New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩77.6b market cap, or US$51.9m). Buy Or Sell Opportunity • Mar 31
Now 36% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to ₩3,630. The fair value is estimated to be ₩2,660, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 25%. New Risk • Mar 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Paying a dividend despite having no free cash flows. High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (₩77.4b market cap, or US$51.2m). Upcoming Dividend • Mar 18
Upcoming dividend of ₩170 per share Eligible shareholders must have bought the stock before 25 March 2026. Payment date: 17 April 2026. Payout ratio is on the higher end at 95% but the company is not cash flow positive. Trailing yield: 4.6%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.1%). Announcement • Feb 27
PJ Metal Co., Ltd. announces Annual dividend, payable on April 17, 2026 PJ Metal Co., Ltd. announced Annual dividend of KRW 170.0000 per share payable on April 17, 2026, ex-date on March 25, 2026 and record date on March 26, 2026. Announcement • Feb 26
PJ Metal Co., Ltd., Annual General Meeting, Mar 26, 2026 PJ Metal Co., Ltd., Annual General Meeting, Mar 26, 2026, at 11:00 Tokyo Standard Time. Location: conference room, 42, myeongdang 2-gil, jeollanam-do, gwangyang South Korea Buy Or Sell Opportunity • Feb 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ₩2,990. The fair value is estimated to be ₩2,487, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 32%. Buy Or Sell Opportunity • Jan 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₩3,060. The fair value is estimated to be ₩2,520, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 32%. New Risk • Nov 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 95% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₩66.5b market cap, or US$45.4m). New Risk • Apr 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 132% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 132% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₩72.3b market cap, or US$49.5m). Buy Or Sell Opportunity • Apr 01
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ₩3,035. The fair value is estimated to be ₩2,507, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last year. Earnings per share has declined by 79%. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩114 (vs ₩535 in FY 2023) Full year 2024 results: EPS: ₩114 (down from ₩535 in FY 2023). Revenue: ₩254.5b (up 11% from FY 2023). Net income: ₩2.82b (down 79% from FY 2023). Profit margin: 1.1% (down from 5.8% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Feb 25
PJ Metal Co., Ltd., Annual General Meeting, Mar 26, 2025 PJ Metal Co., Ltd., Annual General Meeting, Mar 26, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 42, myeongdang 2-gil, jeollanam-do, gwangyang South Korea Buy Or Sell Opportunity • Feb 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to ₩3,110. The fair value is estimated to be ₩2,570, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last year. Earnings per share has declined by 45%. Buy Or Sell Opportunity • Dec 26
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ₩3,100. The fair value is estimated to be ₩2,572, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last year. Earnings per share has declined by 45%. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 5.0%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩3,065, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total loss to shareholders of 34% over the past three years. New Risk • Nov 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 8.0% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Revenue has declined by 4.3% over the past year. Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (₩79.0b market cap, or US$56.6m). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩3,835, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total loss to shareholders of 9.0% over the past three years. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: ₩146 (vs ₩457 in 2Q 2023) Second quarter 2024 results: EPS: ₩146 (down from ₩457 in 2Q 2023). Revenue: ₩65.9b (up 7.8% from 2Q 2023). Net income: ₩3.62b (down 68% from 2Q 2023). Profit margin: 5.5% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩4,870, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩3,875, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 54% over the past three years. New Risk • Jan 17
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2012. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2012 fiscal period end). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (₩86.2b market cap, or US$64.0m). Upcoming Dividend • Dec 20
Upcoming dividend of ₩135 per share at 3.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.7%). New Risk • Dec 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% This is considered a minor 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 Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (₩91.0b market cap, or US$69.3m). New Risk • Dec 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (₩88.9b market cap, or US$68.1m). Buying Opportunity • Jun 20
Now 20% undervalued Over the last 90 days, the stock is up 42%. The fair value is estimated to be ₩6,616, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 20
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 (2.3x net interest cover). Minor Risks Dividend is not well covered by cash flows (194% cash payout ratio). Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,400, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total returns to shareholders of 160% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. The company last paid an ordinary dividend in March 2012. The average dividend yield among industry peers is 4.4%. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩3,300, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,150, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩4,295, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 6x in the Metals and Mining industry in South Korea. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₩6,530, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 253% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 22% share price gain to ₩5,130, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 124% over the past three years. Upcoming Dividend • Dec 22
Inaugural dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. The company is not currently making a profit and is not cash flow positive. The company last paid an ordinary dividend in March 2012. The average dividend yield among industry peers is 2.3%. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,910, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 164% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ₩204 (vs ₩81.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩64.4b (up 100% from 3Q 2020). Net income: ₩5.07b (up 151% from 3Q 2020). Profit margin: 7.9% (up from 6.3% 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 57% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩5,530, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 11x in the Metals and Mining industry in South Korea. Total returns to shareholders of 221% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩4,700, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 11x in the Metals and Mining industry in South Korea. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,505, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 11x in the Metals and Mining industry in South Korea. Total returns to shareholders of 131% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improved over the past week After last week's 18% share price gain to ₩4,065, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 31x in the Metals and Mining industry in South Korea. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 20% share price gain to ₩3,330, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 29x in the Metals and Mining industry in South Korea. Total returns to shareholders of 44% over the past three years. Is New 90 Day High Low • Feb 17
New 90-day high: ₩2,500 The company is up 16% from its price of ₩2,160 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₩2,430 The company is up 14% from its price of ₩2,125 on 07 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 26% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 22nd of April to those who are registered shareholders by the 29th of December. The company last paid an ordinary dividend in March 2012. The average dividend yield among industry peers is 3.1%. Is New 90 Day High Low • Dec 10
New 90-day high: ₩2,250 The company is up 7.0% from its price of ₩2,095 on 11 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 27% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: ₩2,175 The company is up 9.0% from its price of ₩2,000 on 18 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 4.0% over the same period.