# Taihan Electric Wire (001440.KO)

Canonical: https://gigainvestors.com/s/001440.KO

Analysis as of: 2026-10-16T07:38:47.564Z. Financial observations: FY2000–FY2026.

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 23,350.00 per share; close as of 2026-10-15.

Estimated value: low KRW 7,134.19 per share, central KRW 9,004.26 per share, high KRW 10,093.19 per share. Buy at or below the central value KRW 9,004.26 per share. Valuation as of 2026-10-16T07:38:47.564Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% 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: fail

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

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.04×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: 3.3%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 7.7%

- Recent gross margin (lower of latest and 3-year median): 7.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.6%

- FY2017: 5.1%

- FY2018: 4.8%

- FY2019: 3.1%

- FY2020: 5.4%

- FY2021: 5.1%

- FY2022: 3.3%

- FY2023: 7.0%

- FY2024: 9.0%

- FY2025: 7.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 204B

- Net income, five-year total: KRW 274B

- Return on incremental invested capital: 10.6%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 23.5%

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

- FY2021: 1.67×

- FY2022: 1.65×

- FY2023: 0.61×

- FY2024: 0.78×

- FY2025: 0.30×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 7.0%

- Per-share earnings: -212.51 to 453.26 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 17.0%

- Market cap gain: KRW 2.69T

- Cumulative retained earnings: KRW 307B

- Diluted shares, 5-year annual growth: 17.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 665.77

- Per-share value, starting three-year median: KRW -212.51

- Per-share value, ending three-year median: KRW 453.26

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 14B

- Cumulative net income, 10 years: KRW 200B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 7.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -212.51

- FY2017: KRW -512.84

- FY2018: KRW -34.88

- FY2019: KRW -141.69

- FY2020: KRW 34.86

- FY2021: KRW 301.51

- FY2022: KRW 166.31

- FY2023: KRW 513.25

- FY2024: KRW 379.23

- FY2025: KRW 453.26

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 7.3%

- Receivables to sales index (DSRI): 1.26×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -2.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.9%

- FY2017: -5.6%

- FY2018: -1.5%

- FY2019: -7.4%

- FY2020: -1.1%

- FY2021: 3.3%

- FY2022: 4.1%

- FY2023: 2.1%

- FY2024: 2.4%

- FY2025: 7.3%

## Holders

## Price story

Down 59% since Apr 2026 · sales +14%

Story as of 2026-10-16T10:00:10.230Z; price observation 2026-10-15.

Price needs cash profits to grow 21.9% a year for ten years

### Sales · FY2025–2026

sales +14%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.59T 

- FY2018: KRW 1.65T 

- FY2019: KRW 1.55T 

- FY2020: KRW 1.60T 

- FY2021: KRW 2.00T 

- FY2022: KRW 2.45T 

- FY2023: KRW 2.84T 

- FY2024: KRW 3.29T 

- FY2025: KRW 3.64T 

- FY2026: KRW 4.15T 

### Gross margin · FY2025

gross margin 7.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.1% 

- FY2017: 8.4% 

- FY2018: 7.5% 

- FY2019: 6.4% 

- FY2020: 8.1% 

- FY2021: 6.2% 

- FY2022: 5.6% 

- FY2023: 6.8% 

- FY2024: 8.0% 

- FY2025: 7.8% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are KRW 3.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2025: revenue 3636018215710; grossProfit 283163974330; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001440.KO: Taihan Cable & Solution Co., Ltd. manufactures, processes, and sells electric wires, cables, and related products worldwide. The company offers power generation products, such as transmission cables, distribution cables, industrial cables, heating systems, and busducts; renewable energy cables, comprising submarine and solar power cables; communication cables, including LAN, coaxial, railway, local communication, UL style, CATV, and other cables; and optical cables, which consists of outdoor and indoor optical cables, OPGW/photoelectric composite, conductors, and accessories, as well as base metal products that include copper rod and wires and magnet wires. It also provides power transmission and distribution; offshore wind power; communication; plants; mobility; residential and commercial buildings; vessels and ports; and information and communications technologies solutions. In addition, the company involves in construction and real estate investment business. The company was formerly known as Taihan Electric Wire Co., Ltd. Taihan Cable & Solution Co., Ltd. was founded in 1941 and is headquartered in Anyang-Si, South Korea.

### Why customers stay

Margins ranged from 6.8% to 8% during 2023–25; it earns 5.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2023: grossProfit / revenue = 6.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2024: grossProfit / revenue = 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2025: grossProfit / revenue = 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); 10-year return on capital observations [[2016,0.046473328587905066],[2017,0.050711310313880306],[2018,0.04836459551235698],[2019,0.030646491606485863],[2020,0.05397373514484459],[2021,0.05103511378642316],[2022,0.03319859679916114],[2023,0.07002258997928298],[2024,0.09025165993429937],[2025,0.07042991535071759]]; median 0.05087321205015173. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 6% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); Gross margin observations: [[2021,0.062460019087979976],[2022,0.05646867531224343],[2023,0.06751142736231017]]; range within 2 percentage points.

### Where the cash goes

Earns 10.6% on new investment; paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2017: growth capex 0; upkeep 21358267000; owner earnings 10504336000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2018: growth capex 0; upkeep 10674279000; owner earnings 3680261000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2019: growth capex 0; upkeep 6380415000; owner earnings 7241224800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2020: growth capex 0; upkeep 6629261000; owner earnings 23474304400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2021: growth capex 0; upkeep 7374015000; owner earnings 46647651200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2022: growth capex 0; upkeep 13335122000; owner earnings 34058867000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2023: growth capex 80756853086.23242; upkeep 49411336913.76758; owner earnings 43012912486.23242. Growth capex / owner earnings = 1.8775025548916522.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2024: growth capex 87537145559.0963; upkeep 42714923440.9037; owner earnings 54914226699.0963. Growth capex / owner earnings = 1.594070440775903.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2025: growth capex 66585287437.6039; upkeep 94111245042.3961; owner earnings 25432357647.603897. Growth capex / owner earnings = 2.6181327095279037.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); Incremental return on capital 0.10611897134433379, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); FY2025: cash repurchases 23067000 KRW.

### Are managers owners

Insiders own 39.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001440.KO SharesStats.PercentInsiders = 39.933 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:47.564Z); Ten-year compound average after fade. Initial solved rate 0.3060398274956917. Price 23350; 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 18,899.98 per share

- 2016-11: KRW 18,399.98 per share

- 2016-12: KRW 18,549.98 per share

- 2017-01: KRW 19,199.98 per share

- 2017-02: KRW 18,449.98 per share

- 2017-03: KRW 17,149.98 per share

- 2017-04: KRW 17,199.98 per share

- 2017-05: KRW 13,949.99 per share

- 2017-06: KRW 13,949.99 per share

- 2017-07: KRW 12,449.99 per share

- 2017-08: KRW 13,799.99 per share

- 2017-09: KRW 12,449.99 per share

- 2017-10: KRW 12,699.99 per share

- 2017-11: KRW 11,499.99 per share

- 2017-12: KRW 11,249.99 per share

- 2018-01: KRW 14,549.99 per share

- 2018-02: KRW 13,249.99 per share

- 2018-03: KRW 13,349.99 per share

- 2018-04: KRW 16,849.98 per share

- 2018-05: KRW 17,599.98 per share

- 2018-06: KRW 12,949.99 per share

- 2018-07: KRW 11,699.99 per share

- 2018-08: KRW 11,899.99 per share

- 2018-09: KRW 12,499.99 per share

- 2018-10: KRW 10,349.99 per share

- 2018-11: KRW 10,699.99 per share

- 2018-12: KRW 10,149.99 per share

- 2019-01: KRW 11,199.99 per share

- 2019-02: KRW 11,349.99 per share

- 2019-03: KRW 10,599.99 per share

- 2019-04: KRW 9,889.99 per share

- 2019-05: KRW 7,929.99 per share

- 2019-06: KRW 7,089.99 per share

- 2019-07: KRW 6,139.99 per share

- 2019-08: KRW 5,899.99 per share

- 2019-09: KRW 6,049.99 per share

- 2019-10: KRW 6,370.00 per share

- 2019-11: KRW 6,060.00 per share

- 2019-12: KRW 6,160.00 per share

- 2020-01: KRW 5,989.99 per share

- 2020-02: KRW 5,619.99 per share

- 2020-03: KRW 5,050.00 per share

- 2020-04: KRW 6,449.99 per share

- 2020-05: KRW 7,709.99 per share

- 2020-06: KRW 6,689.99 per share

- 2020-07: KRW 8,009.99 per share

- 2020-08: KRW 6,909.99 per share

- 2020-09: KRW 8,089.99 per share

- 2020-10: KRW 8,709.99 per share

- 2020-11: KRW 15,399.99 per share

- 2020-12: KRW 13,699.99 per share

- 2021-01: KRW 11,049.99 per share

- 2021-02: KRW 9,809.99 per share

- 2021-03: KRW 11,599.99 per share

- 2021-04: KRW 11,449.99 per share

- 2021-05: KRW 20,349.98 per share

- 2021-06: KRW 30,699.97 per share

- 2021-07: KRW 25,949.98 per share

- 2021-08: KRW 24,949.98 per share

- 2021-09: KRW 23,949.98 per share

- 2021-10: KRW 22,549.98 per share

- 2021-11: KRW 17,999.98 per share

- 2021-12: KRW 17,799.98 per share

- 2022-01: KRW 17,599.98 per share

- 2022-02: KRW 16,000.00 per share

- 2022-03: KRW 18,500.00 per share

- 2022-04: KRW 18,100.00 per share

- 2022-05: KRW 22,300.00 per share

- 2022-06: KRW 18,450.00 per share

- 2022-07: KRW 17,600.00 per share

- 2022-08: KRW 18,750.00 per share

- 2022-09: KRW 14,500.00 per share

- 2022-10: KRW 15,000.00 per share

- 2022-11: KRW 16,900.00 per share

- 2022-12: KRW 14,950.00 per share

- 2023-01: KRW 16,010.00 per share

- 2023-02: KRW 14,580.00 per share

- 2023-03: KRW 15,100.00 per share

- 2023-04: KRW 14,920.00 per share

- 2023-05: KRW 14,270.00 per share

- 2023-06: KRW 14,220.00 per share

- 2023-07: KRW 13,020.00 per share

- 2023-08: KRW 13,200.00 per share

- 2023-09: KRW 12,130.00 per share

- 2023-10: KRW 11,110.00 per share

- 2023-11: KRW 11,900.00 per share

- 2023-12: KRW 10,080.00 per share

- 2024-01: KRW 9,310.00 per share

- 2024-02: KRW 9,380.00 per share

- 2024-03: KRW 10,410.00 per share

- 2024-04: KRW 13,760.00 per share

- 2024-05: KRW 16,710.00 per share

- 2024-06: KRW 16,560.00 per share

- 2024-07: KRW 13,790.00 per share

- 2024-08: KRW 12,300.00 per share

- 2024-09: KRW 12,030.00 per share

- 2024-10: KRW 11,730.00 per share

- 2024-11: KRW 11,310.00 per share

- 2024-12: KRW 11,150.00 per share

- 2025-01: KRW 13,090.00 per share

- 2025-02: KRW 12,020.00 per share

- 2025-03: KRW 11,430.00 per share

- 2025-04: KRW 11,630.00 per share

- 2025-05: KRW 12,780.00 per share

- 2025-06: KRW 17,240.00 per share

- 2025-07: KRW 15,730.00 per share

- 2025-08: KRW 15,670.00 per share

- 2025-09: KRW 15,520.00 per share

- 2025-10: KRW 24,200.00 per share

- 2025-11: KRW 22,200.00 per share

- 2025-12: KRW 22,900.00 per share

- 2026-01: KRW 29,400.00 per share

- 2026-02: KRW 36,000.00 per share

- 2026-03: KRW 26,700.00 per share

- 2026-04: KRW 56,300.00 per share

- 2026-05: KRW 45,450.00 per share

- 2026-06: KRW 33,900.00 per share

- 2026-07: KRW 23,200.00 per share

- 2026-08: KRW 29,400.00 per share

- 2026-09: KRW 29,650.00 per share

- 2026-10: KRW 25,700.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 2,470.62 per share, central KRW 2,532.37 per share, high KRW 2,614.58 per share

- FY2020: low KRW 2,607.52 per share, central KRW 2,739.63 per share, high KRW 2,915.50 per share

- FY2021: low KRW 2,779.51 per share, central KRW 2,994.56 per share, high KRW 3,280.82 per share

- FY2022: low KRW 5,038.07 per share, central KRW 5,452.80 per share, high KRW 6,004.90 per share

- FY2023: low KRW 5,899.68 per share, central KRW 7,669.96 per share, high KRW 8,700.79 per share

- FY2024: low KRW 6,547.31 per share, central KRW 8,108.48 per share, high KRW 9,017.55 per share

- FY2025: low KRW 7,426.01 per share, central KRW 9,150.19 per share, high KRW 10,154.19 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 2026-10-15T06:44:18.109Z 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