Announcement • Jun 25
Flashlight Capital Partners Sends Letter to the Board of S-1 Corporation On June 23, 2026, Flashlight Capital Partners Pte. Ltd. announced a letter to the Board of Directors and shareholders of S-1 Corporation, outlining a five-point plan to improve corporate governance and unlock shareholder value. Flashlight Capital Partners stated that the plan includes a three-year shareholder value roadmap, a five-year strategic growth plan, capital allocation framework, CEO-led quarterly earnings calls, and board reforms to comply with Korea’s amended Commercial Act. Flashlight Capital sought discussions with S-1's CEO and Chairman but was rebuffed, leading to the public campaign. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩90,300, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Commercial Services industry in South Korea. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩73,600, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Commercial Services industry in South Korea. Total returns to shareholders of 48% over the past three years. Major Estimate Revision • May 04
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩3.06b to ₩2.95b. EPS estimate also fell from ₩5,481 per share to ₩4,683 per share. Net income forecast to grow 2.7% next year vs 17% growth forecast for Commercial Services industry in South Korea. Consensus price target broadly unchanged at ₩93,688. Share price fell 9.5% to ₩78,300 over the past week. Announcement • Apr 25
S-1 Corporation to Report Q1, 2026 Results on Apr 30, 2026 S-1 Corporation announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Feb 07
S-1 Corporation, Annual General Meeting, Mar 19, 2026 S-1 Corporation, Annual General Meeting, Mar 19, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 55, sejong-daero, jung-gu, seoul South Korea Announcement • Jan 23
S-1 Corporation to Report Fiscal Year 2025 Results on Jan 29, 2026 S-1 Corporation announced that they will report fiscal year 2025 results at 3:00 PM, Korea Standard Time on Jan 29, 2026 Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,700 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (3.4%). Declared Dividend • Nov 08
Dividend of ₩2,700 announced Dividend of ₩2,700 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 3.6%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 5.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
S-1 Corporation announces Annual dividend, payable on April 20, 2026 S-1 Corporation announced Annual dividend of KRW 2700.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Oct 27
S-1 Corporation to Report Nine Months, 2025 Results on Oct 31, 2025 S-1 Corporation announced that they will report nine months, 2025 results on Oct 31, 2025 Price Target Changed • Sep 24
Price target increased by 7.4% to ₩86,186 Up from ₩80,225, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₩85,500. Stock is up 42% over the past year. The company is forecast to post earnings per share of ₩5,006 for next year compared to ₩5,227 last year. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩1,541 (vs ₩1,282 in 2Q 2024) Second quarter 2025 results: EPS: ₩1,541 (up from ₩1,282 in 2Q 2024). Revenue: ₩732.7b (up 5.3% from 2Q 2024). Net income: ₩52.1b (up 20% from 2Q 2024). Profit margin: 7.1% (up from 6.2% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Announcement • Jul 22
S-1 Corporation to Report Q2, 2025 Results on Jul 25, 2025 S-1 Corporation announced that they will report Q2, 2025 results on Jul 25, 2025 Announcement • Apr 22
S-1 Corporation to Report Q1, 2025 Results on Apr 25, 2025 S-1 Corporation announced that they will report Q1, 2025 results on Apr 25, 2025 Reported Earnings • Mar 15
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩5,227 (down from ₩5,604 in FY 2023). Revenue: ₩2.80t (up 7.0% from FY 2023). Net income: ₩176.7b (down 6.7% from FY 2023). Profit margin: 6.3% (down from 7.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 8.9%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 15
S-1 Corporation, Annual General Meeting, Mar 20, 2025 S-1 Corporation, Annual General Meeting, Mar 20, 2025, at 09:01 Tokyo Standard Time. Location: convention hall, 55, sejong-daero, jung-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩2,700 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (3.9%). Announcement • Oct 18
S-1 Corporation to Report Nine Months, 2024 Results on Oct 24, 2024 S-1 Corporation announced that they will report nine months, 2024 results on Oct 24, 2024 Announcement • Jul 20
S-1 Corporation to Report First Half, 2024 Final Results on Jul 25, 2024 S-1 Corporation announced that they will report first half, 2024 final results on Jul 25, 2024 Announcement • Apr 23
S-1 Corporation to Report Q1, 2024 Results on Apr 26, 2024 S-1 Corporation announced that they will report Q1, 2024 results on Apr 26, 2024 Reported Earnings • Mar 16
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₩5,604 (up from ₩4,467 in FY 2022). Revenue: ₩2.62t (up 6.2% from FY 2022). Net income: ₩189.5b (up 26% from FY 2022). Profit margin: 7.2% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Commercial Services industry in South Korea. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Feb 27
S-1 Corporation, Annual General Meeting, Mar 21, 2024 S-1 Corporation, Annual General Meeting, Mar 21, 2024, at 09:01 Korea Standard Time. Location: Convention hall of the Buyeong Taepyung Building 55 Sejong-daero, Jung-gu Seoul South Korea Agenda: To consider and approve the audit report; to consider and approve the Report of operation status of the internal accounting control system; to consider and approve the election of directors and remuneration of director; to consider and approve the change in articles of association; to consider and approve the appointment of Non-executive and Executive director; and to consider and approve the Appointment of members of audit committee. Announcement • Jan 22
S-1 Corporation to Report Fiscal Year 2023 Results on Jan 26, 2024 S-1 Corporation announced that they will report fiscal year 2023 results on Jan 26, 2024 Upcoming Dividend • Dec 20
Upcoming dividend of ₩2,500 per share at 4.0% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (3.0%). Announcement • Oct 21
S-1 Corporation to Report Nine Months, 2023 Results on Oct 27, 2023 S-1 Corporation announced that they will report nine months, 2023 results on Oct 27, 2023 Price Target Changed • Aug 01
Price target decreased by 7.5% to ₩69,086 Down from ₩74,657, the current price target is an average from 7 analysts. New target price is 32% above last closing price of ₩52,400. Stock is down 15% over the past year. The company is forecast to post earnings per share of ₩4,454 for next year compared to ₩4,467 last year. Announcement • Jul 24
S-1 Corporation to Report Q2, 2023 Results on Jul 28, 2023 S-1 Corporation announced that they will report Q2, 2023 results on Jul 28, 2023 Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ₩1,422 (vs ₩1,243 in 1Q 2022) First quarter 2023 results: EPS: ₩1,422 (up from ₩1,243 in 1Q 2022). Revenue: ₩632.6b (up 7.1% from 1Q 2022). Net income: ₩48.1b (up 14% from 1Q 2022). Profit margin: 7.6% (up from 7.1% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: ₩4,467 (vs ₩3,815 in FY 2021) Full year 2022 results: EPS: ₩4,467 (up from ₩3,815 in FY 2021). Revenue: ₩2.47t (up 6.7% from FY 2021). Net income: ₩151.0b (up 17% from FY 2021). Profit margin: 6.1% (up from 5.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩2,500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.2%). Price Target Changed • Nov 29
Price target decreased to ₩80,640 Down from ₩90,750, the current price target is an average from 5 analysts. New target price is 26% above last closing price of ₩64,200. Stock is down 12% over the past year. The company is forecast to post earnings per share of ₩4,188 for next year compared to ₩3,815 last year. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent Outside Director Jae-Hoon Lee was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Nov 03
Price target decreased to ₩79,840 Down from ₩90,750, the current price target is an average from 5 analysts. New target price is 30% above last closing price of ₩61,600. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₩4,164 for next year compared to ₩3,815 last year. Price Target Changed • May 16
Price target decreased to ₩98,833 Down from ₩106,833, the current price target is an average from 6 analysts. New target price is 44% above last closing price of ₩68,800. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₩4,415 for next year compared to ₩3,815 last year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 8 non-independent directors. President, CEO, & Executive Chairman Namgoong Beom was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Mar 12
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ₩3,815 (down from ₩4,203 in FY 2020). Revenue: ₩2.31t (up 4.0% from FY 2020). Net income: ₩129.0b (down 9.2% from FY 2020). Profit margin: 5.6% (down from 6.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 4.9%, compared to a 2.6% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (3.1%). Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS ₩1,102 (vs ₩941 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩573.8b (up 4.8% from 3Q 2020). Net income: ₩37.3b (up 17% from 3Q 2020). Profit margin: 6.5% (up from 5.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 23
First quarter 2021 earnings released: EPS ₩1,240 (vs ₩1,023 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩560.5b (up 5.0% from 1Q 2020). Net income: ₩41.9b (up 21% from 1Q 2020). Profit margin: 7.5% (up from 6.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS ₩4,203 (vs ₩4,337 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₩2.22t (up 3.3% from FY 2019). Net income: ₩142.1b (down 3.1% from FY 2019). Profit margin: 6.4% (down from 6.8% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 27
S-1 Corporation, Annual General Meeting, Mar 18, 2021 S-1 Corporation, Annual General Meeting, Mar 18, 2021, at 09:00 Korea Standard Time. Announcement • Jan 23
S-1 Corporation to Report Fiscal Year 2020 Results on Jan 27, 2021 S-1 Corporation announced that they will report fiscal year 2020 results on Jan 27, 2021 Is New 90 Day High Low • Jan 05
New 90-day high: ₩88,500 The company is up 2.0% from its price of ₩86,600 on 07 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩172,970 per share. Is New 90 Day High Low • Nov 30
New 90-day low: ₩78,800 The company is down 10.0% from its price of ₩88,000 on 01 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩145,337 per share. Is New 90 Day High Low • Oct 27
New 90-day low: ₩83,100 The company is down 10.0% from its price of ₩92,400 on 29 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩122,368 per share. Announcement • Jul 26
S-1 Corporation to Report First Half, 2020 Final Results on Jul 28, 2020 S-1 Corporation announced that they will report first half, 2020 final results on Jul 28, 2020