New Risk • May 24
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 7.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 1.0% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩9,005 (vs ₩12,382 in FY 2024) Full year 2025 results: EPS: ₩9,005 (down from ₩12,382 in FY 2024). Revenue: ₩808.4b (down 6.9% from FY 2024). Net income: ₩42.8b (down 27% from FY 2024). Profit margin: 5.3% (down from 6.8% in FY 2024). 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 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 19
Upcoming dividend of ₩3,250 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 07 April 2026. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 6.7%. Within top quartile of South Korean dividend payers (3.4%). Higher than average of industry peers (1.2%). Announcement • Feb 13
KPX Chemical Co.,Ltd., Annual General Meeting, Mar 20, 2026 KPX Chemical Co.,Ltd., Annual General Meeting, Mar 20, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 137, mapo-daero, mapo-gu, seoul South Korea Board Change • Dec 24
No independent directors 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. No independent directors (3 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: ₩4,600 (vs ₩1,879 in 3Q 2024) Third quarter 2025 results: EPS: ₩4,600 (up from ₩1,879 in 3Q 2024). Revenue: ₩214.2b (down 4.1% from 3Q 2024). Net income: ₩22.3b (up 149% from 3Q 2024). Profit margin: 10% (up from 4.0% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 10
Now 21% overvalued Over the last 90 days, the stock has fallen 3.4% to ₩49,750. The fair value is estimated to be ₩41,161, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has grown by 18%. New Risk • Aug 25
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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 0.6% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Jul 24
Now 21% undervalued Over the last 90 days, the stock has risen 18% to ₩53,200. The fair value is estimated to be ₩66,989, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Earnings per share has grown by 20%. Upcoming Dividend • Jul 10
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 05 August 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.5%). Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: ₩13,504 (vs ₩13,643 in FY 2023) Full year 2024 results: EPS: ₩13,504 (down from ₩13,643 in FY 2023). Revenue: ₩913.4b (flat on FY 2023). Net income: ₩64.2b (down 1.0% from FY 2023). Profit margin: 7.0% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 21
KPX Chemical Co.,Ltd., Annual General Meeting, Mar 21, 2025 KPX Chemical Co.,Ltd., Annual General Meeting, Mar 21, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 137, mapo-daero, mapo-gu, seoul South Korea Buy Or Sell Opportunity • Dec 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to ₩43,750. The fair value is estimated to be ₩57,081, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has grown by 13%. Upcoming Dividend • Dec 20
Upcoming dividend of ₩2,500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 08 April 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.2%). Buy Or Sell Opportunity • Nov 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to ₩44,950. The fair value is estimated to be ₩56,242, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has grown by 13%. Declared Dividend • Nov 23
First half dividend of ₩2,500 announced Shareholders will receive a dividend of ₩2,500. Ex-date: 27th December 2024 Payment date: 8th April 2025 Dividend yield will be 6.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 28% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 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. Upcoming Dividend • Jun 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Declared Dividend • May 23
Final dividend of ₩500 announced Shareholders will receive a dividend of ₩500. Ex-date: 27th June 2024 Payment date: 8th August 2024 Dividend yield will be 6.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 25% per year over the past 5 years. However, payments have been volatile 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 • Mar 16
Full year 2023 earnings released: EPS: ₩13,643 (vs ₩6,015 in FY 2022) Full year 2023 results: EPS: ₩13,643 (up from ₩6,015 in FY 2022). Revenue: ₩911.1b (down 7.4% from FY 2022). Net income: ₩64.9b (up 127% from FY 2022). Profit margin: 7.1% (up from 2.9% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩2,250 per share at 7.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 04 April 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). Upcoming Dividend • Jun 22
Upcoming dividend of ₩500 per share at 5.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 34% and the cash payout ratio is 90%. Trailing yield: 5.9%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (1.5%). Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: ₩6,015 (vs ₩10,123 in FY 2021) Full year 2022 results: EPS: ₩6,015 (down from ₩10,123 in FY 2021). Revenue: ₩983.6b (down 3.6% from FY 2021). Net income: ₩28.6b (down 41% from FY 2021). Profit margin: 2.9% (down from 4.7% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩2,250 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 06 April 2023. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.4%). Board Change • Nov 16
No independent directors 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. No independent directors (3 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: Lack 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: 10 August 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of South Korean dividend payers (3.2%). Higher than average of industry peers (2.4%). Reported Earnings • May 22
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: ₩268.8b (up 17% from 1Q 2021). Net income: ₩12.6b (down 12% from 1Q 2021). Profit margin: 4.7% (down from 6.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.5%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors 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. No independent directors (3 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: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,250 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 06 April 2022. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 5.9%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.5%). Upcoming Dividend • Jun 23
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 11 August 2021. Trailing yield: 4.1%. Within top quartile of South Korean dividend payers (2.1%). Higher than average of industry peers (1.4%). Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩13,307 (vs ₩8,759 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: ₩746.7b (down 2.5% from FY 2019). Net income: ₩63.3b (up 52% from FY 2019). Profit margin: 8.5% (up from 5.4% in FY 2019). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 05
KPX Chemical Co.,Ltd., Annual General Meeting, Mar 26, 2021 KPX Chemical Co.,Ltd., Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 21% share price gain to ₩62,800, the stock is trading at a trailing P/E ratio of 5.5x, up from the previous P/E ratio of 4.6x. This compares to an average P/E of 18x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 2.5%. Is New 90 Day High Low • Feb 05
New 90-day high: ₩62,800 The company is up 26% from its price of ₩50,000 on 06 November 2020. The South Korean market is also up 26% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: ₩59,500 The company is up 26% from its price of ₩47,150 on 11 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 14% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: ₩50,600 The company is up 10.0% from its price of ₩45,950 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. Is New 90 Day High Low • Oct 15
New 90-day high: ₩50,000 The company is up 9.0% from its price of ₩46,000 on 17 July 2020. The South Korean market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 25% over the same period.