# DB HiTek (000990.KO)

Canonical: https://gigainvestors.com/s/000990.KO

Analysis as of: 2026-10-16T07:38:55.195Z. Financial observations: FY2004–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 102,700.00 per share; close as of 2026-10-15.

Estimated value: low KRW 114,362.61 per share, central KRW 126,269.63 per share, high KRW 142,120.40 per share. Buy at or below the central value KRW 126,269.63 per share. Valuation as of 2026-10-16T07:38:55.195Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.21×

- FY2018: 0.17×

- FY2019: 0.22×

- FY2020: 0.26×

- FY2021: 0.33×

- FY2022: 0.46×

- FY2023: 0.23×

- FY2024: 0.17×

- FY2025: 0.20×

### moat: pass

- ROIC, median of available years: 20.9%

- ROIC, second-lowest year: 14.8%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 37.4%

- Recent gross margin (lower of latest and 3-year median): 35.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.5%

- ROIC including acquisitions, ten-year median: 19.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.7%

- FY2017: 21.8%

- FY2018: 14.8%

- FY2019: 18.1%

- FY2020: 25.1%

- FY2021: 37.3%

- FY2022: 70.9%

- FY2023: 20.1%

- FY2024: 13.3%

- FY2025: 15.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.45T

- Net income, five-year total: KRW 1.62T

- Return on incremental invested capital: 30.7%

- Working capital / revenue, annual change: -2.2 pp

- Working capital / revenue, change between three-year averages: -14.4 pp

- Working capital / revenue, final three-year average: 11.3%

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

- FY2021: 1.03×

- FY2022: 1.00×

- FY2023: 0.21×

- FY2024: 1.07×

- FY2025: 1.04×

### 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: 21.8% vs 15.7%

- Per-share earnings: 2041.19 to 6200.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: KRW 2.10T

- Cumulative retained earnings: KRW 1.86T

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.2%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW 2K

- Per-share value, ending three-year median: KRW 6K

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 2.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 80B

- Cumulative net income, 10 years: KRW 2.18T

- ROIC, first three-year median: 21.8%

- ROIC, last three-year median: 15.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 3K

- FY2018: KRW 2K

- FY2019: KRW 2K

- FY2020: KRW 4K

- FY2021: KRW 7K

- FY2022: KRW 13K

- FY2023: KRW 6K

- FY2024: KRW 6K

- FY2025: KRW 6K

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -16.2%

- FY2017: -7.3%

- FY2018: -9.8%

- FY2019: -6.2%

- FY2020: -13.5%

- FY2021: -5.9%

- FY2022: -8.2%

- FY2023: 2.0%

- FY2024: -6.4%

- FY2025: -3.4%

## Holders

## Price story

Down 45% since May 2026 · sales +23.5%

Story as of 2026-10-16T10:00:10.326Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.5% a year for ten years

### Sales · FY2024–2025

sales +23.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 773B 

- FY2017: KRW 680B 

- FY2018: KRW 669B 

- FY2019: KRW 807B 

- FY2020: KRW 936B 

- FY2021: KRW 1.21T 

- FY2022: KRW 1.67T 

- FY2023: KRW 1.15T 

- FY2024: KRW 1.13T 

- FY2025: KRW 1.40T 

### Gross margin · FY2025

gross margin 35.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 37.5% 

- FY2017: 37.3% 

- FY2018: 32.2% 

- FY2019: 36.4% 

- FY2020: 38.3% 

- FY2021: 44.1% 

- FY2022: 55.6% 

- FY2023: 38.3% 

- FY2024: 34.2% 

- FY2025: 35.8% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are KRW 1.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2025: revenue 1397233307030; grossProfit 500372094490; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000990.KO: DB HiTek CO., LTD. engages in semiconductor foundry business in South Korea. It provides semiconductors, such as power management ICs, contact image sensor, display driver ICs used in mobile phones, industrial, medical equipment, and automobile applications, as well as provides wafer fabrication facilities that produces a range of processing nodes. The company's processing technologies include BCDMOS, analog CMOS, high voltage CMOS, mixed signal, CIS, flash, logic. It also operates in the United States, Taiwan, Japan, and China. The company was formerly known as Dongbu HiTek Co., Ltd. and changed its name to DB HiTek CO., LTD. in November 2017. DB HiTek CO., LTD. was founded in 1997 and is based in Bucheon-si, South Korea. DB HiTek CO., LTD. operates as a subsidiary of DB Life Insurance Co., Ltd.

### Why customers stay

Margins ranged from 34.2% to 38.3% during 2023–25; it earns 20.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2023: grossProfit / revenue = 38.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2024: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2025: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); 10-year return on capital observations [[2016,0.2769983052023199],[2017,0.21783183911427498],[2018,0.14783669591852303],[2019,0.18083690197063051],[2020,0.251265059791448],[2021,0.3731652244090347],[2022,0.7092722741479909],[2023,0.20094784257496726],[2024,0.13302738310197823],[2025,0.15660722032189947]]; median 0.20938984084462112. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 6 years; bought back KRW 45 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2016: growth capex 0; upkeep 98207334580; owner earnings 150104856540. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2017: growth capex 0; upkeep 75891164090; owner earnings 104577924420. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2018: growth capex 0; upkeep 109545303420; owner earnings 44664464240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2019: growth capex 8832842230; upkeep 80265000000; owner earnings 102105523740. Growth capex / owner earnings = 0.08650699694261223.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2020: growth capex 45618371530; upkeep 112126000000; owner earnings 164214059880. Growth capex / owner earnings = 0.27779820779862446.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2021: growth capex 0; upkeep 133612138040; owner earnings 327021373570. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2022: growth capex 64841968350; upkeep 119608000000; owner earnings 555921802530. Growth capex / owner earnings = 0.11663864963544192.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2023: growth capex 0; upkeep 335598542660; owner earnings 55294139110. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2024: growth capex 0; upkeep 133532467590; owner earnings 246358959990. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2025: growth capex 0; upkeep 154293743670; owner earnings 265717251320. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); Dividend observations: [[2016,10963680400],[2017,10963680400],[2018,10963680400],[2019,10857470650],[2020,15204861500],[2021,15207397600]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); FY2025: cash repurchases 44996823350 KRW.

### Are managers owners

Insiders own 25.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000990.KO SharesStats.PercentInsiders = 25.099 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:55.195Z); Ten-year compound average after fade. Initial solved rate -0.048628742307373296. Price 102700; 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 17,050.00 per share

- 2016-11: KRW 15,550.00 per share

- 2016-12: KRW 15,900.00 per share

- 2017-01: KRW 17,550.00 per share

- 2017-02: KRW 18,800.00 per share

- 2017-03: KRW 19,100.00 per share

- 2017-04: KRW 21,100.00 per share

- 2017-05: KRW 20,000.00 per share

- 2017-06: KRW 22,500.00 per share

- 2017-07: KRW 19,150.00 per share

- 2017-08: KRW 15,950.00 per share

- 2017-09: KRW 15,300.00 per share

- 2017-10: KRW 14,300.00 per share

- 2017-11: KRW 13,400.00 per share

- 2017-12: KRW 12,000.00 per share

- 2018-01: KRW 14,800.00 per share

- 2018-02: KRW 15,300.00 per share

- 2018-03: KRW 14,750.00 per share

- 2018-04: KRW 13,450.00 per share

- 2018-05: KRW 17,000.00 per share

- 2018-06: KRW 19,600.00 per share

- 2018-07: KRW 16,800.00 per share

- 2018-08: KRW 18,350.00 per share

- 2018-09: KRW 15,800.00 per share

- 2018-10: KRW 11,350.00 per share

- 2018-11: KRW 11,750.00 per share

- 2018-12: KRW 10,850.00 per share

- 2019-01: KRW 12,900.00 per share

- 2019-02: KRW 12,450.00 per share

- 2019-03: KRW 12,500.00 per share

- 2019-04: KRW 16,000.00 per share

- 2019-05: KRW 14,600.00 per share

- 2019-06: KRW 14,750.00 per share

- 2019-07: KRW 13,350.00 per share

- 2019-08: KRW 14,700.00 per share

- 2019-09: KRW 16,000.00 per share

- 2019-10: KRW 17,000.00 per share

- 2019-11: KRW 19,000.00 per share

- 2019-12: KRW 27,600.00 per share

- 2020-01: KRW 27,350.00 per share

- 2020-02: KRW 23,800.00 per share

- 2020-03: KRW 21,650.00 per share

- 2020-04: KRW 26,750.00 per share

- 2020-05: KRW 28,600.00 per share

- 2020-06: KRW 28,850.00 per share

- 2020-07: KRW 34,100.00 per share

- 2020-08: KRW 35,550.00 per share

- 2020-09: KRW 37,500.00 per share

- 2020-10: KRW 31,950.00 per share

- 2020-11: KRW 35,450.00 per share

- 2020-12: KRW 51,000.00 per share

- 2021-01: KRW 61,500.00 per share

- 2021-02: KRW 56,400.00 per share

- 2021-03: KRW 56,300.00 per share

- 2021-04: KRW 55,300.00 per share

- 2021-05: KRW 51,600.00 per share

- 2021-06: KRW 62,400.00 per share

- 2021-07: KRW 61,000.00 per share

- 2021-08: KRW 59,800.00 per share

- 2021-09: KRW 54,600.00 per share

- 2021-10: KRW 57,500.00 per share

- 2021-11: KRW 67,000.00 per share

- 2021-12: KRW 72,700.00 per share

- 2022-01: KRW 74,100.00 per share

- 2022-02: KRW 69,400.00 per share

- 2022-03: KRW 74,900.00 per share

- 2022-04: KRW 67,700.00 per share

- 2022-05: KRW 68,700.00 per share

- 2022-06: KRW 49,950.00 per share

- 2022-07: KRW 45,000.00 per share

- 2022-08: KRW 46,500.00 per share

- 2022-09: KRW 37,350.00 per share

- 2022-10: KRW 44,250.00 per share

- 2022-11: KRW 44,600.00 per share

- 2022-12: KRW 37,150.00 per share

- 2023-01: KRW 45,200.00 per share

- 2023-02: KRW 45,300.00 per share

- 2023-03: KRW 72,300.00 per share

- 2023-04: KRW 60,500.00 per share

- 2023-05: KRW 60,400.00 per share

- 2023-06: KRW 63,100.00 per share

- 2023-07: KRW 59,000.00 per share

- 2023-08: KRW 53,500.00 per share

- 2023-09: KRW 48,800.00 per share

- 2023-10: KRW 48,400.00 per share

- 2023-11: KRW 61,900.00 per share

- 2023-12: KRW 58,600.00 per share

- 2024-01: KRW 49,850.00 per share

- 2024-02: KRW 46,400.00 per share

- 2024-03: KRW 43,250.00 per share

- 2024-04: KRW 41,400.00 per share

- 2024-05: KRW 40,550.00 per share

- 2024-06: KRW 48,900.00 per share

- 2024-07: KRW 54,300.00 per share

- 2024-08: KRW 40,750.00 per share

- 2024-09: KRW 40,300.00 per share

- 2024-10: KRW 39,000.00 per share

- 2024-11: KRW 31,400.00 per share

- 2024-12: KRW 33,150.00 per share

- 2025-01: KRW 32,350.00 per share

- 2025-02: KRW 43,200.00 per share

- 2025-03: KRW 42,750.00 per share

- 2025-04: KRW 38,350.00 per share

- 2025-05: KRW 39,000.00 per share

- 2025-06: KRW 46,800.00 per share

- 2025-07: KRW 45,700.00 per share

- 2025-08: KRW 45,950.00 per share

- 2025-09: KRW 56,800.00 per share

- 2025-10: KRW 58,800.00 per share

- 2025-11: KRW 63,600.00 per share

- 2025-12: KRW 67,600.00 per share

- 2026-01: KRW 105,800.00 per share

- 2026-02: KRW 95,700.00 per share

- 2026-03: KRW 78,500.00 per share

- 2026-04: KRW 158,500.00 per share

- 2026-05: KRW 185,500.00 per share

- 2026-06: KRW 144,200.00 per share

- 2026-07: KRW 83,100.00 per share

- 2026-08: KRW 95,000.00 per share

- 2026-09: KRW 136,600.00 per share

- 2026-10: KRW 126,500.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 17,764.29 per share, central KRW 19,811.34 per share, high KRW 22,536.41 per share

- FY2017: low KRW 17,951.73 per share, central KRW 19,979.85 per share, high KRW 22,679.71 per share

- FY2018: low KRW 18,117.96 per share, central KRW 20,114.89 per share, high KRW 22,773.22 per share

- FY2019: low KRW 29,211.34 per share, central KRW 32,754.63 per share, high KRW 37,471.50 per share

- FY2020: low KRW 40,922.81 per share, central KRW 45,930.61 per share, high KRW 52,597.07 per share

- FY2021: low KRW 57,429.33 per share, central KRW 63,924.80 per share, high KRW 72,571.65 per share

- FY2022: low KRW 94,950.20 per share, central KRW 105,107.24 per share, high KRW 118,628.43 per share

- FY2023: low KRW 81,383.27 per share, central KRW 109,258.72 per share, high KRW 125,490.64 per share

- FY2024: low KRW 86,436.59 per share, central KRW 95,367.59 per share, high KRW 107,256.65 per share

- FY2025: low KRW 105,587.58 per share, central KRW 116,691.22 per share, high KRW 131,472.53 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.

DB HiTek

000990 · KO

KOSPI 200

A wonderful business at a fair price

Passes the quality tests.

Share price: KRW 102,700.00
Buy up to: KRW 126,269.63
Expected / yr: 12.3% 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 33.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 22.4%
Worst year: 16.9%
Latest · 2025: 19.8%

Capital return excluding acquisitions: median 20.9% (minimum 15%), and the second-worst year 14.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 20.9%
Worst year: 13.3%
Latest · 2025: 15.7%

Each $1 of profit left $0.89 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.89×
Annual median: 1.03×
Latest · 2025: 1.04×

Per-share value rose from 2041.19 to 6200, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 5K
Worst year: KRW 2K
Latest · 2025: KRW 6K

Profits were backed by cash: accruals were -3.4% of assets (limit 10%).

Sloan accruals

10y median: -6.9%
Worst year: 2.0%
Latest · 2025: -3.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 24.7%, three-year average owner earnings per share 4,555.38 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 17050.00 · Value 19811.34 · Buy at or below 19811.34; 2016-11 · Price KRW 15550.00 · Value 19811.34 · Buy at or below 19811.34; 2016-12 · Price KRW 15900.00 · Value 19811.34 · Buy at or below 19811.34; 2017-01 · Price KRW 17550.00 · Value 19811.34 · Buy at or below 19811.34; 2017-02 · Price KRW 18800.00 · Value 19979.85 · Buy at or below 19979.85; 2017-03 · Price KRW 19100.00 · Value 19979.85 · Buy at or below 19979.85; 2017-04 · Price KRW 21100.00 · Value 19979.85 · Buy at or below 19979.85; 2017-05 · Price KRW 20000.00 · Value 19979.85 · Buy at or below 19979.85; 2017-06 · Price KRW 22500.00 · Value 19979.85 · Buy at or below 19979.85; 2017-07 · Price KRW 19150.00 · Value 19979.85 · Buy at or below 19979.85; 2017-08 · Price KRW 15950.00 · Value 19979.85 · Buy at or below 19979.85; 2017-09 · Price KRW 15300.00 · Value 19979.85 · Buy at or below 19979.85; 2017-10 · Price KRW 14300.00 · Value 19979.85 · Buy at or below 19979.85; 2017-11 · Price KRW 13400.00 · Value 19979.85 · Buy at or below 19979.85; 2017-12 · Price KRW 12000.00 · Value 19979.85 · Buy at or below 19979.85; 2018-01 · Price KRW 14800.00 · Value 19979.85 · Buy at or below 19979.85; 2018-02 · Price KRW 15300.00 · Value 20114.89 · Buy at or below 20114.89; 2018-03 · Price KRW 14750.00 · Value 20114.89 · Buy at or below 20114.89; 2018-04 · Price KRW 13450.00 · Value 20114.89 · Buy at or below 20114.89; 2018-05 · Price KRW 17000.00 · Value 20114.89 · Buy at or below 20114.89; 2018-06 · Price KRW 19600.00 · Value 20114.89 · Buy at or below 20114.89; 2018-07 · Price KRW 16800.00 · Value 20114.89 · Buy at or below 20114.89; 2018-08 · Price KRW 18350.00 · Value 20114.89 · Buy at or below 20114.89; 2018-09 · Price KRW 15800.00 · Value 20114.89 · Buy at or below 20114.89; 2018-10 · Price KRW 11350.00 · Value 20114.89 · Buy at or below 20114.89; 2018-11 · Price KRW 11750.00 · Value 20114.89 · Buy at or below 20114.89; 2018-12 · Price KRW 10850.00 · Value 20114.89 · Buy at or below 20114.89; 2019-01 · Price KRW 12900.00 · Value 20114.89 · Buy at or below 20114.89; 2019-02 · Price KRW 12450.00 · Value 32754.63 · Buy at or below 32754.63; 2019-03 · Price KRW 12500.00 · Value 32754.63 · Buy at or below 32754.63; 2019-04 · Price KRW 16000.00 · Value 32754.63 · Buy at or below 32754.63; 2019-05 · Price KRW 14600.00 · Value 32754.63 · Buy at or below 32754.63; 2019-06 · Price KRW 14750.00 · Value 32754.63 · Buy at or below 32754.63; 2019-07 · Price KRW 13350.00 · Value 32754.63 · Buy at or below 32754.63; 2019-08 · Price KRW 14700.00 · Value 32754.63 · Buy at or below 32754.63; 2019-09 · Price KRW 16000.00 · Value 32754.63 · Buy at or below 32754.63; 2019-10 · Price KRW 17000.00 · Value 32754.63 · Buy at or below 32754.63; 2019-11 · Price KRW 19000.00 · Value 32754.63 · Buy at or below 32754.63; 2019-12 · Price KRW 27600.00 · Value 32754.63 · Buy at or below 32754.63; 2020-01 · Price KRW 27350.00 · Value 32754.63 · Buy at or below 32754.63; 2020-02 · Price KRW 23800.00 · Value 45930.61 · Buy at or below 45930.61; 2020-03 · Price KRW 21650.00 · Value 45930.61 · Buy at or below 45930.61; 2020-04 · Price KRW 26750.00 · Value 45930.61 · Buy at or below 45930.61; 2020-05 · Price KRW 28600.00 · Value 45930.61 · Buy at or below 45930.61; 2020-06 · Price KRW 28850.00 · Value 45930.61 · Buy at or below 45930.61; 2020-07 · Price KRW 34100.00 · Value 45930.61 · Buy at or below 45930.61; 2020-08 · Price KRW 35550.00 · Value 45930.61 · Buy at or below 45930.61; 2020-09 · Price KRW 37500.00 · Value 45930.61 · Buy at or below 45930.61; 2020-10 · Price KRW 31950.00 · Value 45930.61 · Buy at or below 45930.61; 2020-11 · Price KRW 35450.00 · Value 45930.61 · Buy at or below 45930.61; 2020-12 · Price KRW 51000.00 · Value 45930.61 · Buy at or below 45930.61; 2021-01 · Price KRW 61500.00 · Value 45930.61 · Buy at or below 45930.61; 2021-02 · Price KRW 56400.00 · Value 63924.80 · Buy at or below 63924.80; 2021-03 · Price KRW 56300.00 · Value 63924.80 · Buy at or below 63924.80; 2021-04 · Price KRW 55300.00 · Value 63924.80 · Buy at or below 63924.80; 2021-05 · Price KRW 51600.00 · Value 63924.80 · Buy at or below 63924.80; 2021-06 · Price KRW 62400.00 · Value 63924.80 · Buy at or below 63924.80; 2021-07 · Price KRW 61000.00 · Value 63924.80 · Buy at or below 63924.80; 2021-08 · Price KRW 59800.00 · Value 63924.80 · Buy at or below 63924.80; 2021-09 · Price KRW 54600.00 · Value 63924.80 · Buy at or below 63924.80; 2021-10 · Price KRW 57500.00 · Value 63924.80 · Buy at or below 63924.80; 2021-11 · Price KRW 67000.00 · Value 63924.80 · Buy at or below 63924.80; 2021-12 · Price KRW 72700.00 · Value 63924.80 · Buy at or below 63924.80; 2022-01 · Price KRW 74100.00 · Value 63924.80 · Buy at or below 63924.80; 2022-02 · Price KRW 69400.00 · Value 105107.24 · Buy at or below 105107.24; 2022-03 · Price KRW 74900.00 · Value 105107.24 · Buy at or below 105107.24; 2022-04 · Price KRW 67700.00 · Value 105107.24 · Buy at or below 105107.24; 2022-05 · Price KRW 68700.00 · Value 105107.24 · Buy at or below 105107.24; 2022-06 · Price KRW 49950.00 · Value 105107.24 · Buy at or below 105107.24; 2022-07 · Price KRW 45000.00 · Value 105107.24 · Buy at or below 105107.24; 2022-08 · Price KRW 46500.00 · Value 105107.24 · Buy at or below 105107.24; 2022-09 · Price KRW 37350.00 · Value 105107.24 · Buy at or below 105107.24; 2022-10 · Price KRW 44250.00 · Value 105107.24 · Buy at or below 105107.24; 2022-11 · Price KRW 44600.00 · Value 105107.24 · Buy at or below 105107.24; 2022-12 · Price KRW 37150.00 · Value 105107.24 · Buy at or below 105107.24; 2023-01 · Price KRW 45200.00 · Value 105107.24 · Buy at or below 105107.24; 2023-02 · Price KRW 45300.00 · Value 109258.72 · Buy at or below 109258.72; 2023-03 · Price KRW 72300.00 · Value 109258.72 · Buy at or below 109258.72; 2023-04 · Price KRW 60500.00 · Value 109258.72 · Buy at or below 109258.72; 2023-05 · Price KRW 60400.00 · Value 109258.72 · Buy at or below 109258.72; 2023-06 · Price KRW 63100.00 · Value 109258.72 · Buy at or below 109258.72; 2023-07 · Price KRW 59000.00 · Value 109258.72 · Buy at or below 109258.72; 2023-08 · Price KRW 53500.00 · Value 109258.72 · Buy at or below 109258.72; 2023-09 · Price KRW 48800.00 · Value 109258.72 · Buy at or below 109258.72; 2023-10 · Price KRW 48400.00 · Value 109258.72 · Buy at or below 109258.72; 2023-11 · Price KRW 61900.00 · Value 109258.72 · Buy at or below 109258.72; 2023-12 · Price KRW 58600.00 · Value 109258.72 · Buy at or below 109258.72; 2024-01 · Price KRW 49850.00 · Value 109258.72 · Buy at or below 109258.72; 2024-02 · Price KRW 46400.00 · Value 95367.59 · Buy at or below 95367.59; 2024-03 · Price KRW 43250.00 · Value 95367.59 · Buy at or below 95367.59; 2024-04 · Price KRW 41400.00 · Value 95367.59 · Buy at or below 95367.59; 2024-05 · Price KRW 40550.00 · Value 95367.59 · Buy at or below 95367.59; 2024-06 · Price KRW 48900.00 · Value 95367.59 · Buy at or below 95367.59; 2024-07 · Price KRW 54300.00 · Value 95367.59 · Buy at or below 95367.59; 2024-08 · Price KRW 40750.00 · Value 95367.59 · Buy at or below 95367.59; 2024-09 · Price KRW 40300.00 · Value 95367.59 · Buy at or below 95367.59; 2024-10 · Price KRW 39000.00 · Value 95367.59 · Buy at or below 95367.59; 2024-11 · Price KRW 31400.00 · Value 95367.59 · Buy at or below 95367.59; 2024-12 · Price KRW 33150.00 · Value 95367.59 · Buy at or below 95367.59; 2025-01 · Price KRW 32350.00 · Value 95367.59 · Buy at or below 95367.59; 2025-02 · Price KRW 43200.00 · Value 116691.22 · Buy at or below 116691.22; 2025-03 · Price KRW 42750.00 · Value 116691.22 · Buy at or below 116691.22; 2025-04 · Price KRW 38350.00 · Value 116691.22 · Buy at or below 116691.22; 2025-05 · Price KRW 39000.00 · Value 116691.22 · Buy at or below 116691.22; 2025-06 · Price KRW 46800.00 · Value 116691.22 · Buy at or below 116691.22; 2025-07 · Price KRW 45700.00 · Value 116691.22 · Buy at or below 116691.22; 2025-08 · Price KRW 45950.00 · Value 116691.22 · Buy at or below 116691.22; 2025-09 · Price KRW 56800.00 · Value 116691.22 · Buy at or below 116691.22; 2025-10 · Price KRW 58800.00 · Value 116691.22 · Buy at or below 116691.22; 2025-11 · Price KRW 63600.00 · Value 116691.22 · Buy at or below 116691.22; 2025-12 · Price KRW 67600.00 · Value 116691.22 · Buy at or below 116691.22; 2026-01 · Price KRW 105800.00 · Value 116691.22 · Buy at or below 116691.22; 2026-02 · Price KRW 95700.00 · Value 126269.63 · Buy at or below 126269.63; 2026-03 · Price KRW 78500.00 · Value 126269.63 · Buy at or below 126269.63; 2026-04 · Price KRW 158500.00 · Value 126269.63 · Buy at or below 126269.63; 2026-05 · Price KRW 185500.00 · Value 126269.63 · Buy at or below 126269.63; 2026-06 · Price KRW 144200.00 · Value 126269.63 · Buy at or below 126269.63; 2026-07 · Price KRW 83100.00 · Value 126269.63 · Buy at or below 126269.63; 2026-08 · Price KRW 95000.00 · Value 126269.63 · Buy at or below 126269.63; 2026-09 · Price KRW 136600.00 · Value 126269.63 · Buy at or below 126269.63; 2026-10 · Price KRW 126500.00 · Value 126269.63 · Buy at or below 126269.63; 2026-10 · Price KRW 102700.00 · Value 126269.63 · Buy at or below 126269.63

KRW per share · annual estimates

Price & return math
Value range	KRW 114,362.61 – KRW 142,120.40
Buy at or below	Central value KRW 126,269.63
Discount to value	1 − 102700.00 / 126269.63 = 18.7%
Return / year	About 12.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 7900.92/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 28003.59/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 1.40T

Revenue

Owner earningsKRW 266B

Owner earnings

Operating margin19.8%

Operating margin

Net cash / debtKRW 707B

Net cash / debt

Diluted shares41M

Diluted shares

Prices 15 Oct 2026 · FY2025