Reported Earnings • Mar 17
Full year 2025 earnings released: ₩18,934 loss per share (vs ₩15,616 loss in FY 2024) Full year 2025 results: ₩18,934 loss per share (further deteriorated from ₩15,616 loss in FY 2024). Revenue: ₩1.34t (up 11% from FY 2024). Net loss: ₩64.5b (loss widened 54% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Mar 04
SGC E&C Co., Ltd., Annual General Meeting, Mar 19, 2026 SGC E&C Co., Ltd., Annual General Meeting, Mar 19, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 246, yangjae-daero, seocho-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: ₩2,989 loss per share (vs ₩3,316 loss in 3Q 2024) Third quarter 2025 results: ₩2,989 loss per share. Revenue: ₩325.8b (up 30% from 3Q 2024). Net loss: ₩10.5b (loss widened 27% from 3Q 2024). Declared Dividend • Nov 08
Dividend of ₩500 announced Dividend of ₩500 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 4.1%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 1.6% per year over the past 6 years. However, payments have been volatile during that time. Announcement • Nov 07
SGC E&C Co., Ltd. announces Annual dividend, payable on April 20, 2026 SGC E&C Co., Ltd. announced Annual dividend of KRW 500.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Sep 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩78.1b market cap, or US$56.1m). New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩310b). Less than 3 years of financial data is available. Market cap is less than US$100m (₩78.1b market cap, or US$56.3m). New Risk • Jul 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% 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 Interest payments are not well covered by earnings (0.3x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩82.4b market cap, or US$60.5m). Announcement • Jun 03
SGC E&C Co., Ltd. announced that it has received KRW 30.000011928 billion in funding from SGC Energy Co.,Ltd. On June 2, 2025, SGC E&C Co., Ltd. closed the transaction. Buy Or Sell Opportunity • Apr 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₩15,970. The fair value is estimated to be ₩13,179, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 14
Full year 2024 earnings released: ₩15,616 loss per share (vs ₩10,465 loss in FY 2023) Full year 2024 results: ₩15,616 loss per share (further deteriorated from ₩10,465 loss in FY 2023). Revenue: ₩1.21t (down 35% from FY 2023). Net loss: ₩41.8b (loss widened 24% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • Mar 05
SGC E&C Co., Ltd., Annual General Meeting, Mar 19, 2025 SGC E&C Co., Ltd., Annual General Meeting, Mar 19, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 246, yangjae-daero, seocho-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩750 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.7%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.2%). New Risk • Dec 03
New major risk - Revenue and earnings growth Earnings have declined by 1.0% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 1.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩45.0b market cap, or US$32.1m). New Risk • Dec 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (₩45.6b market cap, or US$32.7m). Buy Or Sell Opportunity • Aug 21
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.1% to ₩16,750. The fair value is estimated to be ₩13,642, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 05
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to ₩17,400. The fair value is estimated to be ₩13,615, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 15
Full year 2023 earnings released: ₩10,465 loss per share (vs ₩16,143 profit in FY 2022) Full year 2023 results: ₩10,465 loss per share (down from ₩16,143 profit in FY 2022). Revenue: ₩1.86t (up 22% from FY 2022). Net loss: ₩33.8b (down 165% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Feb 02
SGC eTEC E&C Co., Ltd. announced that it expects to receive KRW 13.5926 billion in funding from Ocim Sdn. Bhd. SGC eTEC E&C Co., Ltd. announced a private placement of 730,000 registered redeemable convertible preferred shares at the price of KRW 18,620 per share for gross proceeds of KRW 13,592,600,000 on January 31, 2024. The transaction will include participation from new investor Ocim Sdn. Bhd. The company will issue shares of par value of KRW 5,000 per share through third-party capital increase method. The shares will be locked up for a period of one year. The preferred shares will be 100% converted into 730,000 common shares at a fixed conversion price of KRW 18,685 per share for an equity stake of 18.37%. The conversion period is from March 31, 2025 to February 15, 2034. The transaction has been approved by board of directors of the company. The payment date for the transaction is February 15, 2024. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,154 per share at 5.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.8%. 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: ₩1,342 (vs ₩3,679 in 3Q 2022) Third quarter 2023 results: EPS: ₩1,342 (down from ₩3,679 in 3Q 2022). Revenue: ₩505.6b (up 27% from 3Q 2022). Net income: ₩4.34b (down 64% from 3Q 2022). Profit margin: 0.9% (down from 3.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: ₩20,988 (vs ₩28,081 in FY 2021) Full year 2022 results: EPS: ₩20,988 (down from ₩28,081 in FY 2021). Revenue: ₩1.52t (up 17% from FY 2021). Net income: ₩52.3b (down 25% from FY 2021). Profit margin: 3.4% (down from 5.3% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩1,154 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 4.7% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 13
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₩36,477 (up from ₩24,499 loss in FY 2020). Revenue: ₩1.31t (up 15% from FY 2020). Net income: ₩69.9b (up ₩129.4b from FY 2020). Profit margin: 5.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 69%. Over the next year, revenue is forecast to grow 2.4%, compared to a 9.2% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,154 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.1%). Announcement • Mar 11
SGC eTEC E&C Co., Ltd., Annual General Meeting, Mar 19, 2021 SGC eTEC E&C Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩1,500 Per Share Will be paid on the 26th of March to those who are registered shareholders by the 29th of December. The trailing yield of 2.1% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (2.0%). Is New 90 Day High Low • Dec 08
New 90-day low: ₩57,900 The company is down 45% from its price of ₩104,900 on 09 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market pulls back on stock over the past week After last week's 45% share price decline to ₩57,900, the stock is trading at a trailing P/E ratio of 10.8x, down from the previous P/E ratio of 19.8x. This compares to an average P/E of 9x in the Construction industry in South Korea. Total returns to shareholders over the past three years are 476%. 
