Announcement • Feb 24
SPECO Ltd., Annual General Meeting, Mar 26, 2026 SPECO Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 313, soi-ro, soi-myeon, eumseong-gun, chungcheongbuk-do, South Korea Announcement • May 15
An undisclosed buyer agreed to acquire an unknown majority stake in SPECO WIND POWER S.A de C.V from SPECO Ltd. (KOSDAQ:A013810) for approximately KRW 6.03 billion. An undisclosed buyer agreed to acquire an 57.77% majority stake in SPECO WIND POWER S.A de C.V from SPECO Ltd. (KOSDAQ:A013810) for approximately KRW 6.03 billion on May 13, 2025. As part of consideration, KRW 6.03 billion is paid towards 7,679 common equity of SPECO WIND POWER S.A de C.V.
The expected completion of the transaction is May 26, 2025. Reported Earnings • Mar 22
Full year 2024 earnings released: ₩113 loss per share (vs ₩113 loss in FY 2023) Full year 2024 results: ₩113 loss per share (in line with FY 2023). Revenue: ₩27.2b (up 18% from FY 2023). Net loss: ₩1.65b (flat on FY 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Mar 01
SPECO Ltd., Annual General Meeting, Mar 26, 2025 SPECO Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 313, soi-ro, soi-myeon, eumseong-gun, chungcheongbuk-do, South Korea New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (103% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩108.5b market cap, or US$76.3m). 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 Risks No financial data reported. Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (103% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩103.7b market cap, or US$78.8m). New Risk • Sep 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 103% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (103% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩103.0b market cap, or US$76.7m). New Risk • Aug 06
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 Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩68.8b market cap, or US$50.0m). New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩55.2b market cap, or US$40.9m). Buy Or Sell Opportunity • Jan 25
Now 23% undervalued Over the last 90 days, the stock has risen 16% to ₩4,020. The fair value is estimated to be ₩5,208, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 43% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩4,735, the stock trades at a trailing P/E ratio of 38.4x. Average trailing P/E is 7x in the Construction industry in South Korea. Total loss to shareholders of 59% over the past three years. New Risk • Nov 23
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 8.6% 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 Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (₩50.0b market cap, or US$38.5m). New Risk • Oct 12
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 8.9% 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 (8.9% average weekly change). Market cap is less than US$100m (₩56.9b market cap, or US$42.6m). Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩4,270, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 56% over the past three years. New Risk • Jul 19
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 8.0% 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 (8.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩67.0b market cap, or US$53.0m). Upcoming Dividend • Dec 21
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 21 April 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 20% share price gain to ₩7,630, the stock trades at a trailing P/E ratio of 61x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,630, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 10.0% 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 2021. Payment date: 21 April 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩9,220, the stock is trading at a trailing P/E ratio of 14.1x, down from the previous P/E ratio of 16.8x. This compares to an average P/E of 11x in the Construction industry in South Korea. Total returns to shareholders over the past three years are 130%. Announcement • Feb 25
SPECO Ltd., Annual General Meeting, Mar 25, 2021 SPECO Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 23
New 90-day low: ₩10,250 The company is down 15% from its price of ₩12,100 on 25 November 2020. The South Korean market is up 16% 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. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS ₩196 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: ₩19.5b (flat on 3Q 2019). Net income: ₩2.87b (up 50% from 3Q 2019). Profit margin: 15% (up from 9.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 17
New 90-day high: ₩12,000 The company is up 22% from its price of ₩9,800 on 19 August 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 17% share price gain to ₩10,300, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 14.9x. This compares to an average P/E of 8x in the Construction industry in South Korea. Total returns to shareholders over the past three years are 131%.