# Hanssem (009240.KO)

Canonical: https://gigainvestors.com/s/009240.KO

Analysis as of: 2026-10-16T07:47:01.222Z. Financial observations: FY2002–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 40,050.00 per share; close as of 2026-10-15.

Estimated value: low KRW 46,292.04 per share, central KRW 50,015.28 per share, high KRW 54,971.69 per share. Buy at or below the central value KRW 50,015.28 per share. Valuation as of 2026-10-16T07:47:01.222Z; scenarios are not confidence intervals.

Expected annual return: 13.5% at the stated quote. About 13.5% 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

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 2

- Operating margin variation: 1.45×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.05×

- FY2021: 0.03×

- FY2022: -0.04×

- FY2023: -0.02×

- FY2024: 0.05×

- FY2025: 0.01×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: -6.5%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 26.2%

- Recent gross margin (lower of latest and 3-year median): 23.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 10.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 54.8%

- FY2017: 20.8%

- FY2018: 10.3%

- FY2019: 6.2%

- FY2020: 12.0%

- FY2021: 7.1%

- FY2022: -11.4%

- FY2023: -6.5%

- FY2024: 17.4%

- FY2025: 5.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.52×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 183B

- Net income, five-year total: KRW 120B

- Return on incremental invested capital: 0.0%

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

- Working capital / revenue, change between three-year averages: -0.5 pp

- Working capital / revenue, final three-year average: 1.6%

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

- FY2021: 0.98×

- FY2022: 0.83×

- FY2023: 0.77×

- FY2024: 1.14×

- FY2025: 1.36×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.8% vs 5.4%

- Per-share earnings: 5458.89 to 2804.00 (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: -0.9%

- Market cap gain: KRW -2.84T

- Cumulative retained earnings: KRW 78B

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -9.1%

- Per-share value change: KRW -3K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW 3K

- Buybacks concentrated in cheaper years (correlation): -0.90

- Average buyback yield: 3.7%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 41B

- Cumulative net income, 10 years: KRW 541B

- ROIC, first three-year median: 20.8%

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 7K

- FY2017: KRW 5K

- FY2018: KRW 5K

- FY2019: KRW 2K

- FY2020: KRW 4K

- FY2021: KRW 3K

- FY2022: KRW -4K

- FY2023: KRW -4K

- FY2024: KRW 9K

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 0.69×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: 3.0%

- FY2018: 2.8%

- FY2019: -3.1%

- FY2020: -10.4%

- FY2021: 2.2%

- FY2022: -4.6%

- FY2023: -13.6%

- FY2024: 9.6%

- FY2025: -2.3%

## Holders

## Price story

Down 61% since Oct 2021 · sales -4.9%

Story as of 2026-10-16T10:00:13.622Z; price observation 2026-10-15.

Price needs cash profits to shrink 4% a year for ten years

### Sales · FY2025–2026

sales -4.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.06T 

- FY2018: KRW 1.93T 

- FY2019: KRW 1.70T 

- FY2020: KRW 2.07T 

- FY2021: KRW 2.23T 

- FY2022: KRW 2.00T 

- FY2023: KRW 1.97T 

- FY2024: KRW 1.91T 

- FY2025: KRW 1.74T 

- FY2026: KRW 1.66T 

### Gross margin · FY2025

gross margin 24.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 31.0% 

- FY2017: 29.0% 

- FY2018: 26.5% 

- FY2019: 27.9% 

- FY2020: 26.2% 

- FY2021: 26.3% 

- FY2022: 22.0% 

- FY2023: 22.0% 

- FY2024: 23.3% 

- FY2025: 24.8% 

## Owner memo

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

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are KRW 1.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2025: revenue 1744538347420; grossProfit 432219923060; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009240.KO: Hanssem Co., Ltd., together with its subsidiaries, operates as a home interior company in South Korea, Japan, and China. The company offers furniture, appliances, household accessories, fabric products, and related materials for kitchen, bedroom, living room, and bathroom. It also provides space remodeling services; and sells interior building materials. The company markets its products through stores and online. It exports its products. The company was founded in 1970 and is headquartered in Ansan-si, South Korea.

### Why customers stay

Margins ranged from 22% to 24.8% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2023: grossProfit / revenue = 22%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2024: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2025: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); 10-year return on capital observations [[2016,0.5476727660343619],[2017,0.2075619636407991],[2018,0.10299093974483045],[2019,0.06225603245218397],[2020,0.120169172103506],[2021,0.07144957583818223],[2022,-0.11417433094865316],[2023,-0.06497227587086561],[2024,0.17364387757156519],[2025,0.05393208500901221]]; median 0.08722025779150634. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back KRW 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2016: growth capex 0; upkeep 35894358790; owner earnings 118094239010. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2018: growth capex 0; upkeep 13442160830; owner earnings 99570860600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2019: growth capex 0; upkeep 19107541660; owner earnings 49675323190. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2020: growth capex 0; upkeep 15999129610; owner earnings 79590205240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2021: growth capex 0; upkeep 29858518020; owner earnings 54602526540. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2024: growth capex 0; upkeep 10581517420; owner earnings 172516185820. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2025: growth capex 0; upkeep 15040425720; owner earnings 62867902440. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); Dividend observations: [[2016,18079563000],[2017,19887519300],[2018,21155475600],[2019,21155475600],[2020,21693711600],[2021,22963365200],[2022,32338380050],[2023,74155959000],[2024,140566740060]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); FY2025: cash repurchases 1036009900 KRW.

### Are managers owners

Insiders own 35.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009240.KO SharesStats.PercentInsiders = 35.727 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:01.222Z); Ten-year compound average after fade. Initial solved rate -0.06944961278893186. Price 40050; 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 177,500.00 per share

- 2016-11: KRW 206,500.00 per share

- 2016-12: KRW 199,000.00 per share

- 2017-01: KRW 208,500.00 per share

- 2017-02: KRW 222,000.00 per share

- 2017-03: KRW 220,000.00 per share

- 2017-04: KRW 220,000.00 per share

- 2017-05: KRW 220,000.00 per share

- 2017-06: KRW 184,000.00 per share

- 2017-07: KRW 176,000.00 per share

- 2017-08: KRW 170,000.00 per share

- 2017-09: KRW 151,500.00 per share

- 2017-10: KRW 170,500.00 per share

- 2017-11: KRW 183,500.00 per share

- 2017-12: KRW 180,000.00 per share

- 2018-01: KRW 170,500.00 per share

- 2018-02: KRW 149,500.00 per share

- 2018-03: KRW 154,500.00 per share

- 2018-04: KRW 116,500.00 per share

- 2018-05: KRW 113,000.00 per share

- 2018-06: KRW 105,000.00 per share

- 2018-07: KRW 96,400.00 per share

- 2018-08: KRW 82,500.00 per share

- 2018-09: KRW 76,600.00 per share

- 2018-10: KRW 48,850.00 per share

- 2018-11: KRW 58,600.00 per share

- 2018-12: KRW 67,400.00 per share

- 2019-01: KRW 71,800.00 per share

- 2019-02: KRW 89,800.00 per share

- 2019-03: KRW 91,800.00 per share

- 2019-04: KRW 103,000.00 per share

- 2019-05: KRW 81,300.00 per share

- 2019-06: KRW 73,300.00 per share

- 2019-07: KRW 60,800.00 per share

- 2019-08: KRW 60,400.00 per share

- 2019-09: KRW 60,000.00 per share

- 2019-10: KRW 63,400.00 per share

- 2019-11: KRW 63,700.00 per share

- 2019-12: KRW 62,200.00 per share

- 2020-01: KRW 71,300.00 per share

- 2020-02: KRW 64,000.00 per share

- 2020-03: KRW 50,300.00 per share

- 2020-04: KRW 72,800.00 per share

- 2020-05: KRW 84,600.00 per share

- 2020-06: KRW 86,200.00 per share

- 2020-07: KRW 102,000.00 per share

- 2020-08: KRW 97,300.00 per share

- 2020-09: KRW 107,000.00 per share

- 2020-10: KRW 94,200.00 per share

- 2020-11: KRW 97,400.00 per share

- 2020-12: KRW 104,500.00 per share

- 2021-01: KRW 94,800.00 per share

- 2021-02: KRW 99,500.00 per share

- 2021-03: KRW 116,500.00 per share

- 2021-04: KRW 112,000.00 per share

- 2021-05: KRW 108,500.00 per share

- 2021-06: KRW 102,500.00 per share

- 2021-07: KRW 120,000.00 per share

- 2021-08: KRW 116,000.00 per share

- 2021-09: KRW 120,000.00 per share

- 2021-10: KRW 101,500.00 per share

- 2021-11: KRW 86,300.00 per share

- 2021-12: KRW 92,600.00 per share

- 2022-01: KRW 72,300.00 per share

- 2022-02: KRW 73,100.00 per share

- 2022-03: KRW 85,200.00 per share

- 2022-04: KRW 78,600.00 per share

- 2022-05: KRW 72,900.00 per share

- 2022-06: KRW 64,500.00 per share

- 2022-07: KRW 57,400.00 per share

- 2022-08: KRW 53,800.00 per share

- 2022-09: KRW 42,750.00 per share

- 2022-10: KRW 37,450.00 per share

- 2022-11: KRW 46,950.00 per share

- 2022-12: KRW 44,600.00 per share

- 2023-01: KRW 51,800.00 per share

- 2023-02: KRW 44,850.00 per share

- 2023-03: KRW 50,900.00 per share

- 2023-04: KRW 44,650.00 per share

- 2023-05: KRW 45,500.00 per share

- 2023-06: KRW 43,250.00 per share

- 2023-07: KRW 46,350.00 per share

- 2023-08: KRW 59,200.00 per share

- 2023-09: KRW 56,300.00 per share

- 2023-10: KRW 49,050.00 per share

- 2023-11: KRW 51,500.00 per share

- 2023-12: KRW 53,500.00 per share

- 2024-01: KRW 47,700.00 per share

- 2024-02: KRW 48,400.00 per share

- 2024-03: KRW 49,050.00 per share

- 2024-04: KRW 56,600.00 per share

- 2024-05: KRW 58,100.00 per share

- 2024-06: KRW 61,200.00 per share

- 2024-07: KRW 63,400.00 per share

- 2024-08: KRW 54,700.00 per share

- 2024-09: KRW 56,300.00 per share

- 2024-10: KRW 53,200.00 per share

- 2024-11: KRW 53,900.00 per share

- 2024-12: KRW 47,550.00 per share

- 2025-01: KRW 46,950.00 per share

- 2025-02: KRW 45,800.00 per share

- 2025-03: KRW 40,850.00 per share

- 2025-04: KRW 42,450.00 per share

- 2025-05: KRW 42,050.00 per share

- 2025-06: KRW 46,100.00 per share

- 2025-07: KRW 46,900.00 per share

- 2025-08: KRW 42,200.00 per share

- 2025-09: KRW 45,300.00 per share

- 2025-10: KRW 46,500.00 per share

- 2025-11: KRW 45,450.00 per share

- 2025-12: KRW 46,150.00 per share

- 2026-01: KRW 46,600.00 per share

- 2026-02: KRW 49,650.00 per share

- 2026-03: KRW 41,250.00 per share

- 2026-04: KRW 45,200.00 per share

- 2026-05: KRW 30,800.00 per share

- 2026-06: KRW 32,800.00 per share

- 2026-07: KRW 38,900.00 per share

- 2026-08: KRW 39,200.00 per share

- 2026-09: KRW 39,050.00 per share

- 2026-10: KRW 40,650.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 84,774.74 per share, central KRW 94,155.73 per share, high KRW 106,643.82 per share

- FY2017: low KRW 82,878.55 per share, central KRW 93,166.01 per share, high KRW 106,860.79 per share

- FY2018: low KRW 73,323.96 per share, central KRW 81,835.64 per share, high KRW 93,166.49 per share

- FY2019: low KRW 68,458.29 per share, central KRW 75,954.42 per share, high KRW 85,933.35 per share

- FY2020: low KRW 64,780.39 per share, central KRW 71,729.98 per share, high KRW 80,981.35 per share

- FY2021: low KRW 50,893.48 per share, central KRW 56,591.83 per share, high KRW 64,177.55 per share

- FY2022: low KRW 41,772.75 per share, central KRW 47,228.11 per share, high KRW 54,490.37 per share

- FY2023: low KRW 36,526.48 per share, central KRW 40,973.16 per share, high KRW 46,892.63 per share

- FY2024: low KRW 46,081.49 per share, central KRW 50,339.72 per share, high KRW 56,008.31 per share

- FY2025: low KRW 46,815.51 per share, central KRW 50,713.59 per share, high KRW 55,902.76 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 2026-10-15T06:52:48.294Z 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.

Hanssem

009240 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 40,050.00
Buy up to: KRW 50,015.28
Expected / yr: 13.5% 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

Sales fell in 7 years (limit 5), and margins varied 145.2% around their average (limit 35%).

Operating margin

10y median: 3.0%
Worst year: -4.5%
Latest · LTM: 2.0%

Capital return excluding acquisitions: median 8.7% (minimum 15%), and the second-worst year -6.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.7%
Worst year: -11.4%
Latest · 2025: 5.4%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.52×
Annual median: 0.98×
Latest · 2025: 1.36×

Per-share value fell from 5458.89 to 2804, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 4K
Worst year: KRW -4K
Latest · 2025: KRW 3K

Profits were backed by cash: accruals were -2.3% of assets (limit 10%).

Sloan accruals

10y median: -2.6%
Worst year: 9.6%
Latest · 2025: -2.3%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 2.8%, three-year average owner earnings per share 3,772.76 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 177500.00 · Value 94155.73 · Buy at or below 94155.73; 2016-11 · Price KRW 206500.00 · Value 94155.73 · Buy at or below 94155.73; 2016-12 · Price KRW 199000.00 · Value 94155.73 · Buy at or below 94155.73; 2017-01 · Price KRW 208500.00 · Value 94155.73 · Buy at or below 94155.73; 2017-02 · Price KRW 222000.00 · Value 93166.01 · Buy at or below 93166.01; 2017-03 · Price KRW 220000.00 · Value 93166.01 · Buy at or below 93166.01; 2017-04 · Price KRW 220000.00 · Value 93166.01 · Buy at or below 93166.01; 2017-05 · Price KRW 220000.00 · Value 93166.01 · Buy at or below 93166.01; 2017-06 · Price KRW 184000.00 · Value 93166.01 · Buy at or below 93166.01; 2017-07 · Price KRW 176000.00 · Value 93166.01 · Buy at or below 93166.01; 2017-08 · Price KRW 170000.00 · Value 93166.01 · Buy at or below 93166.01; 2017-09 · Price KRW 151500.00 · Value 93166.01 · Buy at or below 93166.01; 2017-10 · Price KRW 170500.00 · Value 93166.01 · Buy at or below 93166.01; 2017-11 · Price KRW 183500.00 · Value 93166.01 · Buy at or below 93166.01; 2017-12 · Price KRW 180000.00 · Value 93166.01 · Buy at or below 93166.01; 2018-01 · Price KRW 170500.00 · Value 93166.01 · Buy at or below 93166.01; 2018-02 · Price KRW 149500.00 · Value 81835.64 · Buy at or below 81835.64; 2018-03 · Price KRW 154500.00 · Value 81835.64 · Buy at or below 81835.64; 2018-04 · Price KRW 116500.00 · Value 81835.64 · Buy at or below 81835.64; 2018-05 · Price KRW 113000.00 · Value 81835.64 · Buy at or below 81835.64; 2018-06 · Price KRW 105000.00 · Value 81835.64 · Buy at or below 81835.64; 2018-07 · Price KRW 96400.00 · Value 81835.64 · Buy at or below 81835.64; 2018-08 · Price KRW 82500.00 · Value 81835.64 · Buy at or below 81835.64; 2018-09 · Price KRW 76600.00 · Value 81835.64 · Buy at or below 81835.64; 2018-10 · Price KRW 48850.00 · Value 81835.64 · Buy at or below 81835.64; 2018-11 · Price KRW 58600.00 · Value 81835.64 · Buy at or below 81835.64; 2018-12 · Price KRW 67400.00 · Value 81835.64 · Buy at or below 81835.64; 2019-01 · Price KRW 71800.00 · Value 81835.64 · Buy at or below 81835.64; 2019-02 · Price KRW 89800.00 · Value 75954.42 · Buy at or below 75954.42; 2019-03 · Price KRW 91800.00 · Value 75954.42 · Buy at or below 75954.42; 2019-04 · Price KRW 103000.00 · Value 75954.42 · Buy at or below 75954.42; 2019-05 · Price KRW 81300.00 · Value 75954.42 · Buy at or below 75954.42; 2019-06 · Price KRW 73300.00 · Value 75954.42 · Buy at or below 75954.42; 2019-07 · Price KRW 60800.00 · Value 75954.42 · Buy at or below 75954.42; 2019-08 · Price KRW 60400.00 · Value 75954.42 · Buy at or below 75954.42; 2019-09 · Price KRW 60000.00 · Value 75954.42 · Buy at or below 75954.42; 2019-10 · Price KRW 63400.00 · Value 75954.42 · Buy at or below 75954.42; 2019-11 · Price KRW 63700.00 · Value 75954.42 · Buy at or below 75954.42; 2019-12 · Price KRW 62200.00 · Value 75954.42 · Buy at or below 75954.42; 2020-01 · Price KRW 71300.00 · Value 75954.42 · Buy at or below 75954.42; 2020-02 · Price KRW 64000.00 · Value 71729.98 · Buy at or below 71729.98; 2020-03 · Price KRW 50300.00 · Value 71729.98 · Buy at or below 71729.98; 2020-04 · Price KRW 72800.00 · Value 71729.98 · Buy at or below 71729.98; 2020-05 · Price KRW 84600.00 · Value 71729.98 · Buy at or below 71729.98; 2020-06 · Price KRW 86200.00 · Value 71729.98 · Buy at or below 71729.98; 2020-07 · Price KRW 102000.00 · Value 71729.98 · Buy at or below 71729.98; 2020-08 · Price KRW 97300.00 · Value 71729.98 · Buy at or below 71729.98; 2020-09 · Price KRW 107000.00 · Value 71729.98 · Buy at or below 71729.98; 2020-10 · Price KRW 94200.00 · Value 71729.98 · Buy at or below 71729.98; 2020-11 · Price KRW 97400.00 · Value 71729.98 · Buy at or below 71729.98; 2020-12 · Price KRW 104500.00 · Value 71729.98 · Buy at or below 71729.98; 2021-01 · Price KRW 94800.00 · Value 71729.98 · Buy at or below 71729.98; 2021-02 · Price KRW 99500.00 · Value 56591.83 · Buy at or below 56591.83; 2021-03 · Price KRW 116500.00 · Value 56591.83 · Buy at or below 56591.83; 2021-04 · Price KRW 112000.00 · Value 56591.83 · Buy at or below 56591.83; 2021-05 · Price KRW 108500.00 · Value 56591.83 · Buy at or below 56591.83; 2021-06 · Price KRW 102500.00 · Value 56591.83 · Buy at or below 56591.83; 2021-07 · Price KRW 120000.00 · Value 56591.83 · Buy at or below 56591.83; 2021-08 · Price KRW 116000.00 · Value 56591.83 · Buy at or below 56591.83; 2021-09 · Price KRW 120000.00 · Value 56591.83 · Buy at or below 56591.83; 2021-10 · Price KRW 101500.00 · Value 56591.83 · Buy at or below 56591.83; 2021-11 · Price KRW 86300.00 · Value 56591.83 · Buy at or below 56591.83; 2021-12 · Price KRW 92600.00 · Value 56591.83 · Buy at or below 56591.83; 2022-01 · Price KRW 72300.00 · Value 56591.83 · Buy at or below 56591.83; 2022-02 · Price KRW 73100.00 · Value 47228.11 · Buy at or below 47228.11; 2022-03 · Price KRW 85200.00 · Value 47228.11 · Buy at or below 47228.11; 2022-04 · Price KRW 78600.00 · Value 47228.11 · Buy at or below 47228.11; 2022-05 · Price KRW 72900.00 · Value 47228.11 · Buy at or below 47228.11; 2022-06 · Price KRW 64500.00 · Value 47228.11 · Buy at or below 47228.11; 2022-07 · Price KRW 57400.00 · Value 47228.11 · Buy at or below 47228.11; 2022-08 · Price KRW 53800.00 · Value 47228.11 · Buy at or below 47228.11; 2022-09 · Price KRW 42750.00 · Value 47228.11 · Buy at or below 47228.11; 2022-10 · Price KRW 37450.00 · Value 47228.11 · Buy at or below 47228.11; 2022-11 · Price KRW 46950.00 · Value 47228.11 · Buy at or below 47228.11; 2022-12 · Price KRW 44600.00 · Value 47228.11 · Buy at or below 47228.11; 2023-01 · Price KRW 51800.00 · Value 47228.11 · Buy at or below 47228.11; 2023-02 · Price KRW 44850.00 · Value 40973.16 · Buy at or below 40973.16; 2023-03 · Price KRW 50900.00 · Value 40973.16 · Buy at or below 40973.16; 2023-04 · Price KRW 44650.00 · Value 40973.16 · Buy at or below 40973.16; 2023-05 · Price KRW 45500.00 · Value 40973.16 · Buy at or below 40973.16; 2023-06 · Price KRW 43250.00 · Value 40973.16 · Buy at or below 40973.16; 2023-07 · Price KRW 46350.00 · Value 40973.16 · Buy at or below 40973.16; 2023-08 · Price KRW 59200.00 · Value 40973.16 · Buy at or below 40973.16; 2023-09 · Price KRW 56300.00 · Value 40973.16 · Buy at or below 40973.16; 2023-10 · Price KRW 49050.00 · Value 40973.16 · Buy at or below 40973.16; 2023-11 · Price KRW 51500.00 · Value 40973.16 · Buy at or below 40973.16; 2023-12 · Price KRW 53500.00 · Value 40973.16 · Buy at or below 40973.16; 2024-01 · Price KRW 47700.00 · Value 40973.16 · Buy at or below 40973.16; 2024-02 · Price KRW 48400.00 · Value 50339.72 · Buy at or below 50339.72; 2024-03 · Price KRW 49050.00 · Value 50339.72 · Buy at or below 50339.72; 2024-04 · Price KRW 56600.00 · Value 50339.72 · Buy at or below 50339.72; 2024-05 · Price KRW 58100.00 · Value 50339.72 · Buy at or below 50339.72; 2024-06 · Price KRW 61200.00 · Value 50339.72 · Buy at or below 50339.72; 2024-07 · Price KRW 63400.00 · Value 50339.72 · Buy at or below 50339.72; 2024-08 · Price KRW 54700.00 · Value 50339.72 · Buy at or below 50339.72; 2024-09 · Price KRW 56300.00 · Value 50339.72 · Buy at or below 50339.72; 2024-10 · Price KRW 53200.00 · Value 50339.72 · Buy at or below 50339.72; 2024-11 · Price KRW 53900.00 · Value 50339.72 · Buy at or below 50339.72; 2024-12 · Price KRW 47550.00 · Value 50339.72 · Buy at or below 50339.72; 2025-01 · Price KRW 46950.00 · Value 50339.72 · Buy at or below 50339.72; 2025-02 · Price KRW 45800.00 · Value 50713.59 · Buy at or below 50713.59; 2025-03 · Price KRW 40850.00 · Value 50713.59 · Buy at or below 50713.59; 2025-04 · Price KRW 42450.00 · Value 50713.59 · Buy at or below 50713.59; 2025-05 · Price KRW 42050.00 · Value 50713.59 · Buy at or below 50713.59; 2025-06 · Price KRW 46100.00 · Value 50713.59 · Buy at or below 50713.59; 2025-07 · Price KRW 46900.00 · Value 50713.59 · Buy at or below 50713.59; 2025-08 · Price KRW 42200.00 · Value 50713.59 · Buy at or below 50713.59; 2025-09 · Price KRW 45300.00 · Value 50713.59 · Buy at or below 50713.59; 2025-10 · Price KRW 46500.00 · Value 50713.59 · Buy at or below 50713.59; 2025-11 · Price KRW 45450.00 · Value 50713.59 · Buy at or below 50713.59; 2025-12 · Price KRW 46150.00 · Value 50713.59 · Buy at or below 50713.59; 2026-01 · Price KRW 46600.00 · Value 50713.59 · Buy at or below 50713.59; 2026-02 · Price KRW 49650.00 · Value 50015.28 · Buy at or below 50015.28; 2026-03 · Price KRW 41250.00 · Value 50015.28 · Buy at or below 50015.28; 2026-04 · Price KRW 45200.00 · Value 50015.28 · Buy at or below 50015.28; 2026-05 · Price KRW 30800.00 · Value 50015.28 · Buy at or below 50015.28; 2026-06 · Price KRW 32800.00 · Value 50015.28 · Buy at or below 50015.28; 2026-07 · Price KRW 38900.00 · Value 50015.28 · Buy at or below 50015.28; 2026-08 · Price KRW 39200.00 · Value 50015.28 · Buy at or below 50015.28; 2026-09 · Price KRW 39050.00 · Value 50015.28 · Buy at or below 50015.28; 2026-10 · Price KRW 40650.00 · Value 50015.28 · Buy at or below 50015.28; 2026-10 · Price KRW 40050.00 · Value 50015.28 · Buy at or below 50015.28

KRW per share · annual estimates

Price & return math
Value range	KRW 46,292.04 – KRW 54,971.69
Buy at or below	Central value KRW 50,015.28
Discount to value	1 − 40050.00 / 50015.28 = 19.9%
Return / year	About 13.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 2470.56/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 19288.23/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 1.66T

Revenue

Owner earningsKRW 63B

Owner earnings

Operating margin2.0%

Operating margin

Net cash / debtKRW 244B

Net cash / debt

Diluted shares17M

Diluted shares

Prices 15 Oct 2026 · FY2025