New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 13% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). 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 (₩45.9b market cap, or US$30.4m). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩3,170, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 31% over the past three years. Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: ₩944 (vs ₩147 in FY 2024) Full year 2025 results: EPS: ₩944 (up from ₩147 in FY 2024). Revenue: ₩355.6b (up 32% from FY 2024). Net income: ₩14.8b (up ₩12.5b from FY 2024). Profit margin: 4.2% (up from 0.8% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩2,455, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 53% over the past three years. New Risk • Jan 13
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 9.3% 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 23% 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 (9.3% average weekly change). Market cap is less than US$100m (₩56.6b market cap, or US$38.4m). Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to ₩3,575, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 32% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.0%). Declared Dividend • Nov 08
Dividend of ₩80.00 announced Dividend of ₩80.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (42% 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 decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 53% to shift the payout ratio to a potentially unsustainable range, which is more than the 29% EPS decline seen over the last 5 years. Announcement • Nov 07
DH AUTOLEAD Co.,Ltd. announces Annual dividend, payable on April 27, 2026 DH AUTOLEAD Co.,Ltd. announced Annual dividend of KRW 80.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • May 30
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 10% 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 Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 22% 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. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩51.9b market cap, or US$37.6m). Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩3,345, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 46% over the past three years. New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% 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 Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 22% 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. Large one-off items impacting financial results. Market cap is less than US$100m (₩40.6b market cap, or US$29.3m). Reported Earnings • Apr 03
Full year 2024 earnings released: EPS: ₩147 (vs ₩596 loss in FY 2023) Full year 2024 results: EPS: ₩147 (up from ₩596 loss in FY 2023). Revenue: ₩270.4b (up 15% from FY 2023). Net income: ₩2.28b (up ₩9.81b from FY 2023). Profit margin: 0.8% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Announcement • Mar 08
DH AUTOLEAD Co.,Ltd. announces Annual dividend, payable on April 25, 2025 DH AUTOLEAD Co.,Ltd. announced Annual dividend of KRW 80.0000 per share payable on April 25, 2025, ex-date on December 27, 2024 and record date on December 31, 2024. Announcement • Feb 28
DH AUTOLEAD Co.,Ltd., Annual General Meeting, Mar 31, 2025 DH AUTOLEAD Co.,Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 66, wanjusandan 8-ro, bongdong-eup, wanju-gun, jeollabuk-do, South Korea New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (₩35.6b market cap, or US$24.8m). New Risk • Aug 26
New major risk - Revenue and earnings growth Earnings have declined by 3.7% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 3.7% 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. Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (₩45.1b market cap, or US$34.0m). New Risk • May 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). 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 (30% increase in shares outstanding). Market cap is less than US$100m (₩45.8b market cap, or US$33.5m). Reported Earnings • Mar 26
Full year 2023 earnings released: ₩596 loss per share (vs ₩2,066 profit in FY 2022) Full year 2023 results: ₩596 loss per share (down from ₩2,066 profit in FY 2022). Revenue: ₩235.6b (up 4.3% from FY 2022). Net loss: ₩7.53b (down 132% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share at 5.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 17 April 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,900, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩4,120, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to ₩2,765, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to ₩4,420, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 31% over the past three years. New Risk • Oct 05
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 High level of debt (55% net debt to equity). 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 (11% average weekly change). Profit margins are more than 30% lower than last year (5.8% net profit margin). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (₩39.0b market cap, or US$28.8m). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩3,300, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 43% over the past three years. New Risk • Aug 21
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: 5.8% Last year net profit margin: 10% 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 High level of debt (55% net debt to equity). 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 (5.8% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (₩56.5b market cap, or US$42.2m). Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩2,066 (vs ₩743 in FY 2021) Full year 2022 results: EPS: ₩2,066 (up from ₩743 in FY 2021). Revenue: ₩226.0b (up 26% from FY 2021). Net income: ₩23.8b (up 187% from FY 2021). Profit margin: 11% (up from 4.6% 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 43% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 8.3% but the company is not cash flow positive. Trailing yield: 3.4%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,170, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 10x in the Auto Components industry in South Korea. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩4,915, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 14x in the Auto Components industry in South Korea. Total loss to shareholders of 59% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 3.5%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.8%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩530 (vs ₩733 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩171.8b (up 9.1% from FY 2019). Net income: ₩5.76b (down 28% from FY 2019). Profit margin: 3.4% (down from 5.1% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Feb 24
New 90-day low: ₩6,880 The company is down 11% from its price of ₩7,770 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 Auto Components industry, which is up 29% over the same period. Announcement • Feb 18
Dayou AP Co.,Ltd., Annual General Meeting, Mar 25, 2021 Dayou AP Co.,Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 07
New 90-day high: ₩8,100 The company is up 15% from its price of ₩7,020 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 22% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: ₩7,770 The company is up 25% from its price of ₩6,230 on 28 August 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 15% over the same period. Is New 90 Day High Low • Oct 12
New 90-day high: ₩7,110 The company is up 18% from its price of ₩6,010 on 14 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto Components industry, which is up 20% over the same period. 
