Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩2,315, the stock trades at a trailing P/E ratio of 60.4x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 38% over the past three years. Buy Or Sell Opportunity • Apr 10
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at ₩2,150. The fair value is estimated to be ₩1,753, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 37%. New Risk • Mar 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.07% net profit margin). Market cap is less than US$100m (₩66.2b market cap, or US$44.0m). Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: ₩38.00 (vs ₩520 in FY 2024) Full year 2025 results: EPS: ₩38.00 (down from ₩520 in FY 2024). Revenue: ₩1.74t (down 7.7% from FY 2024). Net income: ₩1.24b (down 93% from FY 2024). Profit margin: 0.1% (down from 0.9% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Mar 05
DY DEOKYANG Co.,Ltd., Annual General Meeting, Mar 25, 2026 DY DEOKYANG Co.,Ltd., Annual General Meeting, Mar 25, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 366, hyoam-ro, buk-gu, ulsan South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩1,885, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 8x in the Auto Components industry in South Korea. Total loss to shareholders of 25% 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 2025. Payment date: 23 April 2026. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩15.00 loss per share (vs ₩1.00 profit in 3Q 2024) Third quarter 2025 results: ₩15.00 loss per share (down from ₩1.00 profit in 3Q 2024). Revenue: ₩413.7b (down 3.6% from 3Q 2024). Net loss: ₩496.3m (down ₩527.1m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 08
Dividend of ₩50.00 announced Dividend of ₩50.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 23rd April 2026 Dividend yield will be 2.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (18% 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 16% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
DY DEOKYANG Co.,Ltd. announces Annual dividend, payable on April 23, 2026 DY DEOKYANG Co.,Ltd. announced Annual dividend of KRW 50.0000 per share payable on April 23, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 20
Second quarter 2025 earnings released: ₩108 loss per share (vs ₩139 profit in 2Q 2024) Second quarter 2025 results: ₩108 loss per share (down from ₩139 profit in 2Q 2024). Revenue: ₩450.6b (down 10% from 2Q 2024). Net loss: ₩3.51b (down 178% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: ₩520 (vs ₩383 in FY 2023) Full year 2024 results: EPS: ₩520 (up from ₩383 in FY 2023). Revenue: ₩1.88t (flat on FY 2023). Net income: ₩16.8b (up 36% from FY 2023). Profit margin: 0.9% (up from 0.7% in FY 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 05
Duckyang Ind. Co., Ltd., Annual General Meeting, Mar 25, 2025 Duckyang Ind. Co., Ltd., Annual General Meeting, Mar 25, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 366, hyoam-ro, buk-gu, ulsan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩3,175, the stock trades at a trailing P/E ratio of 52.4x. Average trailing P/E is 6x in the Auto Components industry in South Korea. Total loss to shareholders of 2.0% over the past three years. Declared Dividend • Nov 15
Dividend of ₩50.00 announced Shareholders will receive a dividend of ₩50.00. Ex-date: 27th December 2024 Payment date: 15th April 2025 Dividend yield will be 1.7%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 20% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 63% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩3,125, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total loss to shareholders of 9.4% over the past three years. New Risk • Jun 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.0b (US$99.9m) 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: 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 (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (₩139.0b market cap, or US$99.9m). New Risk • Apr 15
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 8.2% 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 (8.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩5,830, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 8x in the Auto Components industry in South Korea. Total returns to shareholders of 82% over the past three years. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩383 (vs ₩487 in FY 2022) Full year 2023 results: EPS: ₩383 (down from ₩487 in FY 2022). Revenue: ₩1.88t (up 22% from FY 2022). Net income: ₩12.4b (down 21% from FY 2022). Profit margin: 0.7% (down from 1.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • Feb 13
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 (25% accrual ratio). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩5,830, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total returns to shareholders of 235% over the past three years. New Risk • Nov 28
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: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩5,510, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 7x in the Auto Components industry in South Korea. Total returns to shareholders of 212% over the past three years. New Risk • Nov 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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. This is currently the only risk that has been identified for the company. New Risk • Nov 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩134.6b (US$99.1m) 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₩134.6b market cap, or US$99.1m). 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 ₩6,920, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 9x in the Auto Components industry in South Korea. Total returns to shareholders of 346% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩9,220, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 9x in the Auto Components industry in South Korea. Total returns to shareholders of 460% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩9,780, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 9x in the Auto Components industry in South Korea. Total returns to shareholders of 840% over the past three years. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩203 (vs ₩51.00 in 1Q 2022) First quarter 2023 results: EPS: ₩203 (up from ₩51.00 in 1Q 2022). Revenue: ₩432.1b (up 24% from 1Q 2022). Net income: ₩6.58b (up 294% from 1Q 2022). Profit margin: 1.5% (up from 0.5% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 101% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₩8,410, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 12x in the Auto Components industry in South Korea. Total returns to shareholders of 697% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to ₩5,380, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 11x in the Auto Components industry in South Korea. Total returns to shareholders of 500% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩487 (vs ₩191 in FY 2021) Full year 2022 results: EPS: ₩487 (up from ₩191 in FY 2021). Revenue: ₩1.54t (up 14% from FY 2021). Net income: ₩15.8b (up 156% from FY 2021). Profit margin: 1.0% (up from 0.5% in FY 2021). Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩3,305, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Auto Components industry in South Korea. Total returns to shareholders of 246% over the past three years. 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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 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 • Oct 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₩2,620, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 10x in the Auto Components industry in South Korea. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩2,550, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 15x in the Auto Components industry in South Korea. Total returns to shareholders of 79% 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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 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. Buying Opportunity • Mar 15
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩3,976, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% per annum over the last 3 years. The company has become profitable over the last year. Announcement • Dec 07
Duckyang Ind. Co to Be Deleted from Other OTC Duckyang Ind. Co., Ltd.'s Ordinary Shares will be deleted from other OTC effective from December 7, 2021 due to Inactive Security. Reported Earnings • Mar 19
Full year 2020 earnings released: ₩182 loss per share (vs ₩324 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ₩1.29t (down 5.0% from FY 2019). Net loss: ₩5.88b (loss narrowed 44% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 99% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Mar 04
Duckyang Ind. Co., Ltd., Annual General Meeting, Mar 24, 2021 Duckyang Ind. Co., Ltd., Annual General Meeting, Mar 24, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 04
New 90-day high: ₩3,910 The company is up 112% from its price of ₩1,845 on 06 November 2020. The South Korean market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 49% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: ₩2,560 The company is up 31% from its price of ₩1,950 on 15 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto Components industry, which is up 36% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: ₩1,695 The company is down 10.0% from its price of ₩1,880 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 25
New 90-day low: ₩1,730 The company is down 7.0% from its price of ₩1,860 on 28 August 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 17% over the same period. 
