Aankondiging • Mar 12
Cenit Co., Ltd, Annual General Meeting, Mar 26, 2026 Cenit Co., Ltd, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 53, guryong-ro 4nam-gil, uiryeong-eup, uiryeong-gun, gyeongsangnam-do, South Korea Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩19.00 loss per share (vs ₩18.00 loss in 3Q 2024) Third quarter 2025 results: ₩19.00 loss per share (further deteriorated from ₩18.00 loss in 3Q 2024). Revenue: ₩31.8b (up 9.4% from 3Q 2024). Net loss: ₩568.8m (loss widened 1.6% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Aankondiging • Sep 23
Cenit Co., Ltd announced that it has received KRW 6.80169 billion in funding from Hanyang Securities Co. Ltd., JB Woori Capital Co., Ltd. On September 23, 2025, Cenit Co., Ltd closed the transaction. Aankondiging • Sep 17
Cenit Co., Ltd announced that it expects to receive KRW 6,801.69 million in funding from Hanyang Securities Co. Ltd., JB Woori Capital Co., Ltd. and another investor Cenit Co., Ltd announced a private placement to issue series 12 bearer, non-coupon, unsecured privately issued convertible bonds for gross proceeds of KRW 6,801,690,000 on September 15, 2025. The transaction includes participation from Paros Multi General Private Equity Investment Trust No. 3 advised by NH Investment & Securities Co., Ltd for KRW 2,001,690,000, Hanyang Securities Co. Ltd. for KRW 2,800,000,000 and JB Woori Capital Co., Ltd for KRW 2,000,000,000. The bonds will have zero interest rate and 2% yield to maturity rate. The bonds will mature on September 23, 2030. The bonds will be 100% converted into 3,430,000 common shares at a fixed conversion price of KRW 1,983 per share. The conversion period is from October 23, 2025 to August 23, 2030. The payment date of the transaction is September 23, 2025. The transaction has been approved by the board of directors of the company. The transaction is subject to prohibition on division and merger of trading units within one year from the date of bond issuance. New Risk • Aug 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.0% 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 (3.0% 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 37% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩53.5b market cap, or US$38.4m). Reported Earnings • Mar 20
Full year 2024 earnings released: ₩29.00 loss per share (vs ₩90.00 profit in FY 2023) Full year 2024 results: ₩29.00 loss per share (down from ₩90.00 profit in FY 2023). Revenue: ₩132.4b (down 5.6% from FY 2023). Net loss: ₩910.4m (down 132% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 12
Cenit Co., Ltd, Annual General Meeting, Mar 25, 2025 Cenit Co., Ltd, Annual General Meeting, Mar 25, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 53, guryong-ro 4nam-gil, uiryeong-eup, uiryeong-gun, gyeongsangnam-do, South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩40.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (2.9%). New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩43.7b market cap, or US$30.7m). New Risk • Dec 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 239% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (₩46.0b market cap, or US$33.0m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ₩43.00 (vs ₩45.00 in 2Q 2023) Second quarter 2024 results: EPS: ₩43.00 (down from ₩45.00 in 2Q 2023). Revenue: ₩38.9b (flat on 2Q 2023). Net income: ₩1.34b (down 5.7% from 2Q 2023). Profit margin: 3.5% (down from 3.7% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2024 earnings released: ₩7.00 loss per share (vs ₩13.00 profit in 1Q 2023) First quarter 2024 results: ₩7.00 loss per share (down from ₩13.00 profit in 1Q 2023). Revenue: ₩30.8b (down 3.1% from 1Q 2023). Net loss: ₩237.1m (down 157% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩1,533, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total loss to shareholders of 20% over the past three years. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₩90.00 (vs ₩272 in FY 2022) Full year 2023 results: EPS: ₩90.00 (down from ₩272 in FY 2022). Revenue: ₩140.4b (down 12% from FY 2022). Net income: ₩2.87b (down 67% from FY 2022). Profit margin: 2.0% (down from 5.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.7%). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₩33.00 (vs ₩73.00 in 3Q 2022) Third quarter 2023 results: EPS: ₩33.00 (down from ₩73.00 in 3Q 2022). Revenue: ₩33.6b (down 21% from 3Q 2022). Net income: ₩1.06b (down 54% from 3Q 2022). Profit margin: 3.2% (down from 5.5% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Aug 31
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: 3.8% Last year net profit margin: 6.2% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (₩49.5b market cap, or US$37.3m). Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩272 (vs ₩280 in FY 2021) Full year 2022 results: EPS: ₩272 (down from ₩280 in FY 2021). Revenue: ₩160.1b (up 27% from FY 2021). Net income: ₩8.64b (down 3.0% from FY 2021). Profit margin: 5.4% (down from 7.1% 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 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩40.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.4%). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩73.00 (vs ₩97.00 in 3Q 2021) Third quarter 2022 results: EPS: ₩73.00 (down from ₩97.00 in 3Q 2021). Revenue: ₩42.6b (up 28% from 3Q 2021). Net income: ₩2.32b (down 24% from 3Q 2021). Profit margin: 5.5% (down from 9.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩1,635, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 1.5% over the past three years. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 19% share price gain to ₩1,900, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩1,820, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 6x in the Metals and Mining industry in South Korea. Total returns to shareholders of 1.9% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced 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: Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 17% share price gain to ₩2,450, the stock trades at a trailing P/E ratio of 40.1x. Average trailing P/E is 18x in the Metals and Mining industry in South Korea. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₩2,010, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 18x in the Metals and Mining industry in South Korea. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩30.00 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.8% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (3.1%).