Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to ₩44,750, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 6x in the Auto Components industry in South Korea. Total loss to shareholders of 13% over the past three years. New Risk • Jun 16
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 12% 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 (42% net debt to equity). Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩65,000, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 6x in the Auto Components industry in South Korea. Total returns to shareholders of 38% over the past three years. New Risk • May 28
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: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩52,300, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Auto Components industry in South Korea. Total returns to shareholders of 14% over the past three years. Major Estimate Revision • May 01
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ₩4,683 to ₩4,209 per share. Revenue forecast steady at ₩9.68b. Net income forecast to grow 103% next year vs 21% growth forecast for Auto Components industry in South Korea. Consensus price target of ₩70,917 unchanged from last update. Share price rose 7.7% to ₩57,100 over the past week. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ₩4,722 to ₩4,163 per share. Revenue forecast steady at ₩9.69b. Net income forecast to grow 107% next year vs 21% growth forecast for Auto Components industry in South Korea. Consensus price target of ₩70,542 unchanged from last update. Share price rose 6.7% to ₩57,000 over the past week. Announcement • Apr 28
HL Mando Corporation to Report Q1, 2026 Results on Apr 29, 2026 HL Mando Corporation announced that they will report Q1, 2026 results on Apr 29, 2026 Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Outside Director Si-Young Chung was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of ₩750 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 24 April 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.1%). Reported Earnings • Mar 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₩2,130 (down from ₩2,767 in FY 2024). Revenue: ₩9.45t (up 6.9% from FY 2024). Net income: ₩100.0b (down 23% from FY 2024). Profit margin: 1.1% (down from 1.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩48,000, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 6x in the Auto Components industry in South Korea. Total returns to shareholders of 2.9% over the past three years. Declared Dividend • Feb 07
Dividend increased to ₩750 Dividend of ₩750 is 7.1% higher than last year. Ex-date: 30th March 2026 Payment date: 24th April 2026 Dividend yield will be 1.3%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 132% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩10.1b to ₩9.74b. EPS estimate also fell from ₩5,136 per share to ₩4,485 per share. Net income forecast to grow 54% next year vs 12% growth forecast for Auto Components industry in South Korea. Consensus price target up from ₩62,088 to ₩63,958. Share price fell 8.9% to ₩58,100 over the past week. Announcement • Feb 06
HL Mando Corporation announces Annual dividend, payable on April 24, 2026 HL Mando Corporation announced Annual dividend of KRW 750.0000 per share payable on April 24, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Price Target Changed • Feb 06
Price target increased by 10% to ₩64,125 Up from ₩58,261, the current price target is an average from 24 analysts. New target price is 11% above last closing price of ₩57,900. Stock is up 31% over the past year. The company is forecast to post earnings per share of ₩2,811 for next year compared to ₩2,767 last year. Announcement • Feb 06
HL Mando Corporation, Annual General Meeting, Mar 26, 2026 HL Mando Corporation, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 32, hamanho-gil, poseung-eup, gyeonggi-do, pyeongtaek South Korea Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩67,400, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 6x in the Auto Components industry in South Korea. Total returns to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩118,532 per share. Price Target Changed • Jan 16
Price target increased by 7.1% to ₩57,348 Up from ₩53,565, the current price target is an average from 23 analysts. New target price is 11% below last closing price of ₩64,100. Stock is up 42% over the past year. The company is forecast to post earnings per share of ₩2,922 for next year compared to ₩2,767 last year. New Risk • Jan 02
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 8.5% 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 (60% net debt to equity). Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩65,400, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 6x in the Auto Components industry in South Korea. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩119,016 per share. Price Target Changed • Dec 13
Price target increased by 7.3% to ₩52,750 Up from ₩49,167, the current price target is an average from 24 analysts. New target price is approximately in line with last closing price of ₩52,700. Stock is up 24% over the past year. The company is forecast to post earnings per share of ₩2,970 for next year compared to ₩2,767 last year. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩41,400, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 5x in the Auto Components industry in South Korea. Total loss to shareholders of 9.7% over the past three years. Announcement • Oct 30
HL Mando Corporation to Report Q3, 2025 Results on Oct 30, 2025 HL Mando Corporation announced that they will report Q3, 2025 results on Oct 30, 2025 Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩4,485 to ₩3,444 per share. Revenue forecast steady at ₩9.48b. Net income forecast to grow 908% next year vs 3.2% growth forecast for Auto Components industry in South Korea. Consensus price target broadly unchanged at ₩49,792. Share price was steady at ₩36,450 over the past week. New Risk • May 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 10% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 180% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Apr 29
First quarter 2025 earnings released: EPS: ₩737 (vs ₩2,973 in 1Q 2024) First quarter 2025 results: EPS: ₩737 (down from ₩2,973 in 1Q 2024). Revenue: ₩2.27t (up 7.8% from 1Q 2024). Net income: ₩34.6b (down 75% from 1Q 2024). Profit margin: 1.5% (down from 6.6% in 1Q 2024). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Buy Or Sell Opportunity • Apr 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to ₩36,750. The fair value is estimated to be ₩46,610, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of ₩700 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 25 April 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.8%). Announcement • Feb 07
HL Mando Corporation, Annual General Meeting, Mar 26, 2025 HL Mando Corporation, Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 32, hamanho-gil, poseung-eup, gyeonggi-do, pyeongtaek South Korea New Risk • Dec 02
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 8.3% 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 Risk Debt is not well covered by operating cash flow (6.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.3% average weekly change). Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩42,800, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 4x in the Auto Components industry in South Korea. Total loss to shareholders of 26% over the past three years. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩5,296 to ₩4,243 per share. Revenue forecast steady at ₩8.72b. Net income forecast to grow 94% next year vs 22% growth forecast for Auto Components industry in South Korea. Consensus price target up from ₩49,625 to ₩51,020. Share price fell 7.8% to ₩37,050 over the past week. Reported Earnings • Oct 27
Third quarter 2024 earnings released: ₩1,048 loss per share (vs ₩275 profit in 3Q 2023) Third quarter 2024 results: ₩1,048 loss per share (down from ₩275 profit in 3Q 2023). Revenue: ₩2.17t (up 2.5% from 3Q 2023). Net loss: ₩49.2b (down 481% from profit in 3Q 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Oct 25
HL Mando Corporation to Report Q3, 2024 Results on Oct 25, 2024 HL Mando Corporation announced that they will report Q3, 2024 results on Oct 25, 2024 Announcement • Oct 11
HL Mando Corporation (KOSE:A204320) acquired an additional 40% stake in Mando Brose Corporation from BROSE SE for KRW 21.8 million. HL Mando Corporation (KOSE:A204320) acquired an additional 40% stake in Mando Brose Corporation from BROSE SE for KRW 21.8 million on September 30, 2024.
HL Mando Corporation (KOSE:A204320) completed the acquisition of an additional 40% stake in Mando Brose Corporation from BROSE SE for KRW 21.8 million on September 30, 2024. Board Change • Aug 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Kim Wonil was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩32,200, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Auto Components industry in South Korea. Total loss to shareholders of 47% over the past three years. Reported Earnings • Jul 29
Second quarter 2024 earnings released: EPS: ₩253 (vs ₩1,021 in 2Q 2023) Second quarter 2024 results: EPS: ₩253 (down from ₩1,021 in 2Q 2023). Revenue: ₩2.15t (up 2.9% from 2Q 2023). Net income: ₩11.9b (down 75% from 2Q 2023). Profit margin: 0.6% (down from 2.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 14% per year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩43,900, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Auto Components industry in South Korea. Total loss to shareholders of 35% over the past three years. 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 7.5% 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 Debt is not well covered by operating cash flow (9.6% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Major Estimate Revision • May 03
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩4,640 to ₩5,352. Revenue forecast steady at ₩8.77b. Net income forecast to grow 18% next year vs 24% growth forecast for Auto Components industry in South Korea. Consensus price target broadly unchanged at ₩45,981. Share price rose 20% to ₩39,050 over the past week. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: ₩3,103 (vs ₩837 in 1Q 2023) First quarter 2024 results: EPS: ₩3,103 (up from ₩837 in 1Q 2023). Revenue: ₩2.11t (up 5.5% from 1Q 2023). Net income: ₩145.7b (up 271% from 1Q 2023). Profit margin: 6.9% (up from 2.0% in 1Q 2023). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩37,950, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Auto Components industry in South Korea. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩66,043 per share. Announcement • Apr 27
HL Mando Corporation to Report Q1, 2024 Results on Apr 26, 2024 HL Mando Corporation announced that they will report Q1, 2024 results on Apr 26, 2024 Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₩2,890 (vs ₩2,096 in FY 2022) Full year 2023 results: EPS: ₩2,890 (up from ₩2,096 in FY 2022). Revenue: ₩8.39t (up 12% from FY 2022). Net income: ₩135.6b (up 38% from FY 2022). Profit margin: 1.6% (up from 1.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Price Target Changed • Feb 15
Price target decreased by 7.2% to ₩48,960 Down from ₩52,760, the current price target is an average from 25 analysts. New target price is 47% above last closing price of ₩33,400. Stock is down 30% over the past year. The company is forecast to post earnings per share of ₩3,618 for next year compared to ₩2,096 last year. Announcement • Feb 07
HL Mando Corporation, Annual General Meeting, Mar 26, 2024 HL Mando Corporation, Annual General Meeting, Mar 26, 2024, at 09:00 Korea Standard Time. Location: 4F, HL Mando Headquarters, 32 Hamanho-gil, Poseung-eup, Pyeongtaek-si Gyeonggi-do South Korea Agenda: To discuss Operating report; to discuss Audit report; to discuss Report on transactions with stakeholders; to discuss Report on the operating status of the internal accounting management system; to discuss approval of the 10th (January 1 ~ December 31, 2023) financial statement; and to consider other matters. Announcement • Feb 03
HL Mando Corporation to Report Q4, 2023 Results on Feb 05, 2024 HL Mando Corporation announced that they will report Q4, 2023 results on Feb 05, 2024 Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 1.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.0%). Price Target Changed • Nov 01
Price target decreased by 9.0% to ₩55,500 Down from ₩61,000, the current price target is an average from 22 analysts. New target price is 70% above last closing price of ₩32,650. Stock is down 37% over the past year. The company is forecast to post earnings per share of ₩3,766 for next year compared to ₩2,096 last year. Major Estimate Revision • Oct 28
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩8.42b to ₩8.34b. EPS estimate also fell from ₩4,627 per share to ₩3,434 per share. Net income forecast to grow 103% next year vs 58% growth forecast for Auto Components industry in South Korea. Consensus price target broadly unchanged at ₩60,565. Share price was steady at ₩35,700 over the past week. Announcement • Oct 27
HL Mando Corporation to Report Q3, 2023 Results on Oct 27, 2023 HL Mando Corporation announced that they will report Q3, 2023 results on Oct 27, 2023 Major Estimate Revision • Jul 27
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩5,022 to ₩4,516 per share. Revenue forecast steady at ₩8.47b. Net income forecast to grow 111% next year vs 39% growth forecast for Auto Components industry in South Korea. Consensus price target broadly unchanged at ₩63,500. Share price fell 4.2% to ₩47,900 over the past week. Board Change • Jul 21
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Kim Wonil was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • May 03
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩57,719, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings is also forecast to grow by 30% per annum over the same time period. Major Estimate Revision • Apr 24
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₩8.34b to ₩8.44b. EPS estimate fell from ₩5,181 to ₩4,552 per share. Net income forecast to grow 120% next year vs 42% growth forecast for Auto Components industry in South Korea. Consensus price target of ₩60,773 unchanged from last update. Share price rose 2.5% to ₩49,000 over the past week. Reported Earnings • Mar 22
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₩2,096 (down from ₩3,567 in FY 2021). Revenue: ₩7.52t (up 22% from FY 2021). Net income: ₩98.3b (down 41% from FY 2021). Profit margin: 1.3% (down from 2.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 63%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩800 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 18% and the cash payout ratio is 96%. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.3%). Reported Earnings • Nov 19
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₩2,758 (up from ₩484 in 3Q 2021). Revenue: ₩1.97t (up 37% from 3Q 2021). Net income: ₩129.1b (up 470% from 3Q 2021). Profit margin: 6.6% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 172%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Auto Components industry in South Korea. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Chairman Mong-Won Chung is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Oct 28
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₩7.09b to ₩7.47b. EPS estimate increased from ₩4,029 to ₩4,519 per share. Net income forecast to grow 120% next year vs 28% growth forecast for Auto Components industry in South Korea. Consensus price target broadly unchanged at ₩66,826. Share price rose 12% to ₩50,300 over the past week. Announcement • Oct 27
HL Mando Corporation to Report Q3, 2022 Results on Oct 27, 2022 HL Mando Corporation announced that they will report Q3, 2022 results at 3:00 PM, Korea Standard Time on Oct 27, 2022 Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩6.95b to ₩6.73b. EPS estimate also fell from ₩4,050 per share to ₩3,402 per share. Net income forecast to grow 39% next year vs 25% growth forecast for Auto Components industry in South Korea. Consensus price target of ₩65,545 unchanged from last update. Share price rose 4.2% to ₩57,200 over the past week. Board Change • Apr 27
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Chairman Mong-Won Chung is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buying Opportunity • Apr 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₩62,369, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Price Target Changed • Feb 13
Price target decreased to ₩71,417 Down from ₩77,680, the current price target is an average from 23 analysts. New target price is 51% above last closing price of ₩47,300. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₩4,265 for next year compared to ₩124 last year. Buying Opportunity • Feb 10
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₩62,589, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. The company has become profitable over the last year. Major Estimate Revision • Feb 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₩6.74b to ₩6.82b. EPS estimate fell from ₩5,016 to ₩4,143 per share. Net income forecast to shrink 12% next year vs 19% growth forecast for Auto Components industry in South Korea . Consensus price target down from ₩77,680 to ₩74,583. Share price fell 6.7% to ₩47,600 over the past week. Announcement • Feb 08
Mando Corporation to Report Q4, 2021 Results on Feb 09, 2022 Mando Corporation announced that they will report Q4, 2021 results on Feb 09, 2022 Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩484 (vs ₩788 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩1.44t (down 4.4% from 3Q 2020). Net income: ₩22.7b (down 39% from 3Q 2020). Profit margin: 1.6% (down from 2.5% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 19% share price gain to ₩62,700, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Auto Components industry in South Korea. Total returns to shareholders of 121% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩72,416 per share. Reported Earnings • Aug 23
Second quarter 2021 earnings released: EPS ₩1,672 (vs ₩2,398 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₩1.49t (up 47% from 2Q 2020). Net income: ₩78.3b (up ₩190.6b from 2Q 2020). Profit margin: 5.3% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. 
