Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩544,000, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 28x in the Electrical industry in South Korea. Total returns to shareholders of 584% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩378,328 per share. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ₩5,700 (vs ₩3,180 in 1Q 2025) First quarter 2026 results: EPS: ₩5,700 (up from ₩3,180 in 1Q 2025). Revenue: ₩9.50t (up 38% from 1Q 2025). Net income: ₩155.9b (up 79% from 1Q 2025). Profit margin: 1.6% (up from 1.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 83% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 18
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 113% to ₩528,000. The fair value is estimated to be ₩417,546, 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. Earnings per share has declined by 42%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩423,500, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 33x in the Electrical industry in South Korea. Total returns to shareholders of 381% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩670,305 per share. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩301,500, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 26x in the Electrical industry in South Korea. Total returns to shareholders of 238% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩144,032 per share. Price Target Changed • Apr 10
Price target increased by 8.9% to ₩320,714 Up from ₩294,571, the current price target is an average from 7 analysts. New target price is 9.3% above last closing price of ₩293,500. Stock is up 156% over the past year. The company is forecast to post earnings per share of ₩16,220 for next year compared to ₩9,977 last year. Upcoming Dividend • Mar 23
Upcoming dividend of ₩2,500 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 21 April 2026. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.4%). Reported Earnings • Mar 21
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₩9,977 (up from ₩8,872 in FY 2024). Revenue: ₩32t (up 16% from FY 2024). Net income: ₩272.8b (up 12% from FY 2024). Profit margin: 0.9% (in line with FY 2024). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 62% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩291,500, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 22x in the Electrical industry in South Korea. Total returns to shareholders of 318% over the past three years. Announcement • Mar 13
LS Corp., Annual General Meeting, Mar 26, 2026 LS Corp., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 92, hangang-daero, yongsan-gu, seoul 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 ₩290,000, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 26x in the Electrical industry in South Korea. Total returns to shareholders of 344% over the past three years. Major Estimate Revision • Feb 13
Consensus EPS estimates fall by 29%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ₩34.1b to ₩35.4b. EPS estimate fell from ₩22,886 to ₩16,303 per share. Net income forecast to grow 112% next year vs 38% growth forecast for Electrical industry in South Korea. Consensus price target up from ₩260,286 to ₩294,571. Share price rose 16% to ₩248,000 over the past week. Announcement • Feb 12
LS Corp. announces Annual dividend, payable on April 21, 2026 LS Corp. announced Annual dividend of KRW 2500.0000 per share payable on April 21, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Price Target Changed • Feb 12
Price target increased by 7.1% to ₩274,571 Up from ₩256,429, the current price target is an average from 7 analysts. New target price is 9.6% above last closing price of ₩250,500. Stock is up 95% over the past year. The company is forecast to post earnings per share of ₩11,496 for next year compared to ₩8,872 last year. New Risk • Feb 04
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 Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩196,600, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 24x in the Electrical industry in South Korea. Total returns to shareholders of 206% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩186,655 per share. Buy Or Sell Opportunity • Jan 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₩224,000. The fair value is estimated to be ₩186,655, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 41%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 190% in the next 2 years. Buy Or Sell Opportunity • Dec 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to ₩180,000. The fair value is estimated to be ₩149,377, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 41%. Revenue is forecast to grow by 8.0% in 2 years. Earnings are forecast to grow by 183% in the next 2 years. Price Target Changed • Nov 19
Price target increased by 9.5% to ₩241,375 Up from ₩220,375, the current price target is an average from 8 analysts. New target price is 27% above last closing price of ₩190,800. Stock is up 117% over the past year. The company is forecast to post earnings per share of ₩12,142 for next year compared to ₩8,872 last year. Major Estimate Revision • Nov 15
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ₩11,963 to ₩14,169. Revenue forecast steady at ₩29.8b. Net income forecast to grow 132% next year vs 50% growth forecast for Electrical industry in South Korea. Consensus price target up from ₩213,250 to ₩223,500. Share price fell 4.4% to ₩193,100 over the past week. Buy Or Sell Opportunity • Nov 10
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to ₩215,500. The fair value is estimated to be ₩173,961, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 28%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 183% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩197,200, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 25x in the Electrical industry in South Korea. Total returns to shareholders of 226% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩193,539 per share. Price Target Changed • Sep 26
Price target increased by 9.0% to ₩202,875 Up from ₩186,143, the current price target is an average from 8 analysts. New target price is 25% above last closing price of ₩162,300. Stock is up 28% over the past year. The company is forecast to post earnings per share of ₩12,125 for next year compared to ₩8,872 last year. Major Estimate Revision • Sep 18
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩13,723 to ₩12,272 per share. Revenue forecast steady at ₩29.9b. Net income forecast to grow 118% next year vs 50% growth forecast for Electrical industry in South Korea. Consensus price target up from ₩186,143 to ₩196,143. Share price was steady at ₩186,200 over the past week. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩173,900, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electrical industry in South Korea. Total returns to shareholders of 185% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩119,564 per share. Price Target Changed • Jul 01
Price target increased by 8.4% to ₩167,000 Up from ₩154,000, the current price target is an average from 7 analysts. New target price is 20% below last closing price of ₩209,500. Stock is up 59% over the past year. The company is forecast to post earnings per share of ₩13,961 for next year compared to ₩8,872 last year. Announcement • Jun 03
LS Corp. announced that it has received KRW 65 billion in funding from Korean Airlines Co.,Ltd. On June 2, 2025, LS Corp. closed the transaction. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩149,700, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electrical industry in South Korea. Total returns to shareholders of 166% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩81,719 per share. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩121,200, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Electrical industry in South Korea. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩81,719 per share. Buy Or Sell Opportunity • Apr 10
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 4.9% to ₩106,600. The fair value is estimated to be ₩81,719, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has declined by 2.9%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 103% in the next 2 years. New Risk • Mar 27
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: 0.9% Last year net profit margin: 1.8% 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 Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩123,000, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Electrical industry in South Korea. Total returns to shareholders of 153% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩113,551 per share. Announcement • Mar 13
LS Corp., Annual General Meeting, Mar 27, 2025 LS Corp., Annual General Meeting, Mar 27, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 92, hangang-daero, yongsan-gu, seoul South Korea New Risk • Mar 11
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. 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 Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.8% average weekly change). Upcoming Dividend • Feb 20
Upcoming dividend of ₩1,650 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 11 April 2025. Payout ratio is a comfortable 8.7% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩117,000, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Electrical industry in South Korea. Total returns to shareholders of 127% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩54,932 per share. Board Change • Dec 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. Chairman & CEO of E1 Ja-Yong Koo was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Dec 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 (2.8x net interest cover). High level of non-cash earnings (26% accrual ratio). Price Target Changed • Dec 02
Price target decreased by 9.5% to ₩155,167 Down from ₩171,375, the current price target is an average from 6 analysts. New target price is 73% above last closing price of ₩89,800. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of ₩12,027 for next year compared to ₩16,128 last year. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₩89,100, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 16x in the Electrical industry in South Korea. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩57,114 per share. Price Target Changed • Oct 21
Price target decreased by 7.7% to ₩171,375 Down from ₩185,625, the current price target is an average from 8 analysts. New target price is 47% above last closing price of ₩116,300. Stock is up 37% over the past year. The company is forecast to post earnings per share of ₩13,231 for next year compared to ₩16,128 last year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩118,300, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 18x in the Electrical industry in South Korea. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩47,496 per share. Major Estimate Revision • Aug 16
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ₩25.3b to ₩25.8b. EPS estimate increased from ₩10,972 to ₩13,111 per share. Net income forecast to grow 6.6% next year vs 31% growth forecast for Electrical industry in South Korea. Consensus price target down from ₩185,625 to ₩179,375. Share price rose 8.9% to ₩117,100 over the past week. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩97,600, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 18x in the Electrical industry in South Korea. Total returns to shareholders of 49% over the past three years. Major Estimate Revision • Jul 12
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩12,384 to ₩10,972 per share. Revenue forecast steady at ₩25.3b. Net income forecast to shrink 7.3% next year vs 24% growth forecast for Electrical industry in South Korea . Consensus price target up from ₩179,375 to ₩185,625. Share price rose 15% to ₩150,500 over the past week. Price Target Changed • Jul 11
Price target increased by 9.7% to ₩185,625 Up from ₩169,286, the current price target is an average from 8 analysts. New target price is 18% above last closing price of ₩157,100. Stock is up 71% over the past year. The company is forecast to post earnings per share of ₩10,972 for next year compared to ₩16,128 last year. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩155,300, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 25x in the Electrical industry in South Korea. Total returns to shareholders of 132% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩150,400, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 23x in the Electrical industry in South Korea. Total returns to shareholders of 126% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩64,872 per share. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩167,400, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the Electrical industry in South Korea. Total returns to shareholders of 158% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩77,542 per share. Buy Or Sell Opportunity • May 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to ₩160,300. The fair value is estimated to be ₩132,635, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 4.1% per annum over the same time period. Price Target Changed • May 10
Price target increased by 7.7% to ₩139,286 Up from ₩129,375, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₩145,100. Stock is up 57% over the past year. The company is forecast to post earnings per share of ₩12,750 for next year compared to ₩16,128 last year. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩135,000, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Electrical industry in South Korea. Total returns to shareholders of 98% over the past three years. Price Target Changed • May 02
Price target increased by 8.8% to ₩137,500 Up from ₩126,429, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₩135,000. Stock is up 47% over the past year. The company is forecast to post earnings per share of ₩12,750 for next year compared to ₩16,128 last year. New Risk • Apr 18
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 8.7% 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 Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.7% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩16,129 (vs ₩28,777 in FY 2022) Full year 2023 results: EPS: ₩16,129 (down from ₩28,777 in FY 2022). Revenue: ₩24t (up 40% from FY 2022). Net income: ₩442.8b (down 44% from FY 2022). Profit margin: 1.8% (down from 4.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in South Korea. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Feb 19
LS Corp., Annual General Meeting, Mar 28, 2024 LS Corp., Annual General Meeting, Mar 28, 2024. Agenda: To consider year-end dividends. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,550 per share at 1.7% 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: 1.7%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (0.3%). Price Target Changed • Nov 15
Price target decreased by 9.6% to ₩124,000 Down from ₩137,143, the current price target is an average from 7 analysts. New target price is 58% above last closing price of ₩78,700. Stock is up 15% over the past year. The company is forecast to post earnings per share of ₩9,698 for next year compared to ₩16,438 last year. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩13,059 to ₩9,828. Revenue forecast unchanged from ₩25.1b at last update. Net income forecast to grow 0.3% next year vs 55% growth forecast for Electrical industry in South Korea. Consensus price target down from ₩137,143 to ₩131,143. Share price was steady at ₩78,700 over the past week. Price Target Changed • Aug 17
Price target increased by 14% to ₩143,571 Up from ₩126,143, the current price target is an average from 7 analysts. New target price is 17% above last closing price of ₩122,600. Stock is up 91% over the past year. The company is forecast to post earnings per share of ₩14,181 for next year compared to ₩16,438 last year. Major Estimate Revision • Jul 27
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ₩11,202 to ₩12,563. Revenue forecast steady at ₩25.3b. Net income forecast to grow 5.9% next year vs 81% growth forecast for Electrical industry in South Korea. Consensus price target up from ₩114,000 to ₩126,143. Share price rose 26% to ₩112,500 over the past week. New Risk • Jul 26
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 Debt is not well covered by operating cash flow (2.5% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₩120,100, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Electrical industry in South Korea. Total returns to shareholders of 203% over the past three years. Price Target Changed • May 31
Price target increased by 7.2% to ₩114,000 Up from ₩106,333, the current price target is an average from 6 analysts. New target price is 39% above last closing price of ₩82,100. Stock is up 24% over the past year. The company is forecast to post earnings per share of ₩11,383 for next year compared to ₩16,438 last year. Major Estimate Revision • May 22
Consensus EPS estimates fall by 24%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₩25.0b to ₩25.5b. EPS estimate fell from ₩15,011 to ₩11,383 per share. Net income forecast to shrink 3.3% next year vs 62% growth forecast for Electrical industry in South Korea . Consensus price target up from ₩99,500 to ₩102,833. Share price fell 12% to ₩81,700 over the past week. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩2,933 (vs ₩4,311 in 1Q 2022) First quarter 2023 results: EPS: ₩2,933 (down from ₩4,311 in 1Q 2022). Revenue: ₩6.10t (up 64% from 1Q 2022). Net income: ₩80.5b (down 33% from 1Q 2022). Profit margin: 1.3% (down from 3.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in South Korea. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 17
Now 22% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be ₩107,002, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 80%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 5.7% per annum over the same time period. 
