# Hotel Shilla (008770.KO)

Canonical: https://gigainvestors.com/s/008770.KO

Analysis as of: 2026-10-16T07:43:44.751Z. Financial observations: FY2010–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 36,950.00 per share; close as of 2026-10-15.

## 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: 4

- Operating margin variation: 1.82×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.02×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: -0.06×

- FY2021: 0.03×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: -0.00×

- FY2025: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: -0.2%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.8%

- FY2017: 4.5%

- FY2018: 14.0%

- FY2019: 11.5%

- FY2020: -7.9%

- FY2021: 4.2%

- FY2022: 4.1%

- FY2023: 4.1%

- FY2024: -0.2%

- FY2025: 1.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW -313B

- Net income, five-year total: KRW -212B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 0.0 pp

- Working capital / revenue, final three-year average: 12.1%

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

- FY2021: KRW 2.8B

- FY2022: KRW -82B

- FY2023: KRW 57B

- FY2024: KRW -98B

- FY2025: KRW -192B

### 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: 4.8% vs 1.0%

- Per-share earnings: 735.21 to -1625.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: KRW -134B

- Cumulative retained earnings: KRW -370B

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -2K

- Per-share value, starting three-year median: KRW 735.21

- Per-share value, ending three-year median: KRW -2K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.8%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 30B

- Cumulative net income, 10 years: KRW -162B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 1.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 735.21

- FY2017: KRW 667.08

- FY2018: KRW 3K

- FY2019: KRW 4K

- FY2020: KRW -8K

- FY2021: KRW 729.26

- FY2022: KRW -1K

- FY2023: KRW 2K

- FY2024: KRW -2K

- FY2025: KRW -6K

### accounting: pass

- Sloan accruals: -9.3%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -8.1%

- FY2018: -1.9%

- FY2019: -6.6%

- FY2020: -8.0%

- FY2021: -0.6%

- FY2022: -9.2%

- FY2023: -5.2%

- FY2024: -3.4%

- FY2025: -9.3%

## Holders

## Price story

Down 58% since Aug 2023 · sales -33.5%

Story as of 2026-10-16T10:00:12.815Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -33.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 3.72T 

- FY2017: KRW 4.01T 

- FY2018: KRW 4.71T 

- FY2019: KRW 5.72T 

- FY2020: KRW 3.19T 

- FY2021: KRW 3.78T 

- FY2022: KRW 4.92T 

- FY2023: KRW 3.57T 

- FY2024: KRW 3.95T 

- FY2025: KRW 2.62T 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are KRW 2.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2025: revenue 2623491366880; grossProfit 2623491366880; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); 10-year return on capital observations [[2016,0.04815863420587806],[2017,0.044844545739831404],[2018,0.1402644834977099],[2019,0.11472047678220204],[2020,-0.07856239978081599],[2021,0.04244716127349235],[2022,0.040899246354899145],[2023,0.04141518208005334],[2024,-0.0016148092176316148],[2025,0.009786323425130248]]; median 0.04193117167677285. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2016: growth capex 0; upkeep 67089657320; owner earnings 53732963380. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2017: growth capex 0; upkeep 64906608050; owner earnings 142252816910. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2018: growth capex 0; upkeep 77815590880; owner earnings 76051523560. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2019: growth capex 0; upkeep 65807515270; owner earnings 164589877620. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2021: growth capex 0; upkeep 22072212180; owner earnings 2750831350. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); FY2023: growth capex 0; upkeep 54746578410; owner earnings 56608579580. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); Dividend observations: [[2016,13810781150],[2017,13285781150],[2018,13285781150],[2019,13285781150],[2020,13285781150],[2021,7607742200],[2022,7607742200],[2023,7607742200],[2024,7607742200]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 7.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 008770.KO SharesStats.PercentInsiders = 7.2989999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:44.751Z); Closing price 36950 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 69309.16190826728; price multiple 0.53311855146805. FY2025 cash earnings/share -5084.072623189878. Closing-price date 2026-10-15.

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

- 2016-10: KRW 57,300.00 per share

- 2016-11: KRW 50,400.00 per share

- 2016-12: KRW 48,150.00 per share

- 2017-01: KRW 43,350.00 per share

- 2017-02: KRW 51,100.00 per share

- 2017-03: KRW 45,100.00 per share

- 2017-04: KRW 50,800.00 per share

- 2017-05: KRW 60,800.00 per share

- 2017-06: KRW 57,100.00 per share

- 2017-07: KRW 65,000.00 per share

- 2017-08: KRW 61,900.00 per share

- 2017-09: KRW 58,200.00 per share

- 2017-10: KRW 78,300.00 per share

- 2017-11: KRW 84,700.00 per share

- 2017-12: KRW 84,900.00 per share

- 2018-01: KRW 93,000.00 per share

- 2018-02: KRW 81,800.00 per share

- 2018-03: KRW 95,900.00 per share

- 2018-04: KRW 116,000.00 per share

- 2018-05: KRW 124,000.00 per share

- 2018-06: KRW 123,500.00 per share

- 2018-07: KRW 99,800.00 per share

- 2018-08: KRW 108,000.00 per share

- 2018-09: KRW 108,500.00 per share

- 2018-10: KRW 71,300.00 per share

- 2018-11: KRW 86,300.00 per share

- 2018-12: KRW 76,500.00 per share

- 2019-01: KRW 76,600.00 per share

- 2019-02: KRW 82,000.00 per share

- 2019-03: KRW 95,400.00 per share

- 2019-04: KRW 115,000.00 per share

- 2019-05: KRW 94,600.00 per share

- 2019-06: KRW 97,000.00 per share

- 2019-07: KRW 78,700.00 per share

- 2019-08: KRW 78,800.00 per share

- 2019-09: KRW 86,200.00 per share

- 2019-10: KRW 77,500.00 per share

- 2019-11: KRW 84,700.00 per share

- 2019-12: KRW 90,800.00 per share

- 2020-01: KRW 87,400.00 per share

- 2020-02: KRW 80,300.00 per share

- 2020-03: KRW 70,500.00 per share

- 2020-04: KRW 85,200.00 per share

- 2020-05: KRW 79,200.00 per share

- 2020-06: KRW 71,000.00 per share

- 2020-07: KRW 70,300.00 per share

- 2020-08: KRW 70,300.00 per share

- 2020-09: KRW 76,100.00 per share

- 2020-10: KRW 74,200.00 per share

- 2020-11: KRW 80,000.00 per share

- 2020-12: KRW 82,300.00 per share

- 2021-01: KRW 80,900.00 per share

- 2021-02: KRW 81,600.00 per share

- 2021-03: KRW 86,900.00 per share

- 2021-04: KRW 86,500.00 per share

- 2021-05: KRW 101,500.00 per share

- 2021-06: KRW 97,000.00 per share

- 2021-07: KRW 93,500.00 per share

- 2021-08: KRW 89,800.00 per share

- 2021-09: KRW 86,600.00 per share

- 2021-10: KRW 87,400.00 per share

- 2021-11: KRW 70,600.00 per share

- 2021-12: KRW 78,000.00 per share

- 2022-01: KRW 72,000.00 per share

- 2022-02: KRW 80,500.00 per share

- 2022-03: KRW 81,200.00 per share

- 2022-04: KRW 81,200.00 per share

- 2022-05: KRW 78,000.00 per share

- 2022-06: KRW 71,200.00 per share

- 2022-07: KRW 71,800.00 per share

- 2022-08: KRW 73,800.00 per share

- 2022-09: KRW 71,900.00 per share

- 2022-10: KRW 65,000.00 per share

- 2022-11: KRW 73,000.00 per share

- 2022-12: KRW 83,100.00 per share

- 2023-01: KRW 79,200.00 per share

- 2023-02: KRW 80,200.00 per share

- 2023-03: KRW 81,500.00 per share

- 2023-04: KRW 81,500.00 per share

- 2023-05: KRW 77,200.00 per share

- 2023-06: KRW 73,400.00 per share

- 2023-07: KRW 75,300.00 per share

- 2023-08: KRW 88,200.00 per share

- 2023-09: KRW 84,700.00 per share

- 2023-10: KRW 62,300.00 per share

- 2023-11: KRW 65,600.00 per share

- 2023-12: KRW 65,400.00 per share

- 2024-01: KRW 58,300.00 per share

- 2024-02: KRW 60,100.00 per share

- 2024-03: KRW 60,000.00 per share

- 2024-04: KRW 59,600.00 per share

- 2024-05: KRW 56,900.00 per share

- 2024-06: KRW 53,600.00 per share

- 2024-07: KRW 50,000.00 per share

- 2024-08: KRW 47,450.00 per share

- 2024-09: KRW 47,800.00 per share

- 2024-10: KRW 44,600.00 per share

- 2024-11: KRW 39,600.00 per share

- 2024-12: KRW 36,900.00 per share

- 2025-01: KRW 38,300.00 per share

- 2025-02: KRW 39,800.00 per share

- 2025-03: KRW 38,500.00 per share

- 2025-04: KRW 43,950.00 per share

- 2025-05: KRW 49,600.00 per share

- 2025-06: KRW 51,700.00 per share

- 2025-07: KRW 46,900.00 per share

- 2025-08: KRW 46,900.00 per share

- 2025-09: KRW 51,400.00 per share

- 2025-10: KRW 48,700.00 per share

- 2025-11: KRW 45,500.00 per share

- 2025-12: KRW 44,600.00 per share

- 2026-01: KRW 46,200.00 per share

- 2026-02: KRW 47,950.00 per share

- 2026-03: KRW 44,000.00 per share

- 2026-04: KRW 65,500.00 per share

- 2026-05: KRW 55,100.00 per share

- 2026-06: KRW 47,150.00 per share

- 2026-07: KRW 43,550.00 per share

- 2026-08: KRW 44,100.00 per share

- 2026-09: KRW 39,350.00 per share

- 2026-10: KRW 37,400.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 10,848.78 per share, central KRW 11,350.41 per share, high KRW 12,018.18 per share

- FY2017: low KRW 14,423.23 per share, central KRW 14,964.13 per share, high KRW 15,684.18 per share

- FY2018: low KRW 25,234.90 per share, central KRW 27,948.99 per share, high KRW 31,562.01 per share

- FY2019: low KRW 37,969.91 per share, central KRW 41,641.49 per share, high KRW 46,529.13 per share

- FY2020: low KRW 23,874.88 per share, central KRW 25,963.57 per share, high KRW 28,744.06 per share

- FY2021: low KRW 22,922.05 per share, central KRW 25,397.98 per share, high KRW 28,693.97 per share

- FY2022: low KRW 15,459.13 per share, central KRW 15,601.75 per share, high KRW 15,791.60 per share

- FY2023: low KRW 10,601.49 per share, central KRW 10,704.85 per share, high KRW 10,842.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations