Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩16,890, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 23x in the Basic Materials industry in South Korea. Total returns to shareholders of 77% over the past three years. Announcement • Feb 27
Hanil Holdings Co., Ltd., Annual General Meeting, Mar 26, 2026 Hanil Holdings Co., Ltd., Annual General Meeting, Mar 26, 2026, at 11:00 Tokyo Standard Time. Location: auditorium, 275, hyoryeong-ro, seocho-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩930 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 08 April 2026. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (4.6%). Declared Dividend • Nov 16
Dividend of ₩930 announced Dividend of ₩930 is the same as last year. Ex-date: 29th December 2025 Payment date: 8th April 2026 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 31% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₩453 (vs ₩1,724 in 2Q 2024) Second quarter 2025 results: EPS: ₩453 (down from ₩1,724 in 2Q 2024). Revenue: ₩543.1b (down 12% from 2Q 2024). Net income: ₩14.0b (down 74% from 2Q 2024). Profit margin: 2.6% (down from 8.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. New Risk • Mar 25
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 203% Dividend yield: 5.8% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 25
Hanil Holdings Co., Ltd., Annual General Meeting, Mar 26, 2025 Hanil Holdings Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 275, hyoryeong-ro, seocho-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩800 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 09 April 2025. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩15,490, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 8x in the Basic Materials industry in South Korea. Total returns to shareholders of 40% over the past three years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩991 (vs ₩898 in 3Q 2023) Third quarter 2024 results: EPS: ₩991 (up from ₩898 in 3Q 2023). Revenue: ₩492.0b (down 7.2% from 3Q 2023). Net income: ₩30.5b (up 10% from 3Q 2023). Profit margin: 6.2% (up from 5.2% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 16
Dividend of ₩800 announced Shareholders will receive a dividend of ₩800. Ex-date: 27th December 2024 Payment date: 9th April 2025 Dividend yield will be 5.9%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but not covered by cash flows (308% cash payout ratio). The dividend has increased by an average of 14% 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 decline by 78% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.2% EPS decline seen over the last 5 years. New Risk • Sep 17
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 Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.2% increase in shares outstanding). New Risk • Jun 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.2% 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 Earnings have declined by 3.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Upcoming Dividend • Dec 20
Upcoming dividend of ₩580 per share at 6.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 6.9%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (4.3%). Upcoming Dividend • Sep 19
Upcoming dividend of ₩220 per share at 7.2% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 18 October 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 7.2%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (4.1%). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩429 (vs ₩497 loss in 1Q 2022) First quarter 2023 results: EPS: ₩429 (up from ₩497 loss in 1Q 2022). Revenue: ₩564.1b (up 46% from 1Q 2022). Net income: ₩13.2b (up ₩27.6b from 1Q 2022). Profit margin: 2.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: ₩1,769 (vs ₩1,158 in FY 2021) Full year 2022 results: EPS: ₩1,769 (up from ₩1,158 in FY 2021). Revenue: ₩1.97t (up 19% from FY 2021). Net income: ₩54.6b (up 53% from FY 2021). Profit margin: 2.8% (up from 2.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 22% per year. 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. No highly experienced directors. 1 independent director (6 non-independent directors). was the last director to join the board, commencing their role in . 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 • Jun 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₩13,685, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 47%. 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. No highly experienced directors. 1 independent director (6 non-independent directors). was the last director to join the board, commencing their role in . 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 ₩510 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 04 April 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩1,677 (vs ₩461 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₩1.53t (down 7.2% from FY 2019). Net income: ₩49.1b (up 256% from FY 2019). Profit margin: 3.2% (up from 0.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Hanil Holdings Co., Ltd., Annual General Meeting, Mar 25, 2021 Hanil Holdings Co., Ltd., Annual General Meeting, Mar 25, 2021, at 11:00 Korea Standard Time. Is New 90 Day High Low • Dec 28
New 90-day high: ₩11,850 The company is up 34% from its price of ₩8,830 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 19% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩2,300 Per Share Will be paid on the 3rd of April to those who are registered shareholders by the 29th of December. The trailing yield of 4.2% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (2.4%). Is New 90 Day High Low • Dec 07
New 90-day high: ₩59,000 The company is up 23% from its price of ₩48,050 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: ₩49,500 The company is up 8.0% from its price of ₩45,900 on 14 August 2020. The South Korean market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is down 10.0% over the same period. Announcement • Sep 21
Hanil Holdings Co., Ltd.(KOSE:A003300) dropped from S&P Global BMI Index Hanil Holdings Co., Ltd.(KOSE:A003300) dropped from S&P Global BMI Index Announcement • Jul 30
Hanil Holdings Co., Ltd. (KOSE:A003300) acquired Sky Ranch Co., Ltd. Hanil Holdings Co., Ltd. (KOSE:A003300) acquired Sky Ranch Co., Ltd. on June 30, 2020. As part of the acquisition, Hanil Holdings Co., Ltd. will acquire 1 million shares of Sky Ranch. As of December 31, 2019, Sky Ranch has a total assets of KRW 7.3 billion and total capital of KRW 5.7 billion.
Hanil Holdings Co., Ltd. (KOSE:A003300) completed the acquisition of Sky Ranch Co., Ltd. on June 30, 2020.