# Lotte Chilsung Beverage (005300.KO)

Canonical: https://gigainvestors.com/s/005300.KO

Analysis as of: 2026-10-16T07:45:12.152Z. Financial observations: FY2005–FY2025.

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 96,600.00 per share; close as of 2026-10-15.

Estimated value: low KRW 230,011.25 per share, central KRW 270,234.47 per share, high KRW 312,358.21 per share. Buy at or below the central value KRW 270,234.47 per share. Valuation as of 2026-10-16T07:45:12.152Z; scenarios are not confidence intervals.

Expected annual return: 25.1% at the stated quote. About 25.1% 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

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

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.03×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.05×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 6.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: 6.9 pp

- Typical gross margin (annual median): 40.3%

- Recent gross margin (lower of latest and 3-year median): 33.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 1.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.1%

- FY2017: 2.8%

- FY2018: 2.7%

- FY2019: 3.4%

- FY2020: 3.1%

- FY2021: 5.7%

- FY2022: 6.7%

- FY2023: 5.8%

- FY2024: 3.9%

- FY2025: 3.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 453B

- Net income, five-year total: KRW 536B

- Return on incremental invested capital: 3.3%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 11.8%

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

- FY2021: 0.90×

- FY2022: 0.98×

- FY2023: 0.85×

- FY2024: 0.50×

- FY2025: 0.74×

### 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: 2.8% vs 3.9%

- Per-share earnings: 7905.12 to 5878.00 (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: 2.3%

- Market cap gain: KRW 97B

- Cumulative retained earnings: KRW 900B

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.1%

- Per-share value change: KRW -2K

- Per-share value, starting three-year median: KRW 8K

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

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 14B

- Cumulative net income, 10 years: KRW 537B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 8K

- FY2017: KRW 64K

- FY2018: KRW -6K

- FY2019: KRW -17K

- FY2020: KRW -1K

- FY2021: KRW 15K

- FY2022: KRW 13K

- FY2023: KRW 16K

- FY2024: KRW 6K

- FY2025: KRW 5K

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -0.3%

- FY2018: -4.0%

- FY2019: -8.5%

- FY2020: -9.1%

- FY2021: -5.2%

- FY2022: -3.8%

- FY2023: -2.4%

- FY2024: -6.1%

- FY2025: -7.2%

## Holders

## Price story

Down 51% since May 2022 · sales -1.3%

Story as of 2026-10-16T10:00:13.336Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.4% a year for ten years

### Sales · FY2024–2025

sales -1.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 2.37T 

- FY2017: KRW 2.28T 

- FY2018: KRW 2.35T 

- FY2019: KRW 2.43T 

- FY2020: KRW 2.26T 

- FY2021: KRW 2.51T 

- FY2022: KRW 2.84T 

- FY2023: KRW 3.22T 

- FY2024: KRW 4.02T 

- FY2025: KRW 3.97T 

### Gross margin · FY2025

gross margin 33.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 43.7% 

- FY2017: 41.1% 

- FY2018: 39.6% 

- FY2019: 40.5% 

- FY2020: 40.2% 

- FY2021: 41.7% 

- FY2022: 40.4% 

- FY2023: 38.3% 

- FY2024: 34.4% 

- FY2025: 33.4% 

## Owner memo

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

### How it makes money

Operates in beverages non-alcoholic; annual sales are KRW 4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2025: revenue 3971143829130; grossProfit 1326646101460; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005300.KO: Lotte Chilsung Beverage Co., Ltd. manufactures and sells soft drinks, liquor, fruit/vegetable drinks, grain drinks, and food and other beverages in Korea, the Philippines, Pakistan, the United States, Japan, China, Myanmar, Singapore, and Russia. It operates through Beverage and Liquor segments. The company offers beverages, including carbonated drinks, juices, coffee, tea, functional drinks, spring water, and other products; and liquor products, including soju, beer, spirits, fruit liquor, cheongju, wine, and cooking wine products. It sells its products under the Chilsung Cider, Pepsi-Cola, Del Monte, Milkis, Cantata, HOT6ix, DAILY-C, ICIS, Let's Be, 2% Refreshing near water, Chum-Churum, Kloud, Chungha, Majuang, and Scotch Blue brand names. The company was founded in 1950 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 33.4% to 38.3% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2023: grossProfit / revenue = 38.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2024: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2025: grossProfit / revenue = 33.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); 10-year return on capital observations [[2016,0.03100040127485556],[2017,0.028237092095655374],[2018,0.027073388584734112],[2019,0.034282354050660005],[2020,0.030525305089027354],[2021,0.057290243798149766],[2022,0.06727485998105699],[2023,0.05808995640997291],[2024,0.03931723708793089],[2025,0.036278434074266015]]; median 0.035280394062463014. 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 25.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2017: growth capex 0; upkeep 259064162360; owner earnings 24783564830. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2021: growth capex 44420738580; upkeep 157988619000; owner earnings 121463210012. Growth capex / owner earnings = 0.36571352408364177.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2022: growth capex 0; upkeep 152198052780; owner earnings 126233380202. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2023: growth capex 18500883550; upkeep 187273000000; owner earnings 141310806728. Growth capex / owner earnings = 0.13092334534336889.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2024: growth capex 64258125630; upkeep 240679000000; owner earnings 29401907904. Growth capex / owner earnings = 2.185508703714359.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2025: growth capex 0; upkeep 231729194120; owner earnings 34828635356. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); Dividend observations: [[2016,12492267600],[2017,13655024000],[2018,27096844250],[2019,26096974250],[2020,27405724250],[2021,31190511350],[2022,31328220970],[2023,34653435400],[2024,36093467910],[2025,36660908900]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); FY2025: cash repurchases 25253483.333333336 KRW.

### Are managers owners

Insiders own 59.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005300.KO SharesStats.PercentInsiders = 59.733000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 12.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:12.152Z); Ten-year compound average after fade. Initial solved rate -0.18565946568887726. Price 96600; 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 156,660.89 per share

- 2016-11: KRW 159,407.54 per share

- 2016-12: KRW 148,522.66 per share

- 2017-01: KRW 147,403.65 per share

- 2017-02: KRW 153,405.60 per share

- 2017-03: KRW 143,944.91 per share

- 2017-04: KRW 170,597.60 per share

- 2017-05: KRW 183,720.50 per share

- 2017-06: KRW 174,361.53 per share

- 2017-07: KRW 164,290.48 per share

- 2017-08: KRW 157,372.98 per share

- 2017-09: KRW 137,739.51 per share

- 2017-10: KRW 138,300.00 per share

- 2017-11: KRW 122,000.00 per share

- 2017-12: KRW 132,900.00 per share

- 2018-01: KRW 151,600.00 per share

- 2018-02: KRW 155,400.00 per share

- 2018-03: KRW 153,400.00 per share

- 2018-04: KRW 162,000.00 per share

- 2018-05: KRW 158,300.00 per share

- 2018-06: KRW 153,700.00 per share

- 2018-07: KRW 140,100.00 per share

- 2018-08: KRW 135,000.00 per share

- 2018-09: KRW 139,200.00 per share

- 2018-10: KRW 136,800.00 per share

- 2018-11: KRW 146,400.00 per share

- 2018-12: KRW 140,000.00 per share

- 2019-01: KRW 143,500.00 per share

- 2019-02: KRW 159,300.00 per share

- 2019-03: KRW 177,100.00 per share

- 2019-04: KRW 173,100.00 per share

- 2019-05: KRW 171,000.00 per share

- 2019-06: KRW 171,500.00 per share

- 2019-07: KRW 145,000.00 per share

- 2019-08: KRW 130,000.00 per share

- 2019-09: KRW 138,500.00 per share

- 2019-10: KRW 137,000.00 per share

- 2019-11: KRW 134,500.00 per share

- 2019-12: KRW 140,000.00 per share

- 2020-01: KRW 124,000.00 per share

- 2020-02: KRW 112,500.00 per share

- 2020-03: KRW 85,000.00 per share

- 2020-04: KRW 109,000.00 per share

- 2020-05: KRW 103,500.00 per share

- 2020-06: KRW 102,000.00 per share

- 2020-07: KRW 101,000.00 per share

- 2020-08: KRW 94,100.00 per share

- 2020-09: KRW 90,000.00 per share

- 2020-10: KRW 85,900.00 per share

- 2020-11: KRW 99,400.00 per share

- 2020-12: KRW 108,500.00 per share

- 2021-01: KRW 116,000.00 per share

- 2021-02: KRW 114,500.00 per share

- 2021-03: KRW 136,500.00 per share

- 2021-04: KRW 140,000.00 per share

- 2021-05: KRW 164,500.00 per share

- 2021-06: KRW 145,000.00 per share

- 2021-07: KRW 145,000.00 per share

- 2021-08: KRW 145,000.00 per share

- 2021-09: KRW 147,500.00 per share

- 2021-10: KRW 145,500.00 per share

- 2021-11: KRW 131,000.00 per share

- 2021-12: KRW 133,500.00 per share

- 2022-01: KRW 147,000.00 per share

- 2022-02: KRW 164,500.00 per share

- 2022-03: KRW 182,000.00 per share

- 2022-04: KRW 182,000.00 per share

- 2022-05: KRW 195,500.00 per share

- 2022-06: KRW 175,000.00 per share

- 2022-07: KRW 177,500.00 per share

- 2022-08: KRW 154,500.00 per share

- 2022-09: KRW 159,500.00 per share

- 2022-10: KRW 140,500.00 per share

- 2022-11: KRW 157,000.00 per share

- 2022-12: KRW 176,000.00 per share

- 2023-01: KRW 159,900.00 per share

- 2023-02: KRW 167,400.00 per share

- 2023-03: KRW 164,900.00 per share

- 2023-04: KRW 155,600.00 per share

- 2023-05: KRW 140,000.00 per share

- 2023-06: KRW 126,800.00 per share

- 2023-07: KRW 122,400.00 per share

- 2023-08: KRW 129,900.00 per share

- 2023-09: KRW 125,300.00 per share

- 2023-10: KRW 145,500.00 per share

- 2023-11: KRW 147,800.00 per share

- 2023-12: KRW 146,600.00 per share

- 2024-01: KRW 137,200.00 per share

- 2024-02: KRW 125,500.00 per share

- 2024-03: KRW 127,100.00 per share

- 2024-04: KRW 126,900.00 per share

- 2024-05: KRW 129,100.00 per share

- 2024-06: KRW 132,800.00 per share

- 2024-07: KRW 142,300.00 per share

- 2024-08: KRW 131,600.00 per share

- 2024-09: KRW 130,000.00 per share

- 2024-10: KRW 122,000.00 per share

- 2024-11: KRW 120,800.00 per share

- 2024-12: KRW 112,000.00 per share

- 2025-01: KRW 103,500.00 per share

- 2025-02: KRW 104,900.00 per share

- 2025-03: KRW 106,900.00 per share

- 2025-04: KRW 109,700.00 per share

- 2025-05: KRW 106,800.00 per share

- 2025-06: KRW 119,200.00 per share

- 2025-07: KRW 130,000.00 per share

- 2025-08: KRW 119,600.00 per share

- 2025-09: KRW 115,300.00 per share

- 2025-10: KRW 115,300.00 per share

- 2025-11: KRW 119,700.00 per share

- 2025-12: KRW 139,200.00 per share

- 2026-01: KRW 133,500.00 per share

- 2026-02: KRW 139,100.00 per share

- 2026-03: KRW 114,000.00 per share

- 2026-04: KRW 122,400.00 per share

- 2026-05: KRW 109,000.00 per share

- 2026-06: KRW 98,700.00 per share

- 2026-07: KRW 101,000.00 per share

- 2026-08: KRW 99,800.00 per share

- 2026-09: KRW 94,700.00 per share

- 2026-10: KRW 96,300.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 90,740.73 per share, central KRW 93,030.77 per share, high KRW 96,079.30 per share

- FY2023: low KRW 194,420.34 per share, central KRW 247,735.24 per share, high KRW 286,471.21 per share

- FY2024: low KRW 230,514.16 per share, central KRW 298,491.17 per share, high KRW 347,291.88 per share

- FY2025: low KRW 211,250.36 per share, central KRW 247,747.69 per share, high KRW 285,969.50 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 2026-10-15T06:51:10.892Z 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