# DTR Automotive (007340.KO)

Canonical: https://gigainvestors.com/s/007340.KO

Analysis as of: 2026-10-16T07:42:21.429Z. Financial observations: FY2004–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 38,250.00 per share; close as of 2026-10-15.

Estimated value: low KRW 97,183.90 per share, central KRW 134,502.19 per share, high KRW 156,232.71 per share. Buy at or below the central value KRW 134,502.19 per share. Valuation as of 2026-10-16T07:42:21.429Z; scenarios are not confidence intervals.

Expected annual return: 31.2% at the stated quote. About 31.2% 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: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.13×

- FY2023: 0.15×

- FY2024: 0.15×

- FY2025: 0.14×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.3%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: -9.3 pp

- Typical gross margin (annual median): 16.8%

- Recent gross margin (lower of latest and 3-year median): 26.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 8.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.9%

- FY2017: 8.2%

- FY2018: 10.0%

- FY2019: 10.6%

- FY2020: 9.1%

- FY2021: 9.1%

- FY2022: 24.4%

- FY2023: 27.6%

- FY2024: 25.6%

- FY2025: 21.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.07T

- Net income, five-year total: KRW 1.10T

- Return on incremental invested capital: 28.2%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.4 pp

- Working capital / revenue, final three-year average: 27.7%

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

- FY2021: 1.02×

- FY2022: 1.04×

- FY2023: 0.99×

- FY2024: 0.96×

- FY2025: 0.90×

### management: pass

- 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: 9.9% vs 25.6%

- Per-share earnings: 1278.28 to 6222.26 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.7%

- Market cap gain: KRW 747B

- Cumulative retained earnings: KRW 1.34T

- Diluted shares, 5-year annual growth: 3.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 25.4%

- Per-share value change: KRW 5K

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

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

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 0.6%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.76T

- Cumulative net income, 10 years: KRW 1.40T

- ROIC, first three-year median: 9.9%

- ROIC, last three-year median: 25.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 1K

- FY2018: KRW 1K

- FY2019: KRW 2K

- FY2020: KRW 1K

- FY2021: KRW 2K

- FY2022: KRW 4K

- FY2023: KRW 6K

- FY2024: KRW 6K

- FY2025: KRW 5K

### accounting: pass

- Sloan accruals: 0.4%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.97×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -3.9%

- FY2018: -2.1%

- FY2019: -2.7%

- FY2020: -6.2%

- FY2021: 2.7%

- FY2022: 0.6%

- FY2023: -1.8%

- FY2024: 1.8%

- FY2025: 0.4%

## Holders

## Price story

Down 21% since Sep 2026 · sales +13%

Story as of 2026-10-16T10:00:12.328Z; price observation 2026-10-15.

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

### Sales · FY2025–2026

sales +13%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 878B 

- FY2018: KRW 909B 

- FY2019: KRW 930B 

- FY2020: KRW 824B 

- FY2021: KRW 931B 

- FY2022: KRW 3.16T 

- FY2023: KRW 3.27T 

- FY2024: KRW 3.43T 

- FY2025: KRW 3.68T 

- FY2026: KRW 4.15T 

### Gross margin · FY2025

gross margin 26.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.4% 

- FY2017: 14.9% 

- FY2018: 14.6% 

- FY2019: 15.5% 

- FY2020: 15.6% 

- FY2021: 16.1% 

- FY2022: 23.2% 

- FY2023: 25.3% 

- FY2024: 26.1% 

- FY2025: 26.3% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are KRW 3.7 trillion.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2025-12-31 (filed 2026-10-16T07:42:21.429Z); FY2025: revenue 3675704255000; grossProfit 966452142000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 007340.KO: DN Automotive Corporation, together with its subsidiaries, engages in the manufacture and sale of automotive battery products in South Korea, China, the United States, Europe, and internationally. The company also offers manufactures, purchases, and sells automobile anti-vibration products; and manufacture, purchases, and sells industrial machine tool products. It is also involved in the housing construction, financial business, automobile parts manufacturing and sale, software development and supply, and finance businesses. The company was formerly known as DTR Automotive Corporation and changed its name to DN Automotive Corporation in May 2022. DN Automotive Corporation was founded in 1971 and is headquartered in Yangsan-si, South Korea.

### Why customers stay

Margins ranged from 25.3% to 26.3% during 2023–25; it earns 10.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2023-12-31 (filed 2026-10-16T07:42:21.429Z); FY2023: grossProfit / revenue = 25.3%.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2024-12-31 (filed 2026-10-16T07:42:21.429Z); FY2024: grossProfit / revenue = 26.1%.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2025-12-31 (filed 2026-10-16T07:42:21.429Z); FY2025: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:21.429Z); 10-year return on capital observations [[2016,0.09851754910500322],[2017,0.08218184723916086],[2018,0.10038092228902341],[2019,0.10600184189763387],[2020,0.09121990691832337],[2021,0.09098251441488593],[2022,0.24397743471990527],[2023,0.2760378976324204],[2024,0.25569486920422557],[2025,0.2127712484089513]]; median 0.10319138209332865. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 25.4% of cash earnings on expansion; earns 28.2% on new investment.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2016-12-31 (filed 2026-10-16T07:42:21.429Z); FY2016: growth capex 0; upkeep 53508352900; owner earnings 82597135880. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2017-12-31 (filed 2026-10-16T07:42:21.429Z); FY2017: growth capex 0; upkeep 40235815300; owner earnings 44597085630. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2018-12-31 (filed 2026-10-16T07:42:21.429Z); FY2018: growth capex 0; upkeep 46593822590; owner earnings 27561188590. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2019-12-31 (filed 2026-10-16T07:42:21.429Z); FY2019: growth capex 7416886221.7976; upkeep 54814154128.2024; owner earnings 45376236061.7976. Growth capex / owner earnings = 0.16345309495694157.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2020-12-31 (filed 2026-10-16T07:42:21.429Z); FY2020: growth capex 0; upkeep 20321824230; owner earnings 65310128324. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2021-12-31 (filed 2026-10-16T07:42:21.429Z); FY2021: growth capex 0; upkeep 35348646860; cash acquisitions 0; owner earnings 82608026584. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2022-12-31 (filed 2026-10-16T07:42:21.429Z); FY2022: growth capex 0; upkeep 60624392190; cash acquisitions 1743276498840; owner earnings 188565280522.17606. Growth capex plus acquisitions / owner earnings = 9.244949515692968.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2023-12-31 (filed 2026-10-16T07:42:21.429Z); FY2023: growth capex 17084805000; upkeep 76507804000; cash acquisitions 0; owner earnings 271444565128.29382. Growth capex plus acquisitions / owner earnings = 0.06294030971636934.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2024-12-31 (filed 2026-10-16T07:42:21.429Z); FY2024: growth capex 46747313878.16046; upkeep 87331315121.83954; cash acquisitions 0; owner earnings 274139789764.13623. Growth capex plus acquisitions / owner earnings = 0.17052363656651523.

- Source: https://eodhd.com/api/fundamentals/007340.KO.json#2025-12-31 (filed 2026-10-16T07:42:21.429Z); FY2025: growth capex 64212630141.49303; upkeep 112683355858.50697; owner earnings 252955932681.90244. Growth capex / owner earnings = 0.2538490774289995.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:21.429Z); Incremental return on capital 0.28193040939825353, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:21.429Z); Dividend observations: [[2016,5180790500],[2017,7253106700],[2018,6109156900],[2019,8727367000],[2020,17400113000],[2021,21545312500],[2022,13362358830],[2023,30345313000],[2024,51269429000],[2025,74819010000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 52.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 007340.KO SharesStats.PercentInsiders = 52.164 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 2026-10-16T07:42:21.429Z); Ten-year compound average after fade. Initial solved rate -0.18465727222945189. Price 38250; 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)

- 2016-11: KRW 11,846.88 per share

- 2016-12: KRW 11,823.14 per share

- 2017-01: KRW 12,060.55 per share

- 2017-02: KRW 12,369.19 per share

- 2017-03: KRW 12,084.29 per share

- 2017-04: KRW 11,823.14 per share

- 2017-05: KRW 12,915.23 per share

- 2017-06: KRW 12,915.23 per share

- 2017-07: KRW 13,057.68 per share

- 2017-08: KRW 12,013.07 per share

- 2017-09: KRW 11,490.76 per share

- 2017-10: KRW 11,585.72 per share

- 2017-11: KRW 6,910.00 per share

- 2017-12: KRW 6,390.00 per share

- 2018-01: KRW 6,710.00 per share

- 2018-02: KRW 7,570.00 per share

- 2018-03: KRW 7,020.00 per share

- 2018-04: KRW 6,550.00 per share

- 2018-05: KRW 6,650.00 per share

- 2018-06: KRW 6,630.00 per share

- 2018-07: KRW 6,740.00 per share

- 2018-08: KRW 7,090.00 per share

- 2018-09: KRW 6,990.00 per share

- 2018-10: KRW 6,280.00 per share

- 2018-11: KRW 6,230.00 per share

- 2018-12: KRW 6,400.00 per share

- 2019-01: KRW 6,180.00 per share

- 2019-02: KRW 6,530.00 per share

- 2019-03: KRW 6,750.00 per share

- 2019-04: KRW 6,980.00 per share

- 2019-05: KRW 6,830.00 per share

- 2019-06: KRW 6,580.00 per share

- 2019-07: KRW 6,360.00 per share

- 2019-08: KRW 6,100.00 per share

- 2019-09: KRW 6,100.00 per share

- 2019-10: KRW 6,000.00 per share

- 2019-11: KRW 6,060.00 per share

- 2019-12: KRW 5,870.00 per share

- 2020-01: KRW 5,790.00 per share

- 2020-02: KRW 5,550.00 per share

- 2020-03: KRW 5,040.00 per share

- 2020-04: KRW 5,060.00 per share

- 2020-05: KRW 4,910.00 per share

- 2020-06: KRW 4,940.00 per share

- 2020-07: KRW 4,830.00 per share

- 2020-08: KRW 4,440.00 per share

- 2020-09: KRW 4,490.00 per share

- 2020-10: KRW 4,410.00 per share

- 2020-11: KRW 4,790.00 per share

- 2020-12: KRW 5,150.00 per share

- 2021-01: KRW 5,210.00 per share

- 2021-02: KRW 5,490.00 per share

- 2021-03: KRW 6,220.00 per share

- 2021-04: KRW 6,450.00 per share

- 2021-05: KRW 7,660.00 per share

- 2021-06: KRW 8,340.00 per share

- 2021-07: KRW 7,980.00 per share

- 2021-08: KRW 9,690.00 per share

- 2021-09: KRW 9,360.00 per share

- 2021-10: KRW 11,620.00 per share

- 2021-11: KRW 11,940.00 per share

- 2021-12: KRW 14,360.00 per share

- 2022-01: KRW 15,620.00 per share

- 2022-02: KRW 13,980.00 per share

- 2022-03: KRW 14,120.00 per share

- 2022-04: KRW 15,600.00 per share

- 2022-05: KRW 14,580.00 per share

- 2022-06: KRW 11,100.00 per share

- 2022-07: KRW 11,460.00 per share

- 2022-08: KRW 12,560.00 per share

- 2022-09: KRW 12,320.00 per share

- 2022-10: KRW 11,600.00 per share

- 2022-11: KRW 15,240.00 per share

- 2022-12: KRW 12,820.00 per share

- 2023-01: KRW 13,020.00 per share

- 2023-02: KRW 14,100.00 per share

- 2023-03: KRW 15,100.00 per share

- 2023-04: KRW 14,840.00 per share

- 2023-05: KRW 16,060.00 per share

- 2023-06: KRW 18,240.00 per share

- 2023-07: KRW 18,460.00 per share

- 2023-08: KRW 17,760.00 per share

- 2023-09: KRW 16,000.00 per share

- 2023-10: KRW 15,820.00 per share

- 2023-11: KRW 13,500.00 per share

- 2023-12: KRW 14,620.00 per share

- 2024-01: KRW 17,340.00 per share

- 2024-02: KRW 16,540.00 per share

- 2024-03: KRW 16,480.00 per share

- 2024-04: KRW 16,760.00 per share

- 2024-05: KRW 15,980.00 per share

- 2024-06: KRW 15,920.00 per share

- 2024-07: KRW 18,300.00 per share

- 2024-08: KRW 17,820.00 per share

- 2024-09: KRW 20,420.00 per share

- 2024-10: KRW 19,250.00 per share

- 2024-11: KRW 18,480.00 per share

- 2024-12: KRW 18,330.00 per share

- 2025-01: KRW 20,900.00 per share

- 2025-02: KRW 21,300.00 per share

- 2025-03: KRW 20,600.00 per share

- 2025-04: KRW 20,600.00 per share

- 2025-05: KRW 21,950.00 per share

- 2025-06: KRW 22,200.00 per share

- 2025-07: KRW 29,000.00 per share

- 2025-08: KRW 26,600.00 per share

- 2025-09: KRW 22,850.00 per share

- 2025-10: KRW 23,300.00 per share

- 2025-11: KRW 24,100.00 per share

- 2025-12: KRW 24,400.00 per share

- 2026-01: KRW 25,150.00 per share

- 2026-02: KRW 27,200.00 per share

- 2026-03: KRW 38,150.00 per share

- 2026-04: KRW 48,050.00 per share

- 2026-05: KRW 44,650.00 per share

- 2026-06: KRW 38,200.00 per share

- 2026-07: KRW 40,350.00 per share

- 2026-08: KRW 47,200.00 per share

- 2026-09: KRW 48,700.00 per share

- 2026-10: KRW 41,600.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 12,801.03 per share, central KRW 14,340.98 per share, high KRW 16,390.98 per share

- FY2018: low KRW 14,629.70 per share, central KRW 16,223.70 per share, high KRW 18,345.64 per share

- FY2019: low KRW 14,228.26 per share, central KRW 15,859.54 per share, high KRW 18,031.13 per share

- FY2020: low KRW 14,133.83 per share, central KRW 15,597.65 per share, high KRW 17,546.31 per share

- FY2021: low KRW 24,827.17 per share, central KRW 26,480.88 per share, high KRW 28,682.31 per share

- FY2022: low KRW 72,701.78 per share, central KRW 98,195.78 per share, high KRW 113,040.98 per share

- FY2023: low KRW 93,654.71 per share, central KRW 128,693.46 per share, high KRW 149,096.59 per share

- FY2024: low KRW 90,521.82 per share, central KRW 125,398.50 per share, high KRW 145,707.25 per share

- FY2025: low KRW 85,381.86 per share, central KRW 118,400.67 per share, high KRW 137,627.58 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 2026-10-15T06:47:50.424Z 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.

DTR Automotive

007340 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 38,250.00
Buy up to: KRW 134,502.19
Expected / yr: 31.2% 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

Margins varied 28.3% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 11.5%
Worst year: 6.8%
Latest · LTM: 14.9%

Capital return excluding acquisitions: median 10.3% (minimum 15%), and the second-worst year 9.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 10.3%
Worst year: 8.2%
Latest · 2025: 21.3%

Each $1 of profit left $0.97 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 0.99×
Latest · 2025: 0.90×

Per-share value rose from 1278.28 to 6222.26, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW 1K
Latest · 2025: KRW 5K

Profits were backed by cash: accruals were 0.4% of assets (limit 10%).

Sloan accruals

10y median: -1.9%
Worst year: 2.7%
Latest · 2025: 0.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 10.9%, three-year average owner earnings per share 5,724.26 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price KRW 11846.88; 2016-12 · Price KRW 11823.14; 2017-01 · Price KRW 12060.55 · Value 14340.98 · Buy at or below 14340.98; 2017-02 · Price KRW 12369.19 · Value 14340.98 · Buy at or below 14340.98; 2017-03 · Price KRW 12084.29 · Value 14340.98 · Buy at or below 14340.98; 2017-04 · Price KRW 11823.14 · Value 14340.98 · Buy at or below 14340.98; 2017-05 · Price KRW 12915.23 · Value 14340.98 · Buy at or below 14340.98; 2017-06 · Price KRW 12915.23 · Value 14340.98 · Buy at or below 14340.98; 2017-07 · Price KRW 13057.68 · Value 14340.98 · Buy at or below 14340.98; 2017-08 · Price KRW 12013.07 · Value 14340.98 · Buy at or below 14340.98; 2017-09 · Price KRW 11490.76 · Value 14340.98 · Buy at or below 14340.98; 2017-10 · Price KRW 11585.72 · Value 14340.98 · Buy at or below 14340.98; 2017-11 · Price KRW 6910.00 · Value 14340.98 · Buy at or below 14340.98; 2017-12 · Price KRW 6390.00 · Value 14340.98 · Buy at or below 14340.98; 2018-01 · Price KRW 6710.00 · Value 14340.98 · Buy at or below 14340.98; 2018-02 · Price KRW 7570.00 · Value 16223.70 · Buy at or below 16223.70; 2018-03 · Price KRW 7020.00 · Value 16223.70 · Buy at or below 16223.70; 2018-04 · Price KRW 6550.00 · Value 16223.70 · Buy at or below 16223.70; 2018-05 · Price KRW 6650.00 · Value 16223.70 · Buy at or below 16223.70; 2018-06 · Price KRW 6630.00 · Value 16223.70 · Buy at or below 16223.70; 2018-07 · Price KRW 6740.00 · Value 16223.70 · Buy at or below 16223.70; 2018-08 · Price KRW 7090.00 · Value 16223.70 · Buy at or below 16223.70; 2018-09 · Price KRW 6990.00 · Value 16223.70 · Buy at or below 16223.70; 2018-10 · Price KRW 6280.00 · Value 16223.70 · Buy at or below 16223.70; 2018-11 · Price KRW 6230.00 · Value 16223.70 · Buy at or below 16223.70; 2018-12 · Price KRW 6400.00 · Value 16223.70 · Buy at or below 16223.70; 2019-01 · Price KRW 6180.00 · Value 16223.70 · Buy at or below 16223.70; 2019-02 · Price KRW 6530.00 · Value 15859.54 · Buy at or below 15859.54; 2019-03 · Price KRW 6750.00 · Value 15859.54 · Buy at or below 15859.54; 2019-04 · Price KRW 6980.00 · Value 15859.54 · Buy at or below 15859.54; 2019-05 · Price KRW 6830.00 · Value 15859.54 · Buy at or below 15859.54; 2019-06 · Price KRW 6580.00 · Value 15859.54 · Buy at or below 15859.54; 2019-07 · Price KRW 6360.00 · Value 15859.54 · Buy at or below 15859.54; 2019-08 · Price KRW 6100.00 · Value 15859.54 · Buy at or below 15859.54; 2019-09 · Price KRW 6100.00 · Value 15859.54 · Buy at or below 15859.54; 2019-10 · Price KRW 6000.00 · Value 15859.54 · Buy at or below 15859.54; 2019-11 · Price KRW 6060.00 · Value 15859.54 · Buy at or below 15859.54; 2019-12 · Price KRW 5870.00 · Value 15859.54 · Buy at or below 15859.54; 2020-01 · Price KRW 5790.00 · Value 15859.54 · Buy at or below 15859.54; 2020-02 · Price KRW 5550.00 · Value 15597.65 · Buy at or below 15597.65; 2020-03 · Price KRW 5040.00 · Value 15597.65 · Buy at or below 15597.65; 2020-04 · Price KRW 5060.00 · Value 15597.65 · Buy at or below 15597.65; 2020-05 · Price KRW 4910.00 · Value 15597.65 · Buy at or below 15597.65; 2020-06 · Price KRW 4940.00 · Value 15597.65 · Buy at or below 15597.65; 2020-07 · Price KRW 4830.00 · Value 15597.65 · Buy at or below 15597.65; 2020-08 · Price KRW 4440.00 · Value 15597.65 · Buy at or below 15597.65; 2020-09 · Price KRW 4490.00 · Value 15597.65 · Buy at or below 15597.65; 2020-10 · Price KRW 4410.00 · Value 15597.65 · Buy at or below 15597.65; 2020-11 · Price KRW 4790.00 · Value 15597.65 · Buy at or below 15597.65; 2020-12 · Price KRW 5150.00 · Value 15597.65 · Buy at or below 15597.65; 2021-01 · Price KRW 5210.00 · Value 15597.65 · Buy at or below 15597.65; 2021-02 · Price KRW 5490.00 · Value 26480.88 · Buy at or below 26480.88; 2021-03 · Price KRW 6220.00 · Value 26480.88 · Buy at or below 26480.88; 2021-04 · Price KRW 6450.00 · Value 26480.88 · Buy at or below 26480.88; 2021-05 · Price KRW 7660.00 · Value 26480.88 · Buy at or below 26480.88; 2021-06 · Price KRW 8340.00 · Value 26480.88 · Buy at or below 26480.88; 2021-07 · Price KRW 7980.00 · Value 26480.88 · Buy at or below 26480.88; 2021-08 · Price KRW 9690.00 · Value 26480.88 · Buy at or below 26480.88; 2021-09 · Price KRW 9360.00 · Value 26480.88 · Buy at or below 26480.88; 2021-10 · Price KRW 11620.00 · Value 26480.88 · Buy at or below 26480.88; 2021-11 · Price KRW 11940.00 · Value 26480.88 · Buy at or below 26480.88; 2021-12 · Price KRW 14360.00 · Value 26480.88 · Buy at or below 26480.88; 2022-01 · Price KRW 15620.00 · Value 26480.88 · Buy at or below 26480.88; 2022-02 · Price KRW 13980.00 · Value 98195.78 · Buy at or below 98195.78; 2022-03 · Price KRW 14120.00 · Value 98195.78 · Buy at or below 98195.78; 2022-04 · Price KRW 15600.00 · Value 98195.78 · Buy at or below 98195.78; 2022-05 · Price KRW 14580.00 · Value 98195.78 · Buy at or below 98195.78; 2022-06 · Price KRW 11100.00 · Value 98195.78 · Buy at or below 98195.78; 2022-07 · Price KRW 11460.00 · Value 98195.78 · Buy at or below 98195.78; 2022-08 · Price KRW 12560.00 · Value 98195.78 · Buy at or below 98195.78; 2022-09 · Price KRW 12320.00 · Value 98195.78 · Buy at or below 98195.78; 2022-10 · Price KRW 11600.00 · Value 98195.78 · Buy at or below 98195.78; 2022-11 · Price KRW 15240.00 · Value 98195.78 · Buy at or below 98195.78; 2022-12 · Price KRW 12820.00 · Value 98195.78 · Buy at or below 98195.78; 2023-01 · Price KRW 13020.00 · Value 98195.78 · Buy at or below 98195.78; 2023-02 · Price KRW 14100.00 · Value 128693.46 · Buy at or below 128693.46; 2023-03 · Price KRW 15100.00 · Value 128693.46 · Buy at or below 128693.46; 2023-04 · Price KRW 14840.00 · Value 128693.46 · Buy at or below 128693.46; 2023-05 · Price KRW 16060.00 · Value 128693.46 · Buy at or below 128693.46; 2023-06 · Price KRW 18240.00 · Value 128693.46 · Buy at or below 128693.46; 2023-07 · Price KRW 18460.00 · Value 128693.46 · Buy at or below 128693.46; 2023-08 · Price KRW 17760.00 · Value 128693.46 · Buy at or below 128693.46; 2023-09 · Price KRW 16000.00 · Value 128693.46 · Buy at or below 128693.46; 2023-10 · Price KRW 15820.00 · Value 128693.46 · Buy at or below 128693.46; 2023-11 · Price KRW 13500.00 · Value 128693.46 · Buy at or below 128693.46; 2023-12 · Price KRW 14620.00 · Value 128693.46 · Buy at or below 128693.46; 2024-01 · Price KRW 17340.00 · Value 128693.46 · Buy at or below 128693.46; 2024-02 · Price KRW 16540.00 · Value 125398.50 · Buy at or below 125398.50; 2024-03 · Price KRW 16480.00 · Value 125398.50 · Buy at or below 125398.50; 2024-04 · Price KRW 16760.00 · Value 125398.50 · Buy at or below 125398.50; 2024-05 · Price KRW 15980.00 · Value 125398.50 · Buy at or below 125398.50; 2024-06 · Price KRW 15920.00 · Value 125398.50 · Buy at or below 125398.50; 2024-07 · Price KRW 18300.00 · Value 125398.50 · Buy at or below 125398.50; 2024-08 · Price KRW 17820.00 · Value 125398.50 · Buy at or below 125398.50; 2024-09 · Price KRW 20420.00 · Value 125398.50 · Buy at or below 125398.50; 2024-10 · Price KRW 19250.00 · Value 125398.50 · Buy at or below 125398.50; 2024-11 · Price KRW 18480.00 · Value 125398.50 · Buy at or below 125398.50; 2024-12 · Price KRW 18330.00 · Value 125398.50 · Buy at or below 125398.50; 2025-01 · Price KRW 20900.00 · Value 125398.50 · Buy at or below 125398.50; 2025-02 · Price KRW 21300.00 · Value 118400.67 · Buy at or below 118400.67; 2025-03 · Price KRW 20600.00 · Value 118400.67 · Buy at or below 118400.67; 2025-04 · Price KRW 20600.00 · Value 118400.67 · Buy at or below 118400.67; 2025-05 · Price KRW 21950.00 · Value 118400.67 · Buy at or below 118400.67; 2025-06 · Price KRW 22200.00 · Value 118400.67 · Buy at or below 118400.67; 2025-07 · Price KRW 29000.00 · Value 118400.67 · Buy at or below 118400.67; 2025-08 · Price KRW 26600.00 · Value 118400.67 · Buy at or below 118400.67; 2025-09 · Price KRW 22850.00 · Value 118400.67 · Buy at or below 118400.67; 2025-10 · Price KRW 23300.00 · Value 118400.67 · Buy at or below 118400.67; 2025-11 · Price KRW 24100.00 · Value 118400.67 · Buy at or below 118400.67; 2025-12 · Price KRW 24400.00 · Value 118400.67 · Buy at or below 118400.67; 2026-01 · Price KRW 25150.00 · Value 118400.67 · Buy at or below 118400.67; 2026-02 · Price KRW 27200.00 · Value 134502.19 · Buy at or below 134502.19; 2026-03 · Price KRW 38150.00 · Value 134502.19 · Buy at or below 134502.19; 2026-04 · Price KRW 48050.00 · Value 134502.19 · Buy at or below 134502.19; 2026-05 · Price KRW 44650.00 · Value 134502.19 · Buy at or below 134502.19; 2026-06 · Price KRW 38200.00 · Value 134502.19 · Buy at or below 134502.19; 2026-07 · Price KRW 40350.00 · Value 134502.19 · Buy at or below 134502.19; 2026-08 · Price KRW 47200.00 · Value 134502.19 · Buy at or below 134502.19; 2026-09 · Price KRW 48700.00 · Value 134502.19 · Buy at or below 134502.19; 2026-10 · Price KRW 41600.00 · Value 134502.19 · Buy at or below 134502.19; 2026-10 · Price KRW 38250.00 · Value 134502.19 · Buy at or below 134502.19

KRW per share · annual estimates

Price & return math
Value range	KRW 97,183.90 – KRW 156,232.71
Buy at or below	Central value KRW 134,502.19
Discount to value	1 − 38250.00 / 134502.19 = 71.6%
Return / year	About 31.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 6405.70/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 10098.35/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 4.15T

Revenue

Owner earningsKRW 253B

Owner earnings

Operating margin14.9%

Operating margin

Net cash / debtKRW -1.47T

Net cash / debt

Diluted shares52M

Diluted shares

Prices 15 Oct 2026 · FY2025