HAESUNG DS (KOSE:A195870) - Share price, News & Analysis

Q: What is the Fair Price of A195870 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

A195870 (₩57900) is trading below our estimate of [[fair value]] (₩187995.63)

A195870 fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	3/6
Past Performance	6/6
Financial Health	6/6
Dividends	3/6

A195870 Stock Overview

HAESUNG DS Co., Ltd. manufactures and sells semiconductor components in South Korea and internationally.

Rewards

Trading at 69.2% below our estimate of its fair value

Earnings are forecast to grow 13.33% per year

Earnings grew by 236.8% over the past year

Risk Analysis

Unstable dividend track record

HAESUNG DS Competitors

EO Technics

KOSDAQ:A039030

₩966.8b

Hana Materials

KOSDAQ:A166090

₩756.5b

Tokai Carbon Korea

KOSDAQ:A064760

₩1.3t

Wonik Ips

KOSDAQ:A240810

₩1.4t

Price History & Performance

Summary of all time highs, changes and price drops for HAESUNG DS
Historical stock prices
Current Share Price	₩57,900.00
52 Week High	₩74,700.00
52 Week Low	₩37,450.00
Beta	0.86
1 Month Change	-3.50%
3 Month Change	-14.22%
1 Year Change	42.44%
3 Year Change	405.68%
5 Year Change	233.72%
Change since IPO	296.58%

Shareholder Returns

	A195870	KR Semiconductor	KR Market
7D	-1.9%	-3.1%	1.2%
1Y	42.4%	-16.0%	-20.1%

Return vs Industry: A195870 exceeded the KR Semiconductor industry which returned -16% over the past year.

Return vs Market: A195870 exceeded the KR Market which returned -20.1% over the past year.

Price Volatility

Is A195870's price volatile compared to industry and market?
A195870 volatility
A195870 Average Weekly Movement	6.5%
Semiconductor Industry Average Movement	6.4%
Market Average Movement	6.4%
10% most volatile stocks in KR Market	10.9%
10% least volatile stocks in KR Market	3.9%

Stable Share Price: A195870 is not significantly more volatile than the rest of KR stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: A195870's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1984	973	Andy Cho	https://www.haesungds.co.kr

HAESUNG DS Co., Ltd. manufactures and sells semiconductor components in South Korea and internationally. The company offers lead frames for use in automotive, mobile device, personal computer, and consumer electronics applications; package substrates for use in flash memory, mobile DRAM, and graphic DRAM applications; and graphene for application in the energy, sensor, bio, military, ink, and display industries. It is also involved in developing bio healthcare sensors, which enables in checking physical activity and status of health, as well as applying sensors to wearable and IT devices.

HAESUNG DS Fundamentals Summary

How do HAESUNG DS's earnings and revenue compare to its market cap?
A195870 fundamental statistics
Market Cap	₩984.30b
Earnings (TTM)	₩101.72b
Revenue (TTM)	₩717.52b

9.7x

P/E Ratio

1.4x

P/S Ratio

Is A195870 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
A195870 income statement (TTM)
Revenue	₩717.52b
Cost of Revenue	₩539.58b
Gross Profit	₩177.93b
Other Expenses	₩76.22b
Earnings	₩101.72b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	5.98k
Gross Margin	24.80%
Net Profit Margin	14.18%
Debt/Equity Ratio	26.7%

How did A195870 perform over the long term?

See historical performance and comparison

Dividends

1.0%

Current Dividend Yield

10%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is A195870 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for A195870?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for A195870. This is calculated by dividing A195870's market cap by their current preferred multiple.
What is A195870's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₩984.30b

A195870 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.4x
Enterprise Value/EBITDA	6.4x
PEG Ratio	0.7x

Price to Earnings Ratio vs Peers

How does A195870's PE Ratio compare to its peers?

A195870 PE Ratio vs Peers

The above table shows the PE ratio for A195870 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	12.2x
A039030 EO Technics	12.9x	14.7%	₩966.8b
A166090 Hana Materials	10.4x	n/a	₩756.5b
A064760 Tokai Carbon Korea	15.7x	n/a	₩1.3t
A240810 Wonik Ips	10x	25.5%	₩1.4t
A195870 HAESUNG DS	9.7x	13.3%	₩984.3b

Price-To-Earnings vs Peers: A195870 is good value based on its Price-To-Earnings Ratio (9.7x) compared to the peer average (12.2x).

Price to Earnings Ratio vs Industry

How does A195870's PE Ratio compare vs other companies in the KR Semiconductor Industry?

Price-To-Earnings vs Industry: A195870 is good value based on its Price-To-Earnings Ratio (9.7x) compared to the KR Semiconductor industry average (10.4x)

Price to Earnings Ratio vs Fair Ratio

What is A195870's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

A195870 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.7x
Fair PE Ratio	13.5x

Price-To-Earnings vs Fair Ratio: A195870 is good value based on its Price-To-Earnings Ratio (9.7x) compared to the estimated Fair Price-To-Earnings Ratio (13.5x).

Share Price vs Fair Value

What is the Fair Price of A195870 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: A195870 (₩57900) is trading below our estimate of fair value (₩187995.63)

Significantly Below Fair Value: A195870 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is HAESUNG DS forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

13.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: A195870's forecast earnings growth (13.3% per year) is above the savings rate (3.6%).

Earnings vs Market: A195870's earnings (13.3% per year) are forecast to grow slower than the KR market (16.4% per year).

High Growth Earnings: A195870's earnings are forecast to grow, but not significantly.

Revenue vs Market: A195870's revenue (10% per year) is forecast to grow faster than the KR market (9.9% per year).

High Growth Revenue: A195870's revenue (10% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: A195870's Return on Equity is forecast to be high in 3 years time (31.8%)

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Past Performance

How has HAESUNG DS performed over the past 5 years?

Past Performance Score

6/6

Past Performance Score 6/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

29.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: A195870 has high quality earnings.

Growing Profit Margin: A195870's current net profit margins (14.2%) are higher than last year (6.2%).

Past Earnings Growth Analysis

Earnings Trend: A195870's earnings have grown significantly by 29.3% per year over the past 5 years.

Accelerating Growth: A195870's earnings growth over the past year (236.8%) exceeds its 5-year average (29.3% per year).

Earnings vs Industry: A195870 earnings growth over the past year (236.8%) exceeded the Semiconductor industry 48%.

Return on Equity

High ROE: A195870's Return on Equity (31.3%) is considered high.

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Financial Health

How is HAESUNG DS's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: A195870's short term assets (₩295.0B) exceed its short term liabilities (₩171.9B).

Long Term Liabilities: A195870's short term assets (₩295.0B) exceed its long term liabilities (₩22.1B).

Debt to Equity History and Analysis

Debt Level: A195870's net debt to equity ratio (11%) is considered satisfactory.

Reducing Debt: A195870's debt to equity ratio has reduced from 36.3% to 26.7% over the past 5 years.

Debt Coverage: A195870's debt is well covered by operating cash flow (109.1%).

Interest Coverage: A195870's interest payments on its debt are well covered by EBIT (108.4x coverage).

Balance Sheet

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Dividend

What is HAESUNG DS current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.04%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: A195870's dividend (1.04%) is higher than the bottom 25% of dividend payers in the KR market (0.93%).

High Dividend: A195870's dividend (1.04%) is low compared to the top 25% of dividend payers in the KR market (2.95%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, A195870 has been paying a dividend for less than 10 years.

Growing Dividend: A195870's dividend payments have increased, but the company has only paid a dividend for 3 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (10%), A195870's dividend payments are thoroughly covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (17.5%), A195870's dividend payments are well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

CEO

Andy Cho

no data

Tenure

Mr. Andy Cho is Chief Executive Officer of HAESUNG DS Co., Ltd.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/14 00:00
End of Day Share Price	2022/08/12 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31