Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩5,000, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩5,385 per share. Major Estimate Revision • May 08
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩5.69b to ₩5.89b. EPS estimate increased from ₩682 to ₩751 per share. Net income forecast to grow 33% next year vs 2.9% growth forecast for Shipping industry in South Korea. Consensus price target broadly unchanged at ₩6,320. Share price rose 7.9% to ₩5,980 over the past week. Price Target Changed • Apr 25
Price target increased by 7.0% to ₩6,140 Up from ₩5,736, the current price target is an average from 10 analysts. New target price is 9.1% above last closing price of ₩5,630. Stock is up 70% over the past year. The company is forecast to post earnings per share of ₩683 for next year compared to ₩564 last year. Reported Earnings • Mar 25
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₩564 (up from ₩502 in FY 2024). Revenue: ₩5.43t (up 5.3% from FY 2024). Net income: ₩301.4b (up 12% from FY 2024). Profit margin: 5.5% (up from 5.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩6,250, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Shipping industry in Asia. Total returns to shareholders of 10% over the past three years. Price Target Changed • Feb 14
Price target increased by 7.3% to ₩5,736 Up from ₩5,345, the current price target is an average from 11 analysts. New target price is 13% above last closing price of ₩5,080. Stock is up 47% over the past year. The company is forecast to post earnings per share of ₩630 for next year compared to ₩502 last year. Announcement • Feb 13
Pan Ocean Co., Ltd., Annual General Meeting, Mar 27, 2026 Pan Ocean Co., Ltd., Annual General Meeting, Mar 27, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 19, myeongdong 11-gil, jung-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 15 April 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.6%). In line with average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩4,375, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Shipping industry in Asia. Total loss to shareholders of 14% over the past three years. New Risk • Nov 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩109 (vs ₩245 in 3Q 2024) Third quarter 2025 results: EPS: ₩109 (down from ₩245 in 3Q 2024). Revenue: ₩1.27t (flat on 3Q 2024). Net income: ₩57.9b (down 56% from 3Q 2024). Profit margin: 4.6% (down from 10% in 3Q 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Shipping industry in Asia. 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 11% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 08
Dividend of ₩120 announced Dividend of ₩120 is the same as last year. Ex-date: 29th December 2025 Payment date: 15th April 2026 Dividend yield will be 3.2%, which is lower than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 20% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Pan Ocean Co., Ltd. announces Annual dividend, payable on April 15, 2026 Pan Ocean Co., Ltd. announced Annual dividend of KRW 120.0000 per share payable on April 15, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₩229 (vs ₩205 in 2Q 2024) Second quarter 2025 results: EPS: ₩229 (up from ₩205 in 2Q 2024). Revenue: ₩1.29t (up 4.9% from 2Q 2024). Net income: ₩122.8b (up 12% from 2Q 2024). Profit margin: 9.5% (in line with 2Q 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.7% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 05
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ₩634 to ₩712. Revenue forecast steady at ₩5.63b. Net income forecast to grow 37% next year vs 5.2% decline forecast for Shipping industry in South Korea. Consensus price target of ₩5,218 unchanged from last update. Share price fell 2.8% to ₩4,120 over the past week. Reported Earnings • Mar 19
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₩502 (up from ₩458 in FY 2023). Revenue: ₩5.16t (up 18% from FY 2023). Net income: ₩268.1b (up 9.4% from FY 2023). Profit margin: 5.2% (down from 5.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • Feb 12
Pan Ocean Co., Ltd., Annual General Meeting, Mar 26, 2025 Pan Ocean Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 464, cheongpa-ro, jung-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩85.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 15 April 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (3.8%). Declared Dividend • Nov 21
Dividend of ₩85.00 announced Shareholders will receive a dividend of ₩85.00. Ex-date: 27th December 2024 Payment date: 15th April 2025 Dividend yield will be 2.4%, which is lower than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 15% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₩245 (vs ₩45.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩245 (up from ₩45.00 in 3Q 2023). Revenue: ₩1.28t (up 15% from 3Q 2023). Net income: ₩130.9b (up 435% from 3Q 2023). Profit margin: 10% (up from 2.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Shipping industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,020, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Shipping industry in Asia. Total loss to shareholders of 44% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₩205 (vs ₩172 in 2Q 2023) Second quarter 2024 results: EPS: ₩205 (up from ₩172 in 2Q 2023). Revenue: ₩1.23t (flat on 2Q 2023). Net income: ₩109.6b (up 19% from 2Q 2023). Profit margin: 8.9% (up from 7.5% in 2Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, while revenues in the Shipping industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • May 22
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩689 to ₩609. Revenue forecast unchanged from ₩4.60b at last update. Net income forecast to grow 89% next year vs 23% growth forecast for Shipping industry in South Korea. Consensus price target of ₩6,020 unchanged from last update. Share price fell 5.0% to ₩4,380 over the past week. New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.4% net profit margin). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ₩113 (vs ₩212 in 1Q 2023) First quarter 2024 results: EPS: ₩113 (down from ₩212 in 1Q 2023). Revenue: ₩975.5b (down 2.1% from 1Q 2023). Net income: ₩60.4b (down 47% from 1Q 2023). Profit margin: 6.2% (down from 11% in 1Q 2023). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,820, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Shipping industry in Asia. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩9,381 per share. Price Target Changed • Mar 17
Price target increased by 7.9% to ₩6,120 Up from ₩5,670, the current price target is an average from 10 analysts. New target price is 38% above last closing price of ₩4,450. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₩699 for next year compared to ₩458 last year. Price Target Changed • Jun 14
Price target decreased by 8.3% to ₩7,613 Down from ₩8,300, the current price target is an average from 8 analysts. New target price is 47% above last closing price of ₩5,180. Stock is down 20% over the past year. The company is forecast to post earnings per share of ₩1,015 for next year compared to ₩1,267 last year. Announcement • May 04
Pan Ocean Co., Ltd. to Report Q1, 2022 Results on May 11, 2022 Pan Ocean Co., Ltd. announced that they will report Q1, 2022 results at 3:00 PM, Korea Standard Time on May 11, 2022 Announcement • Jun 15
Pan Ocean Proposes Delisting from SGX BULK shipping company Pan Ocean Co., Ltd. and its South Korean parent company Harim Holdings Co. on June 14, 2021 morning proposed to seek a voluntary delisting of the former's issued ordinary shares in the capital of the company from the official list of the Singapore Exchange. In connection with the delisting, RHT Capital intends to make, for and on behalf of Harim, a conditional cash exit offer for all the shares which are registered on the register of shareholders in Singapore, up to a maximum of 206,896 shares, at an exit offer price of SGD 8.70 per share in cash. This represents a premium, as the last transacted price of its shares was SGD 8 on May 10, its last trading day. The delisting is not a privatisation exercise, Pan Ocean said in the joint June 14, 2021 announcement. The company intends to maintain its primary listing on the Korea Exchange (KRX), and Singapore registered shareholders can elect to have their shares transferred from the Singapore branch register to the South Korea register if they wish. The exit offer will not be extended to the shareholders of the company whose shares are registered on the company's principal register of shareholders in South Korea. In the announcement, Pan Ocean and Harim said that in maintaining the dual listing, Pan Ocean incurs costs that could be focused on business operations. The delisting is subject to the approval of the SGX and both the delisting and exit offer will be conditional on the obtaining of shareholders' approval at an extraordinary general meeting. Price Target Changed • May 20
Price target increased to ₩7,425 Up from ₩6,833, the current price target is an average from 12 analysts. New target price is 7.1% above last closing price of ₩6,930. Stock is up 92% over the past year. Major Estimate Revision • May 15
Consensus EPS estimates increase to US$0.46 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$2.50m to US$2.57m. EPS estimate increased from US$0.33 to US$0.46 per share. Net income forecast to grow 215% next year vs 44% growth forecast for Shipping industry in South Korea. Consensus price target broadly unchanged at ₩6,950. Share price fell 7.7% to ₩6,870 over the past week. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 18% share price gain to US$7,400, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩7,997 per share. Price Target Changed • Apr 05
Price target increased to ₩6,458 Up from ₩6,027, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of ₩6,210. Stock is up 94% over the past year. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS US$0.15 (vs US$0.24 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: US$2.12b (flat on FY 2019). Net income: US$78.4m (down 40% from FY 2019). Profit margin: 3.7% (down from 6.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 16% share price gain to US$5,720, the stock is trading at a trailing P/E ratio of 24.2x, up from the previous P/E ratio of 20.8x. This compares to an average P/E of 20x in the Shipping industry in South Korea. Total return to shareholders over the past three years is a loss of 5.7%. Is New 90 Day High Low • Feb 22
New 90-day high: ₩5,720 The company is up 37% from its price of ₩4,185 on 24 November 2020. The South Korean market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩2,883 per share. Announcement • Feb 10
Pan Ocean Co., Ltd., Annual General Meeting, Mar 30, 2021 Pan Ocean Co., Ltd., Annual General Meeting, Mar 30, 2021, at 10:00 Korea Standard Time. Agenda: To receive and adopt the Audited Financial Statements of the Company for the year ended 31 December 2020; To approve the appointment of an independent director/a member of the Audit Committee of the Company; To approve the ceiling on remuneration for directors of year 2021; and To approve the renewal of the Interested Person Transactions Mandate. Is New 90 Day High Low • Dec 21
New 90-day high: ₩4,625 The company is up 41% from its price of ₩3,275 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 60% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩4,411 per share. Announcement • Dec 16
Pan Ocean Co., Ltd. Enter into Time Charter Contract of Two LNG Carriers with Shell Tankers Singapore Private Limited Pan Ocean Co., Ltd. announced that the Company has entered into a Time Charter Contract of two LNG Carriers with Shell Tankers Singapore Private Limited("Shell") on 15 December 2020 at estimated total sales of approximately USD 306 million. The Contract will start from September 2024 and firm duration is 7 years and Shell has 2 extension options during contract period so that total duration would be 13 years depending on Shell's decision. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS US$0.068 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$533.8m (down 6.8% from 3Q 2019). Net income: US$35.3m (down 24% from 3Q 2019). Profit margin: 6.6% (down from 8.1% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 09
New 90-day high: ₩4,220 The company is up 13% from its price of ₩3,720 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 Shipping industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩8,096 per share. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 18% share price gain to US$4,220, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.7x. This compares to an average P/E of 11x in the Shipping industry in South Korea. Total return to shareholders over the past three years is a loss of 13%. Announcement • Oct 29
Pan Ocean Co., Ltd. to Report Q3, 2020 Results on Nov 03, 2020 Pan Ocean Co., Ltd. announced that they will report Q3, 2020 results on Nov 03, 2020