Price Target Changed • Apr 25
Price target increased by 16% to ₩13,250 Up from ₩11,375, the current price target is an average from 4 analysts. New target price is 17% below last closing price of ₩16,030. Stock is up 92% over the past year. The company is forecast to post a net loss per share of ₩98.99 next year compared to a net loss per share of ₩799 last year. Major Estimate Revision • Apr 22
Consensus EPS estimates fall by 28%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ₩647.5m to ₩684.5m. Forecast EPS reduced from -₩127 to -₩162 per share. Electronic industry in South Korea expected to see average net income growth of 71% next year. Consensus price target of ₩11,375 unchanged from last update. Share price rose 29% to ₩13,410 over the past week. 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 13% 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 (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • Mar 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: ₩736 loss per share (down from ₩51.00 profit in FY 2024). Revenue: ₩616.1b (up 7.9% from FY 2024). Net loss: ₩66.9b (down ₩71.5b from profit in FY 2024). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Announcement • Mar 07
Solus Advanced Materials Co., Ltd., Annual General Meeting, Mar 27, 2026 Solus Advanced Materials Co., Ltd., Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 380, dongseo-ro, jeonbuk-do, iksan South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩10.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (0.9%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩111 loss per share (vs ₩239 loss in 3Q 2024) Third quarter 2025 results: ₩111 loss per share (improved from ₩239 loss in 3Q 2024). Revenue: ₩145.1b (up 7.8% from 3Q 2024). Net loss: ₩10.1b (loss narrowed 54% from 3Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 21% per year. New Risk • Nov 10
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 7.8% 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 (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Declared Dividend • Nov 08
Dividend of ₩10.00 announced Shareholders will receive a dividend of ₩10.00. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 0.1%, which is lower than the industry average of 0.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 58% per year over the past 5 years and payments have been stable during that time. Announcement • Nov 07
Solus Advanced Materials Co., Ltd. announces Annual dividend, payable on April 27, 2026 Solus Advanced Materials Co., Ltd. announced Annual dividend of KRW 10.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Major Estimate Revision • Oct 29
Consensus EPS estimates fall by 44%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₩597.3m to ₩607.2m. Forecast EPS reduced from -₩521 to -₩752 per share. Electronic industry in South Korea expected to see average net income growth of 40% next year. Consensus price target broadly unchanged at ₩11,200. Share price rose 6.9% to ₩9,480 over the past week. Price Target Changed • Aug 29
Price target decreased by 11% to ₩11,000 Down from ₩12,300, the current price target is an average from 5 analysts. New target price is 48% above last closing price of ₩7,430. Stock is down 43% over the past year. The company is forecast to post a net loss per share of ₩521 next year compared to a net loss per share of ₩35.75 last year. Reported Earnings • Jul 25
Second quarter 2025 earnings released: ₩451 loss per share (vs ₩60.04 profit in 2Q 2024) Second quarter 2025 results: ₩451 loss per share (down from ₩60.04 profit in 2Q 2024). Revenue: ₩143.9b (down 3.6% from 2Q 2024). Net loss: ₩41.0b (down ₩46.2b from profit in 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jul 15
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩678.8m to ₩640.2m. Losses expected to increase from ₩353 per share to ₩416. Electronic industry in South Korea expected to see average net income growth of 13% next year. Consensus price target broadly unchanged at ₩12,200. Share price was steady at ₩8,380 over the past week. New Risk • Jun 02
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 8.8% 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 (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Major Estimate Revision • May 14
Consensus EPS estimates upgraded to ₩185 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₩694.0m to ₩684.1m. 2025 losses expected to reduce from -₩247 to -₩185 per share. Electronic industry in South Korea expected to see average net income growth of 7.5% next year. Consensus price target down from ₩12,083 to ₩11,250. Share price rose 3.0% to ₩8,570 over the past week. Reported Earnings • May 04
First quarter 2025 earnings released: ₩351 loss per share (vs ₩14.02 profit in 1Q 2024) First quarter 2025 results: ₩351 loss per share (down from ₩14.02 profit in 1Q 2024). Revenue: ₩157.6b (up 30% from 1Q 2024). Net loss: ₩31.9b (down ₩33.1b from profit in 1Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Mar 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Announcement • Mar 24
Solus Advanced Materials Co., Ltd.(KOSE:A336370) dropped from FTSE All-World Index (USD) Solus Advanced Materials Co., Ltd.(KOSE:A336370) dropped from FTSE All-World Index (USD) Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: ₩51.00 (vs ₩2,053 in FY 2023) Full year 2024 results: EPS: ₩51.00 (down from ₩2,053 in FY 2023). Revenue: ₩570.9b (up 33% from FY 2023). Net income: ₩4.64b (down 98% from FY 2023). Profit margin: 0.8% (down from 44% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Solus Advanced Materials Co., Ltd., Annual General Meeting, Mar 27, 2025 Solus Advanced Materials Co., Ltd., Annual General Meeting, Mar 27, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 380, dongseo-ro, jeonbuk-do, iksan South Korea Reported Earnings • Feb 09
Full year 2024 earnings released: EPS: ₩49.51 (vs ₩2,052 in FY 2023) Full year 2024 results: EPS: ₩49.51 (down from ₩2,052 in FY 2023). Revenue: ₩571.0b (up 33% from FY 2023). Net income: ₩4.50b (down 98% from FY 2023). Profit margin: 0.8% (down from 42% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Feb 03
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 9.8% 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 (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (9.8% average weekly change). Price Target Changed • Jan 28
Price target decreased by 7.4% to ₩15,857 Down from ₩17,125, the current price target is an average from 7 analysts. New target price is 60% above last closing price of ₩9,880. Stock is down 15% over the past year. The company is forecast to post a net loss per share of ₩13.00 compared to earnings per share of ₩2,052 last year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (1.0%). Reported Earnings • Oct 25
Third quarter 2024 earnings released: ₩239 loss per share (vs ₩2,015 profit in 3Q 2023) Third quarter 2024 results: ₩239 loss per share (down from ₩2,015 profit in 3Q 2023). Revenue: ₩134.7b (up 21% from 3Q 2023). Net loss: ₩21.7b (down 112% from profit in 3Q 2023). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 25
Price target decreased by 7.1% to ₩17,125 Down from ₩18,438, the current price target is an average from 8 analysts. New target price is 45% above last closing price of ₩11,810. Stock is up 3.4% over the past year. The company is forecast to post a net loss per share of ₩36.00 compared to earnings per share of ₩2,052 last year. Major Estimate Revision • Oct 24
Consensus EPS estimates fall by 28% The consensus outlook for fiscal year 2024 has been updated. 2024 losses of -₩36.00 per share expected, vs -₩28.11 per share profit forecast previously. Revenue forecast reaffirmed at ₩595.7m. Electronic industry in South Korea expected to see average net income growth of 42% next year. Consensus price target down from ₩18,438 to ₩17,938. Share price fell 9.3% to ₩11,850 over the past week. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩11,230, the stock trades at a forward P/E ratio of 402x. Average forward P/E is 10x in the Electronic industry in South Korea. Total loss to shareholders of 64% over the past three years. Major Estimate Revision • Aug 22
Consensus EPS estimates upgraded to ₩28.11 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₩606.9m to ₩599.0m. 2024 losses expected to reduce from -₩36.00 to -₩28.11 per share. Electronic industry in South Korea expected to see average net income growth of 38% next year. Consensus price target down from ₩19,188 to ₩18,438. Share price fell 5.7% to ₩13,020 over the past week. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩12,480, the stock trades at a forward P/E ratio of 436x. Average forward P/E is 11x in the Electronic industry in South Korea. Total loss to shareholders of 60% over the past three years. Reported Earnings • Jul 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₩28.0b (down 72% from 2Q 2023). Net loss: ₩1.40b (loss narrowed 87% from 2Q 2023). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 26
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₩600.8m to ₩606.9m. Forecast EPS reduced from -₩113 to -₩136 per share. Electronic industry in South Korea expected to see average net income growth of 39% next year. Consensus price target broadly unchanged at ₩19,188. Share price fell 12% to ₩15,370 over the past week. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₩22,350, the stock trades at a trailing P/E ratio of 10.5x. Average forward P/E is 11x in the Electronic industry in South Korea. Total loss to shareholders of 6.4% over the past three years. Announcement • May 11
Solus Advanced Materials Receives Approval from Global Leading GPU Manufacturers in North America for Its Low Signal Loss Copper Foil for AI Accelerators Solus Advanced Materials has received approval for its copper foil for AI (Artificial Intelligence) accelerators from global big tech companies. A copper foil manufacturer that currently holds a 60% share of the global market for the low signal loss copper foil used in AI accelerators, Solus Advanced Materials is recognized for its world-leading technology. Solus Advanced Materials announced on May 9 (EST) that it recently achieved approval for its low signal loss copper foil used in AI accelerators from multiple North American GPU manufacturers. AI is a field that is currently in the spotlight for global industries. According to Deloitte, the AI semiconductor market is expected to grow to $400 billion in 2027, 10 times this year's size of $40 billion. Within the field of AI, AI accelerators, which can quickly perform AI model operations, have emerged as the core of AI semiconductors, to the extent that they are globally regarded as a national strategic asset. Recently, North American GPU companies have been announcing the release of their new AI accelerators, one after another. Intel announced its new AI accelerator 'Gaudi 3' last month, which it plans to bring to mass production from the second half of 2024. NVIDIA also unveiled its 'B100' and 'B200' AI chips based on the next-generation 'Blackwell' architecture in March, which are scheduled to be released in the second half of this year. Semiconductor powerhouses in Asia have also entered the competition, expanding their semiconductor factories to prepare for the expansion of the AI accelerator market. Samsung Electronics, South Korea's leading semiconductor company, plans to more than double its original investment in its Taylor semiconductor plant in Texas to $44 billion, while Taiwan's TSMC plans to invest $65 billion in its Phoenix plant and to build a third plant by 2030. The copper foil that was recently approved is a key material in AI accelerators, and acts as a 'blood vessel' that moves electric currents. It is attached to Copper Clad Laminate (CCL) for AI semiconductors, and for this, advanced technology is required to make the roughness of the copper foil surface uniform to minimize signal loss. Products made by Solus Advanced Materials are classified as high-end products with 'HVLP (Hyper Very Low Profile)' copper foil that minimizes signal loss by keeping the roughness of the surface below 0.6µm. This copper foil manufacturing technology of Solus Advanced Materials originated from its subsidiary Circuit Foil Luxembourg (CFL). Established in 1960, CFL has been producing copper foil for PCB substrates for more than 60 years. The only existing copper foil manufacturer in Europe, CFL holds a 60% share of the global copper foil market. This is the result of accumulating know-how through many years of experience to create the world's best technology, which also enabled CFL to develop the world's first copper foil for electric vehicle batteries in 1996, and enter the battery copper foil market early. It is also being supplied for small secondary batteries. Currently, battery copper foil is being produced at the Hungarian plant of Volta Energy Solutions, another subsidiary of Solus Advanced Materials. This plant is Europe's first battery production plant, and is producing copper foil for electric vehicle batteries, with a capacity goal of 38,000 tons this year. In addition, the company is building a battery copper foil plant with an annual capacity of 25,000 tons in Quebec, Canada, to target the North American market, and plans to start mass production in the second half of next year. The company has secured a range of customers by signing mid- to long-term supply contracts with electric vehicle and battery manufacturers around the world, including global electric vehicle companies based in North America. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: ₩18.70 (vs ₩96.69 loss in 1Q 2023) First quarter 2024 results: EPS: ₩18.70 (up from ₩96.69 loss in 1Q 2023). Revenue: ₩121.3b (up 7.6% from 1Q 2023). Net income: ₩1.70b (up ₩10.1b from 1Q 2023). Profit margin: 1.4% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 26
Price target increased by 8.0% to ₩16,500 Up from ₩15,278, the current price target is an average from 9 analysts. New target price is 9.8% below last closing price of ₩18,300. Stock is down 9.2% over the past year. The company is forecast to post earnings per share of ₩158 for next year compared to ₩2,052 last year. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩19,900, the stock trades at a forward P/E ratio of 436x. Average forward P/E is 12x in the Electronic industry in South Korea. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩16,680, the stock trades at a forward P/E ratio of 366x. Average forward P/E is 12x in the Electronic industry in South Korea. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩13,080, the stock trades at a forward P/E ratio of 243x. Average forward P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 40% over the past three years. Reported Earnings • Feb 12
Full year 2023 earnings released: EPS: ₩1,988 (vs ₩90.77 loss in FY 2022) Full year 2023 results: EPS: ₩1,988 (up from ₩90.77 loss in FY 2022). Revenue: ₩429.4b (down 6.9% from FY 2022). Net income: ₩180.7b (up ₩188.2b from FY 2022). Profit margin: 42% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 09
Price target decreased by 8.6% to ₩15,500 Down from ₩16,950, the current price target is an average from 10 analysts. New target price is 35% above last closing price of ₩11,470. Stock is down 44% over the past year. The company is forecast to post earnings per share of ₩192 next year compared to a net loss per share of ₩90.77 last year. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩11,660, the stock trades at a forward P/E ratio of 98x. Average forward P/E is 12x in the Electronic industry in South Korea. Total loss to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩26,300, the stock trades at a forward P/E ratio of 110x. Average forward P/E is 11x in the Electronic industry in South Korea. Total loss to shareholders of 45% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩100.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 3.0% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (0.9%). New Risk • Nov 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 102% 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 Risks Earnings are forecast to decline by an average of 102% per year for the foreseeable future. High level of non-cash earnings (40% accrual ratio). Price Target Changed • Nov 01
Price target decreased by 19% to ₩36,700 Down from ₩45,278, the current price target is an average from 9 analysts. New target price is 72% above last closing price of ₩21,300. Stock is down 37% over the past year. The company is forecast to post a net loss per share of ₩446 next year compared to a net loss per share of ₩182 last year. Major Estimate Revision • Jul 07
Consensus EPS estimates upgraded to ₩404 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -₩469 to -₩404 per share. Revenue forecast steady at ₩579.1m. Electronic industry in South Korea expected to see average net income growth of 22% next year. Consensus price target of ₩47,000 unchanged from last update. Share price was steady at ₩37,200 over the past week. Announcement • Jul 06
Croda International Plc (LSE:CRDA) completed the acquisition of Solus Biotech Co., Ltd. from Solus Advanced Materials Co., Ltd. (KOSE:A336370). Croda International Plc (LSE:CRDA) agreed to acquire Solus Biotech Co., Ltd. from Solus Advanced Materials Co., Ltd. (KOSE:A336370) for KRW 350 billion on February 3, 2023. The acquisition is subject to regulatory approval. Lazard & Co., Limited acted as financial advisor to Croda International Plc (LSE:CRDA).Croda International Plc (LSE:CRDA) completed the acquisition of Solus Biotech Co., Ltd. from Solus Advanced Materials Co., Ltd. (KOSE:A336370) on July 4, 2023. The acquisition comes following receipt of unconditional approval from the South Korean regulatory authorities. Reported Earnings • Mar 26
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: ₩185 loss per share (down from ₩364 profit in FY 2021). Revenue: ₩461.2b (up 21% from FY 2021). Net loss: ₩7.96b (down 155% from profit in FY 2021). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 65%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Announcement • Feb 07
Croda International Plc (LSE:CRDA) agreed to acquire Solus Biotech Co., Ltd. from Solus Advanced Materials Co., Ltd. (KOSE:A336370) for KRW350 billion. Croda International Plc (LSE:CRDA) agreed to acquire Solus Biotech Co., Ltd. from Solus Advanced Materials Co., Ltd. (KOSE:A336370) for KRW350 billion on February 6, 2023. The acquisition is subject to regulatory approval. Upcoming Dividend • Dec 21
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 02 May 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.0%). Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Outside Director Iny Hwang is the most experienced director on the board, commencing their role in 2019. Independent Outside Director Taehyun Choi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Price Target Changed • Nov 01
Price target decreased to ₩58,889 Down from ₩65,222, the current price target is an average from 9 analysts. New target price is 75% above last closing price of ₩33,600. Stock is down 59% over the past year. The company is forecast to post earnings per share of US$0.10 for next year compared to US$0.25 last year. Reported Earnings • Oct 31
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$79.0m (down 11% from 3Q 2021). Net loss: US$7.00m (down 406% from profit in 3Q 2021). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in South Korea. Major Estimate Revision • Aug 31
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩354 to ₩247 per share. Revenue forecast steady at ₩564.0m. Net income forecast to grow 277% next year vs 23% growth forecast for Electronic industry in South Korea. Consensus price target of ₩69,500 unchanged from last update. Share price was steady at ₩41,800 over the past week. Major Estimate Revision • Jul 26
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩595.2m to ₩567.0m. EPS estimate also fell from ₩593 per share to ₩496 per share. Net income forecast to shrink 43% next year vs 37% growth forecast for Electronic industry in South Korea . Consensus price target down from ₩88,000 to ₩74,286. Share price fell 8.2% to ₩39,700 over the past week. Price Target Changed • Jul 22
Price target decreased to ₩77,857 Down from ₩89,429, the current price target is an average from 7 analysts. New target price is 97% above last closing price of ₩39,450. Stock is down 31% over the past year. The company is forecast to post earnings per share of ₩593 for next year compared to ₩300 last year. Reported Earnings • Apr 27
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: US$103.0m (up 31% from 1Q 2021). Net income: US$0 (down US$1.46m from profit in 1Q 2021). Profit margin: 0% (down from 1.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.5%. Over the next year, revenue is forecast to grow 57%, compared to a 31% growth forecast for the industry in South Korea. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Outside Director Iny Hwang is the most experienced director on the board, commencing their role in 2019. Independent Outside Director Taehyun Choi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Price Target Changed • Feb 13
Price target decreased to ₩100,750 Down from ₩116,250, the current price target is an average from 4 analysts. New target price is 72% above last closing price of ₩58,500. Stock is up 16% over the past year. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: US$322.0m (up 21% from FY 2020). Net income: US$100.0k (up US$7.94m from FY 2020). Profit margin: 0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 54%, compared to a 31% growth forecast for the industry in South Korea. Upcoming Dividend • Dec 22
Inaugural dividend of ₩10.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 22 April 2022. The company is not currently making a profit and is not cash flow positive. The company last paid an ordinary dividend in December 2021. The average dividend yield among industry peers is 0.4%. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS and revenues miss analyst expectations Third quarter 2021 results: EPS: ₩72.00 (up from ₩412 loss in 3Q 2020). Revenue: ₩104.5b (up 49% from 3Q 2020). Net income: ₩2.82b (up ₩18.5b from 3Q 2020). Profit margin: 2.7% (up from net loss in 3Q 2020). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 186%. Earnings per share (EPS) missed analyst estimates by 186%. Over the next year, revenue is forecast to grow 71%, compared to a 33% growth forecast for the industry in South Korea. Price Target Changed • Oct 12
Price target increased to ₩70,375 Up from ₩65,625, the current price target is an average from 8 analysts. New target price is 11% below last closing price of ₩78,900. Stock is up 104% over the past year. Price Target Changed • Oct 06
Price target increased to ₩68,125 Up from ₩62,000, the current price target is an average from 8 analysts. New target price is 11% below last closing price of ₩76,600. Stock is up 94% over the past year. Is New 90 Day High Low • Feb 24
New 90-day low: ₩45,800 The company is down 1.0% from its price of ₩46,300 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩22,004 per share. Price Target Changed • Feb 10
Price target raised to ₩55,400 Up from ₩49,400, the current price target is an average from 5 analysts. The new target price is 10% above the current share price of ₩50,300. Is New 90 Day High Low • Jan 25
New 90-day high: ₩56,300 The company is up 78% from its price of ₩31,550 on 27 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 58% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ₩54,300 The company is up 35% from its price of ₩40,100 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 26
New 90-day high: ₩46,300 The company is up 19% from its price of ₩38,950 on 28 August 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 Electronic industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Major Estimate Revision • Nov 25
Analysts lower EPS estimates to ₩580 The 2020 consensus revenue estimate was lowered from ₩318.3m to ₩307.3m. Earning per share (EPS) estimate was also lowered from ₩704 to ₩580 for the same period. Net income is expected to grow by 66% next year compared to 58% growth forecast for the Electronic industry in South Korea. The consensus price target increased from ₩48,000 to ₩48,250. Share price is up 5.5% to ₩44,100 over the past week. Is New 90 Day High Low • Oct 15
New 90-day low: ₩35,350 The company is down 4.0% from its price of ₩36,850 on 17 July 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share.