# Miwon Commerci (002840.KO)

Canonical: https://gigainvestors.com/s/002840.KO

Analysis as of: 2026-10-16T07:47:16.917Z. Financial observations: FY2003–FY2026.

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 139,900.00 per share; close as of 2026-10-15.

Estimated value: low KRW 125,460.08 per share, central KRW 169,557.80 per share, high KRW 198,527.88 per share. Buy at or below the central value KRW 169,557.80 per share. Valuation as of 2026-10-16T07:47:16.917Z; scenarios are not confidence intervals.

Expected annual return: 11.4% at the stated quote. About 11.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.08×

- FY2019: 0.13×

- FY2020: 0.15×

- FY2021: 0.16×

- FY2022: 0.18×

- FY2023: 0.16×

- FY2024: 0.14×

- FY2025: 0.10×

- LTM to Jun 2026: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 14.2%

- ROIC, second-lowest year: 9.5%

- Typical minus recent gross margin: 3.1 pp

- Typical gross margin (annual median): 22.5%

- Recent gross margin (lower of latest and 3-year median): 19.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.3%

- ROIC including acquisitions, ten-year median: 9.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.0%

- FY2017: 4.6%

- FY2018: 14.6%

- FY2019: 11.3%

- FY2020: 14.5%

- FY2021: 16.9%

- FY2022: 20.0%

- FY2023: 15.8%

- FY2024: 13.9%

- FY2025: 9.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 239B

- Net income, five-year total: KRW 285B

- Return on incremental invested capital: 9.0%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 7.9 pp

- Working capital / revenue, final three-year average: 35.2%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.52×

- FY2024: 0.79×

- FY2025: 0.85×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 13.9%

- Per-share earnings: 4276.17 to 10790.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: KRW 512B

- Cumulative retained earnings: KRW 319B

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.1%

- Per-share value change: KRW 7K

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

- Per-share value, ending three-year median: KRW 11K

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 2.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.5B

- Cumulative net income, 10 years: KRW 439B

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 13.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 5K

- FY2018: KRW 4K

- FY2019: KRW 6K

- FY2020: KRW 10K

- FY2021: KRW 12K

- FY2022: KRW 15K

- FY2023: KRW 13K

- FY2024: KRW 11K

- FY2025: KRW 9K

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -1.3%

- FY2018: -6.5%

- FY2019: 4.1%

- FY2020: -1.0%

- FY2021: 0.7%

- FY2022: 0.3%

- FY2023: -8.2%

- FY2024: -6.1%

- FY2025: -5.1%

## Holders

## Price story

Down 33% since Oct 2021 · sales +6.3%

Story as of 2026-10-16T10:00:13.667Z; price observation 2026-10-15.

Price needs cash profits to grow 2.7% a year for ten years

### Sales · FY2025–2026

sales +6.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 319B 

- FY2018: KRW 329B 

- FY2019: KRW 250B 

- FY2020: KRW 295B 

- FY2021: KRW 360B 

- FY2022: KRW 438B 

- FY2023: KRW 421B 

- FY2024: KRW 436B 

- FY2025: KRW 441B 

- FY2026: KRW 469B 

### Gross margin · FY2025

gross margin 19.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.8% 

- FY2017: 12.1% 

- FY2018: 16.1% 

- FY2019: 21.9% 

- FY2020: 23.1% 

- FY2021: 23.5% 

- FY2022: 24.7% 

- FY2023: 24.1% 

- FY2024: 23.0% 

- FY2025: 19.4% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are KRW 441.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2025: revenue 441137509660; grossProfit 85621948120; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19.4% to 24.1% during 2023–25; it earns 14.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2023: grossProfit / revenue = 24.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2024: grossProfit / revenue = 23%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2025: grossProfit / revenue = 19.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); 10-year return on capital observations [[2016,0.10024113759950885],[2017,0.04618515398375147],[2018,0.14578504229104014],[2019,0.11292013074750801],[2020,0.14458763571279917],[2021,0.16851270852924966],[2022,0.19964488189678942],[2023,0.15798293640113073],[2024,0.138860578303396],[2025,0.09518919820065123]]; median 0.14172410700809757. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 25% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); Gross margin observations: [[2021,0.23535686643919917],[2022,0.24679275462290318],[2023,0.24063402851119783]]; range within 2 percentage points.

### Where the cash goes

Spends 6% of cash earnings on expansion; earns 9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2016: growth capex 0; upkeep 20243918160; owner earnings 10208471280. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2017: growth capex 0; upkeep 25528560000; owner earnings 5334835200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2018: growth capex 0; upkeep 30984314460; owner earnings 6399086300. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2019: growth capex 0; upkeep 42102756540; owner earnings 2052314136. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2020: growth capex 20364304151.337452; upkeep 22335758428.662548; owner earnings 47794795921.33745. Growth capex / owner earnings = 0.42607785552330474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2021: growth capex 4734931950; upkeep 24102449770; owner earnings 57731386872. Growth capex / owner earnings = 0.08201659801622511.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2022: growth capex 14029200300; upkeep 27380040020; owner earnings 72215529150. Growth capex / owner earnings = 0.1942684691939282.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2023: growth capex 0; upkeep 59921502790; owner earnings 31613908840. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2024: growth capex 6034883077.921707; upkeep 43688159442.07829; owner earnings 40002461567.92171. Growth capex / owner earnings = 0.15086279297274865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2025: growth capex 2214729064.5226364; upkeep 47036525545.47736; owner earnings 37174121990.52264. Growth capex / owner earnings = 0.059577172127623375.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); Incremental return on capital 0.08961086880917436, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); Dividend observations: [[2016,783080000],[2017,302014800],[2018,1784233000],[2019,4618183450],[2020,3254100000],[2021,28473500000],[2022,7354726500],[2023,7178270000],[2024,9407714500],[2025,9246950500]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); FY2025: cash repurchases 18986866930 KRW.

### Are managers owners

Insiders own 78.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002840.KO SharesStats.PercentInsiders = 78.197 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:16.917Z); Ten-year compound average after fade. Initial solved rate 0.026169679899123888. Price 139900; 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 35,862.43 per share

- 2016-11: KRW 33,014.98 per share

- 2016-12: KRW 32,245.40 per share

- 2017-01: KRW 33,938.48 per share

- 2017-02: KRW 36,016.34 per share

- 2017-03: KRW 36,632.01 per share

- 2017-04: KRW 35,015.89 per share

- 2017-05: KRW 35,477.64 per share

- 2017-06: KRW 34,708.06 per share

- 2017-07: KRW 34,785.02 per share

- 2017-08: KRW 33,399.77 per share

- 2017-09: KRW 32,399.32 per share

- 2017-10: KRW 35,400.68 per share

- 2017-11: KRW 36,632.01 per share

- 2017-12: KRW 34,631.10 per share

- 2018-01: KRW 33,861.52 per share

- 2018-02: KRW 37,093.76 per share

- 2018-03: KRW 36,478.09 per share

- 2018-04: KRW 36,170.26 per share

- 2018-05: KRW 37,016.80 per share

- 2018-06: KRW 37,786.38 per share

- 2018-07: KRW 38,555.96 per share

- 2018-08: KRW 38,402.04 per share

- 2018-09: KRW 39,479.45 per share

- 2018-10: KRW 37,709.42 per share

- 2018-11: KRW 37,478.55 per share

- 2018-12: KRW 39,556.41 per share

- 2019-01: KRW 38,325.08 per share

- 2019-02: KRW 56,333.26 per share

- 2019-03: KRW 55,000.00 per share

- 2019-04: KRW 44,650.00 per share

- 2019-05: KRW 43,100.00 per share

- 2019-06: KRW 47,250.00 per share

- 2019-07: KRW 45,400.00 per share

- 2019-08: KRW 50,500.00 per share

- 2019-09: KRW 56,300.00 per share

- 2019-10: KRW 57,300.00 per share

- 2019-11: KRW 56,100.00 per share

- 2019-12: KRW 57,000.00 per share

- 2020-01: KRW 58,700.00 per share

- 2020-02: KRW 53,900.00 per share

- 2020-03: KRW 57,100.00 per share

- 2020-04: KRW 61,700.00 per share

- 2020-05: KRW 69,800.00 per share

- 2020-06: KRW 72,100.00 per share

- 2020-07: KRW 81,800.00 per share

- 2020-08: KRW 93,900.00 per share

- 2020-09: KRW 96,300.00 per share

- 2020-10: KRW 97,800.00 per share

- 2020-11: KRW 105,000.00 per share

- 2020-12: KRW 121,500.00 per share

- 2021-01: KRW 131,500.00 per share

- 2021-02: KRW 151,000.00 per share

- 2021-03: KRW 188,500.00 per share

- 2021-04: KRW 216,500.00 per share

- 2021-05: KRW 213,500.00 per share

- 2021-06: KRW 217,000.00 per share

- 2021-07: KRW 210,000.00 per share

- 2021-08: KRW 204,000.00 per share

- 2021-09: KRW 210,000.00 per share

- 2021-10: KRW 207,500.00 per share

- 2021-11: KRW 205,000.00 per share

- 2021-12: KRW 203,500.00 per share

- 2022-01: KRW 182,000.00 per share

- 2022-02: KRW 189,000.00 per share

- 2022-03: KRW 176,000.00 per share

- 2022-04: KRW 171,500.00 per share

- 2022-05: KRW 175,000.00 per share

- 2022-06: KRW 178,000.00 per share

- 2022-07: KRW 180,500.00 per share

- 2022-08: KRW 176,000.00 per share

- 2022-09: KRW 167,000.00 per share

- 2022-10: KRW 169,500.00 per share

- 2022-11: KRW 172,000.00 per share

- 2022-12: KRW 166,000.00 per share

- 2023-01: KRW 165,800.00 per share

- 2023-02: KRW 179,300.00 per share

- 2023-03: KRW 170,400.00 per share

- 2023-04: KRW 169,000.00 per share

- 2023-05: KRW 166,700.00 per share

- 2023-06: KRW 176,200.00 per share

- 2023-07: KRW 168,600.00 per share

- 2023-08: KRW 166,000.00 per share

- 2023-09: KRW 161,300.00 per share

- 2023-10: KRW 164,900.00 per share

- 2023-11: KRW 165,000.00 per share

- 2023-12: KRW 170,400.00 per share

- 2024-01: KRW 167,400.00 per share

- 2024-02: KRW 164,500.00 per share

- 2024-03: KRW 179,400.00 per share

- 2024-04: KRW 194,600.00 per share

- 2024-05: KRW 201,500.00 per share

- 2024-06: KRW 203,500.00 per share

- 2024-07: KRW 203,500.00 per share

- 2024-08: KRW 203,500.00 per share

- 2024-09: KRW 199,100.00 per share

- 2024-10: KRW 201,500.00 per share

- 2024-11: KRW 191,100.00 per share

- 2024-12: KRW 188,000.00 per share

- 2025-01: KRW 170,200.00 per share

- 2025-02: KRW 182,000.00 per share

- 2025-03: KRW 186,300.00 per share

- 2025-04: KRW 191,700.00 per share

- 2025-05: KRW 182,400.00 per share

- 2025-06: KRW 163,900.00 per share

- 2025-07: KRW 165,600.00 per share

- 2025-08: KRW 146,800.00 per share

- 2025-09: KRW 150,000.00 per share

- 2025-10: KRW 151,200.00 per share

- 2025-11: KRW 150,100.00 per share

- 2025-12: KRW 150,300.00 per share

- 2026-01: KRW 139,000.00 per share

- 2026-02: KRW 141,700.00 per share

- 2026-03: KRW 134,800.00 per share

- 2026-04: KRW 151,800.00 per share

- 2026-05: KRW 120,500.00 per share

- 2026-06: KRW 116,800.00 per share

- 2026-07: KRW 123,200.00 per share

- 2026-08: KRW 138,300.00 per share

- 2026-09: KRW 136,800.00 per share

- 2026-10: KRW 140,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 22,722.96 per share, central KRW 25,469.96 per share, high KRW 29,126.81 per share

- FY2017: low KRW 23,434.27 per share, central KRW 26,665.34 per share, high KRW 30,966.58 per share

- FY2018: low KRW 17,485.03 per share, central KRW 19,400.43 per share, high KRW 21,950.25 per share

- FY2019: low KRW 11,554.22 per share, central KRW 12,995.97 per share, high KRW 14,915.24 per share

- FY2020: low KRW 15,915.55 per share, central KRW 17,657.17 per share, high KRW 19,975.64 per share

- FY2021: low KRW 18,393.33 per share, central KRW 20,526.19 per share, high KRW 23,365.47 per share

- FY2022: low KRW 198,632.49 per share, central KRW 282,306.99 per share, high KRW 331,030.80 per share

- FY2023: low KRW 198,457.77 per share, central KRW 280,901.21 per share, high KRW 328,908.18 per share

- FY2024: low KRW 209,542.30 per share, central KRW 296,498.87 per share, high KRW 347,133.84 per share

- FY2025: low KRW 117,925.29 per share, central KRW 158,089.41 per share, high KRW 184,475.30 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 2026-10-15T06:53:08.124Z 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.

Miwon Commerci

002840 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 139,900.00
Buy up to: KRW 169,557.80
Expected / yr: 11.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 13.3%
Worst year: 3.5%
Latest · LTM: 10.6%

Capital return excluding acquisitions: median 14.2% (minimum 15%), and the second-worst year 9.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 14.2%
Worst year: 4.6%
Latest · 2025: 9.5%

New investment earned 9% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.84×
Annual median: 0.85×
Latest · 2025: 0.85×

Per-share value rose from 4276.17 to 10790, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 10K
Worst year: KRW 4K
Latest · 2025: KRW 9K

Profits were backed by cash: accruals were -5.1% of assets (limit 10%).

Sloan accruals

10y median: -1.9%
Worst year: 4.1%
Latest · 2025: -5.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 12.0%, three-year average owner earnings per share 7,742.19 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 35862.43 · Value 25469.96 · Buy at or below 25469.96; 2016-11 · Price KRW 33014.98 · Value 25469.96 · Buy at or below 25469.96; 2016-12 · Price KRW 32245.40 · Value 25469.96 · Buy at or below 25469.96; 2017-01 · Price KRW 33938.48 · Value 25469.96 · Buy at or below 25469.96; 2017-02 · Price KRW 36016.34 · Value 26665.34 · Buy at or below 26665.34; 2017-03 · Price KRW 36632.01 · Value 26665.34 · Buy at or below 26665.34; 2017-04 · Price KRW 35015.89 · Value 26665.34 · Buy at or below 26665.34; 2017-05 · Price KRW 35477.64 · Value 26665.34 · Buy at or below 26665.34; 2017-06 · Price KRW 34708.06 · Value 26665.34 · Buy at or below 26665.34; 2017-07 · Price KRW 34785.02 · Value 26665.34 · Buy at or below 26665.34; 2017-08 · Price KRW 33399.77 · Value 26665.34 · Buy at or below 26665.34; 2017-09 · Price KRW 32399.32 · Value 26665.34 · Buy at or below 26665.34; 2017-10 · Price KRW 35400.68 · Value 26665.34 · Buy at or below 26665.34; 2017-11 · Price KRW 36632.01 · Value 26665.34 · Buy at or below 26665.34; 2017-12 · Price KRW 34631.10 · Value 26665.34 · Buy at or below 26665.34; 2018-01 · Price KRW 33861.52 · Value 26665.34 · Buy at or below 26665.34; 2018-02 · Price KRW 37093.76 · Value 19400.43 · Buy at or below 19400.43; 2018-03 · Price KRW 36478.09 · Value 19400.43 · Buy at or below 19400.43; 2018-04 · Price KRW 36170.26 · Value 19400.43 · Buy at or below 19400.43; 2018-05 · Price KRW 37016.80 · Value 19400.43 · Buy at or below 19400.43; 2018-06 · Price KRW 37786.38 · Value 19400.43 · Buy at or below 19400.43; 2018-07 · Price KRW 38555.96 · Value 19400.43 · Buy at or below 19400.43; 2018-08 · Price KRW 38402.04 · Value 19400.43 · Buy at or below 19400.43; 2018-09 · Price KRW 39479.45 · Value 19400.43 · Buy at or below 19400.43; 2018-10 · Price KRW 37709.42 · Value 19400.43 · Buy at or below 19400.43; 2018-11 · Price KRW 37478.55 · Value 19400.43 · Buy at or below 19400.43; 2018-12 · Price KRW 39556.41 · Value 19400.43 · Buy at or below 19400.43; 2019-01 · Price KRW 38325.08 · Value 19400.43 · Buy at or below 19400.43; 2019-02 · Price KRW 56333.26 · Value 12995.97 · Buy at or below 12995.97; 2019-03 · Price KRW 55000.00 · Value 12995.97 · Buy at or below 12995.97; 2019-04 · Price KRW 44650.00 · Value 12995.97 · Buy at or below 12995.97; 2019-05 · Price KRW 43100.00 · Value 12995.97 · Buy at or below 12995.97; 2019-06 · Price KRW 47250.00 · Value 12995.97 · Buy at or below 12995.97; 2019-07 · Price KRW 45400.00 · Value 12995.97 · Buy at or below 12995.97; 2019-08 · Price KRW 50500.00 · Value 12995.97 · Buy at or below 12995.97; 2019-09 · Price KRW 56300.00 · Value 12995.97 · Buy at or below 12995.97; 2019-10 · Price KRW 57300.00 · Value 12995.97 · Buy at or below 12995.97; 2019-11 · Price KRW 56100.00 · Value 12995.97 · Buy at or below 12995.97; 2019-12 · Price KRW 57000.00 · Value 12995.97 · Buy at or below 12995.97; 2020-01 · Price KRW 58700.00 · Value 12995.97 · Buy at or below 12995.97; 2020-02 · Price KRW 53900.00 · Value 17657.17 · Buy at or below 17657.17; 2020-03 · Price KRW 57100.00 · Value 17657.17 · Buy at or below 17657.17; 2020-04 · Price KRW 61700.00 · Value 17657.17 · Buy at or below 17657.17; 2020-05 · Price KRW 69800.00 · Value 17657.17 · Buy at or below 17657.17; 2020-06 · Price KRW 72100.00 · Value 17657.17 · Buy at or below 17657.17; 2020-07 · Price KRW 81800.00 · Value 17657.17 · Buy at or below 17657.17; 2020-08 · Price KRW 93900.00 · Value 17657.17 · Buy at or below 17657.17; 2020-09 · Price KRW 96300.00 · Value 17657.17 · Buy at or below 17657.17; 2020-10 · Price KRW 97800.00 · Value 17657.17 · Buy at or below 17657.17; 2020-11 · Price KRW 105000.00 · Value 17657.17 · Buy at or below 17657.17; 2020-12 · Price KRW 121500.00 · Value 17657.17 · Buy at or below 17657.17; 2021-01 · Price KRW 131500.00 · Value 17657.17 · Buy at or below 17657.17; 2021-02 · Price KRW 151000.00 · Value 20526.19 · Buy at or below 20526.19; 2021-03 · Price KRW 188500.00 · Value 20526.19 · Buy at or below 20526.19; 2021-04 · Price KRW 216500.00 · Value 20526.19 · Buy at or below 20526.19; 2021-05 · Price KRW 213500.00 · Value 20526.19 · Buy at or below 20526.19; 2021-06 · Price KRW 217000.00 · Value 20526.19 · Buy at or below 20526.19; 2021-07 · Price KRW 210000.00 · Value 20526.19 · Buy at or below 20526.19; 2021-08 · Price KRW 204000.00 · Value 20526.19 · Buy at or below 20526.19; 2021-09 · Price KRW 210000.00 · Value 20526.19 · Buy at or below 20526.19; 2021-10 · Price KRW 207500.00 · Value 20526.19 · Buy at or below 20526.19; 2021-11 · Price KRW 205000.00 · Value 20526.19 · Buy at or below 20526.19; 2021-12 · Price KRW 203500.00 · Value 20526.19 · Buy at or below 20526.19; 2022-01 · Price KRW 182000.00 · Value 20526.19 · Buy at or below 20526.19; 2022-02 · Price KRW 189000.00 · Value 282306.99 · Buy at or below 282306.99; 2022-03 · Price KRW 176000.00 · Value 282306.99 · Buy at or below 282306.99; 2022-04 · Price KRW 171500.00 · Value 282306.99 · Buy at or below 282306.99; 2022-05 · Price KRW 175000.00 · Value 282306.99 · Buy at or below 282306.99; 2022-06 · Price KRW 178000.00 · Value 282306.99 · Buy at or below 282306.99; 2022-07 · Price KRW 180500.00 · Value 282306.99 · Buy at or below 282306.99; 2022-08 · Price KRW 176000.00 · Value 282306.99 · Buy at or below 282306.99; 2022-09 · Price KRW 167000.00 · Value 282306.99 · Buy at or below 282306.99; 2022-10 · Price KRW 169500.00 · Value 282306.99 · Buy at or below 282306.99; 2022-11 · Price KRW 172000.00 · Value 282306.99 · Buy at or below 282306.99; 2022-12 · Price KRW 166000.00 · Value 282306.99 · Buy at or below 282306.99; 2023-01 · Price KRW 165800.00 · Value 282306.99 · Buy at or below 282306.99; 2023-02 · Price KRW 179300.00 · Value 280901.21 · Buy at or below 280901.21; 2023-03 · Price KRW 170400.00 · Value 280901.21 · Buy at or below 280901.21; 2023-04 · Price KRW 169000.00 · Value 280901.21 · Buy at or below 280901.21; 2023-05 · Price KRW 166700.00 · Value 280901.21 · Buy at or below 280901.21; 2023-06 · Price KRW 176200.00 · Value 280901.21 · Buy at or below 280901.21; 2023-07 · Price KRW 168600.00 · Value 280901.21 · Buy at or below 280901.21; 2023-08 · Price KRW 166000.00 · Value 280901.21 · Buy at or below 280901.21; 2023-09 · Price KRW 161300.00 · Value 280901.21 · Buy at or below 280901.21; 2023-10 · Price KRW 164900.00 · Value 280901.21 · Buy at or below 280901.21; 2023-11 · Price KRW 165000.00 · Value 280901.21 · Buy at or below 280901.21; 2023-12 · Price KRW 170400.00 · Value 280901.21 · Buy at or below 280901.21; 2024-01 · Price KRW 167400.00 · Value 280901.21 · Buy at or below 280901.21; 2024-02 · Price KRW 164500.00 · Value 296498.87 · Buy at or below 296498.87; 2024-03 · Price KRW 179400.00 · Value 296498.87 · Buy at or below 296498.87; 2024-04 · Price KRW 194600.00 · Value 296498.87 · Buy at or below 296498.87; 2024-05 · Price KRW 201500.00 · Value 296498.87 · Buy at or below 296498.87; 2024-06 · Price KRW 203500.00 · Value 296498.87 · Buy at or below 296498.87; 2024-07 · Price KRW 203500.00 · Value 296498.87 · Buy at or below 296498.87; 2024-08 · Price KRW 203500.00 · Value 296498.87 · Buy at or below 296498.87; 2024-09 · Price KRW 199100.00 · Value 296498.87 · Buy at or below 296498.87; 2024-10 · Price KRW 201500.00 · Value 296498.87 · Buy at or below 296498.87; 2024-11 · Price KRW 191100.00 · Value 296498.87 · Buy at or below 296498.87; 2024-12 · Price KRW 188000.00 · Value 296498.87 · Buy at or below 296498.87; 2025-01 · Price KRW 170200.00 · Value 296498.87 · Buy at or below 296498.87; 2025-02 · Price KRW 182000.00 · Value 158089.41 · Buy at or below 158089.41; 2025-03 · Price KRW 186300.00 · Value 158089.41 · Buy at or below 158089.41; 2025-04 · Price KRW 191700.00 · Value 158089.41 · Buy at or below 158089.41; 2025-05 · Price KRW 182400.00 · Value 158089.41 · Buy at or below 158089.41; 2025-06 · Price KRW 163900.00 · Value 158089.41 · Buy at or below 158089.41; 2025-07 · Price KRW 165600.00 · Value 158089.41 · Buy at or below 158089.41; 2025-08 · Price KRW 146800.00 · Value 158089.41 · Buy at or below 158089.41; 2025-09 · Price KRW 150000.00 · Value 158089.41 · Buy at or below 158089.41; 2025-10 · Price KRW 151200.00 · Value 158089.41 · Buy at or below 158089.41; 2025-11 · Price KRW 150100.00 · Value 158089.41 · Buy at or below 158089.41; 2025-12 · Price KRW 150300.00 · Value 158089.41 · Buy at or below 158089.41; 2026-01 · Price KRW 139000.00 · Value 158089.41 · Buy at or below 158089.41; 2026-02 · Price KRW 141700.00 · Value 169557.80 · Buy at or below 169557.80; 2026-03 · Price KRW 134800.00 · Value 169557.80 · Buy at or below 169557.80; 2026-04 · Price KRW 151800.00 · Value 169557.80 · Buy at or below 169557.80; 2026-05 · Price KRW 120500.00 · Value 169557.80 · Buy at or below 169557.80; 2026-06 · Price KRW 116800.00 · Value 169557.80 · Buy at or below 169557.80; 2026-07 · Price KRW 123200.00 · Value 169557.80 · Buy at or below 169557.80; 2026-08 · Price KRW 138300.00 · Value 169557.80 · Buy at or below 169557.80; 2026-09 · Price KRW 136800.00 · Value 169557.80 · Buy at or below 169557.80; 2026-10 · Price KRW 140000.00 · Value 169557.80 · Buy at or below 169557.80; 2026-10 · Price KRW 139900.00 · Value 169557.80 · Buy at or below 169557.80

KRW per share · annual estimates

Price & return math
Value range	KRW 125,460.08 – KRW 198,527.88
Buy at or below	Central value KRW 169,557.80
Discount to value	1 − 139900.00 / 169557.80 = 17.5%
Return / year	About 11.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 9652.35/share; 6.1% growth for 5 years, then fades to 3.0%; excess cash KRW 880.45/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 469B

Revenue

Owner earningsKRW 37B

Owner earnings

Operating margin10.6%

Operating margin

Net cash / debtKRW 29B

Net cash / debt

Diluted shares4.6M

Diluted shares

Prices 15 Oct 2026 · FY2025