# Hyundai Mar&Fi (001450.KO)

Canonical: https://gigainvestors.com/s/001450.KO

Analysis as of: 2026-10-16T07:39:51.610Z. 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 42,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 68,461.08 per share, central KRW 75,307.19 per share, high KRW 83,674.65 per share. Buy at or below the central value KRW 75,307.19 per share. Valuation as of 2026-10-16T07:39:51.610Z; scenarios are not confidence intervals.

Expected annual return: 17.7% at the stated quote. About 17.7% 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): 0.38×

Chart: Net income; fiscal year observations.

- FY2016: KRW 410B

- FY2017: KRW 464B

- FY2018: KRW 367B

- FY2019: KRW 252B

- FY2020: KRW 315B

- FY2021: KRW 433B

- FY2022: KRW 575B

- FY2023: KRW 574B

- FY2024: KRW 851B

- FY2025: KRW 1.02T

### 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: 11.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.7%

- Years with reported combined ratio: 0

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

- FY2016: 14.7%

- FY2017: 15.3%

- FY2018: 9.0%

- FY2019: 5.7%

- FY2020: 6.7%

- FY2021: 8.8%

- FY2022: 13.9%

- FY2023: 9.7%

- FY2024: 18.4%

- FY2025: 20.2%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.7%

- Book return interval: 9 years

- Starting book value per share: KRW 36K

- Ending book value per share: KRW 66K

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

- FY2017: 19.7%

- FY2018: -30.2%

- FY2019: 51.5%

- FY2020: 49.0%

- FY2021: 7.7%

- FY2022: -14.0%

- FY2023: 46.8%

- FY2024: -17.4%

- FY2025: 8.7%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.3%

- Share growth excluding flagged crisis recapitalisations: -0.2%

- Five-year share growth excluding flagged crisis recapitalisations: -0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.66×

- Book value created per share: KRW 30K

- Earnings retained per share after dividends and buybacks: KRW 46K

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

- FY2016: 100

- FY2017: 94

- FY2018: 185

- FY2019: 137

- FY2020: 100

- FY2021: 98

- FY2022: 100

- FY2023: 100

- FY2024: 98

- FY2025: 98

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 7.7% a year forever · net income +19.9%

Story as of 2026-10-16T10:00:11.041Z; price observation 2026-10-15.

The price assumes profits shrink 7.7% a year forever

### Net income · FY2025

net income +19.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 410B 

- FY2017: KRW 464B 

- FY2018: KRW 367B 

- FY2019: KRW 252B 

- FY2020: KRW 315B 

- FY2021: KRW 433B 

- FY2022: KRW 575B 

- FY2023: KRW 574B 

- FY2024: KRW 851B 

- FY2025: KRW 1.02T 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are KRW 15.4 trillion.

- Source: https://eodhd.com/api/fundamentals/001450.KO.json#2025-12-31 (filed 2026-10-16T07:39:51.610Z); FY2025: revenue 15398544431910.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001450.KO: Hyundai Marine & Fire Insurance Co., Ltd. provides non-life insurance and other related insurance services in South Korea and internationally. The company offers automobile/driver, health/child, property, annuity/savings, fire, marine, accident, engineering, workers' compensation, and liability insurance products. It also engages in the building and facility management, asset management, investment advisory, reinsurance brokerage, and claims service businesses. The company was formerly known as Dongbang Fire & Marine Insurance Co., Ltd. and changed its name to Hyundai Marine & Fire Insurance Co. Ltd. in October 1985. Hyundai Marine & Fire Insurance Co., Ltd. was incorporated in 1955 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 11.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); 10-year return on tangible equity observations [[2016,0.14666396436427184],[2017,0.15281257890818276],[2018,0.09047331545612285],[2019,0.05710993205678527],[2020,0.0668928492373756],[2021,0.08812063915812647],[2022,0.13924128674068562],[2023,0.09688162884665934],[2024,0.18415888327185395],[2025,0.20159303823170774]]; median 0.11806145779367247. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back KRW 8.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); Dividend observations: [[2016,60260460890],[2017,107930242970],[2018,125820416500],[2019,113705056240],[2020,93771194240],[2021,103018500000],[2022,139657460000],[2023,181351465190],[2024,161769113500]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); FY2025: cash repurchases 8303775 KRW.

### Are managers owners

Insiders own 24% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001450.KO SharesStats.PercentInsiders = 24.034 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 7.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:51.610Z); Price 42500; FX 1; original perpetual distributable cash 7530.71863165343; discount 0.1; growth -0.07719337956831598. 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 35,350.00 per share

- 2016-11: KRW 36,400.00 per share

- 2016-12: KRW 31,500.00 per share

- 2017-01: KRW 30,100.00 per share

- 2017-02: KRW 32,400.00 per share

- 2017-03: KRW 35,000.00 per share

- 2017-04: KRW 36,700.00 per share

- 2017-05: KRW 37,750.00 per share

- 2017-06: KRW 39,350.00 per share

- 2017-07: KRW 45,400.00 per share

- 2017-08: KRW 46,200.00 per share

- 2017-09: KRW 45,300.00 per share

- 2017-10: KRW 45,350.00 per share

- 2017-11: KRW 43,400.00 per share

- 2017-12: KRW 47,000.00 per share

- 2018-01: KRW 46,350.00 per share

- 2018-02: KRW 41,300.00 per share

- 2018-03: KRW 38,900.00 per share

- 2018-04: KRW 38,250.00 per share

- 2018-05: KRW 34,050.00 per share

- 2018-06: KRW 33,700.00 per share

- 2018-07: KRW 36,650.00 per share

- 2018-08: KRW 37,200.00 per share

- 2018-09: KRW 41,950.00 per share

- 2018-10: KRW 41,800.00 per share

- 2018-11: KRW 40,050.00 per share

- 2018-12: KRW 41,050.00 per share

- 2019-01: KRW 37,350.00 per share

- 2019-02: KRW 37,700.00 per share

- 2019-03: KRW 37,900.00 per share

- 2019-04: KRW 38,250.00 per share

- 2019-05: KRW 30,750.00 per share

- 2019-06: KRW 28,450.00 per share

- 2019-07: KRW 27,950.00 per share

- 2019-08: KRW 23,900.00 per share

- 2019-09: KRW 26,400.00 per share

- 2019-10: KRW 25,250.00 per share

- 2019-11: KRW 28,000.00 per share

- 2019-12: KRW 26,950.00 per share

- 2020-01: KRW 22,000.00 per share

- 2020-02: KRW 22,600.00 per share

- 2020-03: KRW 22,650.00 per share

- 2020-04: KRW 26,100.00 per share

- 2020-05: KRW 24,250.00 per share

- 2020-06: KRW 22,900.00 per share

- 2020-07: KRW 23,300.00 per share

- 2020-08: KRW 22,100.00 per share

- 2020-09: KRW 22,350.00 per share

- 2020-10: KRW 23,300.00 per share

- 2020-11: KRW 22,300.00 per share

- 2020-12: KRW 22,750.00 per share

- 2021-01: KRW 19,900.00 per share

- 2021-02: KRW 21,900.00 per share

- 2021-03: KRW 24,500.00 per share

- 2021-04: KRW 24,350.00 per share

- 2021-05: KRW 24,400.00 per share

- 2021-06: KRW 25,500.00 per share

- 2021-07: KRW 25,950.00 per share

- 2021-08: KRW 25,600.00 per share

- 2021-09: KRW 25,450.00 per share

- 2021-10: KRW 26,250.00 per share

- 2021-11: KRW 23,000.00 per share

- 2021-12: KRW 22,950.00 per share

- 2022-01: KRW 25,450.00 per share

- 2022-02: KRW 28,800.00 per share

- 2022-03: KRW 32,150.00 per share

- 2022-04: KRW 32,550.00 per share

- 2022-05: KRW 31,400.00 per share

- 2022-06: KRW 30,950.00 per share

- 2022-07: KRW 32,800.00 per share

- 2022-08: KRW 31,500.00 per share

- 2022-09: KRW 29,300.00 per share

- 2022-10: KRW 33,300.00 per share

- 2022-11: KRW 30,200.00 per share

- 2022-12: KRW 29,450.00 per share

- 2023-01: KRW 30,950.00 per share

- 2023-02: KRW 35,200.00 per share

- 2023-03: KRW 33,800.00 per share

- 2023-04: KRW 37,550.00 per share

- 2023-05: KRW 32,800.00 per share

- 2023-06: KRW 31,050.00 per share

- 2023-07: KRW 28,650.00 per share

- 2023-08: KRW 30,250.00 per share

- 2023-09: KRW 32,450.00 per share

- 2023-10: KRW 31,500.00 per share

- 2023-11: KRW 31,200.00 per share

- 2023-12: KRW 31,000.00 per share

- 2024-01: KRW 33,900.00 per share

- 2024-02: KRW 31,500.00 per share

- 2024-03: KRW 30,500.00 per share

- 2024-04: KRW 31,300.00 per share

- 2024-05: KRW 32,800.00 per share

- 2024-06: KRW 34,500.00 per share

- 2024-07: KRW 36,050.00 per share

- 2024-08: KRW 34,800.00 per share

- 2024-09: KRW 33,000.00 per share

- 2024-10: KRW 30,350.00 per share

- 2024-11: KRW 26,600.00 per share

- 2024-12: KRW 24,700.00 per share

- 2025-01: KRW 24,750.00 per share

- 2025-02: KRW 23,250.00 per share

- 2025-03: KRW 21,850.00 per share

- 2025-04: KRW 22,200.00 per share

- 2025-05: KRW 24,350.00 per share

- 2025-06: KRW 26,450.00 per share

- 2025-07: KRW 26,300.00 per share

- 2025-08: KRW 27,900.00 per share

- 2025-09: KRW 28,150.00 per share

- 2025-10: KRW 27,300.00 per share

- 2025-11: KRW 30,050.00 per share

- 2025-12: KRW 30,800.00 per share

- 2026-01: KRW 28,150.00 per share

- 2026-02: KRW 34,350.00 per share

- 2026-03: KRW 30,150.00 per share

- 2026-04: KRW 30,400.00 per share

- 2026-05: KRW 34,550.00 per share

- 2026-06: KRW 34,850.00 per share

- 2026-07: KRW 38,450.00 per share

- 2026-08: KRW 50,900.00 per share

- 2026-09: KRW 47,850.00 per share

- 2026-10: KRW 47,650.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 72,644.47 per share, central KRW 90,805.59 per share, high KRW 121,074.12 per share

- FY2018: low KRW 49,417.71 per share, central KRW 61,772.13 per share, high KRW 82,362.85 per share

- FY2019: low KRW 68,376.15 per share, central KRW 85,470.18 per share, high KRW 113,960.24 per share

- FY2020: low KRW 67,735.78 per share, central KRW 74,509.36 per share, high KRW 82,788.17 per share

- FY2021: low KRW 53,508.44 per share, central KRW 66,885.55 per share, high KRW 89,180.73 per share

- FY2022: low KRW 44,356.34 per share, central KRW 55,445.42 per share, high KRW 73,927.23 per share

- FY2023: low KRW 66,579.03 per share, central KRW 73,236.94 per share, high KRW 81,374.38 per share

- FY2024: low KRW 63,216.79 per share, central KRW 69,538.47 per share, high KRW 77,264.96 per share

- FY2025: low KRW 69,244.24 per share, central KRW 76,168.67 per share, high KRW 84,631.85 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 2026-10-15T06:45:40.735Z 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.

Hyundai Mar&Fi

001450 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 42,500.00
Buy up to: KRW 75,307.19
Expected / yr: 17.7% 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 448B
Worst year: KRW 252B
Latest · 2025: KRW 1.02T

Earned a median 11.8% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 11.8%
Worst year: 5.7%
Latest · 2025: 20.2%

Book value plus dividends grew 9.7% a year (minimum 7%).

Annual book + dividend return

9y median: 8.7%
Worst year: -30.2%
Latest · 2025: 8.7%

Book value gained 30054.71 per share against 45591.72 kept (must cover the amount kept).

Shares (first year = 100)

10y median: 100
Worst year: 185
Latest · 2025: 98

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 10,346 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 35350.00; 2016-11 · Price KRW 36400.00; 2016-12 · Price KRW 31500.00; 2017-01 · Price KRW 30100.00 · Value 90805.59 · Buy at or below 90805.59; 2017-02 · Price KRW 32400.00 · Value 90805.59 · Buy at or below 90805.59; 2017-03 · Price KRW 35000.00 · Value 90805.59 · Buy at or below 90805.59; 2017-04 · Price KRW 36700.00 · Value 90805.59 · Buy at or below 90805.59; 2017-05 · Price KRW 37750.00 · Value 90805.59 · Buy at or below 90805.59; 2017-06 · Price KRW 39350.00 · Value 90805.59 · Buy at or below 90805.59; 2017-07 · Price KRW 45400.00 · Value 90805.59 · Buy at or below 90805.59; 2017-08 · Price KRW 46200.00 · Value 90805.59 · Buy at or below 90805.59; 2017-09 · Price KRW 45300.00 · Value 90805.59 · Buy at or below 90805.59; 2017-10 · Price KRW 45350.00 · Value 90805.59 · Buy at or below 90805.59; 2017-11 · Price KRW 43400.00 · Value 90805.59 · Buy at or below 90805.59; 2017-12 · Price KRW 47000.00 · Value 90805.59 · Buy at or below 90805.59; 2018-01 · Price KRW 46350.00 · Value 90805.59 · Buy at or below 90805.59; 2018-02 · Price KRW 41300.00 · Value 61772.13 · Buy at or below 61772.13; 2018-03 · Price KRW 38900.00 · Value 61772.13 · Buy at or below 61772.13; 2018-04 · Price KRW 38250.00 · Value 61772.13 · Buy at or below 61772.13; 2018-05 · Price KRW 34050.00 · Value 61772.13 · Buy at or below 61772.13; 2018-06 · Price KRW 33700.00 · Value 61772.13 · Buy at or below 61772.13; 2018-07 · Price KRW 36650.00 · Value 61772.13 · Buy at or below 61772.13; 2018-08 · Price KRW 37200.00 · Value 61772.13 · Buy at or below 61772.13; 2018-09 · Price KRW 41950.00 · Value 61772.13 · Buy at or below 61772.13; 2018-10 · Price KRW 41800.00 · Value 61772.13 · Buy at or below 61772.13; 2018-11 · Price KRW 40050.00 · Value 61772.13 · Buy at or below 61772.13; 2018-12 · Price KRW 41050.00 · Value 61772.13 · Buy at or below 61772.13; 2019-01 · Price KRW 37350.00 · Value 61772.13 · Buy at or below 61772.13; 2019-02 · Price KRW 37700.00 · Value 85470.18 · Buy at or below 85470.18; 2019-03 · Price KRW 37900.00 · Value 85470.18 · Buy at or below 85470.18; 2019-04 · Price KRW 38250.00 · Value 85470.18 · Buy at or below 85470.18; 2019-05 · Price KRW 30750.00 · Value 85470.18 · Buy at or below 85470.18; 2019-06 · Price KRW 28450.00 · Value 85470.18 · Buy at or below 85470.18; 2019-07 · Price KRW 27950.00 · Value 85470.18 · Buy at or below 85470.18; 2019-08 · Price KRW 23900.00 · Value 85470.18 · Buy at or below 85470.18; 2019-09 · Price KRW 26400.00 · Value 85470.18 · Buy at or below 85470.18; 2019-10 · Price KRW 25250.00 · Value 85470.18 · Buy at or below 85470.18; 2019-11 · Price KRW 28000.00 · Value 85470.18 · Buy at or below 85470.18; 2019-12 · Price KRW 26950.00 · Value 85470.18 · Buy at or below 85470.18; 2020-01 · Price KRW 22000.00 · Value 85470.18 · Buy at or below 85470.18; 2020-02 · Price KRW 22600.00 · Value 74509.36 · Buy at or below 74509.36; 2020-03 · Price KRW 22650.00 · Value 74509.36 · Buy at or below 74509.36; 2020-04 · Price KRW 26100.00 · Value 74509.36 · Buy at or below 74509.36; 2020-05 · Price KRW 24250.00 · Value 74509.36 · Buy at or below 74509.36; 2020-06 · Price KRW 22900.00 · Value 74509.36 · Buy at or below 74509.36; 2020-07 · Price KRW 23300.00 · Value 74509.36 · Buy at or below 74509.36; 2020-08 · Price KRW 22100.00 · Value 74509.36 · Buy at or below 74509.36; 2020-09 · Price KRW 22350.00 · Value 74509.36 · Buy at or below 74509.36; 2020-10 · Price KRW 23300.00 · Value 74509.36 · Buy at or below 74509.36; 2020-11 · Price KRW 22300.00 · Value 74509.36 · Buy at or below 74509.36; 2020-12 · Price KRW 22750.00 · Value 74509.36 · Buy at or below 74509.36; 2021-01 · Price KRW 19900.00 · Value 74509.36 · Buy at or below 74509.36; 2021-02 · Price KRW 21900.00 · Value 66885.55 · Buy at or below 66885.55; 2021-03 · Price KRW 24500.00 · Value 66885.55 · Buy at or below 66885.55; 2021-04 · Price KRW 24350.00 · Value 66885.55 · Buy at or below 66885.55; 2021-05 · Price KRW 24400.00 · Value 66885.55 · Buy at or below 66885.55; 2021-06 · Price KRW 25500.00 · Value 66885.55 · Buy at or below 66885.55; 2021-07 · Price KRW 25950.00 · Value 66885.55 · Buy at or below 66885.55; 2021-08 · Price KRW 25600.00 · Value 66885.55 · Buy at or below 66885.55; 2021-09 · Price KRW 25450.00 · Value 66885.55 · Buy at or below 66885.55; 2021-10 · Price KRW 26250.00 · Value 66885.55 · Buy at or below 66885.55; 2021-11 · Price KRW 23000.00 · Value 66885.55 · Buy at or below 66885.55; 2021-12 · Price KRW 22950.00 · Value 66885.55 · Buy at or below 66885.55; 2022-01 · Price KRW 25450.00 · Value 66885.55 · Buy at or below 66885.55; 2022-02 · Price KRW 28800.00 · Value 55445.42 · Buy at or below 55445.42; 2022-03 · Price KRW 32150.00 · Value 55445.42 · Buy at or below 55445.42; 2022-04 · Price KRW 32550.00 · Value 55445.42 · Buy at or below 55445.42; 2022-05 · Price KRW 31400.00 · Value 55445.42 · Buy at or below 55445.42; 2022-06 · Price KRW 30950.00 · Value 55445.42 · Buy at or below 55445.42; 2022-07 · Price KRW 32800.00 · Value 55445.42 · Buy at or below 55445.42; 2022-08 · Price KRW 31500.00 · Value 55445.42 · Buy at or below 55445.42; 2022-09 · Price KRW 29300.00 · Value 55445.42 · Buy at or below 55445.42; 2022-10 · Price KRW 33300.00 · Value 55445.42 · Buy at or below 55445.42; 2022-11 · Price KRW 30200.00 · Value 55445.42 · Buy at or below 55445.42; 2022-12 · Price KRW 29450.00 · Value 55445.42 · Buy at or below 55445.42; 2023-01 · Price KRW 30950.00 · Value 55445.42 · Buy at or below 55445.42; 2023-02 · Price KRW 35200.00 · Value 73236.94 · Buy at or below 73236.94; 2023-03 · Price KRW 33800.00 · Value 73236.94 · Buy at or below 73236.94; 2023-04 · Price KRW 37550.00 · Value 73236.94 · Buy at or below 73236.94; 2023-05 · Price KRW 32800.00 · Value 73236.94 · Buy at or below 73236.94; 2023-06 · Price KRW 31050.00 · Value 73236.94 · Buy at or below 73236.94; 2023-07 · Price KRW 28650.00 · Value 73236.94 · Buy at or below 73236.94; 2023-08 · Price KRW 30250.00 · Value 73236.94 · Buy at or below 73236.94; 2023-09 · Price KRW 32450.00 · Value 73236.94 · Buy at or below 73236.94; 2023-10 · Price KRW 31500.00 · Value 73236.94 · Buy at or below 73236.94; 2023-11 · Price KRW 31200.00 · Value 73236.94 · Buy at or below 73236.94; 2023-12 · Price KRW 31000.00 · Value 73236.94 · Buy at or below 73236.94; 2024-01 · Price KRW 33900.00 · Value 73236.94 · Buy at or below 73236.94; 2024-02 · Price KRW 31500.00 · Value 69538.47 · Buy at or below 69538.47; 2024-03 · Price KRW 30500.00 · Value 69538.47 · Buy at or below 69538.47; 2024-04 · Price KRW 31300.00 · Value 69538.47 · Buy at or below 69538.47; 2024-05 · Price KRW 32800.00 · Value 69538.47 · Buy at or below 69538.47; 2024-06 · Price KRW 34500.00 · Value 69538.47 · Buy at or below 69538.47; 2024-07 · Price KRW 36050.00 · Value 69538.47 · Buy at or below 69538.47; 2024-08 · Price KRW 34800.00 · Value 69538.47 · Buy at or below 69538.47; 2024-09 · Price KRW 33000.00 · Value 69538.47 · Buy at or below 69538.47; 2024-10 · Price KRW 30350.00 · Value 69538.47 · Buy at or below 69538.47; 2024-11 · Price KRW 26600.00 · Value 69538.47 · Buy at or below 69538.47; 2024-12 · Price KRW 24700.00 · Value 69538.47 · Buy at or below 69538.47; 2025-01 · Price KRW 24750.00 · Value 69538.47 · Buy at or below 69538.47; 2025-02 · Price KRW 23250.00 · Value 76168.67 · Buy at or below 76168.67; 2025-03 · Price KRW 21850.00 · Value 76168.67 · Buy at or below 76168.67; 2025-04 · Price KRW 22200.00 · Value 76168.67 · Buy at or below 76168.67; 2025-05 · Price KRW 24350.00 · Value 76168.67 · Buy at or below 76168.67; 2025-06 · Price KRW 26450.00 · Value 76168.67 · Buy at or below 76168.67; 2025-07 · Price KRW 26300.00 · Value 76168.67 · Buy at or below 76168.67; 2025-08 · Price KRW 27900.00 · Value 76168.67 · Buy at or below 76168.67; 2025-09 · Price KRW 28150.00 · Value 76168.67 · Buy at or below 76168.67; 2025-10 · Price KRW 27300.00 · Value 76168.67 · Buy at or below 76168.67; 2025-11 · Price KRW 30050.00 · Value 76168.67 · Buy at or below 76168.67; 2025-12 · Price KRW 30800.00 · Value 76168.67 · Buy at or below 76168.67; 2026-01 · Price KRW 28150.00 · Value 76168.67 · Buy at or below 76168.67; 2026-02 · Price KRW 34350.00 · Value 75307.19 · Buy at or below 75307.19; 2026-03 · Price KRW 30150.00 · Value 75307.19 · Buy at or below 75307.19; 2026-04 · Price KRW 30400.00 · Value 75307.19 · Buy at or below 75307.19; 2026-05 · Price KRW 34550.00 · Value 75307.19 · Buy at or below 75307.19; 2026-06 · Price KRW 34850.00 · Value 75307.19 · Buy at or below 75307.19; 2026-07 · Price KRW 38450.00 · Value 75307.19 · Buy at or below 75307.19; 2026-08 · Price KRW 50900.00 · Value 75307.19 · Buy at or below 75307.19; 2026-09 · Price KRW 47850.00 · Value 75307.19 · Buy at or below 75307.19; 2026-10 · Price KRW 47650.00 · Value 75307.19 · Buy at or below 75307.19; 2026-10 · Price KRW 42500.00 · Value 75307.19 · Buy at or below 75307.19

KRW per share · annual estimates

Price & return math
Value range	KRW 68,461.08 – KRW 83,674.65
Buy at or below	Central value KRW 75,307.19
Discount to value	1 − 42500.00 / 75307.19 = 43.6%
Return / year	About 17.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 63786.43/share; ROE 11.8%; first payout KRW 7530.72/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 1.02T

Net income

Book / shareKRW 66K

Book / share

Dividend / shareKRW 0

Dividend / share

Return on tangible equity20.2%

Return on tangible equity

Diluted shares78M

Diluted shares

Prices 15 Oct 2026 · FY2025