Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩10,180, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total loss to shareholders of 42% over the past three years. Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: ₩97.00 (vs ₩1,879 in FY 2024) Full year 2025 results: EPS: ₩97.00 (down from ₩1,879 in FY 2024). Revenue: ₩1.04t (down 2.9% from FY 2024). Net income: ₩2.34b (down 95% from FY 2024). Profit margin: 0.2% (down from 4.2% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 25
Dividend of ₩300 announced Dividend of ₩300 is the same as last year. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 3.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 63% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.9% EPS decline seen over the last 5 years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩71.00 (vs ₩479 in 3Q 2024) Third quarter 2025 results: EPS: ₩71.00 (down from ₩479 in 3Q 2024). Revenue: ₩258.6b (down 9.5% from 3Q 2024). Net income: ₩1.70b (down 85% from 3Q 2024). Profit margin: 0.7% (down from 4.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ₩62.00 loss per share (vs ₩441 profit in 2Q 2024) Second quarter 2025 results: ₩62.00 loss per share (down from ₩441 profit in 2Q 2024). Revenue: ₩265.4b (down 3.0% from 2Q 2024). Net loss: ₩1.48b (down 114% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: ₩1,879 (vs ₩1,452 in FY 2023) Full year 2024 results: EPS: ₩1,879 (up from ₩1,452 in FY 2023). Revenue: ₩1.07t (up 3.9% from FY 2023). Net income: ₩45.1b (up 29% from FY 2023). Profit margin: 4.2% (up from 3.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
Songwon Industrial Co., Ltd. announces Annual dividend Songwon Industrial Co., Ltd. announced Annual dividend of KRW 300.0000 per share, ex-date on March 28, 2025 and record date on March 31, 2025. Announcement • Feb 25
Songwon Industrial Co., Ltd., Annual General Meeting, Mar 21, 2025 Songwon Industrial Co., Ltd., Annual General Meeting, Mar 21, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 83, jangsaengpo-ro, nam-gu, ulsan South Korea Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₩479 (vs ₩390 in 3Q 2023) Third quarter 2024 results: EPS: ₩479 (up from ₩390 in 3Q 2023). Revenue: ₩285.8b (up 15% from 3Q 2023). Net income: ₩11.5b (up 23% from 3Q 2023). Profit margin: 4.0% (up from 3.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩11,180, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 10x in the Chemicals industry in South Korea. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩12,350, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩10,060, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 44% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩278 (vs ₩443 in 1Q 2023) First quarter 2024 results: EPS: ₩278 (down from ₩443 in 1Q 2023). Revenue: ₩255.8b (down 4.3% from 1Q 2023). Net income: ₩6.66b (down 37% from 1Q 2023). Profit margin: 2.6% (down from 4.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ₩1,452 (vs ₩5,497 in FY 2022) Full year 2023 results: EPS: ₩1,452 (down from ₩5,497 in FY 2022). Revenue: ₩1.03t (down 23% from FY 2022). Net income: ₩34.8b (down 74% from FY 2022). Profit margin: 3.4% (down from 9.9% 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 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩16,360, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 9.6% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 04 April 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩391 (vs ₩1,724 in 3Q 2022) Third quarter 2023 results: EPS: ₩391 (down from ₩1,724 in 3Q 2022). Revenue: ₩247.9b (down 29% from 3Q 2022). Net income: ₩9.37b (down 77% from 3Q 2022). Profit margin: 3.8% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Aug 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.1% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.1% net profit margin). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩18,730, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 15x in the Chemicals industry in South Korea. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ₩443 (vs ₩1,809 in 1Q 2022) First quarter 2023 results: EPS: ₩443 (down from ₩1,809 in 1Q 2022). Revenue: ₩267.2b (down 21% from 1Q 2022). Net income: ₩10.6b (down 76% from 1Q 2022). Profit margin: 4.0% (down from 13% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: ₩5,497 (vs ₩3,011 in FY 2021) Full year 2022 results: EPS: ₩5,497 (up from ₩3,011 in FY 2021). Revenue: ₩1.33t (up 33% from FY 2021). Net income: ₩131.9b (up 83% from FY 2021). Profit margin: 9.9% (up from 7.2% 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 63% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 1.9% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.4%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Dongbek Park was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩16,200, the stock trades at a trailing P/E ratio of 3x. Average forward P/E is 11x in the Chemicals industry in South Korea. Total loss to shareholders of 11% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₩1,611 (vs ₩633 in 2Q 2021) Second quarter 2022 results: EPS: ₩1,611 (up from ₩633 in 2Q 2021). Revenue: ₩342.7b (up 48% from 2Q 2021). Net income: ₩38.7b (up 154% from 2Q 2021). Profit margin: 11% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 24% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: ₩1,809 (vs ₩417 in 1Q 2021) First quarter 2022 results: EPS: ₩1,809 (up from ₩417 in 1Q 2021). Revenue: ₩338.4b (up 52% from 1Q 2021). Net income: ₩43.4b (up 334% from 1Q 2021). Profit margin: 13% (up from 4.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 22%, compared to a 23% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ₩36,000 Up from ₩26,000, the current price target is provided by 1 analyst. New target price is 46% above last closing price of ₩24,600. Stock is up 13% over the past year. The company posted earnings per share of ₩3,011 last year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Dongbek Park was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 05
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₩3,011 (up from ₩1,144 in FY 2020). Revenue: ₩998.2b (up 24% from FY 2020). Net income: ₩72.3b (up 163% from FY 2020). Profit margin: 7.2% (up from 3.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 19%, compared to a 23% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 03
Price target increased to ₩29,000 Up from ₩26,833, the current price target is provided by 1 analyst. New target price is 48% above last closing price of ₩19,600. Stock is down 1.8% over the past year. The company posted earnings per share of ₩1,144 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 7.4% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.5%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ₩874 (vs ₩356 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩260.1b (up 33% from 3Q 2020). Net income: ₩21.0b (up 146% from 3Q 2020). Profit margin: 8.1% (up from 4.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ₩417 (vs ₩459 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ₩222.5b (up 5.7% from 1Q 2020). Net income: ₩10.0b (down 9.3% from 1Q 2020). Profit margin: 4.5% (down from 5.2% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year and the company’s share price has also fallen by 11% per year. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₩21,650, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 20x in the Chemicals industry in South Korea. Total loss to shareholders of 22% over the past three years. Reported Earnings • Mar 09
Full year 2020 earnings released: EPS ₩1,144 (vs ₩1,448 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ₩807.8b (flat on FY 2019). Net income: ₩27.5b (down 21% from FY 2019). Profit margin: 3.4% (down from 4.3% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Feb 23
Songwon Industrial Co., Ltd., Annual General Meeting, Mar 19, 2021 Songwon Industrial Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Location: Songwon Industrial Co., Ltd. 3rd floor auditorium 83 Jangsaengpo-ro, Nam-gu Ulsan South Korea Agenda: To approve the group financial statements and the consolidated financial statements; to approve the remuneration limit for directors; and to approve the remuneration limit of auditors. Is New 90 Day High Low • Feb 19
New 90-day high: ₩21,250 The company is up 49% from its price of ₩14,250 on 20 November 2020. The South Korean market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 23% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: ₩18,950 The company is up 31% from its price of ₩14,450 on 05 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 32% over the same period. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 18% share price gain to ₩18,950, the stock is trading at a trailing P/E ratio of 14.9x, up from the previous P/E ratio of 12.6x. This compares to an average P/E of 17x in the Chemicals industry in South Korea. Total return to shareholders over the past three years is a loss of 18%. Is New 90 Day High Low • Jan 07
New 90-day high: ₩17,750 The company is up 16% from its price of ₩15,250 on 08 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 Chemicals industry, which is up 22% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩150 Per Share Will be paid on the 7th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.9% is below the top quartile of South Korean dividend payers (2.6%), but is in line with industry peers (0.9%). Is New 90 Day High Low • Dec 09
New 90-day high: ₩17,050 The company is up 29% from its price of ₩13,250 on 10 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 Chemicals industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 16% share price gain to ₩17,050, the stock is trading at a trailing P/E ratio of 13.4x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 15x in the Chemicals industry in South Korea. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Oct 06
New 90-day high: ₩14,500 The company is up 8.0% from its price of ₩13,400 on 08 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 30% over the same period.