# DL Holdings (000210.KO)

Canonical: https://gigainvestors.com/s/000210.KO

Analysis as of: 2026-10-16T07:45:10.929Z. Financial observations: FY2000–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

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

Share price: KRW 44,150.00 per share; close as of 2026-10-15.

Estimated value: low KRW 111,467.90 per share, central KRW 120,363.25 per share, high KRW 132,204.85 per share. Buy at or below the central value KRW 120,363.25 per share. Valuation as of 2026-10-16T07:45:10.929Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.08×

- FY2019: 0.11×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.07×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.6%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: -2.5 pp

- Typical gross margin (annual median): 18.7%

- Recent gross margin (lower of latest and 3-year median): 21.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.3%

- FY2017: 7.2%

- FY2018: 12.3%

- FY2019: 18.3%

- FY2020: 1.9%

- FY2021: 3.9%

- FY2022: 2.7%

- FY2023: 1.5%

- FY2024: 3.2%

- FY2025: 3.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 806B

- Net income, five-year total: KRW 794B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 19.8%

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

- FY2021: 1.00×

- FY2022: 0.65×

- FY2023: 2.69×

- FY2024: 1.39×

- FY2025: -1.53×

### management: fail

- 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: 7.2% vs 3.0%

- Per-share earnings: 12726.49 to -3985.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.4%

- Market cap gain: KRW -3.75T

- Cumulative retained earnings: KRW 2.35T

- Diluted shares, 5-year annual growth: 7.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -17K

- Per-share value, starting three-year median: KRW 13K

- Per-share value, ending three-year median: KRW -4K

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 1.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.49T

- Cumulative net income, 10 years: KRW 3.37T

- ROIC, first three-year median: 7.2%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 7K

- FY2017: KRW 13K

- FY2018: KRW 17K

- FY2019: KRW 17K

- FY2020: KRW 33K

- FY2021: KRW 41K

- FY2022: KRW 3K

- FY2023: KRW -6K

- FY2024: KRW 4K

- FY2025: KRW -4K

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: 0.4%

- FY2018: -3.6%

- FY2019: -2.1%

- FY2020: -6.2%

- FY2021: 6.8%

- FY2022: -1.4%

- FY2023: -3.8%

- FY2024: -3.7%

- FY2025: -4.9%

## Holders

## Price story

Down 38% since Apr 2026 · sales -5.1%

Story as of 2026-10-16T10:00:13.323Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 9.85T 

- FY2017: KRW 12.34T 

- FY2018: KRW 10.98T 

- FY2019: KRW 9.70T 

- FY2020: KRW 1.57T 

- FY2021: KRW 2.39T 

- FY2022: KRW 5.17T 

- FY2023: KRW 5.02T 

- FY2024: KRW 5.62T 

- FY2025: KRW 5.33T 

### Gross margin · FY2025

gross margin 21.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 9.9% 

- FY2017: 9.7% 

- FY2018: 12.9% 

- FY2019: 17.1% 

- FY2020: 20.1% 

- FY2021: 18.9% 

- FY2022: 19.4% 

- FY2023: 18.5% 

- FY2024: 22.1% 

- FY2025: 21.1% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are KRW 5.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2025: revenue 5326721292280; grossProfit 1126332936410; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000210.KO: DL Holdings CO., LTD., through its subsidiaries, engages in the research and development, manufacture, wholesale, retail, and distribution of petrochemical products in Korea, rest of Asia, the Middle East, Europe, the United States, and internationally. The company offers polyethylene and related products, adhesives, plastic films, and other chemical products. It also engages in civil engineering, and housing and plants construction; energy business; real estate development, rental, and consulting; investment; operation of hotel; manufacture of automobile parts; and provision of real estate services. DL Holdings CO., LTD. was incorporated in 1939 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 18.5% to 22.1% during 2023–25; it earns 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2023: grossProfit / revenue = 18.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2024: grossProfit / revenue = 22.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2025: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); 10-year return on capital observations [[2016,0.05309635911464892],[2017,0.07226210230634049],[2018,0.12258544370752976],[2019,0.18276271189846577],[2020,0.01915936139907622],[2021,0.03921773065111367],[2022,0.02703102403646802],[2023,0.014839720007498117],[2024,0.03245943958573616],[2025,0.03046592661155061]]; median 0.035838585118424915. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 19% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); Gross margin observations: [[2021,0.18873011365791323],[2022,0.19384927416647377],[2023,0.18456067603357046]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 21.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2017: growth capex 0; upkeep 235782964800; owner earnings 201857098470. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2018: growth capex 0; upkeep 172885112920; owner earnings 604093441510. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2019: growth capex 0; upkeep 215108593940; owner earnings 575748810510. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2020: growth capex 0; upkeep 291426571730; owner earnings 395106298610. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2021: growth capex 0; upkeep 142503232830; owner earnings 866038820902. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2022: growth capex 10227650910; upkeep 363896716000; owner earnings 39578707009.34538. Growth capex / owner earnings = 0.25841296198951197.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2024: growth capex 0; upkeep 385957823650; owner earnings 124571355830.49408. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2025: growth capex 0; upkeep 241600404480; owner earnings 134483215236. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); Dividend observations: [[2016,28092535360],[2017,25290056810],[2018,48021200360],[2019,74660250070],[2020,60074382870],[2021,57506677820],[2022,67489454840],[2023,46058976430],[2024,40615282800],[2025,39798451800]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); FY2025: cash repurchases 21158822400 KRW.

### Are managers owners

Insiders own 49.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000210.KO SharesStats.PercentInsiders = 49.341 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:10.929Z); Closing price 44150 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 241194.4387115821; price multiple 0.18304733822156707. FY2025 cash earnings/share 6089.4125739197525. Closing-price date 2026-10-15.

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

- 2016-11: KRW 104,080.32 per share

- 2016-12: KRW 118,657.01 per share

- 2017-01: KRW 114,297.63 per share

- 2017-02: KRW 113,888.93 per share

- 2017-03: KRW 110,210.70 per share

- 2017-04: KRW 109,393.32 per share

- 2017-05: KRW 125,877.24 per share

- 2017-06: KRW 121,245.40 per share

- 2017-07: KRW 124,923.63 per share

- 2017-08: KRW 114,161.40 per share

- 2017-09: KRW 109,120.86 per share

- 2017-10: KRW 113,616.47 per share

- 2017-11: KRW 112,662.86 per share

- 2017-12: KRW 112,254.16 per share

- 2018-01: KRW 110,755.63 per share

- 2018-02: KRW 101,083.24 per share

- 2018-03: KRW 101,355.70 per share

- 2018-04: KRW 117,158.47 per share

- 2018-05: KRW 114,433.86 per share

- 2018-06: KRW 104,216.55 per share

- 2018-07: KRW 106,804.93 per share

- 2018-08: KRW 111,573.01 per share

- 2018-09: KRW 112,526.63 per share

- 2018-10: KRW 103,535.39 per share

- 2018-11: KRW 129,146.78 per share

- 2018-12: KRW 139,636.55 per share

- 2019-01: KRW 145,085.78 per share

- 2019-02: KRW 127,512.01 per share

- 2019-03: KRW 131,326.47 per share

- 2019-04: KRW 131,871.39 per share

- 2019-05: KRW 140,998.86 per share

- 2019-06: KRW 156,665.41 per share

- 2019-07: KRW 143,723.47 per share

- 2019-08: KRW 133,097.47 per share

- 2019-09: KRW 141,680.02 per share

- 2019-10: KRW 123,970.01 per share

- 2019-11: KRW 122,471.47 per share

- 2019-12: KRW 123,288.86 per share

- 2020-01: KRW 110,346.93 per share

- 2020-02: KRW 98,767.32 per share

- 2020-03: KRW 100,402.09 per share

- 2020-04: KRW 120,019.32 per share

- 2020-05: KRW 125,741.01 per share

- 2020-06: KRW 112,117.93 per share

- 2020-07: KRW 114,025.16 per share

- 2020-08: KRW 118,384.55 per share

- 2020-09: KRW 105,442.63 per share

- 2020-10: KRW 106,260.01 per share

- 2020-11: KRW 108,984.63 per share

- 2020-12: KRW 113,071.55 per share

- 2021-01: KRW 61,000.00 per share

- 2021-02: KRW 86,500.00 per share

- 2021-03: KRW 87,500.00 per share

- 2021-04: KRW 94,600.00 per share

- 2021-05: KRW 82,100.00 per share

- 2021-06: KRW 80,000.00 per share

- 2021-07: KRW 78,900.00 per share

- 2021-08: KRW 72,300.00 per share

- 2021-09: KRW 75,900.00 per share

- 2021-10: KRW 65,700.00 per share

- 2021-11: KRW 56,000.00 per share

- 2021-12: KRW 60,900.00 per share

- 2022-01: KRW 55,900.00 per share

- 2022-02: KRW 59,400.00 per share

- 2022-03: KRW 61,200.00 per share

- 2022-04: KRW 61,900.00 per share

- 2022-05: KRW 70,200.00 per share

- 2022-06: KRW 70,900.00 per share

- 2022-07: KRW 65,000.00 per share

- 2022-08: KRW 66,800.00 per share

- 2022-09: KRW 57,300.00 per share

- 2022-10: KRW 61,500.00 per share

- 2022-11: KRW 68,800.00 per share

- 2022-12: KRW 59,200.00 per share

- 2023-01: KRW 61,000.00 per share

- 2023-02: KRW 58,900.00 per share

- 2023-03: KRW 53,300.00 per share

- 2023-04: KRW 49,450.00 per share

- 2023-05: KRW 45,750.00 per share

- 2023-06: KRW 41,300.00 per share

- 2023-07: KRW 39,250.00 per share

- 2023-08: KRW 38,200.00 per share

- 2023-09: KRW 42,500.00 per share

- 2023-10: KRW 42,500.00 per share

- 2023-11: KRW 48,000.00 per share

- 2023-12: KRW 51,400.00 per share

- 2024-01: KRW 56,100.00 per share

- 2024-02: KRW 47,600.00 per share

- 2024-03: KRW 52,600.00 per share

- 2024-04: KRW 53,400.00 per share

- 2024-05: KRW 55,400.00 per share

- 2024-06: KRW 59,100.00 per share

- 2024-07: KRW 56,200.00 per share

- 2024-08: KRW 46,100.00 per share

- 2024-09: KRW 43,950.00 per share

- 2024-10: KRW 40,950.00 per share

- 2024-11: KRW 34,600.00 per share

- 2024-12: KRW 31,600.00 per share

- 2025-01: KRW 31,950.00 per share

- 2025-02: KRW 33,450.00 per share

- 2025-03: KRW 32,450.00 per share

- 2025-04: KRW 32,500.00 per share

- 2025-05: KRW 44,250.00 per share

- 2025-06: KRW 45,800.00 per share

- 2025-07: KRW 50,500.00 per share

- 2025-08: KRW 39,000.00 per share

- 2025-09: KRW 35,150.00 per share

- 2025-10: KRW 38,950.00 per share

- 2025-11: KRW 39,150.00 per share

- 2025-12: KRW 37,650.00 per share

- 2026-01: KRW 41,500.00 per share

- 2026-02: KRW 51,700.00 per share

- 2026-03: KRW 60,400.00 per share

- 2026-04: KRW 71,500.00 per share

- 2026-05: KRW 54,300.00 per share

- 2026-06: KRW 43,250.00 per share

- 2026-07: KRW 42,950.00 per share

- 2026-08: KRW 50,400.00 per share

- 2026-09: KRW 49,550.00 per share

- 2026-10: KRW 47,000.00 per share

## Annual estimated value (KRW per share)

- FY2018: low KRW 120,054.46 per share, central KRW 127,072.30 per share, high KRW 136,414.54 per share

- FY2019: low KRW 124,482.50 per share, central KRW 132,026.57 per share, high KRW 142,069.33 per share

- FY2020: low KRW 135,097.88 per share, central KRW 143,504.09 per share, high KRW 154,694.55 per share

- FY2021: low KRW 159,093.37 per share, central KRW 169,287.82 per share, high KRW 182,858.80 per share

- FY2022: low KRW 174,564.62 per share, central KRW 194,994.46 per share, high KRW 222,190.91 per share

- FY2023: low KRW 176,181.91 per share, central KRW 196,043.51 per share, high KRW 222,483.50 per share

- FY2024: low KRW 97,151.60 per share, central KRW 105,445.30 per share, high KRW 116,485.98 per share

- FY2025: low KRW 97,754.92 per share, central KRW 105,818.58 per share, high KRW 116,553.04 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 2026-10-15T06:50:50.098Z 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.

## Reported holder observations