Upcoming Dividend • May 21
Upcoming dividend of ₩1,000 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 19 June 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 17%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.7%). Board Change • Apr 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Inside Director Sanghoon Lee was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Apr 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 150% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 193% Cash payout ratio: 243% Earnings are forecast to decline by an average of 150% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 21
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₩7,258 (up from ₩5,074 in FY 2024). Revenue: ₩2.47t (down 14% from FY 2024). Net income: ₩262.0b (up 43% from FY 2024). Profit margin: 11% (up from 6.3% in FY 2024). Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 15%. 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 51% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 12
Hyundai Elevator Co., Ltd, Annual General Meeting, Mar 26, 2026 Hyundai Elevator Co., Ltd, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 128, chungjusandan 1-ro, chungcheongbuk-do, chungju South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₩81,600, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 23x in the Machinery industry in South Korea. Total returns to shareholders of 323% over the past three years. Upcoming Dividend • Nov 20
Upcoming dividend of ₩1,000 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 19 December 2025. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 6.9%. Within top quartile of South Korean dividend payers (3.7%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩72,700, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Machinery industry in South Korea. Total returns to shareholders of 240% over the past three years. Duyuru • Sep 25
An undisclosed buyer agreed to acquire 7% stake in HYUNDAI MOVEX Co., Ltd. (KOSDAQ:A319400) from Hyundai Elevator Co., Ltd (KOSE:A017800) for KRW 73.5 billion. An undisclosed buyer agreed to acquire 7% stake in HYUNDAI MOVEX Co., Ltd. (KOSDAQ:A319400) from Hyundai Elevator Co., Ltd (KOSE:A017800) for KRW 73.5 billion on September 24, 2025. After the transaction, Hyundai Elevator will hold 48.87% stake in HYUNDAI MOVEX Co., Ltd.
The expected completion of the transaction is November 12, 2025. Reported Earnings • May 25
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₩594.4b (down 10% from 1Q 2024). Net income: ₩34.9b (up 257% from 1Q 2024). Profit margin: 5.9% (up from 1.5% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in South Korea. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩65,800, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 15x in the Machinery industry in South Korea. Total returns to shareholders of 124% over the past three years. Reported Earnings • Mar 17
Full year 2024 earnings released: EPS: ₩5,370 (vs ₩8,538 in FY 2023) Full year 2024 results: EPS: ₩5,370 (down from ₩8,538 in FY 2023). Revenue: ₩2.89t (up 11% from FY 2023). Net income: ₩193.9b (down 39% from FY 2023). Profit margin: 6.7% (down from 12% 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 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 12
Hyundai Elevator Co., Ltd, Annual General Meeting, Mar 26, 2025 Hyundai Elevator Co., Ltd, Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 128, chungjusandan 1-ro, chungcheongbuk-do, chungju South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩4,000 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 07 April 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 14%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩56,900, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 13x in the Machinery industry in South Korea. Total returns to shareholders of 66% over the past three years. New Risk • Nov 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.3% This is considered a minor 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 423% Cash payout ratio: 316% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Buy Or Sell Opportunity • Oct 02
Now 21% undervalued Over the last 90 days, the stock has risen 3.8% to ₩43,950. The fair value is estimated to be ₩55,298, however this is not to be taken as a buy 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 27%. New Risk • Aug 26
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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 307% Cash payout ratio: 421% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₩271 (vs ₩5,795 in 1Q 2023) First quarter 2024 results: EPS: ₩271 (down from ₩5,795 in 1Q 2023). Revenue: ₩661.3b (up 20% from 1Q 2023). Net income: ₩9.79b (down 96% from 1Q 2023). Profit margin: 1.5% (down from 41% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩8,538 (vs ₩1,924 in FY 2022) Full year 2023 results: EPS: ₩8,538 (up from ₩1,924 in FY 2022). Revenue: ₩2.60t (up 22% from FY 2022). Net income: ₩318.9b (up 307% from FY 2022). Profit margin: 12% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 1.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 5.4% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (2.3%). New Risk • Nov 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩49,300, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 25% over the past three years. Duyuru • Jul 06
Hyundai Elevator Co., Ltd (KOSE:A017800) announces an Equity Buyback for KRW 30,000 million worth of its shares. Hyundai Elevator Co., Ltd (KOSE:A017800) announces a share repurchase program. Under the program, the company will repurchase up to KRW 30,000 million worth of its shares, pursuant to a trust contract with Korea Investment & Securities Co., Ltd. The purpose of the program is to enhance shareholder value through stock price stabilization. The program will expire on January 5, 2024. As of July 5, 2023, the company had 2,354,981 shares in treasury within scope available for dividend and no shares under other acquisition. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩42,100, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 17x in the Machinery industry in South Korea. Total returns to shareholders of 7.9% over the past three years. Duyuru • May 06
Hyundai Elevator Co., Ltd (KOSE:A017800) announces an Equity Buyback for KRW 100,000 million worth of its shares. Hyundai Elevator Co., Ltd (KOSE:A017800) announces a share repurchase program. Under the program, the company will repurchase up to KRW 100,000 million worth of its shares, pursuant to a trust contract with Korea Investment & Securities Co., Ltd. The purpose of the program is to enhance shareholder value through stock price stabilization. The program will expire on November 07, 2023. As of May 3, 2023, the company had 1,722,806 shares in treasury within scope available for dividend and no shares under other acquisition. Board Change • Apr 01
Insufficient new directors 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. 2 highly experienced directors. Independent Outside Director Sung-Jae Park was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩31,700, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 15x in the Machinery industry in South Korea. Total loss to shareholders of 7.9% over the past three years. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩1,924 (vs ₩2,771 in FY 2021) Full year 2022 results: EPS: ₩1,924 (down from ₩2,771 in FY 2021). Revenue: ₩2.13t (up 7.9% from FY 2021). Net income: ₩78.4b (down 31% from FY 2021). Profit margin: 3.7% (down from 5.7% in FY 2021). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩800 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.1%). Price Target Changed • Apr 27
Price target decreased to ₩50,000 Down from ₩63,000, the current price target is an average from 2 analysts. New target price is 43% above last closing price of ₩35,000. Stock is down 24% over the past year. The company is forecast to post earnings per share of ₩3,534 for next year compared to ₩2,771 last year. Price Target Changed • Mar 08
Price target decreased to ₩50,000 Down from ₩63,000, the current price target is an average from 2 analysts. New target price is 33% above last closing price of ₩37,500. Stock is down 13% over the past year. The company is forecast to post earnings per share of ₩1,656 for next year compared to ₩2,389 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩800 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 08 April 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.8%). Major Estimate Revision • May 31
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ₩5,699 to ₩4,173 per share. Revenue forecast steady at ₩1.98b. Net income forecast to grow 18% next year vs 42% growth forecast for Machinery industry in South Korea. Consensus price target of ₩64,000 unchanged from last update. Share price rose 3.0% to ₩54,200 over the past week. Price Target Changed • May 20
Price target increased to ₩61,000 Up from ₩56,333, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ₩51,800. Stock is up 23% over the past year. Duyuru • Mar 06
Hyundai Elevator Co., Ltd, Annual General Meeting, Mar 29, 2021 Hyundai Elevator Co., Ltd, Annual General Meeting, Mar 29, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 07
New 90-day high: ₩44,100 The company is up 10.0% from its price of ₩40,100 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩10,174 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩600 Per Share Will be paid on the 2nd of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.5% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (2.8%). Major Estimate Revision • Nov 19
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from ₩1,467 to ₩1,772. Revenue estimate for the same period was approximately flat at ₩1.80b. Net income is expected to grow by 91% next year compared to 35% growth forecast for the Machinery industry in South Korea. The consensus price target of ₩48,722 was unchanged from the last update. Share price stayed mostly flat at ₩40,400 over the past week. Is New 90 Day High Low • Oct 26
New 90-day low: ₩38,650 The company is down 16% from its price of ₩46,250 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩13,369 per share. Price Target Changed • Oct 14
Price target lowered to ₩48,722 Down from ₩52,456, the current price target is an average from 3 analysts. The new target price is 21% above the current share price of ₩40,150. As of last close, the stock is down 26% over the past year. Major Estimate Revision • Oct 06
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from ₩1,820 to ₩1,570. Revenue estimate was approximately flat at ₩1.79b. Net income is expected to grow by 73% next year compared to 57% growth forecast for the Machinery industry in South Korea. The consensus price target was lowered from ₩52,456 to ₩52,056. Share price stayed mostly flat at ₩40,850 over the past week. Is New 90 Day High Low • Sep 22
New 90-day low: ₩39,700 The company is down 13% from its price of ₩45,867 on 24 June 2020. The South Korean market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩15,945 per share. 
