Aankondiging • Mar 04
Spolytech Co., Ltd., Annual General Meeting, Mar 31, 2026 Spolytech Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 275, hansam-ro, deoksan-myeon, jincheon-gun, chungcheongbuk-do, South Korea New Risk • Apr 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Earnings have declined by 57% per year over the past 5 years. 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 (₩28.4b market cap, or US$20.0m). Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩325 (vs ₩355 loss in FY 2023) Full year 2024 results: EPS: ₩325 (up from ₩355 loss in FY 2023). Revenue: ₩80.2b (up 9.5% from FY 2023). Net income: ₩5.03b (up ₩10.5b from FY 2023). Profit margin: 6.3% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 28
Spolytech Co., Ltd., Annual General Meeting, Mar 26, 2025 Spolytech Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 275, hansam-ro, deoksan-myeon, jincheon-gun, chungcheongbuk-do, South Korea Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩88.00 (vs ₩7.00 in 1Q 2023) First quarter 2024 results: EPS: ₩88.00 (up from ₩7.00 in 1Q 2023). Revenue: ₩17.9b (up 3.6% from 1Q 2023). Net income: ₩1.36b (up ₩1.25b from 1Q 2023). Profit margin: 7.6% (up from 0.6% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2023 earnings released: ₩355 loss per share (vs ₩183 loss in FY 2022) Full year 2023 results: ₩355 loss per share (further deteriorated from ₩183 loss in FY 2022). Revenue: ₩73.2b (down 11% from FY 2022). Net loss: ₩5.48b (loss widened 94% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩30.00 (vs ₩127 in 3Q 2022) Third quarter 2023 results: EPS: ₩30.00 (down from ₩127 in 3Q 2022). Revenue: ₩17.5b (down 2.9% from 3Q 2022). Net income: ₩463.9m (down 76% from 3Q 2022). Profit margin: 2.6% (down from 11% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. 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. New Risk • Nov 17
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 16% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₩38.2b market cap, or US$29.6m). Buying Opportunity • Aug 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ₩2,606, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩7.00 (vs ₩72.00 in 1Q 2022) First quarter 2023 results: EPS: ₩7.00 (down from ₩72.00 in 1Q 2022). Revenue: ₩17.2b (down 33% from 1Q 2022). Net income: ₩103.7m (down 91% from 1Q 2022). Profit margin: 0.6% (down from 4.3% in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 21
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 13 April 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩121 (vs ₩123 in 3Q 2021) Third quarter 2022 results: EPS: ₩121 (down from ₩123 in 3Q 2021). Revenue: ₩18.0b (down 32% from 3Q 2021). Net income: ₩1.87b (down 1.4% from 3Q 2021). Profit margin: 10% (up from 7.2% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. 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. 4 experienced directors. No highly experienced directors. No independent directors (4 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. Buying Opportunity • Oct 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be ₩3,225, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 38%. Buying Opportunity • Oct 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₩3,288, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 38%. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩2,690, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total loss to shareholders of 24% over the past three years. Buying Opportunity • Sep 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be ₩3,753, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 38%. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩3,835, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 23% share price gain to ₩4,610, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 27% over the past three years. 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. 4 experienced directors. No highly experienced directors. No independent directors (4 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 ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 14 April 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩4,055, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total returns to shareholders of 107% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day low: ₩5,250 The company is down 11% from its price of ₩5,870 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 13
New 90-day low: ₩5,430 The company is down 30% from its price of ₩7,750 on 15 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 34% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩50.00 Per Share Will be paid on the 14th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (0.9%). Is New 90 Day High Low • Dec 21
New 90-day low: ₩5,740 The company is down 22% from its price of ₩7,380 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 22% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: ₩6,420 The company is down 14% from its price of ₩7,430 on 27 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period.