Reported Earnings • Aug 18
Second quarter 2026 earnings released: EPS: ₩436 (vs ₩470 in 2Q 2025) Second quarter 2026 results: EPS: ₩436 (down from ₩470 in 2Q 2025). Revenue: ₩3.40t (up 30% from 2Q 2025). Net income: ₩411.2b (down 13% from 2Q 2025). Profit margin: 12% (down from 18% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Shipping industry in Asia are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Major Estimate Revision • Jul 28
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩11.8b to ₩12.0b. EPS estimate increased from ₩1,499 to ₩1,699 per share. Net income forecast to grow 1.0% next year vs 4.6% growth forecast for Shipping industry in South Korea. Consensus price target of ₩22,167 unchanged from last update. Share price was steady at ₩20,000 over the past week. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩21,950, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩31,251 per share. Major Estimate Revision • May 16
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩10.3b to ₩11.4b. EPS estimate increased from ₩1,236 to ₩1,382 per share. Net income forecast to shrink 31% next year vs 3.3% growth forecast for Shipping industry in South Korea . Consensus price target broadly unchanged at ₩21,889. Share price fell 3.4% to ₩19,890 over the past week. Reported Earnings • Mar 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₩1,951 (down from ₩4,999 in FY 2024). Revenue: ₩11t (down 6.9% from FY 2024). Net income: ₩1.88t (down 50% from FY 2024). Profit margin: 17% (down from 32% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to decline by 4.2% 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, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Duyuru • Mar 12
HMM Co.,Ltd, Annual General Meeting, Mar 26, 2026 HMM Co.,Ltd, Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 108, yeoui-daero, yeongdeungpo-gu, seoul South Korea Declared Dividend • Feb 13
Dividend increased to ₩700 Dividend of ₩700 is 17% higher than last year. Ex-date: 26th February 2026 Payment date: 24th April 2026 Dividend yield will be 3.3%, which is lower than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has remained flat since 4 years ago. However, payments have been volatile during that time. EPS is expected to decline by 76% over the next 3 years. Since a fall of 74% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Duyuru • Feb 12
HMM Co.,Ltd announces Annual dividend, payable on April 24, 2026 HMM Co.,Ltd announced Annual dividend of KRW 700.0000 per share payable on April 24, 2026, ex-date on February 26, 2026 and record date on February 27, 2026. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩298 (vs ₩2,307 in 3Q 2024) Third quarter 2025 results: EPS: ₩298 (down from ₩2,307 in 3Q 2024). Revenue: ₩2.71t (down 24% from 3Q 2024). Net income: ₩303.5b (down 83% from 3Q 2024). Profit margin: 11% (down from 49% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is expected to fall by 3.7% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 18
Price target decreased by 7.1% to ₩22,700 Down from ₩24,444, the current price target is an average from 10 analysts. New target price is 21% above last closing price of ₩18,740. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of ₩1,914 for next year compared to ₩4,999 last year. Duyuru • Aug 19
HMM Co.,Ltd (KOSE:A011200) announces an Equity Buyback for 81,801,526 shares, representing 7.98% for KRW 2,143,199.98 million. HMM Co.,Ltd (KOSE:A011200) announces a share repurchase program. Under the program, the company will repurchase up to 81,801,526 shares, representing 7.98% for KRW 2,143,199.98 million. The shares will be repurchased at a price of KRW 26, 200 per share. The company will purchase all shares if (1) the total number of Tender Offer Tender Offer Shares is less than or equal to the planned number of shares, and (2) if the total number of Tender Offer Tender Offer Shares is less than the planned number to be purchased, it will purchase the Tender Offer Offer Shares in proportion to the planned number of shares to be purchased. The purpose behind the program is enhancing shareholder value through shareholder return. The program will be funded via cash. The program is valid till September 12, 2025. As of August 17, 2025, the company has 1,025,039,496 shares in issue. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ₩471 (vs ₩923 in 2Q 2024) Second quarter 2025 results: EPS: ₩471 (down from ₩923 in 2Q 2024). Revenue: ₩2.62t (down 1.5% from 2Q 2024). Net income: ₩471.3b (down 29% from 2Q 2024). Profit margin: 18% (down from 25% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is expected to fall by 7.3% p.a. on average during the next 3 years compared to a 3.4% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩2,080 to ₩1,819 per share. Revenue forecast steady at ₩10.5b. Net income forecast to shrink 59% next year vs 2.5% decline forecast for Shipping industry in South Korea. Consensus price target of ₩25,250 unchanged from last update. Share price fell 3.9% to ₩22,100 over the past week. Board Change • Jun 06
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Outside Director Su Han Woo is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • May 16
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₩10.8b to ₩10.4b. EPS estimate also fell from ₩2,629 per share to ₩2,291 per share. Net income forecast to shrink 37% next year vs 13% decline forecast for Shipping industry in South Korea. Consensus price target broadly unchanged at ₩22,714. Share price rose 26% to ₩22,900 over the past week. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩22,300, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Shipping industry in Asia. Total loss to shareholders of 14% over the past three years. New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% 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 Risks Earnings are forecast to decline by an average of 56% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 13
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₩4,999 (up from ₩1,667 in FY 2023). Revenue: ₩12t (up 39% from FY 2023). Net income: ₩3.78t (up 291% from FY 2023). Profit margin: 32% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is expected to fall by 11% p.a. on average during the next 2 years compared to a 2.3% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Duyuru • Mar 08
HMM Co.,Ltd, Annual General Meeting, Mar 26, 2025 HMM Co.,Ltd, Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 108, yeoui-daero, yeongdeungpo-gu, seoul South Korea Price Target Changed • Feb 15
Price target increased by 10% to ₩22,250 Up from ₩20,143, the current price target is an average from 8 analysts. New target price is 21% above last closing price of ₩18,320. Stock is up 2.7% over the past year. The company is forecast to post earnings per share of ₩4,688 for next year compared to ₩1,667 last year. New Risk • Dec 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 50% 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 Risk Earnings are forecast to decline by an average of 50% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (28% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₩923 (vs ₩624 in 2Q 2023) Second quarter 2024 results: EPS: ₩923 (up from ₩624 in 2Q 2023). Revenue: ₩2.66t (up 25% from 2Q 2023). Net income: ₩660.9b (up 111% from 2Q 2023). Profit margin: 25% (up from 15% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue 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 22% per year, which means it has not declined as severely as earnings. New Risk • Jul 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% 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 Risks Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Price Target Changed • Jun 25
Price target increased by 12% to ₩19,500 Up from ₩17,375, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₩19,270. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of ₩3,212 for next year compared to ₩1,667 last year. Price Target Changed • Jun 21
Price target increased by 9.0% to ₩18,125 Up from ₩16,625, the current price target is an average from 4 analysts. New target price is 5.3% below last closing price of ₩19,140. Stock is up 3.1% over the past year. The company is forecast to post earnings per share of ₩3,030 for next year compared to ₩1,667 last year. New Risk • Jun 13
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 7.5% 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 Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Shareholders have been diluted in the past year (45% increase in shares outstanding). Major Estimate Revision • May 29
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ₩10.2b to ₩10.5b. EPS estimate increased from ₩2,652 to ₩3,045 per share. Net income forecast to grow 76% next year vs 26% growth forecast for Shipping industry in South Korea. Consensus price target up from ₩16,625 to ₩17,375. Share price rose 7.4% to ₩18,040 over the past week. Major Estimate Revision • May 16
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₩10.8b to ₩10.1b. EPS estimate rose from ₩2,113 to ₩2,373. Net income forecast to grow 89% next year vs 21% growth forecast for Shipping industry in South Korea. Consensus price target of ₩16,625 unchanged from last update. Share price fell 4.2% to ₩16,580 over the past week. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩18,400, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Shipping industry in Asia. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩30,424 per share. Buy Or Sell Opportunity • Apr 09
Now 23% overvalued Over the last 90 days, the stock has fallen 17% to ₩15,790. The fair value is estimated to be ₩12,823, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Duyuru • Mar 16
HMM Co.,Ltd, Annual General Meeting, Mar 28, 2024 HMM Co.,Ltd, Annual General Meeting, Mar 28, 2024, at 09:01 Korea Standard Time. Location: Auditorium, 19F, 108 (Parc.1 Tower 1), Yeoui-daero, Yeongdeungpo-gu Seoul South Korea Agenda: To consider approval of the 48th financial statement and consolidated financial statement; to consider changes in some Articles of incorporation; to consider appointment of directors; and to consider appointment of the members of the audit committee. Price Target Changed • Feb 16
Price target increased by 7.9% to ₩17,625 Up from ₩16,333, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₩17,490. Stock is down 21% over the past year. The company is forecast to post earnings per share of ₩1,704 for next year compared to ₩20,556 last year. Price Target Changed • Jan 24
Price target increased by 8.3% to ₩17,333 Up from ₩16,000, the current price target is an average from 3 analysts. New target price is 14% below last closing price of ₩20,050. Stock is down 9.5% over the past year. The company is forecast to post earnings per share of ₩1,623 for next year compared to ₩20,556 last year. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,200 per share at 5.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (6.1%). Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩2,140 to ₩1,602 per share. Revenue forecast steady at ₩8.46b. Net income forecast to shrink 79% next year vs 11% decline forecast for Shipping industry in South Korea. Consensus price target broadly unchanged at ₩16,500. Share price was steady at ₩15,630 over the past week. New Risk • Nov 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 41% 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 Earnings are forecast to decline by an average of 63% per year for the foreseeable future. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (36% net profit margin). Shareholders have been diluted in the past year (41% increase in shares outstanding). Major Estimate Revision • Oct 27
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩8.62b to ₩8.50b. EPS estimate rose from ₩1,929 to ₩2,140. Net income forecast to shrink 77% next year vs 28% decline forecast for Shipping industry in South Korea. Consensus price target of ₩16,750 unchanged from last update. Share price rose 5.3% to ₩14,810 over the past week. Price Target Changed • Sep 26
Price target decreased by 15% to ₩20,500 Down from ₩24,000, the current price target is an average from 4 analysts. New target price is 25% above last closing price of ₩16,460. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₩2,737 for next year compared to ₩20,556 last year. Duyuru • Sep 07
Hapag-Lloyd Reportedly Abandons Plans to Invest in HMM Hapag-Lloyd Aktiengesellschaft (XTRA:HLAG) has withdrawn from the bidding process to acquire a stake in South Korean rival Hyundai Merchant Marine (HMM), news agency dpa-AFX reported, citing a statement of Hapag-Lloyd’s CEO Rolf Habben Jansen.b. Hapag-Lloyd would have been a good partner for HMM, but the South Korean company has now decided to pursue its goals with other parties, the CEO said on September 04, 2023. According to the article, Hapag-Lloyd aimed at buying a 38.9% stake in HMM from local banks Korea Development Bank (KDB) and Korea Ocean Business Co (KOBC). Jansen did not disclose the reasons for withdrawing from the process. According to an unnamed logistics expert cited by German paper Bild, the progress of foreign buyers in the bidding rounds could lead to their insight into HMM's sensitive information. That is why the last three bidders remaining in the race are from South Korea. These include fishing company Dongwon, agri-food firm Harim and trading conglomerate LX Holdings. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ₩624 (vs ₩5,974 in 2Q 2022) Second quarter 2023 results: EPS: ₩624 (down from ₩5,974 in 2Q 2022). Revenue: ₩2.13t (down 58% from 2Q 2022). Net income: ₩312.6b (down 89% from 2Q 2022). Profit margin: 15% (down from 58% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 8.3% p.a. on average during the next 3 years compared to a 9.9% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. New Risk • Aug 13
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: 36% Last year net profit margin: 60% 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 Risk Earnings are forecast to decline by an average of 43% per year for the foreseeable future. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (36% net profit margin). Major Estimate Revision • Aug 11
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩9.33b to ₩9.43b. EPS estimate increased from ₩2,386 to ₩2,855 per share. Net income forecast to shrink 70% next year vs 24% decline forecast for Shipping industry in South Korea. Consensus price target broadly unchanged at ₩24,200. Share price was steady at ₩17,600 over the past week. Major Estimate Revision • Jul 25
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩9.50b to ₩9.39b. EPS estimate also fell from ₩2,840 per share to ₩2,386 per share. Net income forecast to shrink 72% next year vs 38% decline forecast for Shipping industry in South Korea. Consensus price target of ₩24,000 unchanged from last update. Share price fell 14% to ₩16,300 over the past week. Major Estimate Revision • Jul 19
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩3,025 to ₩2,600 per share. Revenue forecast steady at ₩9.47b. Net income forecast to shrink 70% next year vs 38% decline forecast for Shipping industry in South Korea. Consensus price target of ₩24,200 unchanged from last update. Share price was steady at ₩19,020 over the past week. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩446 (vs ₩6,363 in 1Q 2022) First quarter 2023 results: EPS: ₩446 (down from ₩6,363 in 1Q 2022). Revenue: ₩2.08t (down 58% from 1Q 2022). Net income: ₩285.4b (down 91% from 1Q 2022). Profit margin: 14% (down from 64% in 1Q 2022). Revenue is expected to fall by 9.9% p.a. on average during the next 3 years compared to a 10% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 16
Consensus EPS estimates increase by 27%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩10.3b to ₩9.82b. EPS estimate rose from ₩2,809 to ₩3,569. Net income forecast to shrink 73% next year vs 31% decline forecast for Shipping industry in South Korea. Consensus price target of ₩25,000 unchanged from last update. Share price fell 5.9% to ₩18,800 over the past week. Reported Earnings • Mar 23
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₩20,556 (up from ₩13,506 in FY 2021). Revenue: ₩19t (up 35% from FY 2021). Net income: ₩10t (up 89% from FY 2021). Profit margin: 54% (up from 39% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is expected to fall by 30% p.a. on average during the next 2 years compared to a 19% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 96% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 28 April 2023. Payout ratio is a comfortable 2.6% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (2.5%). Price Target Changed • Nov 16
Price target decreased to ₩26,800 Down from ₩29,750, the current price target is an average from 5 analysts. New target price is 28% above last closing price of ₩21,000. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₩15,851 for next year compared to ₩13,506 last year. Board Change • Nov 16
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. 6 experienced directors. 1 highly experienced director. Chairperson of Hyundai Group Jeong-Eun Hyun was the last director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ₩5,327 (vs ₩5,612 in 3Q 2021) Third quarter 2022 results: EPS: ₩5,327. Revenue: ₩5.11t (up 27% from 3Q 2021). Net income: ₩2.61t (up 14% from 3Q 2021). Profit margin: 51% (down from 57% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 16% decline forecast for the Shipping industry in Asia. Price Target Changed • Oct 02
Price target decreased to ₩26,600 Down from ₩29,750, the current price target is an average from 5 analysts. New target price is 44% above last closing price of ₩18,500. Stock is down 42% over the past year. The company is forecast to post earnings per share of ₩18,665 for next year compared to ₩13,506 last year. Major Estimate Revision • Oct 01
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₩18.0b to ₩19.5b. EPS estimate increased from ₩16,288 to ₩18,849 per share. Net income forecast to shrink 41% next year vs 23% decline forecast for Shipping industry in South Korea. Consensus price target down from ₩29,750 to ₩28,000. Share price was steady at ₩18,500 over the past week. Price Target Changed • Aug 17
Price target decreased to ₩31,000 Down from ₩33,750, the current price target is an average from 6 analysts. New target price is 32% above last closing price of ₩23,450. Stock is down 43% over the past year. The company is forecast to post earnings per share of ₩16,583 for next year compared to ₩13,506 last year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ₩5,972 (vs ₩535 in 2Q 2021) Second quarter 2022 results: EPS: ₩5,972 (up from ₩535 in 2Q 2021). Revenue: ₩5.03t (up 73% from 2Q 2021). Net income: ₩2.92t (up ₩2.73t from 2Q 2021). Profit margin: 58% (up from 6.4% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to decline by 20% while the Shipping industry in South Korea is not expected to grow. Over the last 3 years on average, earnings per share has increased by 135% per year but the company’s share price has only increased by 95% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ₩31,318, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 21% in 2 years. Earnings is forecast to decline by 52% in the next 2 years. Price Target Changed • Jun 24
Price target decreased to ₩33,750 Down from ₩36,750, the current price target is an average from 5 analysts. New target price is 40% above last closing price of ₩24,100. Stock is down 44% over the past year. The company is forecast to post earnings per share of ₩18,368 for next year compared to ₩13,506 last year. Price Target Changed • Jun 09
Price target increased to ₩36,750 Up from ₩34,240, the current price target is an average from 5 analysts. New target price is 25% above last closing price of ₩29,450. Stock is down 33% over the past year. The company is forecast to post earnings per share of ₩16,879 for next year compared to ₩13,506 last year. Buying Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ₩36,846, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 22% in 2 years. Earnings is forecast to decline by 54% in the next 2 years. Major Estimate Revision • May 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₩17,234 to ₩12,821 per share. Revenue forecast steady at ₩16.6b. Net income forecast to shrink 11% next year vs 9.8% decline forecast for Shipping industry in South Korea. Consensus price target up from ₩34,240 to ₩35,040. Share price fell 3.1% to ₩30,150 over the past week. Reported Earnings • May 18
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ₩6,363 (up from ₩391 in 1Q 2021). Revenue: ₩4.92t (up 103% from 1Q 2021). Net income: ₩3.13t (up ₩2.98t from 1Q 2021). Profit margin: 64% (up from 6.3% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 51%. Over the next year, revenue is expected to shrink by 4.7% compared to a 1.8% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 139% per year but the company’s share price has only increased by 105% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 10
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be ₩36,399, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 6.1% per annum. Earnings is also forecast to decline by 27% per annum over the same time period. Board Change • Apr 27
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. 5 experienced directors. 1 highly experienced director. Chairperson of Hyundai Group Jeong-Eun Hyun was the last director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Apr 01
Now 20% undervalued Over the last 90 days, the stock is up 7.4%. The fair value is estimated to be ₩36,255, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 8.7% per annum. Earnings is also forecast to decline by 27% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 17% share price gain to ₩33,950, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 6x in the Shipping industry in Asia. Total returns to shareholders of 802% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩35,018 per share.