Buy Or Sell Opportunity • Jun 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to ₩3,895. The fair value is estimated to be ₩4,925, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has declined by 5.0%. New Risk • May 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩148.3b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Market cap is less than US$100m (₩148.3b market cap, or US$98.3m). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩5,830, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 8x in the Logistics industry in South Korea. Total returns to shareholders of 39% over the past three years. New Risk • Feb 05
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 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩8,070, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 7x in the Logistics industry in South Korea. Total returns to shareholders of 73% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩75.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 14 April 2026. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩6,500, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 7x in the Logistics industry in South Korea. Total returns to shareholders of 45% over the past three years. Declared Dividend • Nov 08
Dividend of ₩75.00 announced Dividend of ₩75.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 14th April 2026 Dividend yield will be 1.5%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
KCTC Co. Ltd announces Annual dividend, payable on April 14, 2026 KCTC Co. Ltd announced Annual dividend of KRW 75.0000 per share payable on April 14, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 3.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (2.2% net profit margin). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩5,540, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 8x in the Logistics industry in South Korea. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩7,440, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 9x in the Logistics industry in South Korea. Total returns to shareholders of 72% over the past three years. New Risk • Jul 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 9.3% 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩5,040, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 8x in the Logistics industry in South Korea. Total returns to shareholders of 18% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩860 (vs ₩897 in FY 2023) Full year 2024 results: EPS: ₩860 (down from ₩897 in FY 2023). Revenue: ₩882.1b (up 7.2% from FY 2023). Net income: ₩25.7b (down 4.1% from FY 2023). Profit margin: 2.9% (down from 3.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 27
KCTC Co. Ltd, Annual General Meeting, Mar 21, 2025 KCTC Co. Ltd, Annual General Meeting, Mar 21, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 61, myeongdong-gil, jung-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Payout ratio is a comfortable 7.6% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (2.5%). New Risk • Nov 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₩127.5b market cap, or US$91.3m). Declared Dividend • Nov 23
Dividend of ₩70.00 announced Shareholders will receive a dividend of ₩70.00. Ex-date: 27th December 2024 Payment date: 15th April 2025 Dividend yield will be 1.7%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but not covered by cash flows (135% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 50% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Oct 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩137.6b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks High level of debt (53% net debt to equity). Dividend is not well covered by cash flows (135% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (₩137.6b market cap, or US$99.9m). Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩5,830, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 6x in the Logistics industry in South Korea. Total loss to shareholders of 14% over the past three years. New Risk • Aug 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩130.1b (US$98.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks High level of debt (53% net debt to equity). Dividend is not well covered by cash flows (135% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (₩130.1b market cap, or US$98.1m). New Risk • Jul 26
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: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩5,330, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 8x in the Logistics industry in South Korea. Total loss to shareholders of 29% over the past three years. Buy Or Sell Opportunity • Jul 26
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to ₩5,330. The fair value is estimated to be ₩4,049, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 12%. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,180, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 6x in the Logistics industry in South Korea. Total loss to shareholders of 37% over the past three years. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: ₩897 (vs ₩879 in FY 2022) Full year 2023 results: EPS: ₩897 (up from ₩879 in FY 2022). Revenue: ₩823.1b (down 11% from FY 2022). Net income: ₩26.8b (up 2.0% from FY 2022). Profit margin: 3.3% (up from 2.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩4,870, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 6x in the Logistics industry in South Korea. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩60.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 17 April 2024. Payout ratio is a comfortable 7.9% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.5%). Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ₩278 (vs ₩291 in 1Q 2022) First quarter 2023 results: EPS: ₩278 (down from ₩291 in 1Q 2022). Revenue: ₩206.7b (down 4.4% from 1Q 2022). Net income: ₩8.31b (down 4.5% from 1Q 2022). Profit margin: 4.0% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩60.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 5.8% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (2.1%). 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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 • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩3,970, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 6x in the Logistics industry in South Korea. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,080, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 14x in the Logistics industry in Asia. Total returns to shareholders of 52% over the past three years. 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 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 • Jan 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩4,850, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 7x in the Logistics industry in South Korea. Total returns to shareholders of 42% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 15 April 2022. Payout ratio is a comfortable 6.9% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.3%). Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS ₩227 (vs ₩134 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₩174.7b (up 46% from 3Q 2020). Net income: ₩6.79b (up 69% from 3Q 2020). Profit margin: 3.9% (up from 3.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 36% per year. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 15% share price gain to ₩6,590, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 7x in the Logistics industry in South Korea. Total returns to shareholders of 171% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 15% share price gain to ₩8,340, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 13x in the Logistics industry in South Korea. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 45% share price gain to ₩8,970, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 12x in the Logistics industry in South Korea. Total returns to shareholders of 195% over the past three years. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩433 (vs ₩239 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩488.7b (up 9.5% from FY 2019). Net income: ₩12.9b (up 81% from FY 2019). Profit margin: 2.6% (up from 1.6% in FY 2019). 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 37% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩6,820, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 12x in the Logistics industry in South Korea. Total returns to shareholders of 172% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day high: ₩10,500 The company is up 169% from its price of ₩3,900 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 20% share price gain to ₩8,500, the stock is trading at a trailing P/E ratio of 30.2x, up from the previous P/E ratio of 25.1x. This compares to an average P/E of 11x in the Logistics industry in South Korea. Total returns to shareholders over the past three years are 228%. Announcement • Feb 25
KCTC Co. Ltd, Annual General Meeting, Mar 26, 2021 KCTC Co. Ltd, Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 41% share price gain to ₩6,150, the stock is trading at a trailing P/E ratio of 21.8x, up from the previous P/E ratio of 15.4x. This compares to an average P/E of 12x in the Logistics industry in South Korea. Total returns to shareholders over the past three years are 152%. Is New 90 Day High Low • Feb 10
New 90-day high: ₩4,785 The company is up 31% from its price of ₩3,655 on 12 November 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 17% share price gain to ₩4,285, the stock is trading at a trailing P/E ratio of 15.2x, up from the previous P/E ratio of 13x. This compares to an average P/E of 10x in the Logistics industry in South Korea. Total returns to shareholders over the past three years are 91%. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 16% share price gain to ₩4,500, the stock is trading at a trailing P/E ratio of 16x, up from the previous P/E ratio of 13.8x. This compares to an average P/E of 11x in the Logistics industry in South Korea. Total returns to shareholders over the past three years are 102%. Is New 90 Day High Low • Jan 12
New 90-day high: ₩4,500 The company is up 78% from its price of ₩2,530 on 14 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 17% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩45.00 Per Share Will be paid on the 14th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.2% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (1.0%). Is New 90 Day High Low • Dec 09
New 90-day high: ₩4,030 The company is up 71% from its price of ₩2,360 on 10 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 32% over the same period. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS ₩134 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₩119.7b (up 9.5% from 3Q 2019). Net income: ₩4.02b (up 24% from 3Q 2019). Profit margin: 3.4% (up from 3.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 46% share price gain to ₩3,655, the stock is trading at a trailing P/E ratio of 14.3x, up from the previous P/E ratio of 9.8x. This compares to an average P/E of 11x in the Logistics industry in South Korea. Total returns to shareholders over the past three years are 49%. Is New 90 Day High Low • Nov 09
New 90-day high: ₩2,790 The company is up 19% from its price of ₩2,350 on 11 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Logistics industry, which is up 33% over the same period. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 17% share price gain to ₩2,790, the stock is trading at a trailing P/E ratio of 10.9x, up from the previous P/E ratio of 9.3x. This compares to an average P/E of 10x in the Logistics industry in South Korea. Total returns to shareholders over the past three years are 16%. Is New 90 Day High Low • Oct 19
New 90-day high: ₩2,550 The company is up 9.0% from its price of ₩2,340 on 21 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Logistics industry, which is up 40% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ₩2,470 The company is up 18% from its price of ₩2,090 on 30 June 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Logistics industry, which is up 31% over the same period.