Declared Dividend • May 15
Final dividend of ₩500 announced Shareholders will receive a dividend of ₩500. Ex-date: 29th June 2026 Payment date: 12th August 2026 Dividend yield will be 4.4%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Mar 25
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: 2.6% Last year net profit margin: 4.8% 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: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). 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 (2.6% net profit margin). Market cap is less than US$100m (₩50.1b market cap, or US$33.4m). Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: ₩2,345 (vs ₩4,443 in FY 2024) Full year 2025 results: EPS: ₩2,345 (down from ₩4,443 in FY 2024). Revenue: ₩162.9b (down 2.5% from FY 2024). Net income: ₩4.29b (down 47% from FY 2024). Profit margin: 2.6% (down from 4.8% in FY 2024). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Samhwa Crown & Closure Co., Ltd, Annual General Meeting, Mar 27, 2026 Samhwa Crown & Closure Co., Ltd, Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 140, gangchon-ro, danwon-gu, gyeonggi-do, ansan South Korea Buy Or Sell Opportunity • Mar 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₩27,800. The fair value is estimated to be ₩34,782, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Dec 22
Upcoming dividend of ₩700 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.8%). New Risk • Nov 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (216% cash payout ratio). Market cap is less than US$100m (₩53.8b market cap, or US$36.6m). Declared Dividend • Nov 13
First half dividend of ₩700 announced Shareholders will receive a dividend of ₩700. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.6% EPS decline seen over the last 5 years. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩499 (vs ₩1,877 in 2Q 2024) Second quarter 2025 results: EPS: ₩499 (down from ₩1,877 in 2Q 2024). Revenue: ₩43.0b (down 5.7% from 2Q 2024). Net income: ₩897.0m (down 74% from 2Q 2024). Profit margin: 2.1% (down from 7.4% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 12 August 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Declared Dividend • May 31
Dividend of ₩500 announced Shareholders will receive a dividend of ₩500. Ex-date: 27th June 2025 Payment date: 12th August 2025 Dividend yield will be 3.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (28% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 69% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.9% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩39,650, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 12x in the Packaging industry in South Korea. Total loss to shareholders of 1.7% over the past three years. Announcement • Mar 08
Samhwa Crown & Closure Co., Ltd, Annual General Meeting, Mar 28, 2025 Samhwa Crown & Closure Co., Ltd, Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 140, gangchon-ro, danwon-gu, gyeonggi-do, ansan South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩700 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.8%). Declared Dividend • Nov 29
Dividend of ₩700 announced Shareholders will receive a dividend of ₩700. Ex-date: 27th December 2024 Payment date: 15th April 2025 Dividend yield will be 3.9%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 4.7% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 61% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.7% EPS decline seen over the last 5 years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩1,049 (vs ₩5,226 loss in 3Q 2023) Third quarter 2024 results: EPS: ₩1,049 (up from ₩5,226 loss in 3Q 2023). Revenue: ₩43.6b (up 9.7% from 3Q 2023). Net income: ₩1.89b (up ₩11.4b from 3Q 2023). Profit margin: 4.3% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Declared Dividend • May 23
Final dividend of ₩500 announced Shareholders will receive a dividend of ₩500. Ex-date: 27th June 2024 Payment date: 12th August 2024 Dividend yield will be 3.7%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (21% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. Reported Earnings • Mar 20
Full year 2023 earnings released: ₩3,667 loss per share (vs ₩9,446 loss in FY 2022) Full year 2023 results: ₩3,667 loss per share (improved from ₩9,446 loss in FY 2022). Revenue: ₩157.9b (up 2.2% from FY 2022). Net loss: ₩6.65b (loss narrowed 61% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 20
Upcoming dividend of ₩700 per share at 5.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.5%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). New Risk • Nov 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 85% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (₩59.2b market cap, or US$45.8m). Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: ₩1,427 (vs ₩992 in 2Q 2022) Second quarter 2023 results: EPS: ₩1,427 (up from ₩992 in 2Q 2022). Revenue: ₩42.9b (up 3.6% from 2Q 2022). Net income: ₩2.59b (up 43% from 2Q 2022). Profit margin: 6.0% (up from 4.4% in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 22
Upcoming dividend of ₩500 per share at 3.6% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 14 August 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.6%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Mar 22
Full year 2022 earnings released: ₩9,446 loss per share (vs ₩780 profit in FY 2021) Full year 2022 results: ₩9,446 loss per share (down from ₩780 profit in FY 2021). Revenue: ₩154.4b (up 3.0% from FY 2021). Net loss: ₩17.2b (down ₩18.6b from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 21
Upcoming dividend of ₩750 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.5%). 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. 3 experienced directors. No highly experienced directors. 1 independent director (2 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 • Jun 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 13 August 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.3%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.6%). Reported Earnings • May 22
First quarter 2022 earnings released: EPS: ₩119 (vs ₩1,024 in 1Q 2021) First quarter 2022 results: EPS: ₩119 (down from ₩1,024 in 1Q 2021). Revenue: ₩33.7b (down 2.9% from 1Q 2021). Net income: ₩216.2m (down 88% from 1Q 2021). Profit margin: 0.6% (down from 5.4% in 1Q 2021). 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. 3 experienced directors. No highly experienced directors. 1 independent director (2 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 ₩750 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.9%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.4%). Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: ₩1,601 loss per share (up from ₩2,543 loss in 3Q 2020). Revenue: ₩37.5b (up 6.8% from 3Q 2020). Net loss: ₩2.92b (loss narrowed 37% from 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS ₩1,326 (vs ₩939 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₩40.6b (up 18% from 2Q 2020). Net income: ₩2.42b (up 41% from 2Q 2020). Profit margin: 6.0% (up from 5.0% in 2Q 2020). Upcoming Dividend • Jun 23
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 14 August 2021. Trailing yield: 2.8%. Within top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (1.5%). Reported Earnings • Jun 03
First quarter 2021 earnings released: EPS ₩1,024 (vs ₩1,480 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩34.7b (down 6.4% from 1Q 2020). Net income: ₩1.87b (down 31% from 1Q 2020). Profit margin: 5.4% (down from 7.3% in 1Q 2020). Announcement • Mar 05
Samhwa Crown & Closure Co., Ltd, Annual General Meeting, Mar 26, 2021 Samhwa Crown & Closure Co., Ltd, Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 17
New 90-day low: ₩37,850 The company is down 4.0% from its price of ₩39,350 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 38% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ₩41,050 The company is up 6.0% from its price of ₩38,850 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 Packaging industry, which is up 25% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩850 Per Share Will be paid on the 16th of April to those who are registered shareholders by the 29th of December. The trailing yield of 3.5% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (2.1%). Is New 90 Day High Low • Oct 14
New 90-day low: ₩38,800 The company is down 10.0% from its price of ₩43,350 on 16 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 Packaging industry, which is up 15% over the same period. Is New 90 Day High Low • Sep 21
New 90-day low: ₩38,900 The company is down 6.0% from its price of ₩41,600 on 23 June 2020. The South Korean market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 16% over the same period.