# Taekwang Ind (003240.KO)

Canonical: https://gigainvestors.com/s/003240.KO

Analysis as of: 2026-10-16T07:46:32.227Z. Financial observations: FY2000–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 875,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 3,752,311.24 per share, central KRW 4,060,252.52 per share, high KRW 4,470,187.69 per share. Buy at or below the central value KRW 4,060,252.52 per share. Valuation as of 2026-10-16T07:46:32.227Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 1.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.08×

- FY2018: 0.11×

- FY2019: 0.09×

- FY2020: 0.03×

- FY2021: 0.13×

- FY2022: -0.05×

- FY2023: -0.04×

- FY2024: -0.00×

- FY2025: -0.02×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 8.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: -3.6%

- Typical minus recent gross margin: 8.7 pp

- Typical gross margin (annual median): 18.2%

- Recent gross margin (lower of latest and 3-year median): 9.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.9%

- FY2017: 12.6%

- FY2018: 18.6%

- FY2019: 13.6%

- FY2020: 1.7%

- FY2021: 10.0%

- FY2022: -4.1%

- FY2023: -3.6%

- FY2024: -0.0%

- FY2025: -1.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 768B

- Net income, five-year total: KRW 936B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 15.3%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 2.02×

- FY2024: 0.84×

- FY2025: -0.32×

### management: fail

- 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: 12.6% vs -1.2%

- Per-share earnings: 164922.71 to 96033.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: KRW -156B

- Cumulative retained earnings: KRW 2.20T

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.4%

- Per-share value change: KRW -69K

- Per-share value, starting three-year median: KRW 165K

- Per-share value, ending three-year median: KRW 96K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 11.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.4B

- Cumulative net income, 10 years: KRW 1.55T

- ROIC, first three-year median: 12.6%

- ROIC, last three-year median: -1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 17K

- FY2017: KRW 165K

- FY2018: KRW 254K

- FY2019: KRW 162K

- FY2020: KRW 126K

- FY2021: KRW 377K

- FY2022: KRW 406K

- FY2023: KRW -22K

- FY2024: KRW 255K

- FY2025: KRW 96K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 4.8%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.7%

- FY2017: -5.1%

- FY2018: -3.2%

- FY2019: -5.4%

- FY2020: -1.5%

- FY2021: 0.5%

- FY2022: 9.9%

- FY2023: -2.6%

- FY2024: -0.3%

- FY2025: 4.8%

## Holders

## Price story

Down 40% since Feb 2026 · sales -9.9%

Story as of 2026-10-16T10:00:13.588Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 2.67T 

- FY2017: KRW 2.92T 

- FY2018: KRW 3.11T 

- FY2019: KRW 2.92T 

- FY2020: KRW 1.74T 

- FY2021: KRW 2.59T 

- FY2022: KRW 2.70T 

- FY2023: KRW 2.27T 

- FY2024: KRW 2.03T 

- FY2025: KRW 1.83T 

### Gross margin · FY2025

gross margin 9.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.5% 

- FY2017: 35.5% 

- FY2018: 34.6% 

- FY2019: 34.9% 

- FY2020: 14.7% 

- FY2021: 21.8% 

- FY2022: 3.3% 

- FY2023: 4.6% 

- FY2024: 9.5% 

- FY2025: 9.7% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are KRW 1.8 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2025: revenue 1827439561460; grossProfit 177355462160; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003240.KO: Taekwang Industrial Co., Ltd. engages in the petrochemical, synthetic fiber, textile, and advanced material businesses in South Korea and internationally. It offers petrochemical products, including purified terephthalic acid, propylene, acrylonitrile, sodium cyanide, acetonitrile, ammonium sulphate, and hydrogen peroxide. The company also provides synthetic fibers, such as acrylic fibers, nylon filaments, spandex, and low-melting fibers. In addition, it offers polyester fabrics and aramid fibers. The company was founded in 1950 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 4.6% to 9.7% during 2023–25; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2023: grossProfit / revenue = 4.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2024: grossProfit / revenue = 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2025: grossProfit / revenue = 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); 10-year return on capital observations [[2016,0.07902708629816398],[2017,0.12617387213356343],[2018,0.18629475709168922],[2019,0.13571456897533163],[2020,0.01653638234527234],[2021,0.10002978078071022],[2022,-0.041205607772250165],[2023,-0.03611414884926076],[2024,-0.00010879924419726755],[2025,-0.011993121436635668]]; median 0.04778173432171816. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 4.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2016: growth capex 0; upkeep 84413796790; owner earnings 117700980880. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2017: growth capex 0; upkeep 68511179950; owner earnings 278226852620. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2018: growth capex 0; upkeep 82047432490; owner earnings 276033008470. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2019: growth capex 0; upkeep 83189651140; owner earnings 174435309490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2020: growth capex 0; upkeep 151169857230; owner earnings 15179214176. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2021: growth capex 29895868380; upkeep 57969543300; owner earnings 313170324920. Growth capex / owner earnings = 0.09546200901262583.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2022: growth capex 1670234040; upkeep 60141883500; owner earnings 339059935618. Growth capex / owner earnings = 0.004926073134992157.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2024: growth capex 0; upkeep 75268822770; owner earnings 179152357510. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); Dividend observations: [[2016,6659335280],[2017,6659845790],[2018,6824975680],[2019,11092630260],[2020,1304484410],[2021,1304484410],[2022,1472804980],[2023,1472806730],[2024,1472824500],[2025,1472806730]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); FY2025: cash repurchases 4088750 KRW.

### Are managers owners

Insiders own 54.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003240.KO SharesStats.PercentInsiders = 54.527 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:32.227Z); Closing price 875000 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 2171317.651952706; price multiple 0.4029811111299613. FY2025 cash earnings/share -30775.265244579845. Closing-price date 2026-10-15.

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

- 2016-10: KRW 839,000.00 per share

- 2016-11: KRW 886,000.00 per share

- 2016-12: KRW 947,000.00 per share

- 2017-01: KRW 993,000.00 per share

- 2017-02: KRW 962,000.00 per share

- 2017-03: KRW 910,000.00 per share

- 2017-04: KRW 891,000.00 per share

- 2017-05: KRW 1,100,000.00 per share

- 2017-06: KRW 1,077,000.00 per share

- 2017-07: KRW 1,235,000.00 per share

- 2017-08: KRW 1,217,000.00 per share

- 2017-09: KRW 1,121,000.00 per share

- 2017-10: KRW 1,141,000.00 per share

- 2017-11: KRW 1,269,000.00 per share

- 2017-12: KRW 1,317,000.00 per share

- 2018-01: KRW 1,379,000.00 per share

- 2018-02: KRW 1,318,000.00 per share

- 2018-03: KRW 1,257,000.00 per share

- 2018-04: KRW 1,298,000.00 per share

- 2018-05: KRW 1,242,000.00 per share

- 2018-06: KRW 1,389,000.00 per share

- 2018-07: KRW 1,464,000.00 per share

- 2018-08: KRW 1,610,000.00 per share

- 2018-09: KRW 1,667,000.00 per share

- 2018-10: KRW 1,476,000.00 per share

- 2018-11: KRW 1,360,000.00 per share

- 2018-12: KRW 1,320,000.00 per share

- 2019-01: KRW 1,359,000.00 per share

- 2019-02: KRW 1,500,000.00 per share

- 2019-03: KRW 1,618,000.00 per share

- 2019-04: KRW 1,499,000.00 per share

- 2019-05: KRW 1,322,000.00 per share

- 2019-06: KRW 1,320,000.00 per share

- 2019-07: KRW 1,241,000.00 per share

- 2019-08: KRW 1,073,000.00 per share

- 2019-09: KRW 1,130,000.00 per share

- 2019-10: KRW 1,097,000.00 per share

- 2019-11: KRW 1,074,000.00 per share

- 2019-12: KRW 1,060,000.00 per share

- 2020-01: KRW 933,000.00 per share

- 2020-02: KRW 806,000.00 per share

- 2020-03: KRW 629,000.00 per share

- 2020-04: KRW 800,000.00 per share

- 2020-05: KRW 740,000.00 per share

- 2020-06: KRW 696,000.00 per share

- 2020-07: KRW 681,000.00 per share

- 2020-08: KRW 660,000.00 per share

- 2020-09: KRW 652,000.00 per share

- 2020-10: KRW 710,000.00 per share

- 2020-11: KRW 768,000.00 per share

- 2020-12: KRW 801,000.00 per share

- 2021-01: KRW 839,000.00 per share

- 2021-02: KRW 942,000.00 per share

- 2021-03: KRW 920,000.00 per share

- 2021-04: KRW 1,043,000.00 per share

- 2021-05: KRW 1,249,000.00 per share

- 2021-06: KRW 1,166,000.00 per share

- 2021-07: KRW 1,122,000.00 per share

- 2021-08: KRW 1,105,000.00 per share

- 2021-09: KRW 1,110,000.00 per share

- 2021-10: KRW 1,000,000.00 per share

- 2021-11: KRW 918,000.00 per share

- 2021-12: KRW 1,043,000.00 per share

- 2022-01: KRW 1,003,000.00 per share

- 2022-02: KRW 1,015,000.00 per share

- 2022-03: KRW 1,042,000.00 per share

- 2022-04: KRW 1,016,000.00 per share

- 2022-05: KRW 971,000.00 per share

- 2022-06: KRW 906,000.00 per share

- 2022-07: KRW 899,000.00 per share

- 2022-08: KRW 825,000.00 per share

- 2022-09: KRW 703,000.00 per share

- 2022-10: KRW 703,000.00 per share

- 2022-11: KRW 740,000.00 per share

- 2022-12: KRW 746,000.00 per share

- 2023-01: KRW 742,000.00 per share

- 2023-02: KRW 782,000.00 per share

- 2023-03: KRW 721,000.00 per share

- 2023-04: KRW 698,000.00 per share

- 2023-05: KRW 651,000.00 per share

- 2023-06: KRW 633,000.00 per share

- 2023-07: KRW 597,000.00 per share

- 2023-08: KRW 606,000.00 per share

- 2023-09: KRW 570,000.00 per share

- 2023-10: KRW 578,000.00 per share

- 2023-11: KRW 594,000.00 per share

- 2023-12: KRW 610,000.00 per share

- 2024-01: KRW 919,000.00 per share

- 2024-02: KRW 786,000.00 per share

- 2024-03: KRW 725,000.00 per share

- 2024-04: KRW 668,000.00 per share

- 2024-05: KRW 647,000.00 per share

- 2024-06: KRW 625,000.00 per share

- 2024-07: KRW 606,000.00 per share

- 2024-08: KRW 590,000.00 per share

- 2024-09: KRW 655,000.00 per share

- 2024-10: KRW 652,000.00 per share

- 2024-11: KRW 624,000.00 per share

- 2024-12: KRW 607,000.00 per share

- 2025-01: KRW 629,000.00 per share

- 2025-02: KRW 717,000.00 per share

- 2025-03: KRW 665,000.00 per share

- 2025-04: KRW 757,000.00 per share

- 2025-05: KRW 973,000.00 per share

- 2025-06: KRW 979,000.00 per share

- 2025-07: KRW 1,005,000.00 per share

- 2025-08: KRW 867,000.00 per share

- 2025-09: KRW 850,000.00 per share

- 2025-10: KRW 802,000.00 per share

- 2025-11: KRW 807,000.00 per share

- 2025-12: KRW 762,000.00 per share

- 2026-01: KRW 873,000.00 per share

- 2026-02: KRW 1,449,000.00 per share

- 2026-03: KRW 1,085,000.00 per share

- 2026-04: KRW 1,190,000.00 per share

- 2026-05: KRW 969,000.00 per share

- 2026-06: KRW 814,000.00 per share

- 2026-07: KRW 857,000.00 per share

- 2026-08: KRW 932,000.00 per share

- 2026-09: KRW 910,000.00 per share

- 2026-10: KRW 905,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 2,336,636.09 per share, central KRW 2,536,570.13 per share, high KRW 2,802,724.75 per share

- FY2017: low KRW 2,722,363.98 per share, central KRW 2,940,615.15 per share, high KRW 3,231,153.75 per share

- FY2018: low KRW 3,313,193.44 per share, central KRW 3,558,492.50 per share, high KRW 3,885,037.59 per share

- FY2019: low KRW 3,775,205.38 per share, central KRW 4,087,564.45 per share, high KRW 4,503,380.63 per share

- FY2020: low KRW 2,744,937.39 per share, central KRW 2,931,252.64 per share, high KRW 3,179,277.75 per share

- FY2021: low KRW 4,655,093.23 per share, central KRW 5,067,177.99 per share, high KRW 5,615,750.22 per share

- FY2022: low KRW 4,528,608.34 per share, central KRW 4,958,500.58 per share, high KRW 5,530,778.34 per share

- FY2023: low KRW 3,208,749.95 per share, central KRW 3,451,251.48 per share, high KRW 3,774,072.45 per share

- FY2024: low KRW 3,982,738.97 per share, central KRW 4,303,532.60 per share, high KRW 4,730,576.97 per share

- FY2025: low KRW 3,894,812.87 per share, central KRW 4,183,949.39 per share, high KRW 4,568,851.42 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.

## Reported holder observations