Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩33,000, the stock trades at a trailing P/E ratio of 49.1x. Average trailing P/E is 12x in the Commercial Services industry in South Korea. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩30,850, the stock trades at a trailing P/E ratio of 48.8x. Average trailing P/E is 15x in the Commercial Services industry in South Korea. Total loss to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩27,550, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 14x in the Commercial Services industry in South Korea. Total loss to shareholders of 53% over the past three years. New Risk • Mar 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Earnings have declined by 17% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩631 (vs ₩1,387 in FY 2024) Full year 2025 results: EPS: ₩631 (down from ₩1,387 in FY 2024). Revenue: ₩141.1b (down 40% from FY 2024). Net income: ₩13.2b (down 39% from FY 2024). Profit margin: 9.4% (up from 9.2% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩29,050, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 16x in the Commercial Services industry in South Korea. Total loss to shareholders of 60% over the past three years. Declared Dividend • Feb 25
Dividend reduced to ₩200 Dividend of ₩200 is 33% lower than last year. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 0.6%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.9% EPS decline seen over the last 5 years. New Risk • Jan 28
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 14% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩27,100, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 14x in the Commercial Services industry in South Korea. Total loss to shareholders of 42% over the past three years. Announcement • Jan 12
Ecopro Hn. Co., Ltd. to Report Fiscal Year 2025 Results on Feb 05, 2026 Ecopro Hn. Co., Ltd. announced that they will report fiscal year 2025 results on Feb 05, 2026 Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩27,500, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 14x in the Commercial Services industry in South Korea. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩29,150, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 14x in the Commercial Services industry in South Korea. Total loss to shareholders of 39% over the past three years. Announcement • Oct 15
Ecopro Hn. Co., Ltd. to Report Q3, 2025 Results on Nov 05, 2025 Ecopro Hn. Co., Ltd. announced that they will report Q3, 2025 results on Nov 05, 2025 Announcement • Jul 10
Ecopro Hn. Co., Ltd. to Report Q2, 2025 Results on Aug 06, 2025 Ecopro Hn. Co., Ltd. announced that they will report Q2, 2025 results on Aug 06, 2025 New Risk • May 24
New major risk - Revenue and earnings growth Earnings have declined by 8.1% 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 Earnings have declined by 8.1% per year over the past 5 years. High level of non-cash earnings (47% accrual ratio). Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.6% net profit margin). New Risk • May 20
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (24% accrual ratio). Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.2% net profit margin). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩29,500, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 12x in the Commercial Services industry in South Korea. Total loss to shareholders of 36% over the past three years. Announcement • Apr 04
Ecopro Hn. Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Ecopro Hn. Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: ₩1,387 (vs ₩2,201 in FY 2023) Full year 2024 results: EPS: ₩1,387 (down from ₩2,201 in FY 2023). Revenue: ₩234.5b (up 2.4% from FY 2023). Net income: ₩21.5b (down 36% from FY 2023). Profit margin: 9.2% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Announcement • Feb 25
Ecopro Hn. Co., Ltd., Annual General Meeting, Mar 25, 2025 Ecopro Hn. Co., Ltd., Annual General Meeting, Mar 25, 2025, at 10:30 Tokyo Standard Time. Location: auditorium, 587-40, gwahaksaneop 2-ro, ochang-eup, cheongwon-gu, chungcheongbuk-do, cheongju South Korea New Risk • Jan 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% 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 Revenue has declined by 25% over the past year. High level of non-cash earnings (40% accrual ratio). Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks High level of debt (74% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). Announcement • Jan 17
Ecopro Hn. Co., Ltd. to Report Fiscal Year 2024 Results on Feb 11, 2025 Ecopro Hn. Co., Ltd. announced that they will report fiscal year 2024 results on Feb 11, 2025 Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 22 April 2025. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.9%). New Risk • Dec 09
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 Risk No financial data reported. Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩34,300, the stock trades at a trailing P/E ratio of 25.8x. Average forward P/E is 11x in the Commercial Services industry in South Korea. Total loss to shareholders of 55% over the past three years. New Risk • Nov 28
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: 10% Last year net profit margin: 16% 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 Revenue has declined by 25% over the past year. High level of non-cash earnings (40% accrual ratio). Minor Risks High level of debt (74% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.7% average weekly change). Profit margins are more than 30% lower than last year (10% net profit margin). Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩36,900, the stock trades at a trailing P/E ratio of 22.4x. Average forward P/E is 11x in the Commercial Services industry in South Korea. Total loss to shareholders of 56% over the past three years. Announcement • Oct 25
Ecopro Hn. Co., Ltd. announced that it has received KRW 75 billion in funding from a group of investors On October 23, 2024, Ecopro Hn. Co., Ltd. closed the transaction. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩47,150, the stock trades at a trailing P/E ratio of 28.6x. Average forward P/E is 11x in the Commercial Services industry in South Korea. Total loss to shareholders of 54% over the past three years. Buy Or Sell Opportunity • Oct 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₩48,700. The fair value is estimated to be ₩61,065, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last year. Earnings per share has declined by 42%. Announcement • Oct 11
Ecopro Hn. Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Ecopro Hn. Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩46,500, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 12x in the Commercial Services industry in South Korea. Total loss to shareholders of 52% over the past three years. Announcement • Sep 06
Ecopro Hn. Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 200.151 billion. Ecopro Hn. Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 200.151 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,670,000
Price\Range: KRW 35300
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩39,200, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 12x in the Commercial Services industry in South Korea. Total loss to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩43,450, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 13x in the Commercial Services industry in South Korea. Total loss to shareholders of 66% over the past three years. Announcement • Jul 11
Ecopro Hn. Co., Ltd. to Report Q2, 2024 Results on Jul 30, 2024 Ecopro Hn. Co., Ltd. announced that they will report Q2, 2024 results on Jul 30, 2024 Announcement • Apr 13
Ecopro Hn. Co., Ltd. to Report Q1, 2024 Results on May 03, 2024 Ecopro Hn. Co., Ltd. announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩2,201 (vs ₩2,116 in FY 2022) Full year 2023 results: EPS: ₩2,201 (up from ₩2,116 in FY 2022). Revenue: ₩228.9b (up 4.9% from FY 2022). Net income: ₩33.5b (up 3.7% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Commercial Services industry in South Korea. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩69,000, the stock trades at a trailing P/E ratio of 24.6x. Average forward P/E is 13x in the Commercial Services industry in South Korea. Total loss to shareholders of 3.6% over the past year. Announcement • Jan 17
Ecopro Hn. Co., Ltd. to Report Q4, 2023 Results on Feb 07, 2024 Ecopro Hn. Co., Ltd. announced that they will report Q4, 2023 results on Feb 07, 2024 Upcoming Dividend • Dec 20
Upcoming dividend of ₩600 per share at 0.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 21% and the cash payout ratio is 92%. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩79,300, the stock trades at a trailing P/E ratio of 27.9x. Average forward P/E is 14x in the Commercial Services industry in South Korea. Total returns to shareholders of 58% over the past year. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩110,800, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 18x in the Commercial Services industry in South Korea. Total returns to shareholders of 103% over the past year. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₩82,600, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 19x in the Commercial Services industry in South Korea. Total returns to shareholders of 106% over the past year. New Risk • Jun 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (58% accrual ratio). Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩86,900, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 19x in the Commercial Services industry in South Korea. Total returns to shareholders of 62% over the past year. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩2,116 (vs ₩1,127 in FY 2021) Full year 2022 results: EPS: ₩2,116 (up from ₩1,127 in FY 2021). Revenue: ₩218.2b (up 60% from FY 2021). Net income: ₩32.4b (up 88% from FY 2021). Profit margin: 15% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to ₩70,500, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 22x in the Commercial Services industry in South Korea. Total returns to shareholders of 30% over the past year. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩43,450, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 20x in the Commercial Services industry in South Korea. Total loss to shareholders of 41% over the past year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩330 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 20 April 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.2%). Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩665 (vs ₩366 in 3Q 2021) Third quarter 2022 results: EPS: ₩665 (up from ₩366 in 3Q 2021). Revenue: ₩60.6b (down 28% from 3Q 2021). Net income: ₩10.2b (up 6.6% from 3Q 2021). Profit margin: 17% (up from 11% in 3Q 2021). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 15% share price gain to ₩46,350, the stock trades at a trailing P/E ratio of 41.1x. Average trailing P/E is 17x in the Commercial Services industry in South Korea. Total loss to shareholders of 54% over the past year. 