# Hite Jinro (000080.KO)

Canonical: https://gigainvestors.com/s/000080.KO

Analysis as of: 2026-10-16T07:44:52.387Z. Financial observations: FY2009–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 15,440.00 per share; close as of 2026-10-15.

Estimated value: low KRW 6,830.24 per share, central KRW 7,344.43 per share, high KRW 8,028.94 per share. Buy at or below the central value KRW 7,344.43 per share. Valuation as of 2026-10-16T07:44:52.387Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.05×

- FY2024: 0.08×

- FY2025: 0.07×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.2%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 43.0%

- Recent gross margin (lower of latest and 3-year median): 44.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.7%

- FY2017: 3.1%

- FY2018: 3.2%

- FY2019: 2.8%

- FY2020: 7.5%

- FY2021: 8.4%

- FY2022: 7.6%

- FY2023: 4.5%

- FY2024: 8.4%

- FY2025: 6.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 150B

- Net income, five-year total: KRW 332B

- Return on incremental invested capital: 104.8%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -10.2 pp

- Working capital / revenue, final three-year average: 17.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.80×

- FY2022: 0.73×

- FY2023: 0.34×

- FY2024: -0.07×

- FY2025: 0.59×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.2% vs 6.0%

- Per-share earnings: 312.20 to 596.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: KRW -183B

- Cumulative retained earnings: KRW 42B

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.7%

- Per-share value change: KRW 283.80

- Per-share value, starting three-year median: KRW 312.20

- Per-share value, ending three-year median: KRW 596.00

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 0

- Cumulative net income, 10 years: KRW 449B

- ROIC, first three-year median: 3.2%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 551.91

- FY2017: KRW 181.77

- FY2018: KRW 312.20

- FY2019: KRW -609.37

- FY2020: KRW 1K

- FY2021: KRW 1K

- FY2022: KRW 1K

- FY2023: KRW 512.00

- FY2024: KRW 1K

- FY2025: KRW 596.00

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -9.5%

- FY2018: -3.5%

- FY2019: -2.2%

- FY2020: -9.0%

- FY2021: -15.2%

- FY2022: 4.8%

- FY2023: -3.8%

- FY2024: -5.8%

- FY2025: -5.8%

## Holders

## Price story

Down 59% since Mar 2022 · sales -2%

Story as of 2026-10-16T10:00:13.237Z; price observation 2026-10-15.

Price needs cash profits to grow 14.4% a year for ten years

### Sales · FY2025–2026

sales -2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.89T 

- FY2018: KRW 1.89T 

- FY2019: KRW 2.04T 

- FY2020: KRW 2.26T 

- FY2021: KRW 2.20T 

- FY2022: KRW 2.50T 

- FY2023: KRW 2.52T 

- FY2024: KRW 2.60T 

- FY2025: KRW 2.50T 

- FY2026: KRW 2.45T 

### Gross margin · FY2025

gross margin 44.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 43.6% 

- FY2017: 42.5% 

- FY2018: 40.4% 

- FY2019: 42.8% 

- FY2020: 43.2% 

- FY2021: 42.1% 

- FY2022: 42.6% 

- FY2023: 44.2% 

- FY2024: 45.6% 

- FY2025: 44.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages wineries & distilleries; annual sales are KRW 2.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2025: revenue 2498566821280; grossProfit 1109508123040; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000080.KO: HITEJINRO Co., Ltd. manufactures and sells alcoholic beverages in South Korea. It provides beer, soju, bottled water, and other products. The company was formerly known as Jinro Ltd and changed its name to HITEJINRO Co., Ltd. in September 2011. HITEJINRO Co., Ltd. is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 44.2% to 45.6% during 2023–25; it earns 5.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2023: grossProfit / revenue = 44.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2024: grossProfit / revenue = 45.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2025: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); 10-year return on capital observations [[2016,0.03692481214217701],[2017,0.030877043192148085],[2018,0.032463670806135256],[2019,0.028370963010563834],[2020,0.07489829911270102],[2021,0.08385555899878981],[2022,0.07587321901028923],[2023,0.04459204494104338],[2024,0.08426168174252617],[2025,0.060078553563834375]]; median 0.05233529925243888. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2016: growth capex 0; upkeep 125022221710; owner earnings 32062052750. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2017: growth capex 0; upkeep 92330094000; owner earnings 40001162150. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2018: growth capex 0; upkeep 119309612000; owner earnings 27907470630. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2020: growth capex 0; upkeep 151241623800; owner earnings 68373993890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2021: growth capex 0; upkeep 134270295950; owner earnings 57631315824. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2022: growth capex 3123283710; upkeep 155688460640; owner earnings 63301610868. Growth capex / owner earnings = 0.04933971927685763.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2023: growth capex 8811119720; upkeep 149794438300; owner earnings 12225646158. Growth capex / owner earnings = 0.7207078960185951.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); FY2025: growth capex 0; upkeep 145687853630; owner earnings 24294749368. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); Dividend observations: [[2016,69591214450],[2017,62637759050],[2018,55684303650],[2019,55684303650],[2020,48730848250],[2021,52207575950],[2022,55684303650],[2023,66114486750],[2024,66114486750],[2025,48730848250]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 54.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000080.KO SharesStats.PercentInsiders = 54.069 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:52.387Z); Ten-year compound average after fade. Initial solved rate 0.19507234694574704. Price 15440; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 22,000.00 per share

- 2016-11: KRW 21,750.00 per share

- 2016-12: KRW 21,100.00 per share

- 2017-01: KRW 20,800.00 per share

- 2017-02: KRW 21,100.00 per share

- 2017-03: KRW 20,350.00 per share

- 2017-04: KRW 20,900.00 per share

- 2017-05: KRW 24,200.00 per share

- 2017-06: KRW 23,300.00 per share

- 2017-07: KRW 23,950.00 per share

- 2017-08: KRW 26,100.00 per share

- 2017-09: KRW 26,300.00 per share

- 2017-10: KRW 26,600.00 per share

- 2017-11: KRW 23,700.00 per share

- 2017-12: KRW 24,100.00 per share

- 2018-01: KRW 23,000.00 per share

- 2018-02: KRW 22,000.00 per share

- 2018-03: KRW 22,450.00 per share

- 2018-04: KRW 21,800.00 per share

- 2018-05: KRW 20,150.00 per share

- 2018-06: KRW 19,650.00 per share

- 2018-07: KRW 18,200.00 per share

- 2018-08: KRW 16,800.00 per share

- 2018-09: KRW 16,850.00 per share

- 2018-10: KRW 15,750.00 per share

- 2018-11: KRW 17,500.00 per share

- 2018-12: KRW 16,600.00 per share

- 2019-01: KRW 16,900.00 per share

- 2019-02: KRW 17,700.00 per share

- 2019-03: KRW 18,500.00 per share

- 2019-04: KRW 20,300.00 per share

- 2019-05: KRW 20,000.00 per share

- 2019-06: KRW 20,350.00 per share

- 2019-07: KRW 21,300.00 per share

- 2019-08: KRW 22,000.00 per share

- 2019-09: KRW 27,200.00 per share

- 2019-10: KRW 28,450.00 per share

- 2019-11: KRW 28,250.00 per share

- 2019-12: KRW 29,000.00 per share

- 2020-01: KRW 30,000.00 per share

- 2020-02: KRW 26,600.00 per share

- 2020-03: KRW 26,850.00 per share

- 2020-04: KRW 32,450.00 per share

- 2020-05: KRW 36,000.00 per share

- 2020-06: KRW 43,800.00 per share

- 2020-07: KRW 41,550.00 per share

- 2020-08: KRW 36,900.00 per share

- 2020-09: KRW 36,250.00 per share

- 2020-10: KRW 33,500.00 per share

- 2020-11: KRW 31,950.00 per share

- 2020-12: KRW 31,850.00 per share

- 2021-01: KRW 31,900.00 per share

- 2021-02: KRW 34,250.00 per share

- 2021-03: KRW 36,850.00 per share

- 2021-04: KRW 34,850.00 per share

- 2021-05: KRW 39,600.00 per share

- 2021-06: KRW 37,700.00 per share

- 2021-07: KRW 34,450.00 per share

- 2021-08: KRW 33,350.00 per share

- 2021-09: KRW 33,150.00 per share

- 2021-10: KRW 34,800.00 per share

- 2021-11: KRW 29,000.00 per share

- 2021-12: KRW 30,150.00 per share

- 2022-01: KRW 29,400.00 per share

- 2022-02: KRW 35,600.00 per share

- 2022-03: KRW 37,450.00 per share

- 2022-04: KRW 37,300.00 per share

- 2022-05: KRW 35,650.00 per share

- 2022-06: KRW 30,800.00 per share

- 2022-07: KRW 30,250.00 per share

- 2022-08: KRW 30,500.00 per share

- 2022-09: KRW 26,500.00 per share

- 2022-10: KRW 25,650.00 per share

- 2022-11: KRW 26,150.00 per share

- 2022-12: KRW 25,550.00 per share

- 2023-01: KRW 26,300.00 per share

- 2023-02: KRW 23,900.00 per share

- 2023-03: KRW 22,400.00 per share

- 2023-04: KRW 22,250.00 per share

- 2023-05: KRW 22,900.00 per share

- 2023-06: KRW 21,600.00 per share

- 2023-07: KRW 20,300.00 per share

- 2023-08: KRW 19,410.00 per share

- 2023-09: KRW 18,890.00 per share

- 2023-10: KRW 21,250.00 per share

- 2023-11: KRW 22,100.00 per share

- 2023-12: KRW 22,500.00 per share

- 2024-01: KRW 21,000.00 per share

- 2024-02: KRW 19,970.00 per share

- 2024-03: KRW 20,400.00 per share

- 2024-04: KRW 21,050.00 per share

- 2024-05: KRW 20,100.00 per share

- 2024-06: KRW 21,250.00 per share

- 2024-07: KRW 20,800.00 per share

- 2024-08: KRW 20,700.00 per share

- 2024-09: KRW 20,350.00 per share

- 2024-10: KRW 21,200.00 per share

- 2024-11: KRW 20,900.00 per share

- 2024-12: KRW 19,520.00 per share

- 2025-01: KRW 19,060.00 per share

- 2025-02: KRW 18,950.00 per share

- 2025-03: KRW 19,230.00 per share

- 2025-04: KRW 19,330.00 per share

- 2025-05: KRW 20,200.00 per share

- 2025-06: KRW 20,600.00 per share

- 2025-07: KRW 20,250.00 per share

- 2025-08: KRW 19,100.00 per share

- 2025-09: KRW 19,050.00 per share

- 2025-10: KRW 18,830.00 per share

- 2025-11: KRW 18,810.00 per share

- 2025-12: KRW 18,440.00 per share

- 2026-01: KRW 17,600.00 per share

- 2026-02: KRW 17,770.00 per share

- 2026-03: KRW 16,720.00 per share

- 2026-04: KRW 17,110.00 per share

- 2026-05: KRW 16,020.00 per share

- 2026-06: KRW 14,360.00 per share

- 2026-07: KRW 15,400.00 per share

- 2026-08: KRW 15,550.00 per share

- 2026-09: KRW 14,780.00 per share

- 2026-10: KRW 15,060.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 8,976.13 per share, central KRW 9,944.16 per share, high KRW 11,232.82 per share

- FY2017: low KRW 12,232.26 per share, central KRW 13,196.87 per share, high KRW 14,480.97 per share

- FY2018: low KRW 11,118.30 per share, central KRW 11,962.28 per share, high KRW 13,085.81 per share

- FY2019: low KRW 7,155.68 per share, central KRW 7,904.23 per share, high KRW 8,900.72 per share

- FY2020: low KRW 9,760.08 per share, central KRW 10,600.25 per share, high KRW 11,718.69 per share

- FY2021: low KRW 16,868.66 per share, central KRW 17,892.22 per share, high KRW 19,254.81 per share

- FY2022: low KRW 14,335.61 per share, central KRW 15,706.25 per share, high KRW 17,530.85 per share

- FY2023: low KRW 14,089.75 per share, central KRW 15,472.34 per share, high KRW 17,312.85 per share

- FY2024: low KRW 16,931.44 per share, central KRW 22,448.06 per share, high KRW 25,660.39 per share

- FY2025: low KRW 7,590.71 per share, central KRW 8,457.46 per share, high KRW 9,271.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:50:45.927Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Hite Jinro

000080 · KO

KOSPI 200

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: KRW 15,440.00
Buy up to: KRW 7,344.43
Expected / yr: 5.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 24.3% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 6.8%
Worst year: 4.3%
Latest · LTM: 6.8%

Capital return excluding acquisitions: median 5.2% (minimum 15%), and the second-worst year 3.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 5.2%
Worst year: 2.8%
Latest · 2025: 6.0%

Each $1 of profit left $0.45 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.45×
Annual median: 0.59×
Latest · 2025: 0.59×

Per-share value rose from 312.2 to 596, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 573.96
Worst year: KRW -609.37
Latest · 2025: KRW 596.00

Profits were backed by cash: accruals were -5.8% of assets (limit 10%).

Sloan accruals

10y median: -5.0%
Worst year: 4.8%
Latest · 2025: -5.8%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 6.4%, three-year average owner earnings per share 141.52 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 22000.00 · Value 9944.16 · Buy at or below 9944.16; 2016-11 · Price KRW 21750.00 · Value 9944.16 · Buy at or below 9944.16; 2016-12 · Price KRW 21100.00 · Value 9944.16 · Buy at or below 9944.16; 2017-01 · Price KRW 20800.00 · Value 9944.16 · Buy at or below 9944.16; 2017-02 · Price KRW 21100.00 · Value 13196.87 · Buy at or below 13196.87; 2017-03 · Price KRW 20350.00 · Value 13196.87 · Buy at or below 13196.87; 2017-04 · Price KRW 20900.00 · Value 13196.87 · Buy at or below 13196.87; 2017-05 · Price KRW 24200.00 · Value 13196.87 · Buy at or below 13196.87; 2017-06 · Price KRW 23300.00 · Value 13196.87 · Buy at or below 13196.87; 2017-07 · Price KRW 23950.00 · Value 13196.87 · Buy at or below 13196.87; 2017-08 · Price KRW 26100.00 · Value 13196.87 · Buy at or below 13196.87; 2017-09 · Price KRW 26300.00 · Value 13196.87 · Buy at or below 13196.87; 2017-10 · Price KRW 26600.00 · Value 13196.87 · Buy at or below 13196.87; 2017-11 · Price KRW 23700.00 · Value 13196.87 · Buy at or below 13196.87; 2017-12 · Price KRW 24100.00 · Value 13196.87 · Buy at or below 13196.87; 2018-01 · Price KRW 23000.00 · Value 13196.87 · Buy at or below 13196.87; 2018-02 · Price KRW 22000.00 · Value 11962.28 · Buy at or below 11962.28; 2018-03 · Price KRW 22450.00 · Value 11962.28 · Buy at or below 11962.28; 2018-04 · Price KRW 21800.00 · Value 11962.28 · Buy at or below 11962.28; 2018-05 · Price KRW 20150.00 · Value 11962.28 · Buy at or below 11962.28; 2018-06 · Price KRW 19650.00 · Value 11962.28 · Buy at or below 11962.28; 2018-07 · Price KRW 18200.00 · Value 11962.28 · Buy at or below 11962.28; 2018-08 · Price KRW 16800.00 · Value 11962.28 · Buy at or below 11962.28; 2018-09 · Price KRW 16850.00 · Value 11962.28 · Buy at or below 11962.28; 2018-10 · Price KRW 15750.00 · Value 11962.28 · Buy at or below 11962.28; 2018-11 · Price KRW 17500.00 · Value 11962.28 · Buy at or below 11962.28; 2018-12 · Price KRW 16600.00 · Value 11962.28 · Buy at or below 11962.28; 2019-01 · Price KRW 16900.00 · Value 11962.28 · Buy at or below 11962.28; 2019-02 · Price KRW 17700.00 · Value 7904.23 · Buy at or below 7904.23; 2019-03 · Price KRW 18500.00 · Value 7904.23 · Buy at or below 7904.23; 2019-04 · Price KRW 20300.00 · Value 7904.23 · Buy at or below 7904.23; 2019-05 · Price KRW 20000.00 · Value 7904.23 · Buy at or below 7904.23; 2019-06 · Price KRW 20350.00 · Value 7904.23 · Buy at or below 7904.23; 2019-07 · Price KRW 21300.00 · Value 7904.23 · Buy at or below 7904.23; 2019-08 · Price KRW 22000.00 · Value 7904.23 · Buy at or below 7904.23; 2019-09 · Price KRW 27200.00 · Value 7904.23 · Buy at or below 7904.23; 2019-10 · Price KRW 28450.00 · Value 7904.23 · Buy at or below 7904.23; 2019-11 · Price KRW 28250.00 · Value 7904.23 · Buy at or below 7904.23; 2019-12 · Price KRW 29000.00 · Value 7904.23 · Buy at or below 7904.23; 2020-01 · Price KRW 30000.00 · Value 7904.23 · Buy at or below 7904.23; 2020-02 · Price KRW 26600.00 · Value 10600.25 · Buy at or below 10600.25; 2020-03 · Price KRW 26850.00 · Value 10600.25 · Buy at or below 10600.25; 2020-04 · Price KRW 32450.00 · Value 10600.25 · Buy at or below 10600.25; 2020-05 · Price KRW 36000.00 · Value 10600.25 · Buy at or below 10600.25; 2020-06 · Price KRW 43800.00 · Value 10600.25 · Buy at or below 10600.25; 2020-07 · Price KRW 41550.00 · Value 10600.25 · Buy at or below 10600.25; 2020-08 · Price KRW 36900.00 · Value 10600.25 · Buy at or below 10600.25; 2020-09 · Price KRW 36250.00 · Value 10600.25 · Buy at or below 10600.25; 2020-10 · Price KRW 33500.00 · Value 10600.25 · Buy at or below 10600.25; 2020-11 · Price KRW 31950.00 · Value 10600.25 · Buy at or below 10600.25; 2020-12 · Price KRW 31850.00 · Value 10600.25 · Buy at or below 10600.25; 2021-01 · Price KRW 31900.00 · Value 10600.25 · Buy at or below 10600.25; 2021-02 · Price KRW 34250.00 · Value 17892.22 · Buy at or below 17892.22; 2021-03 · Price KRW 36850.00 · Value 17892.22 · Buy at or below 17892.22; 2021-04 · Price KRW 34850.00 · Value 17892.22 · Buy at or below 17892.22; 2021-05 · Price KRW 39600.00 · Value 17892.22 · Buy at or below 17892.22; 2021-06 · Price KRW 37700.00 · Value 17892.22 · Buy at or below 17892.22; 2021-07 · Price KRW 34450.00 · Value 17892.22 · Buy at or below 17892.22; 2021-08 · Price KRW 33350.00 · Value 17892.22 · Buy at or below 17892.22; 2021-09 · Price KRW 33150.00 · Value 17892.22 · Buy at or below 17892.22; 2021-10 · Price KRW 34800.00 · Value 17892.22 · Buy at or below 17892.22; 2021-11 · Price KRW 29000.00 · Value 17892.22 · Buy at or below 17892.22; 2021-12 · Price KRW 30150.00 · Value 17892.22 · Buy at or below 17892.22; 2022-01 · Price KRW 29400.00 · Value 17892.22 · Buy at or below 17892.22; 2022-02 · Price KRW 35600.00 · Value 15706.25 · Buy at or below 15706.25; 2022-03 · Price KRW 37450.00 · Value 15706.25 · Buy at or below 15706.25; 2022-04 · Price KRW 37300.00 · Value 15706.25 · Buy at or below 15706.25; 2022-05 · Price KRW 35650.00 · Value 15706.25 · Buy at or below 15706.25; 2022-06 · Price KRW 30800.00 · Value 15706.25 · Buy at or below 15706.25; 2022-07 · Price KRW 30250.00 · Value 15706.25 · Buy at or below 15706.25; 2022-08 · Price KRW 30500.00 · Value 15706.25 · Buy at or below 15706.25; 2022-09 · Price KRW 26500.00 · Value 15706.25 · Buy at or below 15706.25; 2022-10 · Price KRW 25650.00 · Value 15706.25 · Buy at or below 15706.25; 2022-11 · Price KRW 26150.00 · Value 15706.25 · Buy at or below 15706.25; 2022-12 · Price KRW 25550.00 · Value 15706.25 · Buy at or below 15706.25; 2023-01 · Price KRW 26300.00 · Value 15706.25 · Buy at or below 15706.25; 2023-02 · Price KRW 23900.00 · Value 15472.34 · Buy at or below 15472.34; 2023-03 · Price KRW 22400.00 · Value 15472.34 · Buy at or below 15472.34; 2023-04 · Price KRW 22250.00 · Value 15472.34 · Buy at or below 15472.34; 2023-05 · Price KRW 22900.00 · Value 15472.34 · Buy at or below 15472.34; 2023-06 · Price KRW 21600.00 · Value 15472.34 · Buy at or below 15472.34; 2023-07 · Price KRW 20300.00 · Value 15472.34 · Buy at or below 15472.34; 2023-08 · Price KRW 19410.00 · Value 15472.34 · Buy at or below 15472.34; 2023-09 · Price KRW 18890.00 · Value 15472.34 · Buy at or below 15472.34; 2023-10 · Price KRW 21250.00 · Value 15472.34 · Buy at or below 15472.34; 2023-11 · Price KRW 22100.00 · Value 15472.34 · Buy at or below 15472.34; 2023-12 · Price KRW 22500.00 · Value 15472.34 · Buy at or below 15472.34; 2024-01 · Price KRW 21000.00 · Value 15472.34 · Buy at or below 15472.34; 2024-02 · Price KRW 19970.00 · Value 22448.06 · Buy at or below 22448.06; 2024-03 · Price KRW 20400.00 · Value 22448.06 · Buy at or below 22448.06; 2024-04 · Price KRW 21050.00 · Value 22448.06 · Buy at or below 22448.06; 2024-05 · Price KRW 20100.00 · Value 22448.06 · Buy at or below 22448.06; 2024-06 · Price KRW 21250.00 · Value 22448.06 · Buy at or below 22448.06; 2024-07 · Price KRW 20800.00 · Value 22448.06 · Buy at or below 22448.06; 2024-08 · Price KRW 20700.00 · Value 22448.06 · Buy at or below 22448.06; 2024-09 · Price KRW 20350.00 · Value 22448.06 · Buy at or below 22448.06; 2024-10 · Price KRW 21200.00 · Value 22448.06 · Buy at or below 22448.06; 2024-11 · Price KRW 20900.00 · Value 22448.06 · Buy at or below 22448.06; 2024-12 · Price KRW 19520.00 · Value 22448.06 · Buy at or below 22448.06; 2025-01 · Price KRW 19060.00 · Value 22448.06 · Buy at or below 22448.06; 2025-02 · Price KRW 18950.00 · Value 8457.46 · Buy at or below 8457.46; 2025-03 · Price KRW 19230.00 · Value 8457.46 · Buy at or below 8457.46; 2025-04 · Price KRW 19330.00 · Value 8457.46 · Buy at or below 8457.46; 2025-05 · Price KRW 20200.00 · Value 8457.46 · Buy at or below 8457.46; 2025-06 · Price KRW 20600.00 · Value 8457.46 · Buy at or below 8457.46; 2025-07 · Price KRW 20250.00 · Value 8457.46 · Buy at or below 8457.46; 2025-08 · Price KRW 19100.00 · Value 8457.46 · Buy at or below 8457.46; 2025-09 · Price KRW 19050.00 · Value 8457.46 · Buy at or below 8457.46; 2025-10 · Price KRW 18830.00 · Value 8457.46 · Buy at or below 8457.46; 2025-11 · Price KRW 18810.00 · Value 8457.46 · Buy at or below 8457.46; 2025-12 · Price KRW 18440.00 · Value 8457.46 · Buy at or below 8457.46; 2026-01 · Price KRW 17600.00 · Value 8457.46 · Buy at or below 8457.46; 2026-02 · Price KRW 17770.00 · Value 7344.43 · Buy at or below 7344.43; 2026-03 · Price KRW 16720.00 · Value 7344.43 · Buy at or below 7344.43; 2026-04 · Price KRW 17110.00 · Value 7344.43 · Buy at or below 7344.43; 2026-05 · Price KRW 16020.00 · Value 7344.43 · Buy at or below 7344.43; 2026-06 · Price KRW 14360.00 · Value 7344.43 · Buy at or below 7344.43; 2026-07 · Price KRW 15400.00 · Value 7344.43 · Buy at or below 7344.43; 2026-08 · Price KRW 15550.00 · Value 7344.43 · Buy at or below 7344.43; 2026-09 · Price KRW 14780.00 · Value 7344.43 · Buy at or below 7344.43; 2026-10 · Price KRW 15060.00 · Value 7344.43 · Buy at or below 7344.43; 2026-10 · Price KRW 15440.00 · Value 7344.43 · Buy at or below 7344.43

KRW per share · annual estimates

Price & return math
Value range	KRW 6,830.24 – KRW 8,028.94
Buy at or below	Central value KRW 7,344.43
Discount to value	1 − 15440.00 / 7344.43 = -110.2%
Return / year	About 5.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 341.19/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 3100.90/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 2.45T

Revenue

Owner earningsKRW 24B

Owner earnings

Operating margin6.8%

Operating margin

Net cash / debtKRW -661B

Net cash / debt

Diluted shares70M

Diluted shares

Prices 15 Oct 2026 · FY2025