Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩27,550, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total loss to shareholders of 7.7% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩19,980, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total loss to shareholders of 86% over the past three years. Aankondiging • Feb 27
SUN KWANG CO.,Ltd., Annual General Meeting, Mar 26, 2026 SUN KWANG CO.,Ltd., Annual General Meeting, Mar 26, 2026, at 10:30 Tokyo Standard Time. Location: auditorium, 37, chukhang-daero 211beon-gil, jung-gu, incheon South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 24 April 2026. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩1,741 (vs ₩1,312 in 3Q 2024) Third quarter 2025 results: EPS: ₩1,741 (up from ₩1,312 in 3Q 2024). Revenue: ₩48.0b (up 2.1% from 3Q 2024). Net income: ₩11.0b (up 42% from 3Q 2024). Profit margin: 23% (up from 17% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 08
Dividend of ₩450 announced Shareholders will receive a dividend of ₩450. Ex-date: 29th December 2025 Payment date: 24th April 2026 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has remained flat since 6 years ago. However, payments have been volatile during that time. Aankondiging • Nov 07
SUN KWANG CO.,Ltd. announces Annual dividend, payable on April 24, 2026 SUN KWANG CO.,Ltd. announced Annual dividend of KRW 450.0000 per share payable on April 24, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: ₩4,799 (vs ₩5,163 in FY 2023) Full year 2024 results: EPS: ₩4,799 (down from ₩5,163 in FY 2023). Revenue: ₩186.8b (flat on FY 2023). Net income: ₩28.5b (down 4.5% from FY 2023). Profit margin: 15% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Aankondiging • Feb 27
SUN KWANG CO.,Ltd., Annual General Meeting, Mar 26, 2025 SUN KWANG CO.,Ltd., Annual General Meeting, Mar 26, 2025, at 10:30 Tokyo Standard Time. Location: auditorium, 37, chukhang-daero 211beon-gil, jung-gu, incheon South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 7.7% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (2.8%). New Risk • Dec 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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. Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Market cap is less than US$100m (₩93.5b market cap, or US$66.0m). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩1,312 (vs ₩900 in 3Q 2023) Third quarter 2024 results: EPS: ₩1,312 (up from ₩900 in 3Q 2023). Revenue: ₩47.0b (up 6.8% from 3Q 2023). Net income: ₩7.74b (up 49% from 3Q 2023). Profit margin: 17% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₩5,163 (vs ₩1,723 in FY 2022) Full year 2023 results: EPS: ₩5,163 (up from ₩1,723 in FY 2022). Revenue: ₩185.3b (up 7.6% from FY 2022). Net income: ₩29.8b (up 200% from FY 2022). Profit margin: 16% (up from 5.8% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩19,800, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total loss to shareholders of 27% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩350 per share at 1.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 9.6% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (3.2%). New Risk • Jun 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩127.9b (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (18% average weekly change). 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 (7.7% net profit margin). Market cap is less than US$100m (₩127.9b market cap, or US$99.0m). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩1,066 (vs ₩1,244 in 1Q 2022) First quarter 2023 results: EPS: ₩1,066 (down from ₩1,244 in 1Q 2022). Revenue: ₩44.4b (up 4.9% from 1Q 2022). Net income: ₩6.16b (down 14% from 1Q 2022). Profit margin: 14% (down from 17% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 59%. The fair value is estimated to be ₩73,183, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 60%. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to ₩117,400, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 4x in the Shipping industry in South Korea. Total returns to shareholders of 728% over the past three years. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₩2,510 (vs ₩4,164 in FY 2021) Full year 2022 results: EPS: ₩2,510 (down from ₩4,164 in FY 2021). Revenue: ₩172.1b (up 5.8% from FY 2021). Net income: ₩14.5b (down 40% from FY 2021). Profit margin: 8.4% (down from 15% 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 60% per year but the company’s share price has increased by 143% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.5%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (6 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: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (6 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: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.3%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩1,152 (vs ₩432 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩151.7b (up 4.6% from FY 2019). Net income: ₩6.79b (up 161% from FY 2019). Profit margin: 4.5% (up from 1.8% in FY 2019). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 26
SUN KWANG CO.,Ltd., Annual General Meeting, Mar 25, 2021 SUN KWANG CO.,Ltd., Annual General Meeting, Mar 25, 2021, at 11:00 Korea Standard Time. Is New 90 Day High Low • Feb 20
New 90-day high: ₩29,650 The company is up 11% from its price of ₩26,700 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 Shipping industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: ₩29,400 The company is up 34% from its price of ₩22,000 on 16 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 68% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩350 Per Share Will be paid on the 17th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.3% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.9%). Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 19% share price gain to ₩29,300, the stock is trading at a trailing P/E ratio of 31.1x, up from the previous P/E ratio of 26.1x. This compares to an average P/E of 14x in the Shipping industry in South Korea. Total returns to shareholders over the past three years are 54%. Is New 90 Day High Low • Nov 11
New 90-day high: ₩25,050 The company is up 52% from its price of ₩16,500 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 49% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: ₩22,700 The company is up 39% from its price of ₩16,300 on 22 July 2020. The South Korean market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 21
New 90-day high: ₩16,800 The company is up 6.0% from its price of ₩15,900 on 23 June 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 16% over the same period.