Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩2,105, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 9x in the Shipping industry in South Korea. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₩4,470, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 9x in the Shipping industry in South Korea. Total returns to shareholders of 227% over the past three years. Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₩127 (vs ₩165 in FY 2024) Full year 2025 results: EPS: ₩127 (down from ₩165 in FY 2024). Revenue: ₩180.8b (down 3.8% from FY 2024). Net income: ₩30.6b (down 23% from FY 2024). Profit margin: 17% (down from 21% in FY 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩2,910, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 11x in the Shipping industry in South Korea. Total returns to shareholders of 116% over the past three years. Buy Or Sell Opportunity • Mar 09
Now 20% undervalued Over the last 90 days, the stock has risen 51% to ₩2,450. The fair value is estimated to be ₩3,072, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Mar 04
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 12% 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: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩2,330, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 9x in the Shipping industry in South Korea. Total returns to shareholders of 57% over the past three years. Announcement • Feb 27
Heung-A Shipping Co.,Ltd., Annual General Meeting, Mar 26, 2026 Heung-A Shipping Co.,Ltd., Annual General Meeting, Mar 26, 2026, at 11:00 Tokyo Standard Time. Location: conference room, 54, sejong-daero 23-gil, jongro-gu, seoul South Korea Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩0.039 (vs ₩41.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩0.039 (down from ₩41.00 in 3Q 2024). Revenue: ₩41.3b (down 16% from 3Q 2024). Net income: ₩9.75m (down 100% from 3Q 2024). Profit margin: 0% (down from 20% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩1,855, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 5x in the Shipping industry in South Korea. Total returns to shareholders of 3.1% over the past three years. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₩27.00 (vs ₩31.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩27.00 (down from ₩31.00 in 2Q 2024). Revenue: ₩48.7b (up 1.1% from 2Q 2024). Net income: ₩6.56b (down 13% from 2Q 2024). Profit margin: 14% (down from 16% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩1,740, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 4x in the Shipping industry in South Korea. Total loss to shareholders of 12% over the past three years. New Risk • Jun 13
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 10% 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: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ₩2,190, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 4x in the Shipping industry in South Korea. Total loss to shareholders of 5.2% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: ₩165 (vs ₩142 in FY 2023) Full year 2024 results: EPS: ₩165 (up from ₩142 in FY 2023). Revenue: ₩188.0b (up 14% from FY 2023). Net income: ₩39.6b (up 16% from FY 2023). Profit margin: 21% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Mar 08
Heung-A Shipping Co.,Ltd., Annual General Meeting, Mar 25, 2025 Heung-A Shipping Co.,Ltd., Annual General Meeting, Mar 25, 2025, at 11:00 Tokyo Standard Time. Location: conference room, 149, sejong-daero, jongno-gu, seoul South Korea Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩2,295, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 9x in the Shipping industry in South Korea. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩2,795, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 11x in the Shipping industry in South Korea. Total returns to shareholders of 40% over the past year. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩2,950, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 10x in the Shipping industry in South Korea. Total returns to shareholders of 111% over the past year. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩3,500, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 11x in the Shipping industry in South Korea. Total returns to shareholders of 152% over the past year. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₩142 (vs ₩94.00 in FY 2022) Full year 2023 results: EPS: ₩142 (up from ₩94.00 in FY 2022). Revenue: ₩164.8b (down 7.3% from FY 2022). Net income: ₩34.1b (up 51% from FY 2022). Profit margin: 21% (up from 13% in FY 2022). Buy Or Sell Opportunity • Mar 06
Now 20% undervalued Over the last 90 days, the stock has risen 25% to ₩2,695. The fair value is estimated to be ₩3,387, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩3,245, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 8x in the Shipping industry in South Korea. Total returns to shareholders of 114% over the past year. Buy Or Sell Opportunity • Jan 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 105% to ₩3,960. The fair value is estimated to be ₩3,298, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩2,575, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 8x in the Shipping industry in South Korea. Total returns to shareholders of 76% over the past year. Buying Opportunity • Dec 05
Now 26% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be ₩3,160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 15% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩2,225, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 6x in the Shipping industry in South Korea. Total returns to shareholders of 31% over the past year. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩23.10 (vs ₩28.50 in 3Q 2022) Third quarter 2023 results: EPS: ₩23.10 (down from ₩28.50 in 3Q 2022). Revenue: ₩40.6b (down 23% from 3Q 2022). Net income: ₩5.56b (down 19% from 3Q 2022). Profit margin: 14% (in line with 3Q 2022). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩2,040, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 5x in the Shipping industry in South Korea. Total returns to shareholders of 17% over the past year. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩2,040, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 4x in the Shipping industry in South Korea. Total returns to shareholders of 2.0% over the past year. Buying Opportunity • Jul 21
Now 20% undervalued Over the last 90 days, the stock is up 65%. The fair value is estimated to be ₩2,892, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩2,790, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 4x in the Shipping industry in South Korea. Total returns to shareholders of 40% over the past year. New Risk • Jun 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 9.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩1,886, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 5x in the Shipping industry in South Korea. Total loss to shareholders of 15% over the past year. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ₩30.00 (vs ₩6.00 in 1Q 2022) First quarter 2023 results: EPS: ₩30.00 (up from ₩6.00 in 1Q 2022). Revenue: ₩43.3b (up 65% from 1Q 2022). Net income: ₩7.28b (up 418% from 1Q 2022). Profit margin: 17% (up from 5.4% in 1Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩94.00 (vs ₩118 in FY 2021) Full year 2022 results: EPS: ₩94.00. Revenue: ₩177.9b (up 118% from FY 2021). Net income: ₩22.7b (up 38% from FY 2021). Profit margin: 13% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. 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. 3 experienced directors. No highly experienced directors. 1 independent director (2 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. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩2,365, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 5x in the Shipping industry in South Korea. Total loss to shareholders of 30% over the past three years. Reported Earnings • May 22
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: ₩26.2b (up 44% from 1Q 2021). Net income: ₩1.41b (up ₩1.87b from 1Q 2021). Profit margin: 5.4% (up from net loss in 1Q 2021). Revenue exceeded analyst estimates by 1,759%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. 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. 3 experienced directors. No highly experienced directors. 1 independent director (2 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. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₩3,180, the stock trades at a trailing P/E ratio of 46.5x. Average trailing P/E is 6x in the Shipping industry in South Korea. Total returns to shareholders of 5.0% over the past three years. Board Change • Sep 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. 3 experienced directors. No highly experienced directors. 1 independent director (2 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. 