New Risk • May 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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. Market cap is less than US$100m (₩74.8b market cap, or US$49.6m). Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,585, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 15% over the past three years. Buy Or Sell Opportunity • Apr 10
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to ₩4,585. The fair value is estimated to be ₩3,458, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 65%. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩1,617 (vs ₩1,610 in FY 2024) Full year 2025 results: EPS: ₩1,617 (up from ₩1,610 in FY 2024). Revenue: ₩168.4b (up 14% from FY 2024). Net income: ₩30.5b (flat on FY 2024). Profit margin: 18% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 10
Sigong Tech Co., Ltd., Annual General Meeting, Mar 24, 2026 Sigong Tech Co., Ltd., Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 225-20, pangyoyeok-ro, bundang-gu, gyeonggi-do, seongnam South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 8.8% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. 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: EPS: ₩147 (vs ₩813 in 3Q 2024) Third quarter 2025 results: EPS: ₩147 (down from ₩813 in 3Q 2024). Revenue: ₩38.0b (up 29% from 3Q 2024). Net income: ₩2.77b (down 82% from 3Q 2024). Profit margin: 7.3% (down from 52% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 08
Dividend of ₩120 announced Dividend of ₩120 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (6% earnings payout ratio) and cash flows (87% cash payout ratio). The dividend has increased by an average of 35% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Sigong Tech Co., Ltd. announces Annual dividend, payable on April 15, 2026 Sigong Tech Co., Ltd. announced Annual dividend of KRW 120.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • May 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% 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 Share price has been highly volatile over the past 3 months (23% average weekly change). High level of non-cash earnings (33% accrual ratio). 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 (₩71.7b market cap, or US$51.9m). Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩6,530, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 3.9% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩9,860, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 41% over the past three years. New Risk • Apr 08
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: 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 (11% average weekly change). Market cap is less than US$100m (₩113.2b market cap, or US$76.4m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩4,725, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 33% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩1,610 (vs ₩437 in FY 2023) Full year 2024 results: EPS: ₩1,610 (up from ₩437 in FY 2023). Revenue: ₩147.1b (up 9.1% from FY 2023). Net income: ₩30.5b (up 267% from FY 2023). Profit margin: 21% (up from 6.2% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Mar 13
Sigong Tech Co., Ltd., Annual General Meeting, Mar 26, 2025 Sigong Tech Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 225-20, pangyoyeok-ro, bundang-gu, gyeonggi-do, seongnam South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩80.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 14 April 2025. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.2%). New Risk • Dec 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 9.8% 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 7.2% per year over the past 5 years. 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 (9.8% average weekly change). Market cap is less than US$100m (₩73.2b market cap, or US$51.5m). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩3,700, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 8x in the Construction industry in South Korea. Total loss to shareholders of 42% over the past three years. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩436 (vs ₩363 in FY 2022) Full year 2023 results: EPS: ₩436 (up from ₩363 in FY 2022). Revenue: ₩134.9b (up 35% from FY 2022). Net income: ₩8.31b (up 20% from FY 2022). Profit margin: 6.2% (down from 6.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩20.00 per share at 0.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 10 April 2024. Payout ratio is a comfortable 4.6% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.9%). New Risk • Nov 29
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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩92.1b market cap, or US$71.3m). Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to ₩4,835, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 1.3% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩19.00 loss per share (vs ₩16.00 profit in 3Q 2022) Third quarter 2023 results: ₩19.00 loss per share (down from ₩16.00 profit in 3Q 2022). Revenue: ₩33.3b (up 62% from 3Q 2022). Net loss: ₩360.4m (down 215% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2023 earnings released: ₩123 loss per share (vs ₩100.00 profit in 1Q 2022) First quarter 2023 results: ₩123 loss per share (down from ₩100.00 profit in 1Q 2022). Revenue: ₩24.9b (up 15% from 1Q 2022). Net loss: ₩2.35b (down 221% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 25 April 2023. Payout ratio is a comfortable 16% but the company is not 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%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩16.00 (vs ₩11.00 loss in 3Q 2021) Third quarter 2022 results: EPS: ₩16.00 (up from ₩11.00 loss in 3Q 2021). Revenue: ₩20.5b (up 28% from 3Q 2021). Net income: ₩313.8m (up ₩532.1m from 3Q 2021). Profit margin: 1.5% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩4,330, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 5x in the Construction industry in South Korea. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₩5,300, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 7x in the Construction industry in South Korea. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 24% share price gain to ₩9,900, the stock trades at a trailing P/E ratio of 68x. Average trailing P/E is 8x in the Construction industry in South Korea. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 20% share price gain to ₩6,990, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 9.2% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 1.1%. 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 • Nov 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₩6,960, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 9x in the Construction industry in South Korea. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩7,470, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 12x in the Construction industry in South Korea. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improved over the past week After last week's 21% share price gain to ₩10,100, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 13x in the Construction industry in South Korea. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 39% share price gain to ₩8,090, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 11x in the Construction industry in South Korea. Total returns to shareholders of 14% over the past three years. Is New 90 Day High Low • Mar 16
New 90-day high: ₩5,910 The company is up 21% from a price of ₩4,865 on 16 December 2020. Outperformed the South Korean market which is up 9.0% over the last 90 days. Exceeded the Construction industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ₩5,350 The company is up 12% from its price of ₩4,765 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 31% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: ₩4,830 The company is down 7.0% from its price of ₩5,190 on 24 June 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 6.0% over the same period.