Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: ₩32,566 (vs ₩29,606 in FY 2024) Full year 2025 results: EPS: ₩32,566 (up from ₩29,606 in FY 2024). Revenue: ₩5.28t (up 3.0% from FY 2024). Net income: ₩111.5b (up 10.0% from FY 2024). Profit margin: 2.1% (up from 2.0% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 08
Dividend of ₩3,000 announced Dividend of ₩3,000 is the same as last year. Ex-date: 26th March 2026 Payment date: 1st January 1970 Dividend yield will be 2.2%, which is lower than the industry average of 9.7%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
Samchully Co.,Ltd, Annual General Meeting, Mar 20, 2026 Samchully Co.,Ltd, Annual General Meeting, Mar 20, 2026, at 09:00 Tokyo Standard Time. Location: auditorium, 42, gukjegeumyung-ro 6-gil, yeongdeungpo-gu, seoul South Korea Announcement • Mar 06
Samchully Co.,Ltd announces Annual dividend Samchully Co.,Ltd announced Annual dividend of KRW 3000.0000 per share, ex-date on March 26, 2026 and record date on March 27, 2026. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩2,717 (vs ₩6,720 in 3Q 2024) Third quarter 2025 results: EPS: ₩2,717 (down from ₩6,720 in 3Q 2024). Revenue: ₩914.8b (down 4.4% from 3Q 2024). Net income: ₩9.30b (down 60% from 3Q 2024). Profit margin: 1.0% (down from 2.4% in 3Q 2024). 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 28% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩6,128 (vs ₩5,006 in 2Q 2024) Second quarter 2025 results: EPS: ₩6,128 (up from ₩5,006 in 2Q 2024). Revenue: ₩1.10t (up 11% from 2Q 2024). Net income: ₩21.0b (up 22% from 2Q 2024). Profit margin: 1.9% (up from 1.7% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩172,700, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 6x in the Gas Utilities industry in South Korea. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩108,800, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 4x in the Gas Utilities industry in South Korea. Total loss to shareholders of 24% over the past three years. New Risk • Apr 30
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: 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. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩29,606 (vs ₩35,116 in FY 2023) Full year 2024 results: EPS: ₩29,606 (down from ₩35,116 in FY 2023). Revenue: ₩5.12t (down 9.6% from FY 2023). Net income: ₩101.4b (down 16% from FY 2023). Profit margin: 2.0% (down from 2.1% in FY 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 08
Dividend of ₩3,000 announced Dividend of ₩3,000 is the same as last year. Ex-date: 27th March 2025 Payment date: 1st January 1970 Dividend yield will be 3.3%, which is lower than the industry average of 9.7%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
Samchully Co.,Ltd, Annual General Meeting, Mar 21, 2025 Samchully Co.,Ltd, Annual General Meeting, Mar 21, 2025, at 09:01 Tokyo Standard Time. Location: auditorium, 42, gukjegeumyung-ro 6-gil, yeongdeungpo-gu, seoul South Korea New Risk • Aug 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 10x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 10x increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (105% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩5,006 (vs ₩5,355 in 2Q 2023) Second quarter 2024 results: EPS: ₩5,006 (down from ₩5,355 in 2Q 2023). Revenue: ₩990.8b (down 5.2% from 2Q 2023). Net income: ₩17.1b (down 6.5% from 2Q 2023). Profit margin: 1.7% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 18
Samchully Co.,Ltd (KOSE:A004690) acquired remaining 49% stake in Human Community Energy System from Korea District Heating Corp. (KOSE:A071320) for KRW 28.9 billion. Samchully Co.,Ltd (KOSE:A004690) acquired remaining 49% stake in Human Community Energy System from Korea District Heating Corp. (KOSE:A071320) for KRW 28.9 billion on July 16, 2024. Samchully acquired 4.9 million shares for KRW 5910 per share.
Samchully Co.,Ltd (KOSE:A004690) completed the acquisition of remaining 49% stake in Human Community Energy System from Korea District Heating Corp. (KOSE:A071320) on July 16, 2024. New Risk • May 21
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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 21
Upcoming dividend of ₩3,000 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 08 April 2024. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (9.9%). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩35,116 (vs ₩14,387 in FY 2022) Full year 2023 results: EPS: ₩35,116 (up from ₩14,387 in FY 2022). Revenue: ₩5.66t (down 2.2% from FY 2022). Net income: ₩120.2b (up 144% from FY 2022). Profit margin: 2.1% (up from 0.9% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ₩7,238 (vs ₩3,446 in 3Q 2022) Third quarter 2023 results: EPS: ₩7,238 (up from ₩3,446 in 3Q 2022). Revenue: ₩954.0b (down 14% from 3Q 2022). Net income: ₩24.8b (up 110% from 3Q 2022). Profit margin: 2.6% (up from 1.1% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Aug 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩118,700, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 12x in the Gas Utilities industry in South Korea. Total returns to shareholders of 66% over the past three years. Buying Opportunity • Apr 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 74%. The fair value is estimated to be ₩155,852, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to decline by 22% in 2 years. Earnings is forecast to grow by 71% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to ₩348,500, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Gas Utilities industry in Asia. Total returns to shareholders of 436% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₩14,387 (down from ₩17,385 in FY 2021). Revenue: ₩5.79t (up 54% from FY 2021). Net income: ₩49.3b (down 17% from FY 2021). Profit margin: 0.9% (down from 1.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is expected to decline by 13% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩3,000 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.2%). Buying Opportunity • Nov 28
Now 22% undervalued Over the last 90 days, the stock is up 82%. The fair value is estimated to be ₩485,486, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 45%. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ₩3,446 (vs ₩2,174 in 3Q 2021) Third quarter 2022 results: EPS: ₩3,446 (up from ₩2,174 in 3Q 2021). Revenue: ₩1.10t (up 71% from 3Q 2021). Net income: ₩11.8b (up 59% from 3Q 2021). Profit margin: 1.1% (down from 1.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₩260,500, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 26x in the Gas Utilities industry in South Korea. Total returns to shareholders of 244% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₩182,000, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 29x in the Gas Utilities industry in South Korea. Total returns to shareholders of 116% over the past three years. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ₩15,942 (vs ₩16,716 in 1Q 2021) First quarter 2022 results: EPS: ₩15,942 (down from ₩16,716 in 1Q 2021). Revenue: ₩1.75t (up 46% from 1Q 2021). Net income: ₩54.6b (down 4.6% from 1Q 2021). Profit margin: 3.1% (down from 4.8% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₩141,500, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 31x in the Gas Utilities industry in South Korea. Total returns to shareholders of 71% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩3,000 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (4.5%). Reported Earnings • May 23
First quarter 2021 earnings released: EPS ₩16,716 (vs ₩8,837 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩1.20t (up 2.8% from 1Q 2020). Net income: ₩57.2b (up 85% from 1Q 2020). Profit margin: 4.8% (up from 2.7% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Samchully Co.,Ltd, Annual General Meeting, Mar 26, 2021 Samchully Co.,Ltd, Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩3,000 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 3.7% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (1.8%). Is New 90 Day High Low • Nov 23
New 90-day high: ₩82,600 The company is up 9.0% from its price of ₩75,500 on 25 August 2020. The South Korean market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Gas Utilities industry, which is up 19% over the same period.