Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩9,449 (vs ₩10,790 in FY 2024) Full year 2025 results: EPS: ₩9,449 (down from ₩10,790 in FY 2024). Revenue: ₩441.1b (up 1.2% from FY 2024). Net income: ₩43.5b (down 14% from FY 2024). Profit margin: 9.9% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Mar 06
Miwon Commercial Co., Ltd., Annual General Meeting, Mar 24, 2026 Miwon Commercial Co., Ltd., Annual General Meeting, Mar 24, 2026, at 13:00 Tokyo Standard Time. Location: conference room, 43, iljik-ro, gyeonggi-do, gwangmyeong South Korea New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings have declined by 0.9% 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 Risk Earnings have declined by 0.9% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jun 19
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 0% Dividend yield: 1.1% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: ₩10,790 (vs ₩12,771 in FY 2023) Full year 2024 results: EPS: ₩10,790 (down from ₩12,771 in FY 2023). Revenue: ₩435.8b (up 3.4% from FY 2023). Net income: ₩50.5b (down 17% from FY 2023). Profit margin: 12% (down from 14% 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 5% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 06
Miwon Commercial Co., Ltd., Annual General Meeting, Mar 25, 2025 Miwon Commercial Co., Ltd., Annual General Meeting, Mar 25, 2025, at 13:00 Tokyo Standard Time. Location: conference room, 43, iljik-ro, gyeonggi-do, gwangmyeong South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,000 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 09 April 2025. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.2%). Buy Or Sell Opportunity • Dec 11
Now 21% overvalued Over the last 90 days, the stock has fallen 4.6% to ₩199,400. The fair value is estimated to be ₩165,423, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 2.5%. Buy Or Sell Opportunity • Nov 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.6% to ₩201,000. The fair value is estimated to be ₩163,953, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 2.5%. Declared Dividend • Nov 20
Dividend of ₩1,000 announced Shareholders will receive a dividend of ₩1,000. Ex-date: 27th December 2024 Payment date: 9th April 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 14% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Sep 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 23 October 2024. Payout ratio is a comfortable 16% and the cash payout ratio is 79%. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.8%). Lower than average of industry peers (1.9%). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩3,778 (vs ₩3,075 in 2Q 2023) Second quarter 2024 results: EPS: ₩3,778 (up from ₩3,075 in 2Q 2023). Revenue: ₩111.1b (up 9.1% from 2Q 2023). Net income: ₩17.8b (up 20% from 2Q 2023). Profit margin: 16% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Declared Dividend • Jul 12
First quarter dividend of ₩500 announced Shareholders will receive a dividend of ₩500. Ex-date: 27th September 2024 Payment date: 23rd October 2024 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 17% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₩12,771 (vs ₩14,752 in FY 2022) Full year 2023 results: EPS: ₩12,771 (down from ₩14,752 in FY 2022). Revenue: ₩421.4b (down 3.8% from FY 2022). Net income: ₩61.0b (down 16% from FY 2022). Profit margin: 14% (down from 17% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 0.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 10 April 2024. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.8%). Upcoming Dividend • Sep 19
Upcoming dividend of ₩500 per share at 1.2% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 24 October 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.4%). Lower than average of industry peers (1.7%). New Risk • Jul 16
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 22
Upcoming dividend of ₩500 per share at 0.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 25 July 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.2%). Lower than average of industry peers (1.5%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩14,752 (vs ₩11,641 in FY 2021) Full year 2022 results: EPS: ₩14,752 (up from ₩11,641 in FY 2021). Revenue: ₩438.2b (up 22% from FY 2021). Net income: ₩72.2b (up 25% from FY 2021). Profit margin: 17% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 10% but the company is paying out more than the cash it is generating. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). 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. 10 experienced directors. 1 highly experienced director. 1 independent director (10 non-independent directors). Internal Director Eung-Joo Son was the last director to join the board, commencing their role in 2013. 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 • Sep 22
Upcoming dividend of ₩5,200 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 25 October 2022. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (3.1%). Higher than average of industry peers (2.4%). Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₩3,208 (vs ₩2,940 in 1Q 2021) First quarter 2022 results: EPS: ₩3,208 (up from ₩2,940 in 1Q 2021). Revenue: ₩102.7b (up 23% from 1Q 2021). Net income: ₩15.9b (up 9.0% from 1Q 2021). Profit margin: 16% (down from 18% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. 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. 10 experienced directors. 1 highly experienced director. 1 independent director (10 non-independent directors). Internal Director Eung-Joo Son was the last director to join the board, commencing their role in 2013. 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 ₩250 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 08 April 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.7%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS ₩3,569 (vs ₩2,590 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩91.8b (up 25% from 3Q 2020). Net income: ₩17.7b (up 37% from 3Q 2020). Profit margin: 19% (up from 18% 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 42% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of ₩230 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 26 October 2021. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (2.2%). Lower than average of industry peers (1.3%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩220 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 22 July 2021. Trailing yield: 0.5%. Lower than top quartile of South Korean dividend payers (2.1%). Lower than average of industry peers (1.4%). Reported Earnings • Mar 19
Full year 2020 earnings released: EPS ₩10,369 (vs ₩6,163 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩295.0b (up 18% from FY 2019). Net income: ₩51.8b (up 67% from FY 2019). Profit margin: 18% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 22% share price gain to ₩194,500, the stock trades at a trailing P/E ratio of 23x, up from the previous P/E ratio of 18.9x. Average P/E is 17x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 454%. Announcement • Feb 27
Miwon Commercial Co., Ltd., Annual General Meeting, Mar 23, 2021 Miwon Commercial Co., Ltd., Annual General Meeting, Mar 23, 2021, at 14:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₩156,500, the stock is trading at a trailing P/E ratio of 18.5x, up from the previous P/E ratio of 16x. This compares to an average P/E of 17x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 343%. Is New 90 Day High Low • Feb 18
New 90-day high: ₩142,000 The company is up 33% from its price of ₩107,000 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 29% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: ₩137,000 The company is up 40% from its price of ₩98,100 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₩134,500, the stock is trading at a trailing P/E ratio of 15.9x, up from the previous P/E ratio of 13.7x. This compares to an average P/E of 15x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 301%. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩200 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.8% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (0.9%). Is New 90 Day High Low • Dec 15
New 90-day high: ₩112,500 The company is up 17% from its price of ₩96,400 on 16 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: ₩99,500 The company is up 10.0% from its price of ₩90,700 on 11 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 Chemicals industry, which is up 6.0% over the same period. Upcoming Dividend • Sep 21
Upcoming Dividend of ₩150 Per Share Will be paid on the 29th of October to those who are registered shareholders by the 28th of September. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.8%), and is lower than industry peers (1.1%).