# Korea Petro Chemical Ind (006650.KO)

Canonical: https://gigainvestors.com/s/006650.KO

Analysis as of: 2026-10-16T07:48:10.168Z. Financial observations: FY2005–FY2026.

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 83,900.00 per share; close as of 2026-10-15.

Estimated value: low KRW 172,015.96 per share, central KRW 192,790.37 per share, high KRW 220,445.53 per share. Buy at or below the central value KRW 192,790.37 per share. Valuation as of 2026-10-16T07:48:10.168Z; scenarios are not confidence intervals.

Expected annual return: 23.0% at the stated quote. About 23.0% 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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 1.76×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.12×

- FY2019: 0.05×

- FY2020: 0.09×

- FY2021: 0.07×

- FY2022: -0.10×

- FY2023: -0.02×

- FY2024: -0.02×

- FY2025: 0.02×

- LTM to Jun 2026: 0.04×

### 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: 6.6%

- ROIC, second-lowest year: -2.5%

- Typical minus recent gross margin: 8.7 pp

- Typical gross margin (annual median): 8.4%

- Recent gross margin (lower of latest and 3-year median): -0.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.9%

- FY2017: 12.9%

- FY2018: 14.3%

- FY2019: 5.4%

- FY2020: 7.7%

- FY2021: 8.3%

- FY2022: -8.9%

- FY2023: -2.5%

- FY2024: -2.5%

- FY2025: 2.2%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 62B

- Net income, five-year total: KRW -5.0B

- Return on incremental invested capital: -50.5%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.4 pp

- Working capital / revenue, final three-year average: 10.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: KRW 183B

- FY2022: KRW -342B

- FY2023: KRW 33B

- FY2024: KRW 108B

- FY2025: KRW 80B

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.3% vs -2.5%

- Per-share earnings: 41678.97 to -1381.00 (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 -807B

- Cumulative retained earnings: KRW 794B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -43K

- Per-share value, starting three-year median: KRW 42K

- Per-share value, ending three-year median: KRW -1K

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 93B

- Cumulative net income, 10 years: KRW 972B

- ROIC, first three-year median: 14.3%

- ROIC, last three-year median: -2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 44K

- FY2017: KRW 35K

- FY2018: KRW 42K

- FY2019: KRW 17K

- FY2020: KRW 21K

- FY2021: KRW 24K

- FY2022: KRW -24K

- FY2023: KRW -5K

- FY2024: KRW -1K

- FY2025: KRW 5K

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: -0.7%

- FY2018: -4.7%

- FY2019: -6.1%

- FY2020: -8.3%

- FY2021: -6.4%

- FY2022: -4.6%

- FY2023: -5.2%

- FY2024: -6.4%

- FY2025: -6.3%

## Holders

## Price story

Down 56% since Feb 2026 · sales +6.4%

Story as of 2026-10-16T10:00:13.761Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.9% a year for ten years

### Sales · FY2025–2026

sales +6.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.78T 

- FY2018: KRW 2.55T 

- FY2019: KRW 2.07T 

- FY2020: KRW 1.88T 

- FY2021: KRW 2.51T 

- FY2022: KRW 2.22T 

- FY2023: KRW 2.50T 

- FY2024: KRW 2.80T 

- FY2025: KRW 3.35T 

- FY2026: KRW 3.56T 

### Gross margin · FY2025

gross margin 3.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.8% 

- FY2017: 18.8% 

- FY2018: 14.7% 

- FY2019: 7.7% 

- FY2020: 11.4% 

- FY2021: 9.0% 

- FY2025: 3.6% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are KRW 3.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2025: revenue 3347821791900; grossProfit 120537997140; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 006650.KO: Korea Petrochemical Ind. Co., Ltd. engages in the production and supply of petrochemicals in Korea and internationally. It offers olefins, such as ethylene, propylene, mixed C4, 1-butene, n-butane, isobutane, C4 and C3 LPG, H2, and Raw C5; aromatics, including benzene, toluene, mixed xylene, TPG, hexane (MH), C9+, and H-RPG+; EO/EG, consisting of MEG, DEG, TEG, PEG, and EO; PP products, used for injection, yarn, film, fiber, pipe, sheet, wire and cable, and LiBS separator products; and HDPE products, used for injection, blow, yarn, film, pipe, wire and cable, steel pipe coating, adhesive, UHMWPE, and LiBS separator products. The company was founded in 1970 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 6.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2023: grossProfit / revenue = -0.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2024: grossProfit / revenue = -0.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2025: grossProfit / revenue = 3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); 10-year return on capital observations [[2016,0.18893694497161034],[2017,0.12914485285864907],[2018,0.14323486695109625],[2019,0.054497581101767764],[2020,0.07733423803836861],[2021,0.08287987779518229],[2022,-0.08885479443504582],[2023,-0.02539146167831179],[2024,-0.025058743664796268],[2025,0.021726743061636182]]; median 0.06591590957006818. 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 2026-10-16T07:48:10.168Z); FY2016: growth capex 0; upkeep 265803035000; owner earnings 70698112630. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2018: growth capex 0; upkeep 125755029000; owner earnings 225133457260. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2019: growth capex 0; upkeep 163858518120; owner earnings 87937654710. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2020: growth capex 0; upkeep 89003944490; owner earnings 190405152660. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2021: growth capex 0; upkeep 119834811760; owner earnings 183322324330. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2023: growth capex 0; upkeep 114965902560; owner earnings 32903768060. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2024: growth capex 0; upkeep 58859939840; owner earnings 107671024514. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); FY2025: growth capex 0; upkeep 78323239650; owner earnings 80000265840.0898. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); Dividend observations: [[2016,18528300000],[2017,24704400000],[2018,24704400000],[2019,24704400000],[2020,15440250000],[2021,18528300000],[2022,21616350000],[2023,6176100000],[2024,6176100000],[2025,6176100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 40.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 006650.KO SharesStats.PercentInsiders = 40.638999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:10.168Z); Ten-year compound average after fade. Initial solved rate -0.17888879835267985. Price 83900; 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 204,500.00 per share

- 2016-11: KRW 224,000.00 per share

- 2016-12: KRW 275,500.00 per share

- 2017-01: KRW 270,000.00 per share

- 2017-02: KRW 266,000.00 per share

- 2017-03: KRW 245,000.00 per share

- 2017-04: KRW 236,500.00 per share

- 2017-05: KRW 270,000.00 per share

- 2017-06: KRW 253,000.00 per share

- 2017-07: KRW 258,500.00 per share

- 2017-08: KRW 267,500.00 per share

- 2017-09: KRW 248,000.00 per share

- 2017-10: KRW 250,000.00 per share

- 2017-11: KRW 242,500.00 per share

- 2017-12: KRW 263,500.00 per share

- 2018-01: KRW 331,500.00 per share

- 2018-02: KRW 313,000.00 per share

- 2018-03: KRW 298,000.00 per share

- 2018-04: KRW 275,500.00 per share

- 2018-05: KRW 252,500.00 per share

- 2018-06: KRW 250,500.00 per share

- 2018-07: KRW 249,500.00 per share

- 2018-08: KRW 215,500.00 per share

- 2018-09: KRW 184,500.00 per share

- 2018-10: KRW 156,000.00 per share

- 2018-11: KRW 160,000.00 per share

- 2018-12: KRW 153,500.00 per share

- 2019-01: KRW 169,500.00 per share

- 2019-02: KRW 175,000.00 per share

- 2019-03: KRW 157,000.00 per share

- 2019-04: KRW 150,000.00 per share

- 2019-05: KRW 134,500.00 per share

- 2019-06: KRW 130,000.00 per share

- 2019-07: KRW 120,500.00 per share

- 2019-08: KRW 117,000.00 per share

- 2019-09: KRW 127,500.00 per share

- 2019-10: KRW 119,000.00 per share

- 2019-11: KRW 117,500.00 per share

- 2019-12: KRW 117,500.00 per share

- 2020-01: KRW 93,500.00 per share

- 2020-02: KRW 85,600.00 per share

- 2020-03: KRW 87,300.00 per share

- 2020-04: KRW 140,500.00 per share

- 2020-05: KRW 130,000.00 per share

- 2020-06: KRW 113,000.00 per share

- 2020-07: KRW 116,500.00 per share

- 2020-08: KRW 118,000.00 per share

- 2020-09: KRW 166,500.00 per share

- 2020-10: KRW 194,000.00 per share

- 2020-11: KRW 244,500.00 per share

- 2020-12: KRW 230,000.00 per share

- 2021-01: KRW 284,000.00 per share

- 2021-02: KRW 363,500.00 per share

- 2021-03: KRW 325,500.00 per share

- 2021-04: KRW 315,000.00 per share

- 2021-05: KRW 266,500.00 per share

- 2021-06: KRW 238,000.00 per share

- 2021-07: KRW 254,500.00 per share

- 2021-08: KRW 231,500.00 per share

- 2021-09: KRW 215,000.00 per share

- 2021-10: KRW 185,000.00 per share

- 2021-11: KRW 170,500.00 per share

- 2021-12: KRW 183,000.00 per share

- 2022-01: KRW 147,500.00 per share

- 2022-02: KRW 167,500.00 per share

- 2022-03: KRW 167,500.00 per share

- 2022-04: KRW 152,000.00 per share

- 2022-05: KRW 156,000.00 per share

- 2022-06: KRW 122,500.00 per share

- 2022-07: KRW 127,000.00 per share

- 2022-08: KRW 122,000.00 per share

- 2022-09: KRW 103,500.00 per share

- 2022-10: KRW 118,500.00 per share

- 2022-11: KRW 161,500.00 per share

- 2022-12: KRW 171,500.00 per share

- 2023-01: KRW 164,800.00 per share

- 2023-02: KRW 174,000.00 per share

- 2023-03: KRW 183,200.00 per share

- 2023-04: KRW 145,000.00 per share

- 2023-05: KRW 135,800.00 per share

- 2023-06: KRW 139,700.00 per share

- 2023-07: KRW 134,000.00 per share

- 2023-08: KRW 128,700.00 per share

- 2023-09: KRW 136,400.00 per share

- 2023-10: KRW 159,100.00 per share

- 2023-11: KRW 164,400.00 per share

- 2023-12: KRW 153,000.00 per share

- 2024-01: KRW 133,000.00 per share

- 2024-02: KRW 142,500.00 per share

- 2024-03: KRW 132,100.00 per share

- 2024-04: KRW 136,400.00 per share

- 2024-05: KRW 151,500.00 per share

- 2024-06: KRW 135,400.00 per share

- 2024-07: KRW 113,900.00 per share

- 2024-08: KRW 104,200.00 per share

- 2024-09: KRW 116,300.00 per share

- 2024-10: KRW 107,600.00 per share

- 2024-11: KRW 80,500.00 per share

- 2024-12: KRW 77,700.00 per share

- 2025-01: KRW 91,100.00 per share

- 2025-02: KRW 88,800.00 per share

- 2025-03: KRW 90,500.00 per share

- 2025-04: KRW 83,800.00 per share

- 2025-05: KRW 82,600.00 per share

- 2025-06: KRW 83,900.00 per share

- 2025-07: KRW 102,400.00 per share

- 2025-08: KRW 122,000.00 per share

- 2025-09: KRW 114,300.00 per share

- 2025-10: KRW 131,100.00 per share

- 2025-11: KRW 142,000.00 per share

- 2025-12: KRW 144,800.00 per share

- 2026-01: KRW 156,300.00 per share

- 2026-02: KRW 189,900.00 per share

- 2026-03: KRW 130,000.00 per share

- 2026-04: KRW 181,100.00 per share

- 2026-05: KRW 128,300.00 per share

- 2026-06: KRW 113,600.00 per share

- 2026-07: KRW 85,500.00 per share

- 2026-08: KRW 96,200.00 per share

- 2026-09: KRW 88,500.00 per share

- 2026-10: KRW 87,000.00 per share

## Annual estimated value (KRW per share)

- FY2018: low KRW 200,601.81 per share, central KRW 228,201.26 per share, high KRW 264,941.98 per share

- FY2019: low KRW 172,239.53 per share, central KRW 194,655.34 per share, high KRW 224,495.53 per share

- FY2020: low KRW 188,871.28 per share, central KRW 209,216.97 per share, high KRW 236,301.39 per share

- FY2021: low KRW 390,950.54 per share, central KRW 435,683.38 per share, high KRW 495,232.28 per share

- FY2022: low KRW 286,668.05 per share, central KRW 326,193.31 per share, high KRW 378,809.81 per share

- FY2023: low KRW 187,561.86 per share, central KRW 213,422.54 per share, high KRW 247,848.59 per share

- FY2024: low KRW 200,456.29 per share, central KRW 226,731.39 per share, high KRW 261,709.12 per share

- FY2025: low KRW 157,611.86 per share, central KRW 177,133.24 per share, high KRW 203,120.34 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 2026-10-15T06:53:45.105Z 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.

Korea Petro Chemical Ind

006650 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 83,900.00
Buy up to: KRW 192,790.37
Expected / yr: 23.0% 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

3 loss years were recorded (limit 2), and margins varied 175.7% around their average (limit 35%).

Operating margin

10y median: 4.7%
Worst year: -9.7%
Latest · LTM: 3.8%

Capital return excluding acquisitions: median 6.6% (minimum 15%), and the second-worst year -2.5% (minimum 10%), and gross margin fell 8.7 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 6.6%
Worst year: -8.9%
Latest · 2025: 2.2%

New investment earned -50.5% (minimum 12%).

Owner earnings · five years

5y median: KRW 80B
Worst year: KRW -342B
Latest · 2025: KRW 80B

Per-share value fell from 41678.97 to -1381, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 19K
Worst year: KRW -24K
Latest · 2025: KRW 5K

Profits were backed by cash: accruals were -6.3% of assets (limit 10%).

Sloan accruals

10y median: -5.7%
Worst year: -0.7%
Latest · 2025: -6.3%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 5.9%, three-year average owner earnings per share 11,905.26 KRW. 3 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 204500.00; 2016-11 · Price KRW 224000.00; 2016-12 · Price KRW 275500.00; 2017-01 · Price KRW 270000.00; 2017-02 · Price KRW 266000.00; 2017-03 · Price KRW 245000.00; 2017-04 · Price KRW 236500.00; 2017-05 · Price KRW 270000.00; 2017-06 · Price KRW 253000.00; 2017-07 · Price KRW 258500.00; 2017-08 · Price KRW 267500.00; 2017-09 · Price KRW 248000.00; 2017-10 · Price KRW 250000.00; 2017-11 · Price KRW 242500.00; 2017-12 · Price KRW 263500.00; 2018-01 · Price KRW 331500.00 · Value 228201.26 · Buy at or below 228201.26; 2018-02 · Price KRW 313000.00 · Value 228201.26 · Buy at or below 228201.26; 2018-03 · Price KRW 298000.00 · Value 228201.26 · Buy at or below 228201.26; 2018-04 · Price KRW 275500.00 · Value 228201.26 · Buy at or below 228201.26; 2018-05 · Price KRW 252500.00 · Value 228201.26 · Buy at or below 228201.26; 2018-06 · Price KRW 250500.00 · Value 228201.26 · Buy at or below 228201.26; 2018-07 · Price KRW 249500.00 · Value 228201.26 · Buy at or below 228201.26; 2018-08 · Price KRW 215500.00 · Value 228201.26 · Buy at or below 228201.26; 2018-09 · Price KRW 184500.00 · Value 228201.26 · Buy at or below 228201.26; 2018-10 · Price KRW 156000.00 · Value 228201.26 · Buy at or below 228201.26; 2018-11 · Price KRW 160000.00 · Value 228201.26 · Buy at or below 228201.26; 2018-12 · Price KRW 153500.00 · Value 228201.26 · Buy at or below 228201.26; 2019-01 · Price KRW 169500.00 · Value 228201.26 · Buy at or below 228201.26; 2019-02 · Price KRW 175000.00 · Value 194655.34 · Buy at or below 194655.34; 2019-03 · Price KRW 157000.00 · Value 194655.34 · Buy at or below 194655.34; 2019-04 · Price KRW 150000.00 · Value 194655.34 · Buy at or below 194655.34; 2019-05 · Price KRW 134500.00 · Value 194655.34 · Buy at or below 194655.34; 2019-06 · Price KRW 130000.00 · Value 194655.34 · Buy at or below 194655.34; 2019-07 · Price KRW 120500.00 · Value 194655.34 · Buy at or below 194655.34; 2019-08 · Price KRW 117000.00 · Value 194655.34 · Buy at or below 194655.34; 2019-09 · Price KRW 127500.00 · Value 194655.34 · Buy at or below 194655.34; 2019-10 · Price KRW 119000.00 · Value 194655.34 · Buy at or below 194655.34; 2019-11 · Price KRW 117500.00 · Value 194655.34 · Buy at or below 194655.34; 2019-12 · Price KRW 117500.00 · Value 194655.34 · Buy at or below 194655.34; 2020-01 · Price KRW 93500.00 · Value 194655.34 · Buy at or below 194655.34; 2020-02 · Price KRW 85600.00 · Value 209216.97 · Buy at or below 209216.97; 2020-03 · Price KRW 87300.00 · Value 209216.97 · Buy at or below 209216.97; 2020-04 · Price KRW 140500.00 · Value 209216.97 · Buy at or below 209216.97; 2020-05 · Price KRW 130000.00 · Value 209216.97 · Buy at or below 209216.97; 2020-06 · Price KRW 113000.00 · Value 209216.97 · Buy at or below 209216.97; 2020-07 · Price KRW 116500.00 · Value 209216.97 · Buy at or below 209216.97; 2020-08 · Price KRW 118000.00 · Value 209216.97 · Buy at or below 209216.97; 2020-09 · Price KRW 166500.00 · Value 209216.97 · Buy at or below 209216.97; 2020-10 · Price KRW 194000.00 · Value 209216.97 · Buy at or below 209216.97; 2020-11 · Price KRW 244500.00 · Value 209216.97 · Buy at or below 209216.97; 2020-12 · Price KRW 230000.00 · Value 209216.97 · Buy at or below 209216.97; 2021-01 · Price KRW 284000.00 · Value 209216.97 · Buy at or below 209216.97; 2021-02 · Price KRW 363500.00 · Value 435683.38 · Buy at or below 435683.38; 2021-03 · Price KRW 325500.00 · Value 435683.38 · Buy at or below 435683.38; 2021-04 · Price KRW 315000.00 · Value 435683.38 · Buy at or below 435683.38; 2021-05 · Price KRW 266500.00 · Value 435683.38 · Buy at or below 435683.38; 2021-06 · Price KRW 238000.00 · Value 435683.38 · Buy at or below 435683.38; 2021-07 · Price KRW 254500.00 · Value 435683.38 · Buy at or below 435683.38; 2021-08 · Price KRW 231500.00 · Value 435683.38 · Buy at or below 435683.38; 2021-09 · Price KRW 215000.00 · Value 435683.38 · Buy at or below 435683.38; 2021-10 · Price KRW 185000.00 · Value 435683.38 · Buy at or below 435683.38; 2021-11 · Price KRW 170500.00 · Value 435683.38 · Buy at or below 435683.38; 2021-12 · Price KRW 183000.00 · Value 435683.38 · Buy at or below 435683.38; 2022-01 · Price KRW 147500.00 · Value 435683.38 · Buy at or below 435683.38; 2022-02 · Price KRW 167500.00 · Value 326193.31 · Buy at or below 326193.31; 2022-03 · Price KRW 167500.00 · Value 326193.31 · Buy at or below 326193.31; 2022-04 · Price KRW 152000.00 · Value 326193.31 · Buy at or below 326193.31; 2022-05 · Price KRW 156000.00 · Value 326193.31 · Buy at or below 326193.31; 2022-06 · Price KRW 122500.00 · Value 326193.31 · Buy at or below 326193.31; 2022-07 · Price KRW 127000.00 · Value 326193.31 · Buy at or below 326193.31; 2022-08 · Price KRW 122000.00 · Value 326193.31 · Buy at or below 326193.31; 2022-09 · Price KRW 103500.00 · Value 326193.31 · Buy at or below 326193.31; 2022-10 · Price KRW 118500.00 · Value 326193.31 · Buy at or below 326193.31; 2022-11 · Price KRW 161500.00 · Value 326193.31 · Buy at or below 326193.31; 2022-12 · Price KRW 171500.00 · Value 326193.31 · Buy at or below 326193.31; 2023-01 · Price KRW 164800.00 · Value 326193.31 · Buy at or below 326193.31; 2023-02 · Price KRW 174000.00 · Value 213422.54 · Buy at or below 213422.54; 2023-03 · Price KRW 183200.00 · Value 213422.54 · Buy at or below 213422.54; 2023-04 · Price KRW 145000.00 · Value 213422.54 · Buy at or below 213422.54; 2023-05 · Price KRW 135800.00 · Value 213422.54 · Buy at or below 213422.54; 2023-06 · Price KRW 139700.00 · Value 213422.54 · Buy at or below 213422.54; 2023-07 · Price KRW 134000.00 · Value 213422.54 · Buy at or below 213422.54; 2023-08 · Price KRW 128700.00 · Value 213422.54 · Buy at or below 213422.54; 2023-09 · Price KRW 136400.00 · Value 213422.54 · Buy at or below 213422.54; 2023-10 · Price KRW 159100.00 · Value 213422.54 · Buy at or below 213422.54; 2023-11 · Price KRW 164400.00 · Value 213422.54 · Buy at or below 213422.54; 2023-12 · Price KRW 153000.00 · Value 213422.54 · Buy at or below 213422.54; 2024-01 · Price KRW 133000.00 · Value 213422.54 · Buy at or below 213422.54; 2024-02 · Price KRW 142500.00 · Value 226731.39 · Buy at or below 226731.39; 2024-03 · Price KRW 132100.00 · Value 226731.39 · Buy at or below 226731.39; 2024-04 · Price KRW 136400.00 · Value 226731.39 · Buy at or below 226731.39; 2024-05 · Price KRW 151500.00 · Value 226731.39 · Buy at or below 226731.39; 2024-06 · Price KRW 135400.00 · Value 226731.39 · Buy at or below 226731.39; 2024-07 · Price KRW 113900.00 · Value 226731.39 · Buy at or below 226731.39; 2024-08 · Price KRW 104200.00 · Value 226731.39 · Buy at or below 226731.39; 2024-09 · Price KRW 116300.00 · Value 226731.39 · Buy at or below 226731.39; 2024-10 · Price KRW 107600.00 · Value 226731.39 · Buy at or below 226731.39; 2024-11 · Price KRW 80500.00 · Value 226731.39 · Buy at or below 226731.39; 2024-12 · Price KRW 77700.00 · Value 226731.39 · Buy at or below 226731.39; 2025-01 · Price KRW 91100.00 · Value 226731.39 · Buy at or below 226731.39; 2025-02 · Price KRW 88800.00 · Value 177133.24 · Buy at or below 177133.24; 2025-03 · Price KRW 90500.00 · Value 177133.24 · Buy at or below 177133.24; 2025-04 · Price KRW 83800.00 · Value 177133.24 · Buy at or below 177133.24; 2025-05 · Price KRW 82600.00 · Value 177133.24 · Buy at or below 177133.24; 2025-06 · Price KRW 83900.00 · Value 177133.24 · Buy at or below 177133.24; 2025-07 · Price KRW 102400.00 · Value 177133.24 · Buy at or below 177133.24; 2025-08 · Price KRW 122000.00 · Value 177133.24 · Buy at or below 177133.24; 2025-09 · Price KRW 114300.00 · Value 177133.24 · Buy at or below 177133.24; 2025-10 · Price KRW 131100.00 · Value 177133.24 · Buy at or below 177133.24; 2025-11 · Price KRW 142000.00 · Value 177133.24 · Buy at or below 177133.24; 2025-12 · Price KRW 144800.00 · Value 177133.24 · Buy at or below 177133.24; 2026-01 · Price KRW 156300.00 · Value 177133.24 · Buy at or below 177133.24; 2026-02 · Price KRW 189900.00 · Value 192790.37 · Buy at or below 192790.37; 2026-03 · Price KRW 130000.00 · Value 192790.37 · Buy at or below 192790.37; 2026-04 · Price KRW 181100.00 · Value 192790.37 · Buy at or below 192790.37; 2026-05 · Price KRW 128300.00 · Value 192790.37 · Buy at or below 192790.37; 2026-06 · Price KRW 113600.00 · Value 192790.37 · Buy at or below 192790.37; 2026-07 · Price KRW 85500.00 · Value 192790.37 · Buy at or below 192790.37; 2026-08 · Price KRW 96200.00 · Value 192790.37 · Buy at or below 192790.37; 2026-09 · Price KRW 88500.00 · Value 192790.37 · Buy at or below 192790.37; 2026-10 · Price KRW 87000.00 · Value 192790.37 · Buy at or below 192790.37; 2026-10 · Price KRW 83900.00 · Value 192790.37 · Buy at or below 192790.37

KRW per share · annual estimates

Price & return math
Value range	KRW 172,015.96 – KRW 220,445.53
Buy at or below	Central value KRW 192,790.37
Discount to value	1 − 83900.00 / 192790.37 = 56.5%
Return / year	About 23.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 13784.89/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 21343.67/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 3.56T

Revenue

Owner earningsKRW 80B

Owner earnings

Operating margin3.8%

Operating margin

Net cash / debtKRW -35B

Net cash / debt

Diluted shares6.2M

Diluted shares

Prices 15 Oct 2026 · FY2025