New Risk • May 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 60% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩580,000, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 9x in the Oil and Gas industry in South Korea. Total returns to shareholders of 227% over the past three years. Upcoming Dividend • Mar 12
Upcoming dividend of ₩34,000 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 15 April 2026. Trailing yield: 5.1%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.4%). Buy Or Sell Opportunity • Mar 04
Now 30% undervalued Over the last 90 days, the stock has risen 1.8% to ₩476,500. The fair value is estimated to be ₩676,059, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩556,000, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 17x in the Oil and Gas industry in South Korea. Total returns to shareholders of 186% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₩86.1b (up 6.7% from 3Q 2024). Net income: ₩12.3b (up 19% from 3Q 2024). Profit margin: 14% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 17
Upcoming dividend of ₩2,000 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 14 August 2025. Trailing yield: 5.2%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩487,500, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 13x in the Oil and Gas industry in South Korea. Total returns to shareholders of 163% over the past three years. Upcoming Dividend • Jul 08
Upcoming dividend of ₩2,000 per share Eligible shareholders must have bought the stock before 15 July 2025. Payment date: 14 August 2025. Trailing yield: 5.8%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.4%). New Risk • May 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 41% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 27
Hankook Shell Oil Co.,Ltd., Annual General Meeting, Mar 28, 2025 Hankook Shell Oil Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 8, chungjeong-ro, seodaemun-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩2,000 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 18 April 2025. Trailing yield: 7.5%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (4.0%). Buy Or Sell Opportunity • Jul 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₩330,000. The fair value is estimated to be ₩274,913, 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 grown by 15%. Revenue is forecast to grow by 2.0% in 2 years. Earnings are forecast to grow by 0.04% in the next 2 years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩18,000 per share at 7.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Trailing yield: 7.4%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (3.5%). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩7,511 (vs ₩6,553 in 1Q 2022) First quarter 2023 results: EPS: ₩7,511 (up from ₩6,553 in 1Q 2022). Revenue: ₩79.6b (up 13% from 1Q 2022). Net income: ₩9.76b (up 15% from 1Q 2022). Profit margin: 12% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩19,000 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 21 April 2023. Trailing yield: 7.5%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (4.0%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₩4,635 (vs ₩5,704 in 3Q 2021) Third quarter 2022 results: EPS: ₩4,635 (down from ₩5,704 in 3Q 2021). Revenue: ₩71.3b (up 20% from 3Q 2021). Net income: ₩6.03b (down 19% from 3Q 2021). Profit margin: 8.5% (down from 13% 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 11% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. 2 independent directors (4 non-independent directors). Director Jong-Hwan Ha was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Sep 26
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩309,455, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 10%. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. 2 independent directors (4 non-independent directors). Director Jong-Hwan Ha was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩14,000 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 22 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.1%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (3.0%). Announcement • Feb 26
Hankook Shell Oil Co.,Ltd., Annual General Meeting, Mar 26, 2021 Hankook Shell Oil Co.,Ltd., Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Announcement • Feb 16
Hankook Shell Oil Co.,Ltd. to Report Fiscal Year 2020 Results on Feb 18, 2021 Hankook Shell Oil Co.,Ltd. announced that they will report fiscal year 2020 results on Feb 18, 2021 Is New 90 Day High Low • Dec 14
New 90-day high: ₩273,000 The company is up 13% from its price of ₩242,500 on 15 September 2020. The South Korean market is also up 13% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Oil and Gas industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: ₩244,000 The company is up 2.0% from its price of ₩238,500 on 12 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 10.0% over the same period. 
