New Risk • May 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: 2.0% Last year net profit margin: 2.9% 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: Major Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (₩56.5b market cap, or US$37.5m). New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 16% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩72.3b market cap, or US$49.2m). New Risk • Mar 29
New major risk - Revenue and earnings growth Earnings have declined by 2.2% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 (16% average weekly change). Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩77.3b market cap, or US$51.2m). 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 13% 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 (13% average weekly change). Market cap is less than US$100m (₩111.1b market cap, or US$76.0m). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩3,090, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 5x in the Gas Utilities industry in South Korea. Total loss to shareholders of 17% over the past three years. Aankondiging • Feb 24
GSE Co., Ltd., Annual General Meeting, Mar 30, 2026 GSE Co., Ltd., Annual General Meeting, Mar 30, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 412-30, guamdumun-ro, sacheon-eup, gyeongsangnam-do, sacheon South Korea Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,860, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 5x in the Gas Utilities industry in South Korea. Total loss to shareholders of 36% over the past three years. New Risk • Jun 24
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 9.4% 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 (9.4% average weekly change). Market cap is less than US$100m (₩80.8b market cap, or US$59.4m). Upcoming Dividend • Jun 20
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 25 August 2025. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩3,475, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 6x in the Gas Utilities industry in South Korea. Total loss to shareholders of 36% over the past three years. New Risk • Mar 26
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: 2.3% Last year net profit margin: 3.3% 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: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (₩79.0b market cap, or US$53.9m). Aankondiging • Feb 22
GSE Co., Ltd., Annual General Meeting, Mar 31, 2025 GSE Co., Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 412-30, guamdumun-ro, sacheon-eup, gyeongsangnam-do, sacheon South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 24 April 2025. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (4.0%). New Risk • Nov 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks High level of debt (42% net debt to equity). Market cap is less than US$100m (₩102.6b market cap, or US$73.1m). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩3,860, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 8x in the Gas Utilities industry in South Korea. Total returns to shareholders of 129% over the past three years. New Risk • Aug 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). High level of non-cash earnings (33% accrual ratio). Minor Risk Market cap is less than US$100m (₩124.0b market cap, or US$90.9m). New Risk • Jun 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩111.4b market cap, or US$81.0m). New Risk • Jun 03
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 9.7% 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 (9.7% average weekly change). Market cap is less than US$100m (₩122.9b market cap, or US$89.2m). Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩4,435, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 9x in the Gas Utilities industry in South Korea. Total returns to shareholders of 121% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩20.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 25 April 2024. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (10%). New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₩97.5b market cap, or US$74.8m). Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,945, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 6x in the Gas Utilities industry in South Korea. Total returns to shareholders of 208% over the past three years. New Risk • Oct 10
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). Market cap is less than US$100m (₩110.8b market cap, or US$82.3m). Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩3,690, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 6x in the Gas Utilities industry in South Korea. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,900, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 12x in the Gas Utilities industry in South Korea. Total returns to shareholders of 110% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩20.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 24 August 2023. Trailing yield: 1.0%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (9.8%). Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩4,565, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 9x in the Gas Utilities industry in South Korea. Total returns to shareholders of 249% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩3,950, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 13x in the Gas Utilities industry in South Korea. Total returns to shareholders of 205% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩4,905, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 17x in the Gas Utilities industry in South Korea. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₩3,815, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 17x in the Gas Utilities industry in South Korea. Total returns to shareholders of 153% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.2%). 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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. Reported Earnings • Nov 13
Third quarter 2022 earnings released: ₩15.00 loss per share (vs ₩27.00 loss in 3Q 2021) Third quarter 2022 results: ₩15.00 loss per share (improved from ₩27.00 loss in 3Q 2021). Revenue: ₩25.7b (up 57% from 3Q 2021). Net loss: ₩436.7m (loss narrowed 41% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₩6,150, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 30x in the Gas Utilities industry in South Korea. Total returns to shareholders of 363% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩4,290, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 26x in the Gas Utilities industry in South Korea. Total returns to shareholders of 193% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 25 August 2022. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩5,650, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 30x in the Gas Utilities industry in South Korea. Total returns to shareholders of 278% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 29% share price gain to ₩7,420, the stock trades at a trailing P/E ratio of 50.4x. Average trailing P/E is 31x in the Gas Utilities industry in South Korea. Total returns to shareholders of 375% over the past three years. 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩4,780, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 25x in the Gas Utilities industry in South Korea. Total returns to shareholders of 216% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 25% share price gain to ₩5,610, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 25x in the Gas Utilities industry in South Korea. Total returns to shareholders of 271% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩5,020, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 20x in the Gas Utilities industry in South Korea. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 33% share price gain to ₩4,325, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 14x in the Gas Utilities industry in South Korea. Total returns to shareholders of 188% over the past three years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,800, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 14x in the Gas Utilities industry in South Korea. Total returns to shareholders of 164% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 19% share price gain to ₩2,940, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 13x in the Gas Utilities industry in South Korea. Total returns to shareholders of 109% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (4.5%). Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 24% share price gain to ₩3,830, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 13x in the Gas Utilities industry in South Korea. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 29% share price gain to ₩2,435, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 10x in the Gas Utilities industry in South Korea. Total returns to shareholders of 58% over the past three years. Upcoming Dividend • Jun 22
Inaugural dividend of ₩20.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 25 August 2021. The company last paid an ordinary dividend in . The average dividend yield among industry peers is 2.1%. Is New 90 Day High Low • Feb 24
New 90-day low: ₩1,550 The company is down 7.0% from its price of ₩1,675 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: ₩1,595 The company is down 2.0% from its price of ₩1,635 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 14% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩20.00 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 29th of December. The company last paid an ordinary dividend in . The average dividend yield among industry peers is 1.8%.