New Risk • May 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 0.9% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩5,380, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 16x in the Metals and Mining industry in South Korea. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩6,410, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 18x in the Metals and Mining industry in South Korea. Total returns to shareholders of 22% over the past three years. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 2.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 2.5% per year over the past 5 years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩4,690, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 15x in the Metals and Mining industry in South Korea. Total returns to shareholders of 57% over the past three years. Announcement • Feb 24
Lee Ku Industrial Co., Ltd., Annual General Meeting, Mar 24, 2026 Lee Ku Industrial Co., Ltd., Annual General Meeting, Mar 24, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 42, poseunggongdan-ro, manho-ri, poseung-eup, gyeonggi-do, pyeongtaek South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Trailing yield: 0.9%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (2.4%). New Risk • Nov 20
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: 1.5% Last year net profit margin: 3.5% 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 Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.5% net profit margin). Declared Dividend • Nov 08
Dividend of ₩50.00 announced Dividend of ₩50.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 1.0%, which is lower than the industry average of 2.7%. Sustainability & Growth The dividend has not increased over the past 4 years but payments have been stable during that time. Announcement • Nov 07
Lee Ku Industrial Co., Ltd. announces Annual dividend, payable on April 20, 2026 Lee Ku Industrial Co., Ltd. announced Annual dividend of KRW 50.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • Jun 09
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₩4,600. The fair value is estimated to be ₩3,830, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has declined by 4.9%. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₩125 (vs ₩18.00 in 1Q 2024) First quarter 2025 results: EPS: ₩125 (up from ₩18.00 in 1Q 2024). Revenue: ₩128.9b (up 21% from 1Q 2024). Net income: ₩4.19b (up ₩3.58b from 1Q 2024). Profit margin: 3.3% (up from 0.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.1b (US$94.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (3.8% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩138.1b market cap, or US$94.3m). New Risk • Mar 27
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 9.4% 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 (3.8% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,880, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 12x in the Metals and Mining industry in South Korea. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩4,155, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩3,860, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 10x in the Metals and Mining industry in South Korea. Total returns to shareholders of 9.8% over the past three years. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.9b (US$95.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Market cap is less than US$100m (₩133.9b market cap, or US$95.2m). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,870, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total returns to shareholders of 21% over the past three years. New Risk • Sep 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩133.4b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩133.4b market cap, or US$99.8m). New Risk • Aug 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩131.4b (US$95.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (₩131.4b market cap, or US$95.7m). New Risk • Jul 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Buy Or Sell Opportunity • May 30
Now 25% undervalued Over the last 90 days, the stock has risen 54% to ₩6,170. The fair value is estimated to be ₩8,247, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 65%. New Risk • Apr 15
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 8.6% 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 Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). New Risk • Mar 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 107% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩4,630, the stock trades at a trailing P/E ratio of 64.6x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 56% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩4,725, the stock trades at a trailing P/E ratio of 54.5x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 251% over the past three years. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩6,170, the stock trades at a trailing P/E ratio of 71.2x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 313% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩5,330, the stock trades at a trailing P/E ratio of 61.5x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 263% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩5,220, the stock trades at a trailing P/E ratio of 60.2x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 248% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩4,905, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total returns to shareholders of 256% over the past three years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩5,600, the stock trades at a trailing P/E ratio of 32.7x. Average trailing P/E is 9x in the Metals and Mining industry in South Korea. Total returns to shareholders of 368% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩4,400, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 308% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 12 April 2023. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.4%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Chairman In-Kook Son was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 23% share price gain to ₩3,250, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 114% 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 15% share price decline to ₩2,705, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 5x in the Metals and Mining industry in South Korea. Total returns to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩3,495, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 6x in the Metals and Mining industry in South Korea. Total returns to shareholders of 68% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Chairman In-Kook Son was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,945, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 8x in the Metals and Mining industry in South Korea. Total returns to shareholders of 87% over the past three years. Upcoming Dividend • Dec 22
Inaugural dividend of ₩30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 April 2022. The company is not currently making a profit but it is cash flow positive. This is the first dividend for Leeku Industrial since going public. The average dividend yield among industry peers is 2.3%. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩3,130, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 7x in the Metals and Mining industry in South Korea. Total returns to shareholders of 62% over the past three years. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS ₩152 (vs ₩24.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩79.6b (up 56% from 3Q 2020). Net income: ₩5.09b (up ₩4.30b from 3Q 2020). Profit margin: 6.4% (up from 1.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 20% share price gain to ₩4,625, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 12x in the Metals and Mining industry in South Korea. Total returns to shareholders of 116% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 21% share price gain to ₩4,625, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 12x in the Metals and Mining industry in South Korea. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩3,450, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 16x in the Metals and Mining industry in South Korea. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 18% share price gain to ₩4,695, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 18x in the Metals and Mining industry in South Korea. Total returns to shareholders of 118% over the past three years. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ₩127 (vs ₩10.00 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩78.8b (up 62% from 1Q 2020). Net income: ₩4.26b (up ₩3.93b from 1Q 2020). Profit margin: 5.4% (up from 0.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩4,205, the stock trades at a trailing P/E ratio of 74.2x. Average trailing P/E is 29x in the Metals and Mining industry in South Korea. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₩3,390, the stock trades at a trailing P/E ratio of 59.5x. Average trailing P/E is 23x in the Metals and Mining industry in South Korea. Total returns to shareholders of 48% over the past three years. Announcement • Mar 04
Leeku Industrial Co., Ltd., Annual General Meeting, Mar 25, 2021 Leeku Industrial Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Location: Auditorium on the 2nd floor of Igu Industrial Co., Ltd., 42 Poseunggongdan-ro, Poseung-eup Pyeongtaek- si Gyeonggi-do South Korea Agenda: To discuss audit report; to discuss usiness report; and to transact other matters. Is New 90 Day High Low • Feb 11
New 90-day high: ₩2,110 The company is up 21% from its price of ₩1,740 on 13 November 2020. The South Korean market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₩2,050 The company is up 25% from its price of ₩1,645 on 07 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: ₩2,020 The company is up 27% from its price of ₩1,585 on 03 September 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 18% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₩1,675 The company is up 3.0% from its price of ₩1,620 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 Metals and Mining industry, which is up 8.0% over the same period. 
