New Risk • May 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩70.6b market cap, or US$46.7m). Aankondiging • Mar 07
DSR Corp, Annual General Meeting, Mar 27, 2026 DSR Corp, Annual General Meeting, Mar 27, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 7, noksansaneopjung-ro 192beon-gil, gangseo-gu, busan South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 07 April 2026. Payout ratio is a comfortable 8.2% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.3%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩457 (vs ₩202 in 3Q 2024) Third quarter 2025 results: EPS: ₩457 (up from ₩202 in 3Q 2024). Revenue: ₩74.7b (flat on 3Q 2024). Net income: ₩7.31b (up 127% from 3Q 2024). Profit margin: 9.8% (up from 4.3% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 13
Dividend of ₩70.00 announced Dividend of ₩70.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 7th April 2026 Dividend yield will be 1.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (12% 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 5.8% per year over the past 6 years and payments have been stable during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Aankondiging • Nov 12
DSR Corp announces Annual dividend, payable on April 07, 2026 DSR Corp announced Annual dividend of KRW 70.0000 per share payable on April 07, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,205, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Chemicals industry in South Korea. Total loss to shareholders of 27% over the past three years. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ₩907 (vs ₩1,093 in FY 2023) Full year 2024 results: EPS: ₩907 (down from ₩1,093 in FY 2023). Revenue: ₩299.8b (up 3.0% from FY 2023). Net income: ₩14.5b (down 17% from FY 2023). Profit margin: 4.9% (down from 6.0% in FY 2023). 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 11% per year. Aankondiging • Feb 07
DSR Corp, Annual General Meeting, Mar 07, 2025 DSR Corp, Annual General Meeting, Mar 07, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 7, noksansaneopjung-ro 192beon-gil, gangseo-gu, busan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. Payout ratio is a comfortable 6.4% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,255, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 10x in the Chemicals industry in South Korea. Total loss to shareholders of 22% over the past three years. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (₩61.1b market cap, or US$43.5m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩60.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 5.9% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.8%). Upcoming Dividend • Dec 20
Upcoming dividend of ₩60.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 5.9% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.8%). Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ₩294 (vs ₩477 in 1Q 2022) First quarter 2023 results: EPS: ₩294 (down from ₩477 in 1Q 2022). Revenue: ₩71.4b (down 18% from 1Q 2022). Net income: ₩4.70b (down 38% from 1Q 2022). Profit margin: 6.6% (down from 8.7% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: ₩1,502 (vs ₩768 in FY 2021) Full year 2022 results: EPS: ₩1,502 (up from ₩768 in FY 2021). Revenue: ₩367.5b (up 35% from FY 2021). Net income: ₩24.0b (up 96% from FY 2021). Profit margin: 6.5% (up from 4.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 02 May 2023. Payout ratio is a comfortable 3.4% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,600, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 8.1% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 6.3% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₩8,320, the stock trades at a trailing P/E ratio of 12.4x. Average forward P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 114% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 75% share price gain to ₩11,850, the stock trades at a trailing P/E ratio of 17.6x. Average forward P/E is 13x in the Chemicals industry in South Korea. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,550, the stock trades at a trailing P/E ratio of 8.5x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total returns to shareholders of 32% 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 17% share price gain to ₩7,980, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 21x in the Chemicals industry in South Korea. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improved over the past week After last week's 17% share price gain to ₩7,100, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total returns to shareholders of 20% over the past three years. Aankondiging • Feb 27
DSR Corp, Annual General Meeting, Mar 29, 2021 DSR Corp, Annual General Meeting, Mar 29, 2021, at 14:00 Korea Standard Time. Is New 90 Day High Low • Feb 26
New 90-day low: ₩5,410 The company is down 3.0% from its price of ₩5,580 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 16% share price gain to ₩6,160, the stock is trading at a trailing P/E ratio of 10.6x, up from the previous P/E ratio of 9.1x. This compares to an average P/E of 13x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 12%. Valuation Update With 7 Day Price Move • Oct 21
Market pulls back on stock over the past week After last week's 15% share price decline to ₩6,110, the stock is trading at a trailing P/E ratio of 10.5x, down from the previous P/E ratio of 12.4x. This compares to an average P/E of 12x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 17%. Is New 90 Day High Low • Oct 13
New 90-day high: ₩7,240 The company is up 81% from its price of ₩4,010 on 15 July 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 30% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: ₩5,970 The company is up 55% from its price of ₩3,850 on 25 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 29% over the same period.