# Samsung Fire & Marine Insurance (000810.KO)

Canonical: https://gigainvestors.com/s/000810.KO

Analysis as of: 2026-10-16T07:34:51.831Z. Financial observations: FY2016–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 580,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 420,530.61 per share, central KRW 462,583.67 per share, high KRW 513,981.86 per share. Buy at or below the central value KRW 462,583.67 per share. Valuation as of 2026-10-16T07:34:51.831Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.31×

Chart: Net income; fiscal year observations.

- FY2016: KRW 858B

- FY2017: KRW 1.05T

- FY2018: KRW 1.07T

- FY2019: KRW 643B

- FY2020: KRW 755B

- FY2021: KRW 1.12T

- FY2022: KRW 1.28T

- FY2023: KRW 1.82T

- FY2024: KRW 2.07T

- FY2025: KRW 2.02T

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.9%

- FY2017: 9.3%

- FY2018: 9.0%

- FY2019: 4.6%

- FY2020: 4.7%

- FY2021: 7.4%

- FY2022: 11.9%

- FY2023: 11.5%

- FY2024: 13.5%

- FY2025: 9.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.2%

- Book return interval: 9 years

- Starting book value per share: KRW 259K

- Ending book value per share: KRW 500K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 41.7%

- FY2018: -16.1%

- FY2019: 27.7%

- FY2020: 16.2%

- FY2021: -8.7%

- FY2022: -25.5%

- FY2023: 51.6%

- FY2024: 0.8%

- FY2025: 41.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 1.3%

- Share growth excluding flagged crisis recapitalisations: 0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 1.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.35×

- Book value created per share: KRW 242K

- Earnings retained per share after dividends and buybacks: KRW 179K

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 78

- FY2018: 100

- FY2019: 94

- FY2020: 94

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 2% a year forever · net income -2.7%

Story as of 2026-10-16T10:00:02.845Z; price observation 2026-10-15.

The price assumes profits grow 2% a year forever

### Net income · FY2025

net income -2.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 858B 

- FY2017: KRW 1.05T 

- FY2018: KRW 1.07T 

- FY2019: KRW 643B 

- FY2020: KRW 755B 

- FY2021: KRW 1.12T 

- FY2022: KRW 1.28T 

- FY2023: KRW 1.82T 

- FY2024: KRW 2.07T 

- FY2025: KRW 2.02T 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are KRW 20.7 trillion.

- Source: https://eodhd.com/api/fundamentals/000810.KO.json#2025-12-31 (filed 2026-10-16T07:34:51.831Z); FY2025: revenue 20676472874100.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000810.KO: Samsung Fire & Marine Insurance Co., Ltd., together with its subsidiaries, provides non-life insurance products and services in South Korea, China, Indonesia, Vietnam, Singapore, the United States, and the United Kingdom. The company offers automobile insurance, long-term damage insurance, personal pensions, and retirement pensions, as well as claim adjustment, agency, and insurance consulting services. It also provides general insurance that covers risks related to business management, personal property, and body, including fire, marine, technology, liability, injury, and disease. The company was founded in 1952 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 9.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.831Z); 10-year return on tangible equity observations [[2016,0.07908657796752663],[2017,0.09287703771871629],[2018,0.09004060505818338],[2019,0.04639882013555532],[2020,0.047368706300269695],[2021,0.07362331255550651],[2022,0.11889179124543982],[2023,0.11473541551625956],[2024,0.1353504211258555],[2025,0.09612548787787638]]; median 0.09145882138844984. 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 2026-10-16T07:34:51.831Z); Dividend observations: [[2016,222271650630],[2017,260062060000],[2018,425945093160],[2019,489946171280],[2020,362335090610],[2021,374983452610],[2022,511076667110],[2023,586644726900],[2024,681094795520],[2025,808386105880]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000810.KO SharesStats.PercentInsiders = 3.733 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.831Z); Price 580000; FX 1; original perpetual distributable cash 46258.36700124409; discount 0.1; growth 0.020244194825441222. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: KRW 291,500.00 per share

- 2016-11: KRW 293,000.00 per share

- 2016-12: KRW 268,500.00 per share

- 2017-01: KRW 269,000.00 per share

- 2017-02: KRW 255,000.00 per share

- 2017-03: KRW 268,000.00 per share

- 2017-04: KRW 268,000.00 per share

- 2017-05: KRW 292,500.00 per share

- 2017-06: KRW 281,500.00 per share

- 2017-07: KRW 292,000.00 per share

- 2017-08: KRW 276,500.00 per share

- 2017-09: KRW 280,000.00 per share

- 2017-10: KRW 273,000.00 per share

- 2017-11: KRW 260,000.00 per share

- 2017-12: KRW 267,000.00 per share

- 2018-01: KRW 289,000.00 per share

- 2018-02: KRW 289,000.00 per share

- 2018-03: KRW 270,500.00 per share

- 2018-04: KRW 267,500.00 per share

- 2018-05: KRW 250,500.00 per share

- 2018-06: KRW 264,000.00 per share

- 2018-07: KRW 273,000.00 per share

- 2018-08: KRW 265,000.00 per share

- 2018-09: KRW 284,000.00 per share

- 2018-10: KRW 278,500.00 per share

- 2018-11: KRW 272,500.00 per share

- 2018-12: KRW 269,000.00 per share

- 2019-01: KRW 273,000.00 per share

- 2019-02: KRW 301,500.00 per share

- 2019-03: KRW 301,000.00 per share

- 2019-04: KRW 304,000.00 per share

- 2019-05: KRW 271,000.00 per share

- 2019-06: KRW 268,000.00 per share

- 2019-07: KRW 263,000.00 per share

- 2019-08: KRW 229,000.00 per share

- 2019-09: KRW 223,000.00 per share

- 2019-10: KRW 216,500.00 per share

- 2019-11: KRW 232,500.00 per share

- 2019-12: KRW 243,500.00 per share

- 2020-01: KRW 211,000.00 per share

- 2020-02: KRW 198,000.00 per share

- 2020-03: KRW 154,000.00 per share

- 2020-04: KRW 190,500.00 per share

- 2020-05: KRW 182,500.00 per share

- 2020-06: KRW 176,000.00 per share

- 2020-07: KRW 171,500.00 per share

- 2020-08: KRW 187,000.00 per share

- 2020-09: KRW 182,000.00 per share

- 2020-10: KRW 179,000.00 per share

- 2020-11: KRW 188,000.00 per share

- 2020-12: KRW 187,500.00 per share

- 2021-01: KRW 168,000.00 per share

- 2021-02: KRW 173,000.00 per share

- 2021-03: KRW 190,000.00 per share

- 2021-04: KRW 198,000.00 per share

- 2021-05: KRW 211,500.00 per share

- 2021-06: KRW 220,500.00 per share

- 2021-07: KRW 214,500.00 per share

- 2021-08: KRW 226,000.00 per share

- 2021-09: KRW 235,000.00 per share

- 2021-10: KRW 231,000.00 per share

- 2021-11: KRW 202,000.00 per share

- 2021-12: KRW 202,000.00 per share

- 2022-01: KRW 200,500.00 per share

- 2022-02: KRW 190,500.00 per share

- 2022-03: KRW 219,000.00 per share

- 2022-04: KRW 210,000.00 per share

- 2022-05: KRW 199,000.00 per share

- 2022-06: KRW 201,000.00 per share

- 2022-07: KRW 197,500.00 per share

- 2022-08: KRW 195,000.00 per share

- 2022-09: KRW 184,000.00 per share

- 2022-10: KRW 200,000.00 per share

- 2022-11: KRW 205,500.00 per share

- 2022-12: KRW 200,000.00 per share

- 2023-01: KRW 203,000.00 per share

- 2023-02: KRW 214,500.00 per share

- 2023-03: KRW 206,000.00 per share

- 2023-04: KRW 225,000.00 per share

- 2023-05: KRW 225,500.00 per share

- 2023-06: KRW 230,000.00 per share

- 2023-07: KRW 244,000.00 per share

- 2023-08: KRW 246,500.00 per share

- 2023-09: KRW 260,500.00 per share

- 2023-10: KRW 258,500.00 per share

- 2023-11: KRW 260,000.00 per share

- 2023-12: KRW 263,000.00 per share

- 2024-01: KRW 264,000.00 per share

- 2024-02: KRW 298,000.00 per share

- 2024-03: KRW 306,000.00 per share

- 2024-04: KRW 310,000.00 per share

- 2024-05: KRW 348,500.00 per share

- 2024-06: KRW 389,000.00 per share

- 2024-07: KRW 372,500.00 per share

- 2024-08: KRW 346,500.00 per share

- 2024-09: KRW 344,500.00 per share

- 2024-10: KRW 336,500.00 per share

- 2024-11: KRW 392,500.00 per share

- 2024-12: KRW 358,500.00 per share

- 2025-01: KRW 381,500.00 per share

- 2025-02: KRW 382,500.00 per share

- 2025-03: KRW 357,500.00 per share

- 2025-04: KRW 374,500.00 per share

- 2025-05: KRW 404,500.00 per share

- 2025-06: KRW 434,000.00 per share

- 2025-07: KRW 440,500.00 per share

- 2025-08: KRW 444,000.00 per share

- 2025-09: KRW 451,500.00 per share

- 2025-10: KRW 441,500.00 per share

- 2025-11: KRW 481,500.00 per share

- 2025-12: KRW 497,000.00 per share

- 2026-01: KRW 501,000.00 per share

- 2026-02: KRW 530,000.00 per share

- 2026-03: KRW 440,500.00 per share

- 2026-04: KRW 461,000.00 per share

- 2026-05: KRW 569,000.00 per share

- 2026-06: KRW 618,000.00 per share

- 2026-07: KRW 632,000.00 per share

- 2026-08: KRW 665,000.00 per share

- 2026-09: KRW 633,000.00 per share

- 2026-10: KRW 612,000.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 249,250.77 per share, central KRW 311,563.46 per share, high KRW 415,417.95 per share

- FY2018: low KRW 169,531.86 per share, central KRW 211,914.82 per share, high KRW 282,553.10 per share

- FY2019: low KRW 195,414.83 per share, central KRW 244,268.53 per share, high KRW 325,691.38 per share

- FY2020: low KRW 204,662.26 per share, central KRW 255,827.83 per share, high KRW 341,103.77 per share

- FY2021: low KRW 274,406.07 per share, central KRW 301,846.68 per share, high KRW 335,385.20 per share

- FY2022: low KRW 193,829.55 per share, central KRW 213,212.50 per share, high KRW 236,902.78 per share

- FY2023: low KRW 285,318.98 per share, central KRW 313,850.88 per share, high KRW 348,723.20 per share

- FY2024: low KRW 287,487.15 per share, central KRW 316,235.86 per share, high KRW 351,373.18 per share

- FY2025: low KRW 394,002.53 per share, central KRW 433,402.78 per share, high KRW 481,558.65 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 2026-10-15T06:40:37.897Z 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.

Samsung Fire & Marine Insurance

000810 · KO

KOSPI 200

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: KRW 580,000.00
Buy up to: KRW 462,583.67
Expected / yr: 8.0% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: KRW 1.10T
Worst year: KRW 643B
Latest · 2025: KRW 2.02T

Earned a median 9.1% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.1%
Worst year: 4.6%
Latest · 2025: 9.6%

Book value plus dividends grew 11.2% a year (minimum 7%).

Annual book + dividend return

9y median: 16.2%
Worst year: -25.5%
Latest · 2025: 41.7%

Ordinary share growth was 0% over the full period and 1.3% over five years (either must be at most 2% a year).

Shares (first year = 100)

10y median: 100
Worst year: 100
Latest · 2025: 100

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 46,344.67 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 291500.00; 2016-11 · Price KRW 293000.00; 2016-12 · Price KRW 268500.00; 2017-01 · Price KRW 269000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-02 · Price KRW 255000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-03 · Price KRW 268000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-04 · Price KRW 268000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-05 · Price KRW 292500.00 · Value 311563.46 · Buy at or below 311563.46; 2017-06 · Price KRW 281500.00 · Value 311563.46 · Buy at or below 311563.46; 2017-07 · Price KRW 292000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-08 · Price KRW 276500.00 · Value 311563.46 · Buy at or below 311563.46; 2017-09 · Price KRW 280000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-10 · Price KRW 273000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-11 · Price KRW 260000.00 · Value 311563.46 · Buy at or below 311563.46; 2017-12 · Price KRW 267000.00 · Value 311563.46 · Buy at or below 311563.46; 2018-01 · Price KRW 289000.00 · Value 311563.46 · Buy at or below 311563.46; 2018-02 · Price KRW 289000.00 · Value 211914.82 · Buy at or below 211914.82; 2018-03 · Price KRW 270500.00 · Value 211914.82 · Buy at or below 211914.82; 2018-04 · Price KRW 267500.00 · Value 211914.82 · Buy at or below 211914.82; 2018-05 · Price KRW 250500.00 · Value 211914.82 · Buy at or below 211914.82; 2018-06 · Price KRW 264000.00 · Value 211914.82 · Buy at or below 211914.82; 2018-07 · Price KRW 273000.00 · Value 211914.82 · Buy at or below 211914.82; 2018-08 · Price KRW 265000.00 · Value 211914.82 · Buy at or below 211914.82; 2018-09 · Price KRW 284000.00 · Value 211914.82 · Buy at or below 211914.82; 2018-10 · Price KRW 278500.00 · Value 211914.82 · Buy at or below 211914.82; 2018-11 · Price KRW 272500.00 · Value 211914.82 · Buy at or below 211914.82; 2018-12 · Price KRW 269000.00 · Value 211914.82 · Buy at or below 211914.82; 2019-01 · Price KRW 273000.00 · Value 211914.82 · Buy at or below 211914.82; 2019-02 · Price KRW 301500.00 · Value 244268.53 · Buy at or below 244268.53; 2019-03 · Price KRW 301000.00 · Value 244268.53 · Buy at or below 244268.53; 2019-04 · Price KRW 304000.00 · Value 244268.53 · Buy at or below 244268.53; 2019-05 · Price KRW 271000.00 · Value 244268.53 · Buy at or below 244268.53; 2019-06 · Price KRW 268000.00 · Value 244268.53 · Buy at or below 244268.53; 2019-07 · Price KRW 263000.00 · Value 244268.53 · Buy at or below 244268.53; 2019-08 · Price KRW 229000.00 · Value 244268.53 · Buy at or below 244268.53; 2019-09 · Price KRW 223000.00 · Value 244268.53 · Buy at or below 244268.53; 2019-10 · Price KRW 216500.00 · Value 244268.53 · Buy at or below 244268.53; 2019-11 · Price KRW 232500.00 · Value 244268.53 · Buy at or below 244268.53; 2019-12 · Price KRW 243500.00 · Value 244268.53 · Buy at or below 244268.53; 2020-01 · Price KRW 211000.00 · Value 244268.53 · Buy at or below 244268.53; 2020-02 · Price KRW 198000.00 · Value 255827.83 · Buy at or below 255827.83; 2020-03 · Price KRW 154000.00 · Value 255827.83 · Buy at or below 255827.83; 2020-04 · Price KRW 190500.00 · Value 255827.83 · Buy at or below 255827.83; 2020-05 · Price KRW 182500.00 · Value 255827.83 · Buy at or below 255827.83; 2020-06 · Price KRW 176000.00 · Value 255827.83 · Buy at or below 255827.83; 2020-07 · Price KRW 171500.00 · Value 255827.83 · Buy at or below 255827.83; 2020-08 · Price KRW 187000.00 · Value 255827.83 · Buy at or below 255827.83; 2020-09 · Price KRW 182000.00 · Value 255827.83 · Buy at or below 255827.83; 2020-10 · Price KRW 179000.00 · Value 255827.83 · Buy at or below 255827.83; 2020-11 · Price KRW 188000.00 · Value 255827.83 · Buy at or below 255827.83; 2020-12 · Price KRW 187500.00 · Value 255827.83 · Buy at or below 255827.83; 2021-01 · Price KRW 168000.00 · Value 255827.83 · Buy at or below 255827.83; 2021-02 · Price KRW 173000.00 · Value 301846.68 · Buy at or below 301846.68; 2021-03 · Price KRW 190000.00 · Value 301846.68 · Buy at or below 301846.68; 2021-04 · Price KRW 198000.00 · Value 301846.68 · Buy at or below 301846.68; 2021-05 · Price KRW 211500.00 · Value 301846.68 · Buy at or below 301846.68; 2021-06 · Price KRW 220500.00 · Value 301846.68 · Buy at or below 301846.68; 2021-07 · Price KRW 214500.00 · Value 301846.68 · Buy at or below 301846.68; 2021-08 · Price KRW 226000.00 · Value 301846.68 · Buy at or below 301846.68; 2021-09 · Price KRW 235000.00 · Value 301846.68 · Buy at or below 301846.68; 2021-10 · Price KRW 231000.00 · Value 301846.68 · Buy at or below 301846.68; 2021-11 · Price KRW 202000.00 · Value 301846.68 · Buy at or below 301846.68; 2021-12 · Price KRW 202000.00 · Value 301846.68 · Buy at or below 301846.68; 2022-01 · Price KRW 200500.00 · Value 301846.68 · Buy at or below 301846.68; 2022-02 · Price KRW 190500.00 · Value 213212.50 · Buy at or below 213212.50; 2022-03 · Price KRW 219000.00 · Value 213212.50 · Buy at or below 213212.50; 2022-04 · Price KRW 210000.00 · Value 213212.50 · Buy at or below 213212.50; 2022-05 · Price KRW 199000.00 · Value 213212.50 · Buy at or below 213212.50; 2022-06 · Price KRW 201000.00 · Value 213212.50 · Buy at or below 213212.50; 2022-07 · Price KRW 197500.00 · Value 213212.50 · Buy at or below 213212.50; 2022-08 · Price KRW 195000.00 · Value 213212.50 · Buy at or below 213212.50; 2022-09 · Price KRW 184000.00 · Value 213212.50 · Buy at or below 213212.50; 2022-10 · Price KRW 200000.00 · Value 213212.50 · Buy at or below 213212.50; 2022-11 · Price KRW 205500.00 · Value 213212.50 · Buy at or below 213212.50; 2022-12 · Price KRW 200000.00 · Value 213212.50 · Buy at or below 213212.50; 2023-01 · Price KRW 203000.00 · Value 213212.50 · Buy at or below 213212.50; 2023-02 · Price KRW 214500.00 · Value 313850.88 · Buy at or below 313850.88; 2023-03 · Price KRW 206000.00 · Value 313850.88 · Buy at or below 313850.88; 2023-04 · Price KRW 225000.00 · Value 313850.88 · Buy at or below 313850.88; 2023-05 · Price KRW 225500.00 · Value 313850.88 · Buy at or below 313850.88; 2023-06 · Price KRW 230000.00 · Value 313850.88 · Buy at or below 313850.88; 2023-07 · Price KRW 244000.00 · Value 313850.88 · Buy at or below 313850.88; 2023-08 · Price KRW 246500.00 · Value 313850.88 · Buy at or below 313850.88; 2023-09 · Price KRW 260500.00 · Value 313850.88 · Buy at or below 313850.88; 2023-10 · Price KRW 258500.00 · Value 313850.88 · Buy at or below 313850.88; 2023-11 · Price KRW 260000.00 · Value 313850.88 · Buy at or below 313850.88; 2023-12 · Price KRW 263000.00 · Value 313850.88 · Buy at or below 313850.88; 2024-01 · Price KRW 264000.00 · Value 313850.88 · Buy at or below 313850.88; 2024-02 · Price KRW 298000.00 · Value 316235.86 · Buy at or below 316235.86; 2024-03 · Price KRW 306000.00 · Value 316235.86 · Buy at or below 316235.86; 2024-04 · Price KRW 310000.00 · Value 316235.86 · Buy at or below 316235.86; 2024-05 · Price KRW 348500.00 · Value 316235.86 · Buy at or below 316235.86; 2024-06 · Price KRW 389000.00 · Value 316235.86 · Buy at or below 316235.86; 2024-07 · Price KRW 372500.00 · Value 316235.86 · Buy at or below 316235.86; 2024-08 · Price KRW 346500.00 · Value 316235.86 · Buy at or below 316235.86; 2024-09 · Price KRW 344500.00 · Value 316235.86 · Buy at or below 316235.86; 2024-10 · Price KRW 336500.00 · Value 316235.86 · Buy at or below 316235.86; 2024-11 · Price KRW 392500.00 · Value 316235.86 · Buy at or below 316235.86; 2024-12 · Price KRW 358500.00 · Value 316235.86 · Buy at or below 316235.86; 2025-01 · Price KRW 381500.00 · Value 316235.86 · Buy at or below 316235.86; 2025-02 · Price KRW 382500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-03 · Price KRW 357500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-04 · Price KRW 374500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-05 · Price KRW 404500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-06 · Price KRW 434000.00 · Value 433402.78 · Buy at or below 433402.78; 2025-07 · Price KRW 440500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-08 · Price KRW 444000.00 · Value 433402.78 · Buy at or below 433402.78; 2025-09 · Price KRW 451500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-10 · Price KRW 441500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-11 · Price KRW 481500.00 · Value 433402.78 · Buy at or below 433402.78; 2025-12 · Price KRW 497000.00 · Value 433402.78 · Buy at or below 433402.78; 2026-01 · Price KRW 501000.00 · Value 433402.78 · Buy at or below 433402.78; 2026-02 · Price KRW 530000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-03 · Price KRW 440500.00 · Value 462583.67 · Buy at or below 462583.67; 2026-04 · Price KRW 461000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-05 · Price KRW 569000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-06 · Price KRW 618000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-07 · Price KRW 632000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-08 · Price KRW 665000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-09 · Price KRW 633000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-10 · Price KRW 612000.00 · Value 462583.67 · Buy at or below 462583.67; 2026-10 · Price KRW 580000.00 · Value 462583.67 · Buy at or below 462583.67

KRW per share · annual estimates

Price & return math
Value range	KRW 420,530.61 – KRW 513,981.86
Buy at or below	Central value KRW 462,583.67
Discount to value	1 − 580000.00 / 462583.67 = -25.4%
Return / year	About 8.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 527172.15/share; ROE 8.8%; first payout KRW 46258.37/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 2.02T

Net income

Book / shareKRW 500K

Book / share

Dividend / shareKRW 19K

Dividend / share

Return on tangible equity9.6%

Return on tangible equity

Diluted shares43M

Diluted shares

Prices 15 Oct 2026 · FY2025