cash flows (146% cash payout ratio). New Risk • Apr 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 91% Dividend yield: 1.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩64,400, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 7.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩42,616 per share. Buy Or Sell Opportunity • Apr 10
Now 27% overvalued Over the last 90 days, the stock has fallen 8.7% to ₩53,800. The fair value is estimated to be ₩42,456, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Aankondiging • Feb 12
KEPCO Engineering & Construction Company, Inc., Annual General Meeting, Mar 31, 2025 KEPCO Engineering & Construction Company, Inc., Annual General Meeting, Mar 31, 2025, at 11:30 Tokyo Standard Time. Location: conference room, 269, hyeoksin-ro, gyeongsangbuk-do, gimcheon South Korea Buy Or Sell Opportunity • Feb 04
Now 23% overvalued Over the last 90 days, the stock has fallen 2.1% to ₩69,200. The fair value is estimated to be ₩56,266, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Buy Or Sell Opportunity • Jan 21
Now 20% overvalued Over the last 90 days, the stock has fallen 5.4% to ₩66,800. The fair value is estimated to be ₩55,602, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Upcoming Dividend • Dec 20
Upcoming dividend of ₩515 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩57,500, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 5x in the Construction industry in South Korea. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩56,167 per share. Buy Or Sell Opportunity • Nov 14
Now 20% overvalued Over the last 90 days, the stock has fallen 2.0% to ₩68,700. The fair value is estimated to be ₩57,223, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Price Target Changed • Nov 09
Price target increased by 8.5% to ₩89,000 Up from ₩82,000, the current price target is an average from 5 analysts. New target price is 28% above last closing price of ₩69,700. Stock is up 29% over the past year. The company is forecast to post earnings per share of ₩1,244 for next year compared to ₩858 last year. Buy Or Sell Opportunity • Oct 17
Now 22% overvalued Over the last 90 days, the stock has fallen 5.4% to ₩69,400. The fair value is estimated to be ₩57,086, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Buy Or Sell Opportunity • Sep 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.4% to ₩71,000. The fair value is estimated to be ₩57,769, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩63,300, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩44,859 per share. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩54,400, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 7x in the Construction industry in South Korea. Total returns to shareholders of 26% over the past three years. Price Target Changed • Jan 16
Price target increased by 9.0% to ₩85,000 Up from ₩78,000, the current price target is an average from 2 analysts. New target price is 23% above last closing price of ₩69,000. Stock is up 13% over the past year. The company is forecast to post earnings per share of ₩1,050 for next year compared to ₩472 last year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩283 per share at 0.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩54,500, the stock trades at a forward P/E ratio of 51x. Average forward P/E is 5x in the Construction industry in South Korea. Total returns to shareholders of 242% over the past three years. Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: ₩305 (vs ₩135 in 2Q 2022) Second quarter 2023 results: EPS: ₩305 (up from ₩135 in 2Q 2022). Revenue: ₩120.1b (up 9.1% from 2Q 2022). Net income: ₩11.6b (up 127% from 2Q 2022). Profit margin: 9.7% (up from 4.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 13
Price target increased by 15% to ₩88,500 Up from ₩77,000, the current price target is an average from 2 analysts. New target price is 9.3% above last closing price of ₩81,000. Stock is up 24% over the past year. The company is forecast to post earnings per share of ₩885 for next year compared to ₩472 last year. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩233 (vs ₩44.00 loss in 1Q 2022) First quarter 2023 results: EPS: ₩233 (up from ₩44.00 loss in 1Q 2022). Revenue: ₩108.4b (up 17% from 1Q 2022). Net income: ₩8.85b (up ₩10.5b from 1Q 2022). Profit margin: 8.2% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: ₩472 (vs ₩432 in FY 2021) Full year 2022 results: EPS: ₩472 (up from ₩432 in FY 2021). Revenue: ₩505.3b (up 17% from FY 2021). Net income: ₩18.0b (up 9.1% from FY 2021). Profit margin: 3.6% (down from 3.8% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 73% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩238 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 28 April 2023. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.2%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 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: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Apr 27
Price target increased to ₩74,000 Up from ₩56,000, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₩73,300. Stock is up 87% over the past year. The company posted earnings per share of ₩432 last year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 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: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩282 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 28 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.1%). Reported Earnings • Nov 21
Third quarter 2021 earnings released: ₩70.00 loss per share (vs ₩207 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₩88.3b (down 7.5% from 3Q 2020). Net loss: ₩2.66b (down 134% from profit in 3Q 2020). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improved over the past week After last week's 15% share price gain to ₩40,100, the stock trades at a forward P/E ratio of 147x. Average forward P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorated over the past week After last week's 25% share price decline to ₩36,850, the stock trades at a trailing P/E ratio of 69.5x. Average trailing P/E is 13x in the Construction industry in South Korea. Total returns to shareholders of 9.4% over the past three years. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 25% share price gain to ₩26,800, the stock trades at a trailing P/E ratio of 50.6x. Average trailing P/E is 11x in the Construction industry in South Korea. Negligible returns to shareholders over past three years. Is New 90 Day High Low • Feb 15
New 90-day high: ₩18,450 The company is up 10.0% from its price of ₩16,700 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 14% over the same period. Aankondiging • Feb 11
KEPCO Engineering & Construction Company, Inc., Annual General Meeting, Mar 30, 2021 KEPCO Engineering & Construction Company, Inc., Annual General Meeting, Mar 30, 2021, at 11:30 Korea Standard Time. Is New 90 Day High Low • Dec 18
New 90-day high: ₩18,350 The company is up 7.0% from its price of ₩17,100 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 18% over the same period.