Upcoming Dividend • Jun 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 21 July 2026. Trailing yield: 2.6%. Lower than top quartile of South Korean dividend payers (4.2%). Higher than average of industry peers (2.3%). New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 8.0% 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 Risk Earnings have declined by 8.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩125.8b market cap, or US$83.4m). Announcement • Mar 10
Sy Co., Ltd., Annual General Meeting, Mar 27, 2026 Sy Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 75-82, injusandan-ro, inju-myeon, chungcheongnam-do, asan South Korea New Risk • Nov 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩36b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. New Risk • Oct 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩143.3b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩4,470, the stock trades at a trailing P/E ratio of 62.2x. Average trailing P/E is 10x in the Building industry in South Korea. Total returns to shareholders of 25% over the past three years. Announcement • Mar 08
Sy Co., Ltd., Annual General Meeting, Mar 28, 2025 Sy Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 75-82, injusandan-ro, inju-myeon, chungcheongnam-do, asan South Korea Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩62.00 (vs ₩26.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩62.00 (up from ₩26.00 in 3Q 2023). Revenue: ₩126.0b (down 5.2% from 3Q 2023). Net income: ₩2.03b (up 235% from 3Q 2023). Profit margin: 1.6% (up from 0.5% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. New Risk • Nov 15
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 8.8% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 23
Full year 2023 earnings released: ₩200 loss per share (vs ₩169 profit in FY 2022) Full year 2023 results: ₩200 loss per share (down from ₩169 profit in FY 2022). Revenue: ₩553.7b (up 3.1% from FY 2022). Net loss: ₩9.03b (down 212% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Nov 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.3% Last year net profit margin: 1.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (0.3% net profit margin). Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩5,040, the stock trades at a trailing P/E ratio of 66.4x. Average trailing P/E is 15x in the Building industry in South Korea. Total returns to shareholders of 23% over the past three years. New Risk • Oct 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (0.7% net profit margin). Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩5,830, the stock trades at a trailing P/E ratio of 76.8x. Average trailing P/E is 15x in the Building industry in South Korea. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩4,620, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 14x in the Building industry in South Korea. Total loss to shareholders of 4.2% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩5,390, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 13x in the Building industry in South Korea. Total returns to shareholders of 85% over the past three years. New Risk • Jun 17
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: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩3,840, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 12x in the Building industry in South Korea. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 27% share price gain to ₩4,605, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 15x in the Building industry in South Korea. Total returns to shareholders of 40% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩50.00 (vs ₩112 in 3Q 2021) Third quarter 2022 results: EPS: ₩50.00 (down from ₩112 in 3Q 2021). Revenue: ₩127.3b (up 9.6% from 3Q 2021). Net income: ₩2.36b (down 54% from 3Q 2021). Profit margin: 1.9% (down from 4.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₩3,635, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 15x in the Building industry in South Korea. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 17% share price gain to ₩3,700, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 16x in the Building industry in South Korea. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 27% share price gain to ₩3,835, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 17x in the Building industry in South Korea. Total returns to shareholders of 1.7% 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 17% share price decline to ₩2,940, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 17x in the Building industry in South Korea. Total loss to shareholders of 28% over the past three years. Is New 90 Day High Low • Dec 07
New 90-day high: ₩6,240 The company is up 63% from its price of ₩3,817 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 6.0% over the same period.