# Samsung Electro-Mechanics (009150.KO)

Canonical: https://gigainvestors.com/s/009150.KO

Analysis as of: 2026-10-16T07:33:48.031Z. Financial observations: FY2000–FY2025.

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 1,163,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 176,172.98 per share, central KRW 232,600.43 per share, high KRW 266,026.22 per share. Buy at or below the central value KRW 232,600.43 per share. Valuation as of 2026-10-16T07:33:48.031Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.00×

- FY2017: 0.04×

- FY2018: 0.12×

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.15×

- FY2022: 0.13×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.2%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 22.1%

- Recent gross margin (lower of latest and 3-year median): 19.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.2%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.3%

- FY2017: 3.4%

- FY2018: 11.9%

- FY2019: 10.2%

- FY2020: 10.3%

- FY2021: 16.4%

- FY2022: 14.0%

- FY2023: 7.3%

- FY2024: 7.3%

- FY2025: 8.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 2.58T

- Net income, five-year total: KRW 3.68T

- Return on incremental invested capital: 8.0%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.6 pp

- Working capital / revenue, final three-year average: 30.6%

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

- FY2021: 1.00×

- FY2022: 0.56×

- FY2023: -0.54×

- FY2024: 1.00×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.4% vs 7.3%

- Per-share earnings: 6807.61 to 8988.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: KRW 11.71T

- Cumulative retained earnings: KRW 4.46T

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.7%

- Per-share value change: KRW 2K

- Per-share value, starting three-year median: KRW 7K

- Per-share value, ending three-year median: KRW 9K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 91B

- Cumulative net income, 10 years: KRW 5.63T

- ROIC, first three-year median: 3.4%

- ROIC, last three-year median: 7.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 2K

- FY2018: KRW 9K

- FY2019: KRW 7K

- FY2020: KRW 8K

- FY2021: KRW 12K

- FY2022: KRW 13K

- FY2023: KRW 6K

- FY2024: KRW 9K

- FY2025: KRW 9K

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.7%

- FY2017: -7.2%

- FY2018: -10.4%

- FY2019: -5.8%

- FY2020: -10.7%

- FY2021: -8.4%

- FY2022: -5.4%

- FY2023: -7.7%

- FY2024: -5.9%

- FY2025: -5.4%

## Holders

## Price story

Down 47% since Jun 2026 · sales +9.9%

Story as of 2026-10-16T09:59:57.819Z; price observation 2026-10-15.

Price needs cash profits to grow 29.5% a year for ten years

### Sales · FY2024–2025

sales +9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 6.03T 

- FY2017: KRW 6.84T 

- FY2018: KRW 8.19T 

- FY2019: KRW 8.04T 

- FY2020: KRW 8.21T 

- FY2021: KRW 9.68T 

- FY2022: KRW 9.42T 

- FY2023: KRW 8.89T 

- FY2024: KRW 10.29T 

- FY2025: KRW 11.31T 

### Gross margin · FY2025

gross margin 20.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.0% 

- FY2017: 20.6% 

- FY2018: 29.1% 

- FY2019: 25.5% 

- FY2020: 23.6% 

- FY2021: 26.3% 

- FY2022: 24.0% 

- FY2023: 19.3% 

- FY2024: 19.0% 

- FY2025: 20.1% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are KRW 11.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2025: revenue 11314459238100; grossProfit 2277368294230; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19% to 20.1% during 2023–25; it earns 9.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2023: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2024: grossProfit / revenue = 19%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2025: grossProfit / revenue = 20.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); 10-year return on capital observations [[2016,0.0031243887624791693],[2017,0.034344872599186366],[2018,0.1186143200784922],[2019,0.10240620134179229],[2020,0.10315642547067772],[2021,0.16388269841298295],[2022,0.139521394095948],[2023,0.07259942574212032],[2024,0.07301049489976578],[2025,0.0820568297268757]]; median 0.092231515534334. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 46.7% of cash earnings on expansion; earns 8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2018: growth capex 0; upkeep 1195189266500; owner earnings 363479974490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2020: growth capex 0; upkeep 756667711711; owner earnings 675951986903. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2021: growth capex 0; upkeep 844237017708; owner earnings 896600336984. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2022: growth capex 0; upkeep 1296527887059; owner earnings 546026137943. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2024: growth capex 0; upkeep 826641159400; owner earnings 677101118842. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); FY2025: growth capex 321644129400; upkeep 924679415000; owner earnings 689034780240. Growth capex / owner earnings = 0.4668039097938816.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); Incremental return on capital 0.08001416734267094, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); Dividend observations: [[2016,41009848410],[2017,47877329240],[2018,60513599000],[2019,75983779483],[2020,83242156460],[2021,131170767451],[2022,161602887384],[2023,160342144800],[2024,88584145450],[2025,137716643090]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 23.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009150.KO SharesStats.PercentInsiders = 23.701 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 29.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.031Z); Ten-year compound average after fade. Initial solved rate 0.41943592712644573. Price 1163000; 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 47,100.00 per share

- 2016-11: KRW 46,300.00 per share

- 2016-12: KRW 50,800.00 per share

- 2017-01: KRW 56,700.00 per share

- 2017-02: KRW 58,500.00 per share

- 2017-03: KRW 69,500.00 per share

- 2017-04: KRW 73,100.00 per share

- 2017-05: KRW 82,500.00 per share

- 2017-06: KRW 102,000.00 per share

- 2017-07: KRW 93,700.00 per share

- 2017-08: KRW 101,000.00 per share

- 2017-09: KRW 102,000.00 per share

- 2017-10: KRW 104,000.00 per share

- 2017-11: KRW 100,000.00 per share

- 2017-12: KRW 100,000.00 per share

- 2018-01: KRW 106,500.00 per share

- 2018-02: KRW 92,600.00 per share

- 2018-03: KRW 105,500.00 per share

- 2018-04: KRW 118,500.00 per share

- 2018-05: KRW 134,000.00 per share

- 2018-06: KRW 148,500.00 per share

- 2018-07: KRW 153,500.00 per share

- 2018-08: KRW 161,000.00 per share

- 2018-09: KRW 139,000.00 per share

- 2018-10: KRW 118,000.00 per share

- 2018-11: KRW 120,500.00 per share

- 2018-12: KRW 103,500.00 per share

- 2019-01: KRW 108,000.00 per share

- 2019-02: KRW 107,000.00 per share

- 2019-03: KRW 104,500.00 per share

- 2019-04: KRW 108,500.00 per share

- 2019-05: KRW 95,200.00 per share

- 2019-06: KRW 97,800.00 per share

- 2019-07: KRW 92,000.00 per share

- 2019-08: KRW 89,100.00 per share

- 2019-09: KRW 103,000.00 per share

- 2019-10: KRW 113,000.00 per share

- 2019-11: KRW 111,000.00 per share

- 2019-12: KRW 125,000.00 per share

- 2020-01: KRW 125,000.00 per share

- 2020-02: KRW 126,000.00 per share

- 2020-03: KRW 97,700.00 per share

- 2020-04: KRW 113,500.00 per share

- 2020-05: KRW 125,000.00 per share

- 2020-06: KRW 129,000.00 per share

- 2020-07: KRW 140,500.00 per share

- 2020-08: KRW 124,500.00 per share

- 2020-09: KRW 139,000.00 per share

- 2020-10: KRW 133,500.00 per share

- 2020-11: KRW 156,000.00 per share

- 2020-12: KRW 178,000.00 per share

- 2021-01: KRW 204,000.00 per share

- 2021-02: KRW 189,500.00 per share

- 2021-03: KRW 187,500.00 per share

- 2021-04: KRW 179,000.00 per share

- 2021-05: KRW 170,500.00 per share

- 2021-06: KRW 177,000.00 per share

- 2021-07: KRW 192,000.00 per share

- 2021-08: KRW 184,500.00 per share

- 2021-09: KRW 177,500.00 per share

- 2021-10: KRW 159,000.00 per share

- 2021-11: KRW 166,500.00 per share

- 2021-12: KRW 197,500.00 per share

- 2022-01: KRW 178,000.00 per share

- 2022-02: KRW 166,000.00 per share

- 2022-03: KRW 165,000.00 per share

- 2022-04: KRW 166,000.00 per share

- 2022-05: KRW 154,500.00 per share

- 2022-06: KRW 130,500.00 per share

- 2022-07: KRW 142,500.00 per share

- 2022-08: KRW 140,000.00 per share

- 2022-09: KRW 112,000.00 per share

- 2022-10: KRW 121,000.00 per share

- 2022-11: KRW 141,000.00 per share

- 2022-12: KRW 130,500.00 per share

- 2023-01: KRW 142,700.00 per share

- 2023-02: KRW 144,000.00 per share

- 2023-03: KRW 152,700.00 per share

- 2023-04: KRW 143,900.00 per share

- 2023-05: KRW 147,500.00 per share

- 2023-06: KRW 144,500.00 per share

- 2023-07: KRW 145,400.00 per share

- 2023-08: KRW 135,400.00 per share

- 2023-09: KRW 137,400.00 per share

- 2023-10: KRW 124,300.00 per share

- 2023-11: KRW 145,700.00 per share

- 2023-12: KRW 153,200.00 per share

- 2024-01: KRW 139,600.00 per share

- 2024-02: KRW 140,000.00 per share

- 2024-03: KRW 148,700.00 per share

- 2024-04: KRW 155,900.00 per share

- 2024-05: KRW 155,000.00 per share

- 2024-06: KRW 158,000.00 per share

- 2024-07: KRW 159,600.00 per share

- 2024-08: KRW 142,800.00 per share

- 2024-09: KRW 132,500.00 per share

- 2024-10: KRW 118,400.00 per share

- 2024-11: KRW 108,000.00 per share

- 2024-12: KRW 123,800.00 per share

- 2025-01: KRW 134,100.00 per share

- 2025-02: KRW 135,000.00 per share

- 2025-03: KRW 129,100.00 per share

- 2025-04: KRW 117,700.00 per share

- 2025-05: KRW 122,200.00 per share

- 2025-06: KRW 134,700.00 per share

- 2025-07: KRW 148,700.00 per share

- 2025-08: KRW 160,500.00 per share

- 2025-09: KRW 193,500.00 per share

- 2025-10: KRW 245,000.00 per share

- 2025-11: KRW 251,000.00 per share

- 2025-12: KRW 255,000.00 per share

- 2026-01: KRW 279,000.00 per share

- 2026-02: KRW 448,500.00 per share

- 2026-03: KRW 407,500.00 per share

- 2026-04: KRW 832,000.00 per share

- 2026-05: KRW 2,127,000.00 per share

- 2026-06: KRW 2,184,000.00 per share

- 2026-07: KRW 1,142,000.00 per share

- 2026-08: KRW 1,458,000.00 per share

- 2026-09: KRW 1,513,000.00 per share

- 2026-10: KRW 1,363,000.00 per share

## Annual estimated value (KRW per share)

- FY2021: low KRW 79,001.94 per share, central KRW 87,900.45 per share, high KRW 99,746.27 per share

- FY2022: low KRW 118,731.17 per share, central KRW 160,830.26 per share, high KRW 185,344.63 per share

- FY2023: low KRW 103,020.08 per share, central KRW 124,986.45 per share, high KRW 142,527.05 per share

- FY2024: low KRW 145,937.04 per share, central KRW 198,142.88 per share, high KRW 228,542.43 per share

- FY2025: low KRW 155,991.30 per share, central KRW 207,232.23 per share, high KRW 237,585.70 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 2026-10-15T06:39:31.731Z 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.

Samsung Electro-Mechanics

009150 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 1,163,000.00
Buy up to: KRW 232,600.43
Expected / yr: 4.2% 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 46.8% around their average (limit 35%).

Operating margin

10y median: 8.6%
Worst year: 0.4%
Latest · 2025: 8.1%

Capital return excluding acquisitions: median 9.2% (minimum 15%), and the second-worst year 3.4% (minimum 10%).

ROIC excluding acquisitions

10y median: 9.2%
Worst year: 0.3%
Latest · 2025: 8.2%

Each $1 of profit left $0.70 for owners over five years (minimum $0.80), and new investment earned 8% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.70×
Annual median: 0.98×
Latest · 2025: 0.98×

Per-share value rose from 6807.61 to 8988, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: KRW 9K
Worst year: KRW 2K
Latest · 2025: KRW 9K

Profits were backed by cash: accruals were -5.4% of assets (limit 10%).

Sloan accruals

10y median: -7.4%
Worst year: -5.4%
Latest · 2025: -5.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 8.7%, three-year average owner earnings per share 5,025.01 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 47100.00; 2016-11 · Price KRW 46300.00; 2016-12 · Price KRW 50800.00; 2017-01 · Price KRW 56700.00; 2017-02 · Price KRW 58500.00; 2017-03 · Price KRW 69500.00; 2017-04 · Price KRW 73100.00; 2017-05 · Price KRW 82500.00; 2017-06 · Price KRW 102000.00; 2017-07 · Price KRW 93700.00; 2017-08 · Price KRW 101000.00; 2017-09 · Price KRW 102000.00; 2017-10 · Price KRW 104000.00; 2017-11 · Price KRW 100000.00; 2017-12 · Price KRW 100000.00; 2018-01 · Price KRW 106500.00; 2018-02 · Price KRW 92600.00; 2018-03 · Price KRW 105500.00; 2018-04 · Price KRW 118500.00; 2018-05 · Price KRW 134000.00; 2018-06 · Price KRW 148500.00; 2018-07 · Price KRW 153500.00; 2018-08 · Price KRW 161000.00; 2018-09 · Price KRW 139000.00; 2018-10 · Price KRW 118000.00; 2018-11 · Price KRW 120500.00; 2018-12 · Price KRW 103500.00; 2019-01 · Price KRW 108000.00; 2019-02 · Price KRW 107000.00; 2019-03 · Price KRW 104500.00; 2019-04 · Price KRW 108500.00; 2019-05 · Price KRW 95200.00; 2019-06 · Price KRW 97800.00; 2019-07 · Price KRW 92000.00; 2019-08 · Price KRW 89100.00; 2019-09 · Price KRW 103000.00; 2019-10 · Price KRW 113000.00; 2019-11 · Price KRW 111000.00; 2019-12 · Price KRW 125000.00; 2020-01 · Price KRW 125000.00; 2020-02 · Price KRW 126000.00; 2020-03 · Price KRW 97700.00; 2020-04 · Price KRW 113500.00; 2020-05 · Price KRW 125000.00; 2020-06 · Price KRW 129000.00; 2020-07 · Price KRW 140500.00; 2020-08 · Price KRW 124500.00; 2020-09 · Price KRW 139000.00; 2020-10 · Price KRW 133500.00; 2020-11 · Price KRW 156000.00; 2020-12 · Price KRW 178000.00; 2021-01 · Price KRW 204000.00 · Value 87900.45 · Buy at or below 87900.45; 2021-02 · Price KRW 189500.00 · Value 87900.45 · Buy at or below 87900.45; 2021-03 · Price KRW 187500.00 · Value 87900.45 · Buy at or below 87900.45; 2021-04 · Price KRW 179000.00 · Value 87900.45 · Buy at or below 87900.45; 2021-05 · Price KRW 170500.00 · Value 87900.45 · Buy at or below 87900.45; 2021-06 · Price KRW 177000.00 · Value 87900.45 · Buy at or below 87900.45; 2021-07 · Price KRW 192000.00 · Value 87900.45 · Buy at or below 87900.45; 2021-08 · Price KRW 184500.00 · Value 87900.45 · Buy at or below 87900.45; 2021-09 · Price KRW 177500.00 · Value 87900.45 · Buy at or below 87900.45; 2021-10 · Price KRW 159000.00 · Value 87900.45 · Buy at or below 87900.45; 2021-11 · Price KRW 166500.00 · Value 87900.45 · Buy at or below 87900.45; 2021-12 · Price KRW 197500.00 · Value 87900.45 · Buy at or below 87900.45; 2022-01 · Price KRW 178000.00 · Value 87900.45 · Buy at or below 87900.45; 2022-02 · Price KRW 166000.00 · Value 160830.26 · Buy at or below 160830.26; 2022-03 · Price KRW 165000.00 · Value 160830.26 · Buy at or below 160830.26; 2022-04 · Price KRW 166000.00 · Value 160830.26 · Buy at or below 160830.26; 2022-05 · Price KRW 154500.00 · Value 160830.26 · Buy at or below 160830.26; 2022-06 · Price KRW 130500.00 · Value 160830.26 · Buy at or below 160830.26; 2022-07 · Price KRW 142500.00 · Value 160830.26 · Buy at or below 160830.26; 2022-08 · Price KRW 140000.00 · Value 160830.26 · Buy at or below 160830.26; 2022-09 · Price KRW 112000.00 · Value 160830.26 · Buy at or below 160830.26; 2022-10 · Price KRW 121000.00 · Value 160830.26 · Buy at or below 160830.26; 2022-11 · Price KRW 141000.00 · Value 160830.26 · Buy at or below 160830.26; 2022-12 · Price KRW 130500.00 · Value 160830.26 · Buy at or below 160830.26; 2023-01 · Price KRW 142700.00 · Value 160830.26 · Buy at or below 160830.26; 2023-02 · Price KRW 144000.00 · Value 124986.45 · Buy at or below 124986.45; 2023-03 · Price KRW 152700.00 · Value 124986.45 · Buy at or below 124986.45; 2023-04 · Price KRW 143900.00 · Value 124986.45 · Buy at or below 124986.45; 2023-05 · Price KRW 147500.00 · Value 124986.45 · Buy at or below 124986.45; 2023-06 · Price KRW 144500.00 · Value 124986.45 · Buy at or below 124986.45; 2023-07 · Price KRW 145400.00 · Value 124986.45 · Buy at or below 124986.45; 2023-08 · Price KRW 135400.00 · Value 124986.45 · Buy at or below 124986.45; 2023-09 · Price KRW 137400.00 · Value 124986.45 · Buy at or below 124986.45; 2023-10 · Price KRW 124300.00 · Value 124986.45 · Buy at or below 124986.45; 2023-11 · Price KRW 145700.00 · Value 124986.45 · Buy at or below 124986.45; 2023-12 · Price KRW 153200.00 · Value 124986.45 · Buy at or below 124986.45; 2024-01 · Price KRW 139600.00 · Value 124986.45 · Buy at or below 124986.45; 2024-02 · Price KRW 140000.00 · Value 198142.88 · Buy at or below 198142.88; 2024-03 · Price KRW 148700.00 · Value 198142.88 · Buy at or below 198142.88; 2024-04 · Price KRW 155900.00 · Value 198142.88 · Buy at or below 198142.88; 2024-05 · Price KRW 155000.00 · Value 198142.88 · Buy at or below 198142.88; 2024-06 · Price KRW 158000.00 · Value 198142.88 · Buy at or below 198142.88; 2024-07 · Price KRW 159600.00 · Value 198142.88 · Buy at or below 198142.88; 2024-08 · Price KRW 142800.00 · Value 198142.88 · Buy at or below 198142.88; 2024-09 · Price KRW 132500.00 · Value 198142.88 · Buy at or below 198142.88; 2024-10 · Price KRW 118400.00 · Value 198142.88 · Buy at or below 198142.88; 2024-11 · Price KRW 108000.00 · Value 198142.88 · Buy at or below 198142.88; 2024-12 · Price KRW 123800.00 · Value 198142.88 · Buy at or below 198142.88; 2025-01 · Price KRW 134100.00 · Value 198142.88 · Buy at or below 198142.88; 2025-02 · Price KRW 135000.00 · Value 207232.23 · Buy at or below 207232.23; 2025-03 · Price KRW 129100.00 · Value 207232.23 · Buy at or below 207232.23; 2025-04 · Price KRW 117700.00 · Value 207232.23 · Buy at or below 207232.23; 2025-05 · Price KRW 122200.00 · Value 207232.23 · Buy at or below 207232.23; 2025-06 · Price KRW 134700.00 · Value 207232.23 · Buy at or below 207232.23; 2025-07 · Price KRW 148700.00 · Value 207232.23 · Buy at or below 207232.23; 2025-08 · Price KRW 160500.00 · Value 207232.23 · Buy at or below 207232.23; 2025-09 · Price KRW 193500.00 · Value 207232.23 · Buy at or below 207232.23; 2025-10 · Price KRW 245000.00 · Value 207232.23 · Buy at or below 207232.23; 2025-11 · Price KRW 251000.00 · Value 207232.23 · Buy at or below 207232.23; 2025-12 · Price KRW 255000.00 · Value 207232.23 · Buy at or below 207232.23; 2026-01 · Price KRW 279000.00 · Value 207232.23 · Buy at or below 207232.23; 2026-02 · Price KRW 448500.00 · Value 232600.43 · Buy at or below 232600.43; 2026-03 · Price KRW 407500.00 · Value 232600.43 · Buy at or below 232600.43; 2026-04 · Price KRW 832000.00 · Value 232600.43 · Buy at or below 232600.43; 2026-05 · Price KRW 2127000.00 · Value 232600.43 · Buy at or below 232600.43; 2026-06 · Price KRW 2184000.00 · Value 232600.43 · Buy at or below 232600.43; 2026-07 · Price KRW 1142000.00 · Value 232600.43 · Buy at or below 232600.43; 2026-08 · Price KRW 1458000.00 · Value 232600.43 · Buy at or below 232600.43; 2026-09 · Price KRW 1513000.00 · Value 232600.43 · Buy at or below 232600.43; 2026-10 · Price KRW 1363000.00 · Value 232600.43 · Buy at or below 232600.43; 2026-10 · Price KRW 1163000.00 · Value 232600.43 · Buy at or below 232600.43

KRW per share · annual estimates

Price & return math
Value range	KRW 176,172.98 – KRW 266,026.22
Buy at or below	Central value KRW 232,600.43
Discount to value	1 − 1163000.00 / 232600.43 = -400.0%
Return / year	About 4.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 10041.98/share; 7.7% growth for 5 years, then fades to 3.0%; excess cash KRW 40752.73/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 11.31T

Revenue

Owner earningsKRW 689B

Owner earnings

Operating margin8.1%

Operating margin

Net cash / debtKRW 529B

Net cash / debt

Diluted shares76M

Diluted shares

Prices 15 Oct 2026 · FY2025