Announcement • Mar 13
Dongil Metal Co., Ltd., Annual General Meeting, Mar 26, 2026 Dongil Metal Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 6, geumho-ro, geumho-eup, gyeongsangbuk-do, yeongcheon South Korea Buy Or Sell Opportunity • Jan 28
Now 20% overvalued Over the last 90 days, the stock has fallen 2.2% to ₩7,590. The fair value is estimated to be ₩6,320, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 51%. Upcoming Dividend • Dec 22
Upcoming dividend of ₩320 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 64% and the cash payout ratio is 99%. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.4%). New Risk • Nov 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 99% Dividend yield: 4.1% 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 Earnings have declined by 19% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (99% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.9% net profit margin). Market cap is less than US$100m (₩65.6b market cap, or US$44.8m). Buy Or Sell Opportunity • Nov 26
Now 20% overvalued Over the last 90 days, the stock has fallen 3.3% to ₩7,830. The fair value is estimated to be ₩6,498, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 51%. Declared Dividend • Nov 08
Dividend of ₩320 announced Shareholders will receive a dividend of ₩320. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 4.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 11% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 44% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Announcement • Mar 14
Dongil Metal Co., Ltd., Annual General Meeting, Mar 28, 2025 Dongil Metal Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 6, geumho-ro, geumho-eup, gyeongsangbuk-do, yeongcheon South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 16 April 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.9%). New Risk • Dec 16
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 Market cap is less than US$100m (₩68.4b market cap, or US$47.6m). Declared Dividend • Nov 20
Dividend of ₩400 announced Shareholders will receive a dividend of ₩400. Ex-date: 27th December 2024 Payment date: 16th April 2025 Dividend yield will be 4.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (286% earnings payout ratio). However, it is well covered by cash flows (39% cash payout ratio). The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 218% to bring the payout ratio under control. However, EPS has declined by 38% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩36.00 (vs ₩1,646 in FY 2022) Full year 2023 results: EPS: ₩36.00 (down from ₩1,646 in FY 2022). Revenue: ₩110.4b (flat on FY 2022). Net income: ₩302.8m (down 98% from FY 2022). Profit margin: 0.3% (down from 13% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩400 per share at 4.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 10 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.5%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.7%). New Risk • Aug 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.6% net profit margin). Market cap is less than US$100m (₩87.8b market cap, or US$65.5m). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 40% After last week's 40% share price decline to ₩12,920, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 68% over the past three years. New Risk • Jul 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩128.6b (US$98.9m) 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (13% net profit margin). Market cap is less than US$100m (₩128.6b market cap, or US$98.9m). New Risk • Jun 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to ₩21,700, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 179% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₩858 (vs ₩652 in 1Q 2022) First quarter 2023 results: EPS: ₩858 (up from ₩652 in 1Q 2022). Revenue: ₩30.2b (up 25% from 1Q 2022). Net income: ₩7.26b (up 32% from 1Q 2022). Profit margin: 24% (up from 23% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩1,646 (vs ₩1,783 in FY 2021) Full year 2022 results: EPS: ₩1,646 (down from ₩1,783 in FY 2021). Revenue: ₩111.4b (up 61% from FY 2021). Net income: ₩13.9b (down 7.9% from FY 2021). Profit margin: 13% (down from 22% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩250 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 28% share price decline to ₩17,150, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 108% over the past three years. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₩652 (vs ₩377 in 1Q 2021) First quarter 2022 results: EPS: ₩652 (up from ₩377 in 1Q 2021). Revenue: ₩24.1b (up 72% from 1Q 2021). Net income: ₩5.52b (up 128% from 1Q 2021). Profit margin: 23% (up from 17% in 1Q 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 22
Upcoming dividend of ₩226 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.3%). Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩214 (vs ₩253 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₩16.7b (up 30% from 3Q 2020). Net income: ₩1.36b (down 16% from 3Q 2020). Profit margin: 8.2% (down from 13% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 05
New 90-day high: ₩12,100 The company is up 15% from its price of ₩10,550 on 06 November 2020. The South Korean market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: ₩11,800 The company is up 12% from its price of ₩10,550 on 16 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 30% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ₩11,550 The company is up 9.0% from its price of ₩10,600 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 29% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩280 Per Share Will be paid on the 14th of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.5% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (3.1%). Is New 90 Day High Low • Dec 04
New 90-day high: ₩11,000 The company is up 2.0% from its price of ₩10,800 on 04 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 21% over the same period.