# CJ Korea Express (000120.KO)

Canonical: https://gigainvestors.com/s/000120.KO

Analysis as of: 2026-10-16T07:43:53.868Z. Financial observations: FY2019–FY2025.

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 69,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 84,980.23 per share, central KRW 95,364.74 per share, high KRW 109,188.72 per share. Buy at or below the central value KRW 95,364.74 per share. Valuation as of 2026-10-16T07:43:53.868Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.04×

### 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: 4.3%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 9.8%

- Recent gross margin (lower of latest and 3-year median): 11.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 4.2%

- FY2020: 4.6%

- FY2021: 4.3%

- FY2022: 5.2%

- FY2023: 6.4%

- FY2024: 6.1%

- FY2025: 5.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 740B

- Net income, five-year total: KRW 952B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

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

- FY2021: 1.93×

- FY2022: 0.77×

- FY2023: 0.95×

- FY2024: 1.37×

- FY2025: -0.24×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.3% vs 6.1%

- Per-share earnings: 2744.68 to 11347.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 1.4%

- Per-share value growth: 42.6%

- Per-share value change: KRW 9K

- Per-share value, starting three-year median: KRW 3K

- Per-share value, ending three-year median: KRW 11K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 4.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: 6.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: KRW 2K

- FY2020: KRW 6K

- FY2021: KRW 3K

- FY2022: KRW 8K

- FY2023: KRW 10K

- FY2024: KRW 12K

- FY2025: KRW 11K

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -8.9%

- FY2020: -4.7%

- FY2021: -3.2%

- FY2022: -4.6%

- FY2023: -6.5%

- FY2024: -3.7%

- FY2025: -6.4%

## Holders

## Price story

Down 51% since Oct 2021 · sales +1.4%

Story as of 2026-10-16T10:00:12.869Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.7% a year for ten years

### Sales · FY2024–2025

sales +1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: KRW 10.42T 

- FY2020: KRW 10.78T 

- FY2021: KRW 11.34T 

- FY2022: KRW 12.13T 

- FY2023: KRW 11.77T 

- FY2024: KRW 12.12T 

- FY2025: KRW 12.28T 

### Gross margin · FY2025

gross margin 11%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 9.3% 

- FY2020: 9.3% 

- FY2021: 9.4% 

- FY2022: 9.8% 

- FY2023: 11.0% 

- FY2024: 11.4% 

- FY2025: 11.0% 

## Owner memo

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

### How it makes money

Operates in integrated freight & logistics; annual sales are KRW 12.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2025: revenue 12284652471280; grossProfit 1351614886450; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000120.KO: CJ Logistics Corporation provides transportation and logistics services in Korea and internationally. The company engages in Ecommerce logistics, parcel, contract logistics, forwarding, project logistics, stevedoring, and transportation businesses. CJ Logistics Corporation was formerly known as Korea Express Co., Ltd. The company was founded in 1930 and is based in Seoul, South Korea. CJ Logistics Corporation operates as a subsidiary of CJ Corporation.

### Why customers stay

Margins ranged from 11% to 11.4% during 2023–25; it earns 5.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2023: grossProfit / revenue = 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2024: grossProfit / revenue = 11.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2025: grossProfit / revenue = 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); 7-year return on capital observations [[2019,0.042465870802712746],[2020,0.04585094924979094],[2021,0.0426645451069416],[2022,0.0517180255409128],[2023,0.0636720827594877],[2024,0.06075781260612397],[2025,0.05877259673173409]]; median 0.0517180255409128. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 10% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); Gross margin observations: [[2021,0.09444296116189686],[2022,0.09776890877114436],[2023,0.11039592838826769]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2020: growth capex 0; upkeep 312262670940; owner earnings 89326963368. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2021: growth capex 0; upkeep 212420211790; owner earnings 105460665046. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2022: growth capex 0; upkeep 305113055980; owner earnings 138906557900.5771. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2023: growth capex 0; upkeep 318375225240; owner earnings 212744836661.53625. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); FY2024: growth capex 0; upkeep 239432814340; owner earnings 341328726822. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); Dividend observations: [[2019,812867620],[2020,25668863000],[2021,23700000000],[2022,29881599000],[2023,42425484000],[2024,24454507000],[2025,37094320470]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 48.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000120.KO SharesStats.PercentInsiders = 48.054 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:53.868Z); Ten-year compound average after fade. Initial solved rate -0.06484244951708035. Price 69100; 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 201,000.00 per share

- 2016-11: KRW 184,000.00 per share

- 2016-12: KRW 179,000.00 per share

- 2017-01: KRW 163,000.00 per share

- 2017-02: KRW 172,500.00 per share

- 2017-03: KRW 166,500.00 per share

- 2017-04: KRW 166,500.00 per share

- 2017-05: KRW 192,500.00 per share

- 2017-06: KRW 180,500.00 per share

- 2017-07: KRW 186,500.00 per share

- 2017-08: KRW 169,000.00 per share

- 2017-09: KRW 163,500.00 per share

- 2017-10: KRW 157,000.00 per share

- 2017-11: KRW 152,000.00 per share

- 2017-12: KRW 140,000.00 per share

- 2018-01: KRW 145,000.00 per share

- 2018-02: KRW 132,500.00 per share

- 2018-03: KRW 137,500.00 per share

- 2018-04: KRW 156,500.00 per share

- 2018-05: KRW 149,500.00 per share

- 2018-06: KRW 168,000.00 per share

- 2018-07: KRW 151,000.00 per share

- 2018-08: KRW 154,000.00 per share

- 2018-09: KRW 158,000.00 per share

- 2018-10: KRW 158,500.00 per share

- 2018-11: KRW 159,000.00 per share

- 2018-12: KRW 167,000.00 per share

- 2019-01: KRW 168,000.00 per share

- 2019-02: KRW 190,000.00 per share

- 2019-03: KRW 165,500.00 per share

- 2019-04: KRW 157,500.00 per share

- 2019-05: KRW 159,500.00 per share

- 2019-06: KRW 134,500.00 per share

- 2019-07: KRW 137,000.00 per share

- 2019-08: KRW 143,000.00 per share

- 2019-09: KRW 144,500.00 per share

- 2019-10: KRW 157,500.00 per share

- 2019-11: KRW 157,500.00 per share

- 2019-12: KRW 155,000.00 per share

- 2020-01: KRW 146,000.00 per share

- 2020-02: KRW 133,500.00 per share

- 2020-03: KRW 136,000.00 per share

- 2020-04: KRW 148,000.00 per share

- 2020-05: KRW 161,000.00 per share

- 2020-06: KRW 157,500.00 per share

- 2020-07: KRW 153,000.00 per share

- 2020-08: KRW 151,500.00 per share

- 2020-09: KRW 177,500.00 per share

- 2020-10: KRW 159,500.00 per share

- 2020-11: KRW 166,000.00 per share

- 2020-12: KRW 165,500.00 per share

- 2021-01: KRW 168,000.00 per share

- 2021-02: KRW 164,000.00 per share

- 2021-03: KRW 183,000.00 per share

- 2021-04: KRW 171,500.00 per share

- 2021-05: KRW 170,000.00 per share

- 2021-06: KRW 177,000.00 per share

- 2021-07: KRW 176,000.00 per share

- 2021-08: KRW 171,000.00 per share

- 2021-09: KRW 153,000.00 per share

- 2021-10: KRW 142,000.00 per share

- 2021-11: KRW 124,000.00 per share

- 2021-12: KRW 126,000.00 per share

- 2022-01: KRW 116,000.00 per share

- 2022-02: KRW 124,000.00 per share

- 2022-03: KRW 129,500.00 per share

- 2022-04: KRW 123,000.00 per share

- 2022-05: KRW 129,500.00 per share

- 2022-06: KRW 114,000.00 per share

- 2022-07: KRW 116,500.00 per share

- 2022-08: KRW 118,500.00 per share

- 2022-09: KRW 90,400.00 per share

- 2022-10: KRW 87,900.00 per share

- 2022-11: KRW 88,400.00 per share

- 2022-12: KRW 93,700.00 per share

- 2023-01: KRW 90,200.00 per share

- 2023-02: KRW 81,700.00 per share

- 2023-03: KRW 79,900.00 per share

- 2023-04: KRW 77,100.00 per share

- 2023-05: KRW 81,500.00 per share

- 2023-06: KRW 76,400.00 per share

- 2023-07: KRW 72,000.00 per share

- 2023-08: KRW 78,900.00 per share

- 2023-09: KRW 80,800.00 per share

- 2023-10: KRW 75,900.00 per share

- 2023-11: KRW 113,100.00 per share

- 2023-12: KRW 127,200.00 per share

- 2024-01: KRW 135,800.00 per share

- 2024-02: KRW 124,400.00 per share

- 2024-03: KRW 114,900.00 per share

- 2024-04: KRW 122,600.00 per share

- 2024-05: KRW 103,700.00 per share

- 2024-06: KRW 95,100.00 per share

- 2024-07: KRW 98,500.00 per share

- 2024-08: KRW 94,300.00 per share

- 2024-09: KRW 93,100.00 per share

- 2024-10: KRW 87,800.00 per share

- 2024-11: KRW 81,900.00 per share

- 2024-12: KRW 84,400.00 per share

- 2025-01: KRW 79,800.00 per share

- 2025-02: KRW 93,600.00 per share

- 2025-03: KRW 86,300.00 per share

- 2025-04: KRW 83,200.00 per share

- 2025-05: KRW 80,400.00 per share

- 2025-06: KRW 87,400.00 per share

- 2025-07: KRW 89,000.00 per share

- 2025-08: KRW 83,500.00 per share

- 2025-09: KRW 84,200.00 per share

- 2025-10: KRW 82,400.00 per share

- 2025-11: KRW 91,300.00 per share

- 2025-12: KRW 94,600.00 per share

- 2026-01: KRW 103,800.00 per share

- 2026-02: KRW 132,000.00 per share

- 2026-03: KRW 103,400.00 per share

- 2026-04: KRW 101,100.00 per share

- 2026-05: KRW 85,500.00 per share

- 2026-06: KRW 74,100.00 per share

- 2026-07: KRW 74,500.00 per share

- 2026-08: KRW 73,500.00 per share

- 2026-09: KRW 70,000.00 per share

- 2026-10: KRW 70,200.00 per share

## Annual estimated value (KRW per share)

- FY2023: low KRW 65,663.29 per share, central KRW 73,259.44 per share, high KRW 83,371.52 per share

- FY2024: low KRW 87,434.54 per share, central KRW 97,606.43 per share, high KRW 111,147.37 per share

- FY2025: low KRW 84,413.45 per share, central KRW 94,350.22 per share, high KRW 107,578.17 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

## 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.

CJ Korea Express

000120 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 69,100.00
Buy up to: KRW 95,364.74
Expected / yr: 13.2% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 15.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

7y median: 3.4%
Worst year: 3.0%
Latest · 2025: 4.1%

Capital return excluding acquisitions: median 5.2% (minimum 15%), and the second-worst year 4.3% (minimum 10%).

ROIC excluding acquisitions

7y median: 5.2%
Worst year: 4.2%
Latest · 2025: 5.9%

Each $1 of profit left $0.78 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.78×
Annual median: 0.95×
Latest · 2025: -0.24×

Per-share value rose from 2744.68 to 11347, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

7y median: KRW 8K
Worst year: KRW 2K
Latest · 2025: KRW 11K

Profits were backed by cash: accruals were -6.4% of assets (limit 10%).

Sloan accruals

7y median: -4.7%
Worst year: -3.2%
Latest · 2025: -6.4%

Profit record · pass 0 loss years in 7 (at most 2), mean operating margin 3.6%, three-year average owner earnings per share 7,887.09 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 201000.00; 2016-11 · Price KRW 184000.00; 2016-12 · Price KRW 179000.00; 2017-01 · Price KRW 163000.00; 2017-02 · Price KRW 172500.00; 2017-03 · Price KRW 166500.00; 2017-04 · Price KRW 166500.00; 2017-05 · Price KRW 192500.00; 2017-06 · Price KRW 180500.00; 2017-07 · Price KRW 186500.00; 2017-08 · Price KRW 169000.00; 2017-09 · Price KRW 163500.00; 2017-10 · Price KRW 157000.00; 2017-11 · Price KRW 152000.00; 2017-12 · Price KRW 140000.00; 2018-01 · Price KRW 145000.00; 2018-02 · Price KRW 132500.00; 2018-03 · Price KRW 137500.00; 2018-04 · Price KRW 156500.00; 2018-05 · Price KRW 149500.00; 2018-06 · Price KRW 168000.00; 2018-07 · Price KRW 151000.00; 2018-08 · Price KRW 154000.00; 2018-09 · Price KRW 158000.00; 2018-10 · Price KRW 158500.00; 2018-11 · Price KRW 159000.00; 2018-12 · Price KRW 167000.00; 2019-01 · Price KRW 168000.00; 2019-02 · Price KRW 190000.00; 2019-03 · Price KRW 165500.00; 2019-04 · Price KRW 157500.00; 2019-05 · Price KRW 159500.00; 2019-06 · Price KRW 134500.00; 2019-07 · Price KRW 137000.00; 2019-08 · Price KRW 143000.00; 2019-09 · Price KRW 144500.00; 2019-10 · Price KRW 157500.00; 2019-11 · Price KRW 157500.00; 2019-12 · Price KRW 155000.00; 2020-01 · Price KRW 146000.00; 2020-02 · Price KRW 133500.00; 2020-03 · Price KRW 136000.00; 2020-04 · Price KRW 148000.00; 2020-05 · Price KRW 161000.00; 2020-06 · Price KRW 157500.00; 2020-07 · Price KRW 153000.00; 2020-08 · Price KRW 151500.00; 2020-09 · Price KRW 177500.00; 2020-10 · Price KRW 159500.00; 2020-11 · Price KRW 166000.00; 2020-12 · Price KRW 165500.00; 2021-01 · Price KRW 168000.00; 2021-02 · Price KRW 164000.00; 2021-03 · Price KRW 183000.00; 2021-04 · Price KRW 171500.00; 2021-05 · Price KRW 170000.00; 2021-06 · Price KRW 177000.00; 2021-07 · Price KRW 176000.00; 2021-08 · Price KRW 171000.00; 2021-09 · Price KRW 153000.00; 2021-10 · Price KRW 142000.00; 2021-11 · Price KRW 124000.00; 2021-12 · Price KRW 126000.00; 2022-01 · Price KRW 116000.00; 2022-02 · Price KRW 124000.00; 2022-03 · Price KRW 129500.00; 2022-04 · Price KRW 123000.00; 2022-05 · Price KRW 129500.00; 2022-06 · Price KRW 114000.00; 2022-07 · Price KRW 116500.00; 2022-08 · Price KRW 118500.00; 2022-09 · Price KRW 90400.00; 2022-10 · Price KRW 87900.00; 2022-11 · Price KRW 88400.00; 2022-12 · Price KRW 93700.00; 2023-01 · Price KRW 90200.00 · Value 73259.44 · Buy at or below 73259.44; 2023-02 · Price KRW 81700.00 · Value 73259.44 · Buy at or below 73259.44; 2023-03 · Price KRW 79900.00 · Value 73259.44 · Buy at or below 73259.44; 2023-04 · Price KRW 77100.00 · Value 73259.44 · Buy at or below 73259.44; 2023-05 · Price KRW 81500.00 · Value 73259.44 · Buy at or below 73259.44; 2023-06 · Price KRW 76400.00 · Value 73259.44 · Buy at or below 73259.44; 2023-07 · Price KRW 72000.00 · Value 73259.44 · Buy at or below 73259.44; 2023-08 · Price KRW 78900.00 · Value 73259.44 · Buy at or below 73259.44; 2023-09 · Price KRW 80800.00 · Value 73259.44 · Buy at or below 73259.44; 2023-10 · Price KRW 75900.00 · Value 73259.44 · Buy at or below 73259.44; 2023-11 · Price KRW 113100.00 · Value 73259.44 · Buy at or below 73259.44; 2023-12 · Price KRW 127200.00 · Value 73259.44 · Buy at or below 73259.44; 2024-01 · Price KRW 135800.00 · Value 73259.44 · Buy at or below 73259.44; 2024-02 · Price KRW 124400.00 · Value 97606.43 · Buy at or below 97606.43; 2024-03 · Price KRW 114900.00 · Value 97606.43 · Buy at or below 97606.43; 2024-04 · Price KRW 122600.00 · Value 97606.43 · Buy at or below 97606.43; 2024-05 · Price KRW 103700.00 · Value 97606.43 · Buy at or below 97606.43; 2024-06 · Price KRW 95100.00 · Value 97606.43 · Buy at or below 97606.43; 2024-07 · Price KRW 98500.00 · Value 97606.43 · Buy at or below 97606.43; 2024-08 · Price KRW 94300.00 · Value 97606.43 · Buy at or below 97606.43; 2024-09 · Price KRW 93100.00 · Value 97606.43 · Buy at or below 97606.43; 2024-10 · Price KRW 87800.00 · Value 97606.43 · Buy at or below 97606.43; 2024-11 · Price KRW 81900.00 · Value 97606.43 · Buy at or below 97606.43; 2024-12 · Price KRW 84400.00 · Value 97606.43 · Buy at or below 97606.43; 2025-01 · Price KRW 79800.00 · Value 97606.43 · Buy at or below 97606.43; 2025-02 · Price KRW 93600.00 · Value 94350.22 · Buy at or below 94350.22; 2025-03 · Price KRW 86300.00 · Value 94350.22 · Buy at or below 94350.22; 2025-04 · Price KRW 83200.00 · Value 94350.22 · Buy at or below 94350.22; 2025-05 · Price KRW 80400.00 · Value 94350.22 · Buy at or below 94350.22; 2025-06 · Price KRW 87400.00 · Value 94350.22 · Buy at or below 94350.22; 2025-07 · Price KRW 89000.00 · Value 94350.22 · Buy at or below 94350.22; 2025-08 · Price KRW 83500.00 · Value 94350.22 · Buy at or below 94350.22; 2025-09 · Price KRW 84200.00 · Value 94350.22 · Buy at or below 94350.22; 2025-10 · Price KRW 82400.00 · Value 94350.22 · Buy at or below 94350.22; 2025-11 · Price KRW 91300.00 · Value 94350.22 · Buy at or below 94350.22; 2025-12 · Price KRW 94600.00 · Value 94350.22 · Buy at or below 94350.22; 2026-01 · Price KRW 103800.00 · Value 94350.22 · Buy at or below 94350.22; 2026-02 · Price KRW 132000.00 · Value 95364.74 · Buy at or below 95364.74; 2026-03 · Price KRW 103400.00 · Value 95364.74 · Buy at or below 95364.74; 2026-04 · Price KRW 101100.00 · Value 95364.74 · Buy at or below 95364.74; 2026-05 · Price KRW 85500.00 · Value 95364.74 · Buy at or below 95364.74; 2026-06 · Price KRW 74100.00 · Value 95364.74 · Buy at or below 95364.74; 2026-07 · Price KRW 74500.00 · Value 95364.74 · Buy at or below 95364.74; 2026-08 · Price KRW 73500.00 · Value 95364.74 · Buy at or below 95364.74; 2026-09 · Price KRW 70000.00 · Value 95364.74 · Buy at or below 95364.74; 2026-10 · Price KRW 70200.00 · Value 95364.74 · Buy at or below 95364.74; 2026-10 · Price KRW 69100.00 · Value 95364.74 · Buy at or below 95364.74

KRW per share · annual estimates

Price & return math
Value range	KRW 84,980.23 – KRW 109,188.72
Buy at or below	Central value KRW 95,364.74
Discount to value	1 − 69100.00 / 95364.74 = 27.5%
Return / year	About 13.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 6890.65/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 9663.66/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 12.28T

Revenue

Owner earningsKRW -59B

Owner earnings

Operating margin4.1%

Operating margin

Net cash / debtKRW -1.63T

Net cash / debt

Diluted shares21M

Diluted shares

Prices 15 Oct 2026 · FY2025