Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩733, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 6x in the Construction industry in South Korea. Total loss to shareholders of 25% over the past three years. New Risk • Apr 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.3% per year over the past 5 years. Minor Risks High level of debt (49% net debt to equity). 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 (₩99.3b market cap, or US$65.8m). Announcement • Mar 17
SEOHAN Const. & Eng.co.,Ltd, Annual General Meeting, Mar 31, 2026 SEOHAN Const. & Eng.co.,Ltd, Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: grand hall, 415, myeongdeok-ro, suseong-gu, daegu South Korea Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩1,217, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 6.5% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Declared Dividend • Nov 08
Dividend of ₩30.00 announced Dividend of ₩30.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 92% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.6% EPS decline seen over the last 5 years. Announcement • Nov 07
SEOHAN Const. & Eng.co.,Ltd announces Annual dividend, payable on April 15, 2026 SEOHAN Const. & Eng.co.,Ltd announced Annual dividend of KRW 30.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 30% 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 (1.5x net interest cover). Earnings have declined by 30% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (₩83.0b market cap, or US$60.4m). Announcement • Mar 08
SEOHAN Const. & Eng.co.,Ltd, Annual General Meeting, Mar 27, 2025 SEOHAN Const. & Eng.co.,Ltd, Annual General Meeting, Mar 27, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 415, myeongdeok-ro, suseong-gu, daegu South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 17 April 2025. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (3.2%). Declared Dividend • Nov 28
Dividend of ₩30.00 announced Shareholders will receive a dividend of ₩30.00. Ex-date: 27th December 2024 Payment date: 17th April 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (27% 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 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 70% to shift the payout ratio to a potentially unsustainable range, which is more than the 24% EPS decline seen over the last 5 years. 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 (₩79.4b market cap, or US$60.4m). New Risk • Aug 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% 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 Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (₩82.0b market cap, or US$61.4m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 10 April 2024. Payout ratio is a comfortable 21% and the cash payout ratio is 84%. Trailing yield: 5.2%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.9%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩11.00 (vs ₩48.00 loss in 3Q 2022) Third quarter 2023 results: EPS: ₩11.00 (up from ₩48.00 loss in 3Q 2022). Revenue: ₩139.0b (down 16% from 3Q 2022). Net income: ₩1.08b (up ₩5.94b from 3Q 2022). Profit margin: 0.8% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Announcement • Nov 17
SEOHAN Const. & Eng.co.,Ltd (KOSDAQ:A011370) announces an Equity Buyback for KRW 3,000 million worth of its shares. SEOHAN Const. & Eng.co.,Ltd (KOSDAQ:A011370) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares, pursuant to a contract with Shinhan Securities Co., Ltd. The purpose of the program is to stabilize stock price and increase the shareholder value. The program will expire on May 20, 2024. As of November 16, 2023, the company had no shares in treasury within scope available for dividend and under other acquisitions. New Risk • Aug 31
New major risk - Revenue and earnings growth Revenue has declined by 6.8% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 (1.7x net interest cover). Revenue has declined by 6.8% over the past year. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (₩102.4b market cap, or US$77.3m). Upcoming Dividend • Dec 21
Upcoming dividend of ₩40.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 12 April 2023. Trailing yield: 3.4%. Within top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (3.2%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (5 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. 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. 6 experienced directors. No highly experienced directors. 1 independent director (5 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 • Mar 16
Investor sentiment improved over the past week After last week's 18% share price gain to ₩1,815, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 3.7% over the past three years. Upcoming Dividend • Dec 22
Inaugural dividend of ₩40.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for SEOHAN Const. & Eng.co.Ltd since going public. The average dividend yield among industry peers is 2.1%. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩1,420, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 19% share price gain to ₩2,275, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 11x in the Construction industry in South Korea. Total returns to shareholders of 9.6% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
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 16.5x. Average trailing P/E is 13x in the Construction industry in South Korea. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 23% share price gain to ₩2,380, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 13x in the Construction industry in South Korea. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 15% share price gain to ₩1,990, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 13x in the Construction industry in South Korea. Total loss to shareholders of 25% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₩1,445 The company is down 10.0% from its price of ₩1,600 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 Construction industry, which is up 9.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩30.00 Per Share Will be paid on the 13th of April to those who are registered shareholders by the 29th of December. The company last paid an ordinary dividend in April 2010. The average dividend yield among industry peers is 2.0%. Is New 90 Day High Low • Nov 05
New 90-day high: ₩1,705 The company is up 52% from its price of ₩1,120 on 07 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 6.0% over the same period. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 19% share price decline to ₩1,355, the stock is trading at a trailing P/E ratio of 76.7x, down from the previous P/E ratio of 95.1x. This compares to an average P/E of 8x in the Construction industry in South Korea. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Oct 12
New 90-day high: ₩1,205 The company is up 24% from its price of ₩970 on 14 July 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 Construction industry, which is down 3.0% over the same period. Announcement • Sep 22
SEOHAN Const. & Eng.co.,Ltd (KOSDAQ:A011370) entered into an agreement to acquire 27.357% interest in Seohan Hana 2nd Consignment Management Real Estate Investment Company for KRW 15.5 billion. SEOHAN Const. & Eng.co.,Ltd (KOSDAQ:A011370) entered into an agreement to acquire 27.357% interest in Seohan Hana 2nd Consignment Management Real Estate Investment Company for KRW 15.5 billion on September 21, 2020. Under the terms, 3.1 million shares will be acquired as a part of the transaction. Seohan Hana 2nd Consignment Management Real Estate Investment Company reported total assets of KRW 469.4 billion for the end of latest financial year. The transaction is expected to close on October 7, 2020.