New Risk • May 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 125% 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: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Buy Or Sell Opportunity • May 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.0% to ₩11,550. The fair value is estimated to be ₩9,594, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 15%. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩13,030, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 9x in the Shipping industry in South Korea. Total returns to shareholders of 86% over the past three years. New Risk • Apr 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.5% net profit margin). Buy Or Sell Opportunity • Apr 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to ₩11,100. The fair value is estimated to be ₩9,175, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 18%. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩13,050, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 9x in the Shipping industry in South Korea. Total returns to shareholders of 66% over the past three years. Announcement • Feb 27
KSS Line Ltd., Annual General Meeting, Mar 26, 2026 KSS Line Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 12, insadong-gil, jongno-gu, seoul South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩400 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 16 April 2026. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (3.0%). Buy Or Sell Opportunity • Nov 12
Now 20% overvalued Over the last 90 days, the stock has fallen 4.0% to ₩9,160. The fair value is estimated to be ₩7,622, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has declined by 16%. Declared Dividend • Nov 08
Dividend of ₩400 announced Dividend of ₩400 is the same as last year. Ex-date: 29th December 2025 Payment date: 16th April 2026 Dividend yield will be 4.5%, which is lower than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 3.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
KSS Line Ltd. announces Annual dividend, payable on April 16, 2026 KSS Line Ltd. announced Annual dividend of KRW 400.0000 per share payable on April 16, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Buy Or Sell Opportunity • Apr 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.3% to ₩8,950. The fair value is estimated to be ₩7,397, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 31%. Reported Earnings • Mar 22
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₩2,543 (up from ₩755 in FY 2023). Revenue: ₩517.9b (up 9.6% from FY 2023). Net income: ₩57.4b (up 237% from FY 2023). Profit margin: 11% (up from 3.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 48%. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 2.8% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% 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. Announcement • Feb 26
KSS Line Ltd., Annual General Meeting, Mar 26, 2025 KSS Line Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 12, insadong-gil, jongno-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 17 April 2025. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (3.8%). Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₩524 (vs ₩533 in 1Q 2023) First quarter 2024 results: EPS: ₩524 (down from ₩533 in 1Q 2023). Revenue: ₩112.7b (up 3.6% from 1Q 2023). Net income: ₩11.8b (down 1.7% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩755 (vs ₩2,016 in FY 2022) Full year 2023 results: EPS: ₩755 (down from ₩2,016 in FY 2022). Revenue: ₩472.6b (up 6.1% from FY 2022). Net income: ₩17.0b (down 63% from FY 2022). Profit margin: 3.6% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩350 per share at 3.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (6.1%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₩2,016 (vs ₩2,497 in FY 2021) Full year 2022 results: EPS: ₩2,016 (down from ₩2,497 in FY 2021). Revenue: ₩445.4b (up 38% from FY 2021). Net income: ₩45.5b (down 19% from FY 2021). Profit margin: 10% (down from 17% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩350 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.5%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 2.5%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.3%). Announcement • Feb 26
KSS Line Ltd., Annual General Meeting, Mar 26, 2021 KSS Line Ltd., Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Feb 15
New 90-day high: ₩11,250 The company is up 9.0% from its price of ₩10,300 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Shipping industry, which is up 6.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩270 Per Share Will be paid on the 3rd of April to those who are registered shareholders by the 29th of December. The trailing yield of 2.6% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.9%). Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 17% share price gain to ₩11,550, the stock is trading at a trailing P/E ratio of 9.6x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 13x in the Shipping industry in South Korea. Total returns to shareholders over the past three years are 36%. Is New 90 Day High Low • Nov 09
New 90-day high: ₩10,250 The company is up 19% from its price of ₩8,590 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. Is New 90 Day High Low • Oct 21
New 90-day high: ₩9,850 The company is up 17% from its price of ₩8,390 on 23 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 13% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: ₩9,370 The company is up 13% from its price of ₩8,320 on 07 July 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 Shipping industry, which is up 11% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: ₩9,250 The company is up 12% from its price of ₩8,230 on 19 June 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 15% over the same period.