Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩8,370, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Metals and Mining industry in South Korea. Total returns to shareholders of 16% over the past three years. New Risk • May 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 102% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩13,610, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x 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 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩11,750, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Metals and Mining industry in South Korea. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩10,620, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Metals and Mining industry in South Korea. Total returns to shareholders of 48% over the past three years. New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 16% per year for the foreseeable future. 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 (2.3% net profit margin). Announcement • Feb 24
Daehan Steel Co., Ltd., Annual General Meeting, Mar 26, 2026 Daehan Steel Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 69, hasinbeonyeong-ro, saha-gu, busan South Korea Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩12,490, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Metals and Mining industry in South Korea. Total returns to shareholders of 78% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (2.4%). Major Estimate Revision • Nov 27
Consensus EPS estimates increase by 30%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₩1.31b to ₩1.28b. EPS estimate rose from ₩1,429 to ₩1,858. Net income forecast to grow 46% next year vs 88% growth forecast for Metals and Mining industry in South Korea. Consensus price target of ₩21,000 unchanged from last update. Share price rose 4.2% to ₩16,160 over the past week. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩782 (vs ₩897 in 3Q 2024) Third quarter 2025 results: EPS: ₩782 (down from ₩897 in 3Q 2024). Revenue: ₩320.0b (up 7.2% from 3Q 2024). Net income: ₩12.9b (down 18% from 3Q 2024). Profit margin: 4.0% (down from 5.2% in 3Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Metals and Mining industry in South Korea. 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 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 27
Consensus EPS estimates increase by 36% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩1.20b to ₩1.31b. EPS estimate increased from ₩1,054 to ₩1,429 per share. Net income forecast to grow 20% next year vs 55% growth forecast for Metals and Mining industry in South Korea. Consensus price target of ₩21,000 unchanged from last update. Share price rose 4.0% to ₩15,600 over the past week. Reported Earnings • Aug 21
Second quarter 2025 earnings released: EPS: ₩644 (vs ₩875 in 2Q 2024) Second quarter 2025 results: EPS: ₩644 (down from ₩875 in 2Q 2024). Revenue: ₩348.9b (up 3.5% from 2Q 2024). Net income: ₩10.5b (down 31% from 2Q 2024). Profit margin: 3.0% (down from 4.5% in 2Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Metals and Mining industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩18,830, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Metals and Mining industry in South Korea. Total returns to shareholders of 40% over the past three years. Major Estimate Revision • May 27
Consensus EPS estimates fall by 52% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩2,196 to ₩1,054 per share. Revenue forecast steady at ₩1.20b. Net income forecast to shrink 33% next year vs 16% growth forecast for Metals and Mining industry in South Korea . Consensus price target of ₩21,000 unchanged from last update. Share price was steady at ₩16,710 over the past week. Buy Or Sell Opportunity • Mar 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.6% to ₩15,890. The fair value is estimated to be ₩19,874, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to decline by 0.5% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to ₩15,270. The fair value is estimated to be ₩19,319, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to decline by 0.5% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Announcement • Feb 27
Daehan Steel Co., Ltd., Annual General Meeting, Mar 28, 2025 Daehan Steel Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 69, hasinbeonyeong-ro, saha-gu, busan South Korea Buy Or Sell Opportunity • Feb 05
Now 22% undervalued Over the last 90 days, the stock has risen 6.2% to ₩15,650. The fair value is estimated to be ₩19,979, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 0.7% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • Jan 10
Now 20% undervalued Over the last 90 days, the stock has risen 16% to ₩15,860. The fair value is estimated to be ₩19,885, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 0.7% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (2.9%). New Risk • Dec 16
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 Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). New Risk • Nov 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩1.23b to ₩1.22b. EPS estimate also fell from ₩2,508 per share to ₩2,247 per share. Net income forecast to shrink 3.0% next year vs 0.3% decline forecast for Metals and Mining industry in South Korea. Consensus price target of ₩17,050 unchanged from last update. Share price rose 10% to ₩12,940 over the past week. Major Estimate Revision • Aug 21
Consensus EPS estimates increase by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ₩1.13b to ₩1.18b. EPS estimate increased from ₩1,536 to ₩2,100 per share. Net income forecast to shrink 40% next year vs 28% growth forecast for Metals and Mining industry in South Korea . Consensus price target of ₩17,050 unchanged from last update. Share price was steady at ₩11,730 over the past week. New Risk • Aug 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Buy Or Sell Opportunity • Jul 01
Now 73% overvalued Over the last 90 days, the stock has fallen 4.5% to ₩12,350. The fair value is estimated to be ₩7,146, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 4.2% in 2 years. Earnings are forecast to decline by 47% in the next 2 years. Buy Or Sell Opportunity • Jun 28
Now 20% overvalued Over the last 90 days, the stock has fallen 5.4% to ₩12,410. The fair value is estimated to be ₩10,311, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 4.2% in 2 years. Earnings are forecast to decline by 47% in the next 2 years. Major Estimate Revision • May 18
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩1.28b to ₩1.13b. EPS estimate fell from ₩1,918 to ₩1,380 per share. Net income forecast to shrink 56% next year vs 2.0% decline forecast for Metals and Mining industry in South Korea. Consensus price target of ₩17,050 unchanged from last update. Share price fell 4.1% to ₩13,420 over the past week. New Risk • May 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 4.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 24
Daehan Steel Co., Ltd. (KOSE:A084010) and BRC Asia Limited (SGX:BEC) entered into agreement to acquire 50% stake in Angkasa Daehan Steel Pte Ltd. from LTC Corporation Limited. Daehan Steel Co., Ltd. (KOSE:A084010) and BRC Asia Limited (SGX:BEC) entered into agreement to acquire 50% stake in Angkasa Daehan Steel Pte Ltd. from LTC Corporation Limited on April 23, 2024. Daehan Steel Co., Ltd. (KOSE:A084010) will acquire 6.9 million share and its stake in Angkasa Daehan Steel Pte Ltd. will increase from 50% to 80.1%. BRC Asia Limited (SGX:BEC) will acquire 4.5 million share representing 19.9% stake in Angkasa Daehan Steel Pte Ltd. for SGD 16.06 Million. Announcement • Mar 25
Daehan Steel Co., Ltd. (KOSE:A084010) agreed to acquire additional 30.1% stake in Angkasa Daehan Steel Pte Ltd. for KRW 25.7 billion. Daehan Steel Co., Ltd. (KOSE:A084010) agreed to acquire additional 30.1% stake in Angkasa Daehan Steel Pte Ltd. for KRW 25.7 billion on March 25, 2024. Post the transaction, Daehan Steel will hold 80.1% stake in Angkasa Daehan. Angkasa Daehan reported net income of KRW 3.8 million, sales of KRW 170 billion, total debt of KRW 28.9 million and total assets of KRW 127 billion in 2023. The transaction is expected to close on June 30, 2024. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩4,007 (vs ₩6,605 in FY 2022) Full year 2023 results: EPS: ₩4,007 (down from ₩6,605 in FY 2022). Revenue: ₩1.45t (down 32% from FY 2022). Net income: ₩72.0b (down 43% from FY 2022). Profit margin: 5.0% (down from 5.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Metals and Mining industry in South Korea. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩780 per share at 5.9% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.7%). Major Estimate Revision • Nov 21
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩1.63b to ₩1.45b. EPS estimate fell from ₩3,470 to ₩3,026 per share. Net income forecast to shrink 14% next year vs 9.3% growth forecast for Metals and Mining industry in South Korea . Consensus price target of ₩16,367 unchanged from last update. Share price rose 3.3% to ₩13,600 over the past week. Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: ₩2,287 (vs ₩1,491 in 2Q 2022) Second quarter 2023 results: EPS: ₩2,287 (up from ₩1,491 in 2Q 2022). Revenue: ₩422.6b (down 36% from 2Q 2022). Net income: ₩42.6b (up 54% from 2Q 2022). Profit margin: 10% (up from 4.2% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South Korea are expected to grow by 2.3%. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 26% per year. Major Estimate Revision • Aug 17
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩1.69b to ₩1.66b. EPS estimate rose from ₩2,588 to ₩2,942. Net income forecast to shrink 3.4% next year vs 28% growth forecast for Metals and Mining industry in South Korea . Consensus price target of ₩16,550 unchanged from last update. Share price fell 3.2% to ₩12,220 over the past week. Buying Opportunity • Jul 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be ₩16,846, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to decline by 4.3% in 2 years. Earnings is forecast to grow by 6.0% in the next 2 years. Buying Opportunity • Jun 21
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be ₩16,688, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to decline by 4.3% in 2 years. Earnings is forecast to grow by 6.0% in the next 2 years. Major Estimate Revision • May 19
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩1.80b to ₩1.69b. EPS estimate also fell from ₩3,763 per share to ₩2,588 per share. Net income forecast to shrink 49% next year vs 3.7% growth forecast for Metals and Mining industry in South Korea . Consensus price target of ₩16,550 unchanged from last update. Share price was steady at ₩13,890 over the past week. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩13,700, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in South Korea. Total returns to shareholders of 218% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩15,581 per share. Buying Opportunity • Mar 23
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩14,257, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 59%. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to decline by 24% in the next 2 years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 6.7% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Within top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (4.4%). Major Estimate Revision • Nov 30
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from ₩2.44b to ₩2.15b. EPS estimate fell from ₩6,767 to ₩4,985 per share. Net income forecast to shrink 18% next year vs 17% decline forecast for Metals and Mining industry in South Korea. Consensus price target down from ₩23,000 to ₩18,100. Share price was steady at ₩12,950 over the past week. Price Target Changed • Nov 16
Price target decreased to ₩23,000 Down from ₩28,000, the current price target is provided by 1 analyst. New target price is 74% above last closing price of ₩13,250. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₩6,767 for next year compared to ₩6,563 last year. 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. 5 experienced directors. No highly experienced directors. 1 independent director (4 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. Buying Opportunity • Jun 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be ₩18,899, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to decline by 0.2% in the next 2 years. Price Target Changed • Apr 27
Price target decreased to ₩25,000 Down from ₩29,000, the current price target is provided by 1 analyst. New target price is 19% above last closing price of ₩21,050. Stock is up 3.2% over the past year. The company is forecast to post earnings per share of ₩6,269 for next year compared to ₩6,563 last year. 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. 5 experienced directors. No highly experienced directors. 1 independent director (4 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. Price Target Changed • Mar 17
Price target decreased to ₩25,000 Down from ₩29,000, the current price target is provided by 1 analyst. New target price is 18% above last closing price of ₩21,200. Stock is up 59% over the past year. The company is forecast to post earnings per share of ₩6,267 for next year compared to ₩2,232 last year. Announcement • Feb 24
Daehan Steel Co., Ltd. (KOSE:A084010) announces an Equity Buyback for KRW 35,000,000 million worth of its shares. Daehan Steel Co., Ltd. (KOSE:A084010) announces a share repurchase program. Under the program, the company will repurchase up to KRW 35,000,000 million worth of its common stock, pursuant to a contract with Samsung Securities Co., Ltd. The purpose of the program is to stabilize the stock prices and enhance the shareholders' value. The program will end on August 21, 2022. As of February 20, 2022, the company had 4,621,026 shares in treasury within the scope available for dividend and no shares in treasury through other repurchase. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 18% share price gain to ₩21,350, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x 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 • Jan 28
Investor sentiment improved over the past week After last week's 22% share price gain to ₩18,800, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Metals and Mining industry in South Korea. Total returns to shareholders of 225% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 7.1% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.3%). Price Target Changed • Aug 24
Price target increased to ₩31,667 Up from ₩27,700, the current price target is an average from 3 analysts. New target price is 45% above last closing price of ₩21,850. Stock is up 241% over the past year. Major Estimate Revision • Aug 19
Consensus revenue estimates increase to ₩1.97b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ₩1.72b to ₩1.97b. EPS estimate increased from ₩5,010 to ₩6,552 per share. Net income forecast to grow 152% next year vs 59% growth forecast for Metals and Mining industry in South Korea. Consensus price target of ₩29,500 unchanged from last update. Share price was steady at ₩20,550 over the past week. Major Estimate Revision • Jun 17
Consensus EPS estimates increase to ₩4,622 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₩1.69b to ₩1.72b. EPS estimate increased from ₩3,790 to ₩4,622 per share. Net income forecast to grow 49% next year vs 54% growth forecast for Metals and Mining industry in South Korea. Consensus price target up from ₩26,010 to ₩27,700. Share price rose 6.3% to ₩22,000 over the past week. Major Estimate Revision • May 20
Consensus EPS estimates increase to ₩3,902 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₩1.66b to ₩1.68b. EPS estimate increased from ₩3,395 to ₩3,902 per share. Net income forecast to grow 97% next year vs 107% growth forecast for Metals and Mining industry in South Korea. Consensus price target up from ₩20,700 to ₩25,200. Share price rose 6.7% to ₩23,000 over the past week. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 20% share price gain to ₩24,150, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Metals and Mining industry in South Korea. Total returns to shareholders of 132% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 19% share price gain to ₩21,250, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Metals and Mining industry in South Korea. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improved over the past week After last week's 18% share price gain to ₩16,000, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Metals and Mining industry in South Korea. Total returns to shareholders of 92% over the past three years. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS ₩2,232 (vs ₩1,323 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩1.10t (up 7.3% from FY 2019). Net income: ₩48.7b (up 64% from FY 2019). Profit margin: 4.4% (up from 2.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Daehan Steel Co., Ltd., Annual General Meeting, Mar 26, 2021 Daehan Steel Co., Ltd., Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 04
New 90-day high: ₩13,850 The company is up 102% from its price of ₩6,840 on 06 November 2020. The South Korean market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 30% share price gain to ₩13,850, the stock is trading at a trailing P/E ratio of 4.1x, up from the previous P/E ratio of 3.2x. This compares to an average P/E of 18x in the Metals and Mining industry in South Korea. Total returns to shareholders over the past three years are 59%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to ₩12,000, the stock is trading at a trailing P/E ratio of 3.6x, up from the previous P/E ratio of 3.1x. This compares to an average P/E of 18x in the Metals and Mining industry in South Korea. Total returns to shareholders over the past three years are 30%. Is New 90 Day High Low • Jan 05
New 90-day high: ₩11,300 The company is up 56% from its price of ₩7,250 on 07 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 26% over the same period. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 19% share price gain to ₩11,000, the stock is trading at a trailing P/E ratio of 3.3x, up from the previous P/E ratio of 2.8x. This compares to an average P/E of 17x in the Metals and Mining industry in South Korea. Total returns to shareholders over the past three years are 19%. Price Target Changed • Nov 21
Price target raised to ₩11,000 Up from ₩10,000, the current price target is provided by 1 analyst. The new target price is 25% above the current share price of ₩8,800. As of last close, the stock is up 51% over the past year. Major Estimate Revision • Nov 21
Analysts increase revenue estimates to ₩1.06b The 2020 consensus revenue estimate increased from ₩922.0m. Earning per share (EPS) estimate also increased from ₩2,137 to ₩3,898 for the same period. Net income is expected to grow by 218% next year compared to 130% growth forecast for the Metals and Mining industry in South Korea. The consensus price target increased from ₩10,000 to ₩11,000. Share price is up 17% to ₩8,800 over the past week. Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 19% share price gain to ₩8,800, the stock is trading at a trailing P/E ratio of 6.4x, up from the previous P/E ratio of 5.4x. This compares to an average P/E of 20x in the Metals and Mining industry in South Korea. Total returns to shareholders over the past three years were flat. Is New 90 Day High Low • Nov 09
New 90-day high: ₩7,420 The company is up 12% from its price of ₩6,640 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 Metals and Mining industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: ₩7,250 The company is up 13% from its price of ₩6,420 on 09 July 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 6.0% over the same period. Major Estimate Revision • Sep 25
Analysts increase EPS estimates to ₩2,137 The 2020 consensus revenue estimate increased from ₩907.0m to ₩922.0m. The earnings per share estimate also received an upgrade from ₩1,810 to ₩2,137 for the same period. Net income is expected to grow by 83% next year compared to 141% growth forecast for the Metals and Mining industry in South Korea. The consensus price target of ₩10,000 was unchanged from the last update. Share price is down by 7.3% to ₩6,490 over the past week. Announcement • Sep 09
Daehan Steel Co., Ltd. (KOSE:A084010) completed the acquisition of 51% stake in steel products manufacturing and sales business of YK Steel Corp. Daehan Steel Co., Ltd. (KOSE:A084010) signed an agreement to acquire 51% stake in steel products manufacturing and sales business of YK Steel Corp. for KRW 46.8 billion on June 19, 2020. Under the terms of the transaction, steel products manufacturing and sales business will be transferred to a newly established company named YAMATO KOREA HOLDINGS CO., LTD. Daehan Steel will acquire 1.84 million shares of YAMATO KOREA HOLDINGS and YK Steel Corp. will own 1.76 million shares (49% stake) in YAMATO KOREA HOLDINGS post completion. Transaction is expected to complete on September 8, 2020.
Daehan Steel Co., Ltd. (KOSE:A084010) completed the acquisition of 51% stake in steel products manufacturing and sales business of YK Steel Corp. on September 8, 2020. Announcement • Sep 02
Daehan Steel Co., Ltd. (KOSE:A084010) signed an agreement to acquire 51% stake in steel products manufacturing and sales business of YK Steel Corp. for KRW 46.8 billion. Daehan Steel Co., Ltd. (KOSE:A084010) signed an agreement to acquire 51% stake in steel products manufacturing and sales business of YK Steel Corp. for KRW 46.8 billion on June 19, 2020. Under the terms of the transaction, steel products manufacturing and sales business will be transferred to a newly established company named YAMATO KOREA HOLDINGS CO., LTD. Daehan Steel will acquire 1.84 million shares of YAMATO KOREA HOLDINGS and YK Steel Corp. will own 1.76 million shares (49% stake) in YAMATO KOREA HOLDINGS post completion. Transaction is expected to complete on September 8, 2020.