# DB Insurance (005830.KO)

Canonical: https://gigainvestors.com/s/005830.KO

Analysis as of: 2026-10-16T07:36:17.838Z. Financial observations: FY2016–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 185,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 344,989.91 per share, central KRW 431,237.39 per share, high KRW 574,983.18 per share. Buy at or below the central value KRW 431,237.39 per share. Valuation as of 2026-10-16T07:36:17.838Z; scenarios are not confidence intervals.

Expected annual return: 15.3% at the stated quote. About 15.3% 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): 0.53×

Chart: Net income; fiscal year observations.

- FY2016: KRW 524B

- FY2017: KRW 661B

- FY2018: KRW 533B

- FY2019: KRW 376B

- FY2020: KRW 552B

- FY2021: KRW 870B

- FY2022: KRW 2.03T

- FY2023: KRW 1.74T

- FY2024: KRW 1.85T

- FY2025: KRW 1.79T

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.8%

- Years with reported combined ratio: 0

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

- FY2016: 13.6%

- FY2017: 15.1%

- FY2018: 10.9%

- FY2019: 6.5%

- FY2020: 8.8%

- FY2021: 13.5%

- FY2022: 39.4%

- FY2023: 17.2%

- FY2024: 20.3%

- FY2025: 16.7%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 16.6%

- Book return interval: 10 years

- Starting book value per share: KRW 66K

- Ending book value per share: KRW 232K

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

- FY2017: 5.2%

- FY2018: 22.5%

- FY2019: 19.3%

- FY2020: 15.5%

- FY2021: 5.7%

- FY2022: -15.8%

- FY2023: 95.7%

- FY2024: -6.1%

- FY2025: 20.8%

- LTM to Jun 2026: 33.0%

### 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: -0.5%

- Diluted shares, 5-year annual growth: 0.1%

- Share growth excluding flagged crisis recapitalisations: -0.5%

- Five-year share growth excluding flagged crisis recapitalisations: 0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.83×

- Book value created per share: KRW 114K

- Earnings retained per share after dividends and buybacks: KRW 138K

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

- FY2016: 100

- FY2017: 108

- FY2018: 100

- FY2019: 100

- FY2020: 95

- FY2021: 95

- FY2022: 95

- FY2023: 95

- FY2024: 95

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 0.7% a year forever · net income +1.9%

Story as of 2026-10-16T10:00:07.177Z; price observation 2026-10-15.

The price assumes profits grow 0.7% a year forever

### Net income · FY2026

net income +1.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 661B 

- FY2018: KRW 533B 

- FY2019: KRW 376B 

- FY2020: KRW 552B 

- FY2021: KRW 870B 

- FY2022: KRW 2.03T 

- FY2023: KRW 1.74T 

- FY2024: KRW 1.85T 

- FY2025: KRW 1.79T 

- FY2026: KRW 1.82T 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are KRW 18.7 trillion.

- Source: https://eodhd.com/api/fundamentals/005830.KO.json#2025-12-31 (filed 2026-10-16T07:36:17.838Z); FY2025: revenue 18668127000000.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.838Z); 10-year return on tangible equity observations [[2016,0.13598205524928852],[2017,0.15126931185474496],[2018,0.10867324150696103],[2019,0.0651064182748179],[2020,0.08838693863527945],[2021,0.13527643456913288],[2022,0.39391707386550057],[2023,0.17214171457672678],[2024,0.20310723523228533],[2025,0.16671900647360116]]; median 0.14362568355201674. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.838Z); Dividend observations: [[2016,102408187000],[2017,108959559460],[2018,151561335040],[2019,132572440000],[2020,102243270000],[2021,135535631800],[2022,216792141490],[2023,278579025890],[2024,319990385700],[2025,416566000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 27.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 005830.KO SharesStats.PercentInsiders = 27.83 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 0.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:17.838Z); Price 185200; FX 1; original perpetual distributable cash 17249.495485598964; discount 0.1; growth 0.006860175563720511. 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 71,100.00 per share

- 2016-11: KRW 73,000.00 per share

- 2016-12: KRW 62,500.00 per share

- 2017-01: KRW 59,100.00 per share

- 2017-02: KRW 61,100.00 per share

- 2017-03: KRW 64,000.00 per share

- 2017-04: KRW 68,000.00 per share

- 2017-05: KRW 67,700.00 per share

- 2017-06: KRW 68,000.00 per share

- 2017-07: KRW 80,100.00 per share

- 2017-08: KRW 75,200.00 per share

- 2017-09: KRW 73,000.00 per share

- 2017-10: KRW 70,500.00 per share

- 2017-11: KRW 68,500.00 per share

- 2017-12: KRW 71,200.00 per share

- 2018-01: KRW 72,400.00 per share

- 2018-02: KRW 69,500.00 per share

- 2018-03: KRW 65,000.00 per share

- 2018-04: KRW 62,900.00 per share

- 2018-05: KRW 58,500.00 per share

- 2018-06: KRW 59,000.00 per share

- 2018-07: KRW 64,500.00 per share

- 2018-08: KRW 64,000.00 per share

- 2018-09: KRW 72,800.00 per share

- 2018-10: KRW 71,800.00 per share

- 2018-11: KRW 67,700.00 per share

- 2018-12: KRW 70,400.00 per share

- 2019-01: KRW 69,500.00 per share

- 2019-02: KRW 72,500.00 per share

- 2019-03: KRW 68,700.00 per share

- 2019-04: KRW 68,400.00 per share

- 2019-05: KRW 61,500.00 per share

- 2019-06: KRW 59,300.00 per share

- 2019-07: KRW 56,100.00 per share

- 2019-08: KRW 47,900.00 per share

- 2019-09: KRW 51,600.00 per share

- 2019-10: KRW 50,500.00 per share

- 2019-11: KRW 55,700.00 per share

- 2019-12: KRW 52,300.00 per share

- 2020-01: KRW 42,500.00 per share

- 2020-02: KRW 43,300.00 per share

- 2020-03: KRW 34,750.00 per share

- 2020-04: KRW 44,150.00 per share

- 2020-05: KRW 43,400.00 per share

- 2020-06: KRW 42,850.00 per share

- 2020-07: KRW 47,100.00 per share

- 2020-08: KRW 43,650.00 per share

- 2020-09: KRW 45,200.00 per share

- 2020-10: KRW 44,250.00 per share

- 2020-11: KRW 44,000.00 per share

- 2020-12: KRW 43,750.00 per share

- 2021-01: KRW 36,800.00 per share

- 2021-02: KRW 41,400.00 per share

- 2021-03: KRW 47,300.00 per share

- 2021-04: KRW 48,950.00 per share

- 2021-05: KRW 50,700.00 per share

- 2021-06: KRW 54,800.00 per share

- 2021-07: KRW 57,100.00 per share

- 2021-08: KRW 58,700.00 per share

- 2021-09: KRW 63,600.00 per share

- 2021-10: KRW 59,200.00 per share

- 2021-11: KRW 53,800.00 per share

- 2021-12: KRW 54,000.00 per share

- 2022-01: KRW 60,200.00 per share

- 2022-02: KRW 61,800.00 per share

- 2022-03: KRW 69,900.00 per share

- 2022-04: KRW 67,300.00 per share

- 2022-05: KRW 65,000.00 per share

- 2022-06: KRW 61,300.00 per share

- 2022-07: KRW 60,600.00 per share

- 2022-08: KRW 59,700.00 per share

- 2022-09: KRW 55,200.00 per share

- 2022-10: KRW 56,300.00 per share

- 2022-11: KRW 62,100.00 per share

- 2022-12: KRW 65,300.00 per share

- 2023-01: KRW 65,600.00 per share

- 2023-02: KRW 77,000.00 per share

- 2023-03: KRW 74,900.00 per share

- 2023-04: KRW 84,000.00 per share

- 2023-05: KRW 74,000.00 per share

- 2023-06: KRW 74,600.00 per share

- 2023-07: KRW 75,500.00 per share

- 2023-08: KRW 81,700.00 per share

- 2023-09: KRW 89,400.00 per share

- 2023-10: KRW 87,900.00 per share

- 2023-11: KRW 83,700.00 per share

- 2023-12: KRW 83,700.00 per share

- 2024-01: KRW 87,900.00 per share

- 2024-02: KRW 98,800.00 per share

- 2024-03: KRW 94,700.00 per share

- 2024-04: KRW 97,300.00 per share

- 2024-05: KRW 103,500.00 per share

- 2024-06: KRW 114,500.00 per share

- 2024-07: KRW 110,500.00 per share

- 2024-08: KRW 116,000.00 per share

- 2024-09: KRW 112,300.00 per share

- 2024-10: KRW 109,300.00 per share

- 2024-11: KRW 109,200.00 per share

- 2024-12: KRW 102,800.00 per share

- 2025-01: KRW 97,100.00 per share

- 2025-02: KRW 91,400.00 per share

- 2025-03: KRW 88,600.00 per share

- 2025-04: KRW 91,200.00 per share

- 2025-05: KRW 100,500.00 per share

- 2025-06: KRW 123,300.00 per share

- 2025-07: KRW 128,000.00 per share

- 2025-08: KRW 131,900.00 per share

- 2025-09: KRW 138,500.00 per share

- 2025-10: KRW 126,800.00 per share

- 2025-11: KRW 124,500.00 per share

- 2025-12: KRW 131,100.00 per share

- 2026-01: KRW 142,600.00 per share

- 2026-02: KRW 183,100.00 per share

- 2026-03: KRW 163,800.00 per share

- 2026-04: KRW 167,600.00 per share

- 2026-05: KRW 143,100.00 per share

- 2026-06: KRW 133,900.00 per share

- 2026-07: KRW 157,000.00 per share

- 2026-08: KRW 181,100.00 per share

- 2026-09: KRW 185,000.00 per share

- 2026-10: KRW 195,000.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 148,059.94 per share, central KRW 185,074.92 per share, high KRW 246,766.56 per share

- FY2018: low KRW 156,491.54 per share, central KRW 195,614.43 per share, high KRW 260,819.24 per share

- FY2019: low KRW 159,100.76 per share, central KRW 198,875.95 per share, high KRW 265,167.94 per share

- FY2020: low KRW 165,563.93 per share, central KRW 206,954.91 per share, high KRW 275,939.89 per share

- FY2021: low KRW 161,924.56 per share, central KRW 202,405.70 per share, high KRW 269,874.27 per share

- FY2022: low KRW 106,028.43 per share, central KRW 116,631.28 per share, high KRW 129,590.31 per share

- FY2023: low KRW 213,387.32 per share, central KRW 234,726.05 per share, high KRW 260,806.72 per share

- FY2024: low KRW 198,244.08 per share, central KRW 218,068.49 per share, high KRW 242,298.32 per share

- FY2025: low KRW 296,915.08 per share, central KRW 371,143.85 per share, high KRW 494,858.46 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 2026-10-15T06:42:02.090Z 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.

DB Insurance

005830 · KO

KOSPI 200

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: KRW 185,200.00
Buy up to: KRW 431,237.39
Expected / yr: 15.3% 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 765B
Worst year: KRW 376B
Latest · 2025: KRW 1.79T

Earned a median 14.4% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 14.4%
Worst year: 6.5%
Latest · 2025: 16.7%

Book value plus dividends grew 16.6% a year (minimum 7%).

Annual book + dividend return

10y median: 17.4%
Worst year: -15.8%
Latest · LTM: 33.0%

Book value gained 114236.15 per share against 138398.99 kept (must cover the amount kept).

Shares (first year = 100)

10y median: 95
Worst year: 108
Latest · 2025: 95

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 29,796.67 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 71100.00; 2016-11 · Price KRW 73000.00; 2016-12 · Price KRW 62500.00; 2017-01 · Price KRW 59100.00 · Value 185074.92 · Buy at or below 185074.92; 2017-02 · Price KRW 61100.00 · Value 185074.92 · Buy at or below 185074.92; 2017-03 · Price KRW 64000.00 · Value 185074.92 · Buy at or below 185074.92; 2017-04 · Price KRW 68000.00 · Value 185074.92 · Buy at or below 185074.92; 2017-05 · Price KRW 67700.00 · Value 185074.92 · Buy at or below 185074.92; 2017-06 · Price KRW 68000.00 · Value 185074.92 · Buy at or below 185074.92; 2017-07 · Price KRW 80100.00 · Value 185074.92 · Buy at or below 185074.92; 2017-08 · Price KRW 75200.00 · Value 185074.92 · Buy at or below 185074.92; 2017-09 · Price KRW 73000.00 · Value 185074.92 · Buy at or below 185074.92; 2017-10 · Price KRW 70500.00 · Value 185074.92 · Buy at or below 185074.92; 2017-11 · Price KRW 68500.00 · Value 185074.92 · Buy at or below 185074.92; 2017-12 · Price KRW 71200.00 · Value 185074.92 · Buy at or below 185074.92; 2018-01 · Price KRW 72400.00 · Value 185074.92 · Buy at or below 185074.92; 2018-02 · Price KRW 69500.00 · Value 195614.43 · Buy at or below 195614.43; 2018-03 · Price KRW 65000.00 · Value 195614.43 · Buy at or below 195614.43; 2018-04 · Price KRW 62900.00 · Value 195614.43 · Buy at or below 195614.43; 2018-05 · Price KRW 58500.00 · Value 195614.43 · Buy at or below 195614.43; 2018-06 · Price KRW 59000.00 · Value 195614.43 · Buy at or below 195614.43; 2018-07 · Price KRW 64500.00 · Value 195614.43 · Buy at or below 195614.43; 2018-08 · Price KRW 64000.00 · Value 195614.43 · Buy at or below 195614.43; 2018-09 · Price KRW 72800.00 · Value 195614.43 · Buy at or below 195614.43; 2018-10 · Price KRW 71800.00 · Value 195614.43 · Buy at or below 195614.43; 2018-11 · Price KRW 67700.00 · Value 195614.43 · Buy at or below 195614.43; 2018-12 · Price KRW 70400.00 · Value 195614.43 · Buy at or below 195614.43; 2019-01 · Price KRW 69500.00 · Value 195614.43 · Buy at or below 195614.43; 2019-02 · Price KRW 72500.00 · Value 198875.95 · Buy at or below 198875.95; 2019-03 · Price KRW 68700.00 · Value 198875.95 · Buy at or below 198875.95; 2019-04 · Price KRW 68400.00 · Value 198875.95 · Buy at or below 198875.95; 2019-05 · Price KRW 61500.00 · Value 198875.95 · Buy at or below 198875.95; 2019-06 · Price KRW 59300.00 · Value 198875.95 · Buy at or below 198875.95; 2019-07 · Price KRW 56100.00 · Value 198875.95 · Buy at or below 198875.95; 2019-08 · Price KRW 47900.00 · Value 198875.95 · Buy at or below 198875.95; 2019-09 · Price KRW 51600.00 · Value 198875.95 · Buy at or below 198875.95; 2019-10 · Price KRW 50500.00 · Value 198875.95 · Buy at or below 198875.95; 2019-11 · Price KRW 55700.00 · Value 198875.95 · Buy at or below 198875.95; 2019-12 · Price KRW 52300.00 · Value 198875.95 · Buy at or below 198875.95; 2020-01 · Price KRW 42500.00 · Value 198875.95 · Buy at or below 198875.95; 2020-02 · Price KRW 43300.00 · Value 206954.91 · Buy at or below 206954.91; 2020-03 · Price KRW 34750.00 · Value 206954.91 · Buy at or below 206954.91; 2020-04 · Price KRW 44150.00 · Value 206954.91 · Buy at or below 206954.91; 2020-05 · Price KRW 43400.00 · Value 206954.91 · Buy at or below 206954.91; 2020-06 · Price KRW 42850.00 · Value 206954.91 · Buy at or below 206954.91; 2020-07 · Price KRW 47100.00 · Value 206954.91 · Buy at or below 206954.91; 2020-08 · Price KRW 43650.00 · Value 206954.91 · Buy at or below 206954.91; 2020-09 · Price KRW 45200.00 · Value 206954.91 · Buy at or below 206954.91; 2020-10 · Price KRW 44250.00 · Value 206954.91 · Buy at or below 206954.91; 2020-11 · Price KRW 44000.00 · Value 206954.91 · Buy at or below 206954.91; 2020-12 · Price KRW 43750.00 · Value 206954.91 · Buy at or below 206954.91; 2021-01 · Price KRW 36800.00 · Value 206954.91 · Buy at or below 206954.91; 2021-02 · Price KRW 41400.00 · Value 202405.70 · Buy at or below 202405.70; 2021-03 · Price KRW 47300.00 · Value 202405.70 · Buy at or below 202405.70; 2021-04 · Price KRW 48950.00 · Value 202405.70 · Buy at or below 202405.70; 2021-05 · Price KRW 50700.00 · Value 202405.70 · Buy at or below 202405.70; 2021-06 · Price KRW 54800.00 · Value 202405.70 · Buy at or below 202405.70; 2021-07 · Price KRW 57100.00 · Value 202405.70 · Buy at or below 202405.70; 2021-08 · Price KRW 58700.00 · Value 202405.70 · Buy at or below 202405.70; 2021-09 · Price KRW 63600.00 · Value 202405.70 · Buy at or below 202405.70; 2021-10 · Price KRW 59200.00 · Value 202405.70 · Buy at or below 202405.70; 2021-11 · Price KRW 53800.00 · Value 202405.70 · Buy at or below 202405.70; 2021-12 · Price KRW 54000.00 · Value 202405.70 · Buy at or below 202405.70; 2022-01 · Price KRW 60200.00 · Value 202405.70 · Buy at or below 202405.70; 2022-02 · Price KRW 61800.00 · Value 116631.28 · Buy at or below 116631.28; 2022-03 · Price KRW 69900.00 · Value 116631.28 · Buy at or below 116631.28; 2022-04 · Price KRW 67300.00 · Value 116631.28 · Buy at or below 116631.28; 2022-05 · Price KRW 65000.00 · Value 116631.28 · Buy at or below 116631.28; 2022-06 · Price KRW 61300.00 · Value 116631.28 · Buy at or below 116631.28; 2022-07 · Price KRW 60600.00 · Value 116631.28 · Buy at or below 116631.28; 2022-08 · Price KRW 59700.00 · Value 116631.28 · Buy at or below 116631.28; 2022-09 · Price KRW 55200.00 · Value 116631.28 · Buy at or below 116631.28; 2022-10 · Price KRW 56300.00 · Value 116631.28 · Buy at or below 116631.28; 2022-11 · Price KRW 62100.00 · Value 116631.28 · Buy at or below 116631.28; 2022-12 · Price KRW 65300.00 · Value 116631.28 · Buy at or below 116631.28; 2023-01 · Price KRW 65600.00 · Value 116631.28 · Buy at or below 116631.28; 2023-02 · Price KRW 77000.00 · Value 234726.05 · Buy at or below 234726.05; 2023-03 · Price KRW 74900.00 · Value 234726.05 · Buy at or below 234726.05; 2023-04 · Price KRW 84000.00 · Value 234726.05 · Buy at or below 234726.05; 2023-05 · Price KRW 74000.00 · Value 234726.05 · Buy at or below 234726.05; 2023-06 · Price KRW 74600.00 · Value 234726.05 · Buy at or below 234726.05; 2023-07 · Price KRW 75500.00 · Value 234726.05 · Buy at or below 234726.05; 2023-08 · Price KRW 81700.00 · Value 234726.05 · Buy at or below 234726.05; 2023-09 · Price KRW 89400.00 · Value 234726.05 · Buy at or below 234726.05; 2023-10 · Price KRW 87900.00 · Value 234726.05 · Buy at or below 234726.05; 2023-11 · Price KRW 83700.00 · Value 234726.05 · Buy at or below 234726.05; 2023-12 · Price KRW 83700.00 · Value 234726.05 · Buy at or below 234726.05; 2024-01 · Price KRW 87900.00 · Value 234726.05 · Buy at or below 234726.05; 2024-02 · Price KRW 98800.00 · Value 218068.49 · Buy at or below 218068.49; 2024-03 · Price KRW 94700.00 · Value 218068.49 · Buy at or below 218068.49; 2024-04 · Price KRW 97300.00 · Value 218068.49 · Buy at or below 218068.49; 2024-05 · Price KRW 103500.00 · Value 218068.49 · Buy at or below 218068.49; 2024-06 · Price KRW 114500.00 · Value 218068.49 · Buy at or below 218068.49; 2024-07 · Price KRW 110500.00 · Value 218068.49 · Buy at or below 218068.49; 2024-08 · Price KRW 116000.00 · Value 218068.49 · Buy at or below 218068.49; 2024-09 · Price KRW 112300.00 · Value 218068.49 · Buy at or below 218068.49; 2024-10 · Price KRW 109300.00 · Value 218068.49 · Buy at or below 218068.49; 2024-11 · Price KRW 109200.00 · Value 218068.49 · Buy at or below 218068.49; 2024-12 · Price KRW 102800.00 · Value 218068.49 · Buy at or below 218068.49; 2025-01 · Price KRW 97100.00 · Value 218068.49 · Buy at or below 218068.49; 2025-02 · Price KRW 91400.00 · Value 371143.85 · Buy at or below 371143.85; 2025-03 · Price KRW 88600.00 · Value 371143.85 · Buy at or below 371143.85; 2025-04 · Price KRW 91200.00 · Value 371143.85 · Buy at or below 371143.85; 2025-05 · Price KRW 100500.00 · Value 371143.85 · Buy at or below 371143.85; 2025-06 · Price KRW 123300.00 · Value 371143.85 · Buy at or below 371143.85; 2025-07 · Price KRW 128000.00 · Value 371143.85 · Buy at or below 371143.85; 2025-08 · Price KRW 131900.00 · Value 371143.85 · Buy at or below 371143.85; 2025-09 · Price KRW 138500.00 · Value 371143.85 · Buy at or below 371143.85; 2025-10 · Price KRW 126800.00 · Value 371143.85 · Buy at or below 371143.85; 2025-11 · Price KRW 124500.00 · Value 371143.85 · Buy at or below 371143.85; 2025-12 · Price KRW 131100.00 · Value 371143.85 · Buy at or below 371143.85; 2026-01 · Price KRW 142600.00 · Value 371143.85 · Buy at or below 371143.85; 2026-02 · Price KRW 183100.00 · Value 431237.39 · Buy at or below 431237.39; 2026-03 · Price KRW 163800.00 · Value 431237.39 · Buy at or below 431237.39; 2026-04 · Price KRW 167600.00 · Value 431237.39 · Buy at or below 431237.39; 2026-05 · Price KRW 143100.00 · Value 431237.39 · Buy at or below 431237.39; 2026-06 · Price KRW 133900.00 · Value 431237.39 · Buy at or below 431237.39; 2026-07 · Price KRW 157000.00 · Value 431237.39 · Buy at or below 431237.39; 2026-08 · Price KRW 181100.00 · Value 431237.39 · Buy at or below 431237.39; 2026-09 · Price KRW 185000.00 · Value 431237.39 · Buy at or below 431237.39; 2026-10 · Price KRW 195000.00 · Value 431237.39 · Buy at or below 431237.39; 2026-10 · Price KRW 185200.00 · Value 431237.39 · Buy at or below 431237.39

KRW per share · annual estimates

Price & return math
Value range	KRW 344,989.91 – KRW 574,983.18
Buy at or below	Central value KRW 431,237.39
Discount to value	1 − 185200.00 / 431237.39 = 57.1%
Return / year	About 15.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 206270.31/share; ROE 14.4%; first payout KRW 17249.50/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 1.82T

Net income

Book / shareKRW 232K

Book / share

Dividend / shareKRW 8K

Dividend / share

Return on tangible equity16.7%

Return on tangible equity

Diluted shares60M

Diluted shares

Prices 15 Oct 2026 · FY2025