Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩12,380, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 24x in the Basic Materials industry in South Korea. Total returns to shareholders of 30% over the past three years. Announcement • Feb 27
Sungshin Cement Co., Ltd, Annual General Meeting, Mar 26, 2026 Sungshin Cement Co., Ltd, Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 29, insadong 5-gil, jongno-gu, seoul South Korea Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩10,420, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 9x in the Basic Materials industry in South Korea. Total loss to shareholders of 13% over the past three years. New Risk • Apr 21
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 12% 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 Debt is not well covered by operating cash flow (8.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩8,260, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 8x in the Basic Materials industry in South Korea. Total loss to shareholders of 33% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released Full year 2024 results: Revenue: ₩1.16t (up 4.4% from FY 2023). Net income: ₩45.2b (down 32% from FY 2023). Profit margin: 3.9% (down from 6.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Announcement • Feb 20
Sungshin Cement Co., Ltd, Annual General Meeting, Mar 20, 2025 Sungshin Cement Co., Ltd, Annual General Meeting, Mar 20, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 29, insadong 5-gil, jongno-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 17 April 2025. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 4.6%. Within top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (4.3%). Declared Dividend • Nov 27
Dividend of ₩350 announced Shareholders will receive a dividend of ₩350. Ex-date: 27th December 2024 Payment date: 17th April 2025 Dividend yield will be 4.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (12% 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 18% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩377 (vs ₩64.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩377 (up from ₩64.00 in 3Q 2023). Revenue: ₩261.8b (up 1.2% from 3Q 2023). Net income: ₩9.39b (up 484% from 3Q 2023). Profit margin: 3.6% (up from 0.6% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. 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 Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩9,610, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 10x in the Basic Materials industry in South Korea. Total loss to shareholders of 15% over the past three years. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₩2,683 (vs ₩1,070 loss in FY 2022) Full year 2023 results: EPS: ₩2,683 (up from ₩1,070 loss in FY 2022). Revenue: ₩1.11t (up 8.0% from FY 2022). Net income: ₩66.7b (up ₩93.3b from FY 2022). Profit margin: 6.0% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share at 2.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 19 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (4.3%). New Risk • Sep 10
New major risk - Revenue and earnings growth Earnings have declined by 20% 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 Interest payments are not well covered by earnings (0.9x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 20% per year over the past 5 years. Reported Earnings • Mar 17
Full year 2022 earnings released: ₩1,093 loss per share (vs ₩261 profit in FY 2021) Full year 2022 results: ₩1,093 loss per share (down from ₩261 profit in FY 2021). Revenue: ₩1.03t (up 24% from FY 2021). Net loss: ₩26.6b (down ₩33.0b from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 27 April 2023. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.7%). 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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 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. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₩11,250, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 14x in the Basic Materials industry in South Korea. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 25% share price gain to ₩9,700, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 12x in the Basic Materials industry in South Korea. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩8,220, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 12x in the Basic Materials industry in South Korea. Total loss to shareholders of 4.6% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ₩236 loss per share (up from ₩373 loss in 1Q 2021). Revenue: ₩197.9b (down 5.7% from 1Q 2021). Net loss: ₩5.74b (loss narrowed 37% from 1Q 2021). Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. 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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 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. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩13,000, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 19x in the Basic Materials industry in South Korea. Total loss to shareholders of 1.8% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 38% share price gain to ₩16,600, the stock trades at a trailing P/E ratio of 64.5x. Average trailing P/E is 19x in the Basic Materials industry in South Korea. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩10,600, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 18x in the Basic Materials industry in South Korea. Total loss to shareholders of 2.9% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₩12,600, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 28x in the Basic Materials industry in South Korea. Total loss to shareholders of 7.4% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 18% share price gain to ₩9,400, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 29x in the Basic Materials industry in South Korea. Total returns to shareholders of 81% over the past three years. Is New 90 Day High Low • Jan 13
New 90-day high: ₩7,670 The company is up 11% from its price of ₩6,920 on 15 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 30% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩150 Per Share Will be paid on the 17th of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.1% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.4%). Is New 90 Day High Low • Dec 12
New 90-day high: ₩7,620 The company is up 8.0% from its price of ₩7,030 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 Basic Materials industry, which is up 17% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: ₩6,540 The company is down 17% from its price of ₩7,900 on 31 July 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is flat over the same period.