New Risk • May 26
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩9,680, 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 returns to shareholders of 190% over the past three years. Announcement • Mar 14
THN Corporation, Annual General Meeting, Mar 31, 2026 THN Corporation, Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 62, seongseogongdan-ro 11-gil, dalseo-gu, daegu South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩6,500, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 8x in the Auto Components industry in South Korea. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩8,340, 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 returns to shareholders of 126% over the past three years. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩8,630, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total returns to shareholders of 142% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 2.1% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩8,040, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Total returns to shareholders of 122% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩7,050, 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 returns to shareholders of 112% over the past three years. Declared Dividend • Nov 08
Dividend of ₩60.00 announced Dividend of ₩60.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 1.0%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (3% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 41% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
THN Corporation announces Annual dividend, payable on April 27, 2026 THN Corporation announced Annual dividend of KRW 60.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩5,670, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total returns to shareholders of 63% over the past three years. New Risk • Sep 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 7.6% 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 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 (7.6% average weekly change). Market cap is less than US$100m (₩86.9b market cap, or US$62.7m). Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₩1,039 (vs ₩565 in 2Q 2024) Second quarter 2025 results: EPS: ₩1,039 (up from ₩565 in 2Q 2024). Revenue: ₩252.5b (up 50% from 2Q 2024). Net income: ₩18.7b (up 84% from 2Q 2024). Profit margin: 7.4% (up from 6.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩3,480, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Total returns to shareholders of 12% over the past three years. New Risk • Mar 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% 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: Minor Risks High level of debt (43% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩57.1b market cap, or US$38.9m). Buy Or Sell Opportunity • Mar 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.0% to ₩3,035. The fair value is estimated to be ₩3,921, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 31%. Announcement • Feb 27
THN Corporation, Annual General Meeting, Mar 27, 2025 THN Corporation, Annual General Meeting, Mar 27, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 62, seongseogongdan-ro 11-gil, dalseo-gu, daegu 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 3.8% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.6%). New Risk • Sep 17
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩61.9b market cap, or US$47.1m). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩1,579 (vs ₩264 loss in FY 2022) Full year 2023 results: EPS: ₩1,579 (up from ₩264 loss in FY 2022). Revenue: ₩586.3b (up 25% from FY 2022). Net income: ₩28.4b (up ₩33.2b from FY 2022). Profit margin: 4.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.0%). New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings have declined by 0.4% 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 Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 0.4% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩58.6b market cap, or US$44.9m). 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 4.1% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.3%). 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. 6 experienced directors. No highly experienced directors. No 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 15% share price gain to ₩3,050, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 14x in the Auto Components industry in South Korea. Total loss to shareholders of 17% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: ₩356 (vs ₩33.00 loss in 1Q 2021) First quarter 2022 results: EPS: ₩356 (up from ₩33.00 loss in 1Q 2021). Revenue: ₩93.7b (down 4.7% from 1Q 2021). Net income: ₩6.41b (up ₩7.00b from 1Q 2021). Profit margin: 6.8% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. 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. 6 experienced directors. No highly experienced directors. No 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: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 April 2022. Payout ratio is a comfortable 2.0% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,610, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 16x in the Auto Components industry in South Korea. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 40% share price gain to ₩4,875, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 15x in the Auto Components industry in South Korea. Total returns to shareholders of 127% over the past three years. Reported Earnings • Mar 28
Full year 2020 earnings released: ₩901 loss per share (vs ₩959 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩346.4b (down 14% from FY 2019). Net loss: ₩16.2b (down 194% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Feb 27
THN Corporation, Annual General Meeting, Mar 30, 2021 THN Corporation, Annual General Meeting, Mar 30, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Dec 30
New 90-day high: ₩2,565 The company is up 6.0% from its price of ₩2,415 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 16% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩60.00 Per Share Will be paid on the 24th of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.4% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (1.7%). Is New 90 Day High Low • Oct 26
New 90-day low: ₩2,230 The company is down 16% from its price of ₩2,650 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 19% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: ₩2,330 The company is down 7.0% from its price of ₩2,505 on 24 June 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 28% over the same period. Announcement • Sep 22
Chae Cheol, Director of THN Corporation and two related parties acquired an additional 7.66% stake in THN Corporation (KOSE:A019180). Chae Cheol, Director of THN Corporation and two related parties acquired an additional 7.66% stake in THN Corporation (KOSE:A019180) on January 9, 2015. Following the completion of the deal, Chae Cheol and two related parties have increased stake in THN Corporation to 7.66 million shares from 6.58 million shares.
Chae Cheol, Director of THN Corporation and two related parties completed the acquisition of an additional 7.66% stake in THN Corporation (KOSE:A019180) on January 9, 2015.