# Youngone Holdi (009970.KO)

Canonical: https://gigainvestors.com/s/009970.KO

Analysis as of: 2026-10-16T07:42:13.571Z. Financial observations: FY2000–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 175,800.00 per share; close as of 2026-10-15.

Estimated value: low KRW 526,992.89 per share, central KRW 709,699.33 per share, high KRW 816,089.62 per share. Buy at or below the central value KRW 709,699.33 per share. Valuation as of 2026-10-16T07:42:13.571Z; scenarios are not confidence intervals.

Expected annual return: 52.4% at the stated quote. About 52.4% 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: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.18×

- FY2022: 0.22×

- FY2023: 0.20×

- FY2024: 0.12×

- FY2025: 0.15×

- LTM to Jun 2026: 0.15×

### moat: pass

- ROIC, median of available years: 40.6%

- ROIC, second-lowest year: 21.4%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 36.0%

- Recent gross margin (lower of latest and 3-year median): 38.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 19.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.5%

- FY2017: 21.5%

- FY2018: 19.1%

- FY2019: 21.4%

- FY2020: 42.9%

- FY2021: 68.0%

- FY2022: 97.7%

- FY2023: 69.8%

- FY2024: 38.6%

- FY2025: 42.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.60T

- Net income, five-year total: KRW 1.74T

- Return on incremental invested capital: 22.0%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 4.6 pp

- Working capital / revenue, final three-year average: 36.8%

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

- FY2021: 0.93×

- FY2022: 0.98×

- FY2023: 0.82×

- FY2024: 0.88×

- FY2025: 0.97×

### 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: 21.5% vs 42.6%

- Per-share earnings: 6169.27 to 31684.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: KRW 1.53T

- Cumulative retained earnings: KRW 2.01T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 26.3%

- Per-share value change: KRW 26K

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

- Per-share value, ending three-year median: KRW 32K

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 1.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 83B

- Cumulative net income, 10 years: KRW 2.19T

- ROIC, first three-year median: 21.5%

- ROIC, last three-year median: 42.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 6K

- FY2017: KRW 6K

- FY2018: KRW 7K

- FY2019: KRW 10K

- FY2020: KRW 9K

- FY2021: KRW 19K

- FY2022: KRW 38K

- FY2023: KRW 32K

- FY2024: KRW 29K

- FY2025: KRW 32K

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: -4.3%

- FY2018: -5.7%

- FY2019: -4.3%

- FY2020: -9.2%

- FY2021: -4.3%

- FY2022: -1.4%

- FY2023: -5.2%

- FY2024: -6.8%

- FY2025: -2.5%

## Holders

## Price story

Down 30% since Feb 2026 · sales +5.7%

Story as of 2026-10-16T10:00:12.270Z; price observation 2026-10-15.

Price needs cash profits to shrink 20.7% a year for ten years

### Sales · FY2025–2026

sales +5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.38T 

- FY2018: KRW 2.52T 

- FY2019: KRW 2.74T 

- FY2020: KRW 2.85T 

- FY2021: KRW 3.24T 

- FY2022: KRW 4.53T 

- FY2023: KRW 4.36T 

- FY2024: KRW 4.31T 

- FY2025: KRW 4.90T 

- FY2026: KRW 5.18T 

### Gross margin · FY2025

gross margin 38.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.8% 

- FY2017: 33.6% 

- FY2018: 34.7% 

- FY2019: 32.3% 

- FY2020: 32.7% 

- FY2021: 37.9% 

- FY2022: 41.3% 

- FY2023: 42.7% 

- FY2024: 37.3% 

- FY2025: 38.2% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are KRW 4.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2025: revenue 4895010142960; grossProfit 1867796867290; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009970.KO: Youngone Holdings Co., Ltd. manufactures and sells apparel, footwear, gear, sportswear, and jackets in South Korea and internationally. The company offers outdoor/athletic apparel, including down outerwear, woven sportswear, rainwear, synthetic insulated outerwear, casual streetwear, knits, and activewear; and materials, such as woven nylon, polyester fabrics, and polyester fleece and knits. It also provides gear, including technical packs, luggage, canvas totes, handbags, and internal steel frame construction for lifestyle bags; and safety footwear, winter boots, and outdoor and casual footwears. The company was formerly known as Youngone Corp. and changed its name to Youngone Holdings Co., Ltd. in July 2001. Youngone Holdings Co., Ltd. was founded in 1974 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 37.3% to 42.7% during 2023–25; it earns 40.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2023: grossProfit / revenue = 42.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2024: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2025: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); 10-year return on capital observations [[2016,0.21481664556359018],[2017,0.21456498848022448],[2018,0.19075939933416314],[2019,0.2143040201881844],[2020,0.4291096028059474],[2021,0.6800475738136051],[2022,0.9771690474901699],[2023,0.697790679456592],[2024,0.3859335452307247],[2025,0.42647814261362416]]; median 0.4062058439221744. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 37.9% of cash earnings on expansion; earns 22% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2016: growth capex 0; upkeep 82324714970; owner earnings 46923918660. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2017: growth capex 0; upkeep 158830962230; owner earnings 32246588820. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2018: growth capex 0; upkeep 138536306290; owner earnings 133196641310. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2019: growth capex 43546790360; upkeep 89786791000; owner earnings 110512831346. Growth capex / owner earnings = 0.39404284398126743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2020: growth capex 16403370810; upkeep 87049894000; owner earnings 92200908460. Growth capex / owner earnings = 0.17790899334919633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2021: growth capex 64118947430; upkeep 91962827000; owner earnings 205844470682. Growth capex / owner earnings = 0.3114922019404375.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2022: growth capex 59813205640; upkeep 99108760000; owner earnings 434044738344.7771. Growth capex / owner earnings = 0.1378042407980724.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2023: growth capex 0; upkeep 212578208860; owner earnings 306287318331.6946. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2024: growth capex 0; upkeep 157725525980; owner earnings 294580718509.2362. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2025: growth capex 135112104800; upkeep 124402889000; owner earnings 356871213216.447. Growth capex / owner earnings = 0.37860185914758204.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); Incremental return on capital 0.220327925561952, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); Dividend observations: [[2016,13361838800],[2017,13150038250],[2018,15922417620],[2019,22358794360],[2020,26067514210],[2021,32204502480],[2022,66447974710],[2023,130623980390],[2024,152663901180],[2025,160017858230]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); FY2025: cash repurchases 8932520150 KRW.

### Are managers owners

Insiders own 48.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 009970.KO SharesStats.PercentInsiders = 48.716 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 20.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.571Z); Ten-year compound average after fade. Initial solved rate -0.2968500906356878. Price 175800; 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 57,600.00 per share

- 2016-11: KRW 54,800.00 per share

- 2016-12: KRW 59,500.00 per share

- 2017-01: KRW 57,400.00 per share

- 2017-02: KRW 56,600.00 per share

- 2017-03: KRW 52,600.00 per share

- 2017-04: KRW 53,100.00 per share

- 2017-05: KRW 57,300.00 per share

- 2017-06: KRW 59,900.00 per share

- 2017-07: KRW 53,800.00 per share

- 2017-08: KRW 53,400.00 per share

- 2017-09: KRW 51,000.00 per share

- 2017-10: KRW 56,000.00 per share

- 2017-11: KRW 56,400.00 per share

- 2017-12: KRW 55,500.00 per share

- 2018-01: KRW 56,300.00 per share

- 2018-02: KRW 53,900.00 per share

- 2018-03: KRW 55,000.00 per share

- 2018-04: KRW 53,500.00 per share

- 2018-05: KRW 54,800.00 per share

- 2018-06: KRW 54,900.00 per share

- 2018-07: KRW 53,700.00 per share

- 2018-08: KRW 52,500.00 per share

- 2018-09: KRW 64,800.00 per share

- 2018-10: KRW 61,400.00 per share

- 2018-11: KRW 69,700.00 per share

- 2018-12: KRW 62,500.00 per share

- 2019-01: KRW 61,600.00 per share

- 2019-02: KRW 61,800.00 per share

- 2019-03: KRW 64,000.00 per share

- 2019-04: KRW 65,000.00 per share

- 2019-05: KRW 60,000.00 per share

- 2019-06: KRW 60,800.00 per share

- 2019-07: KRW 52,700.00 per share

- 2019-08: KRW 49,350.00 per share

- 2019-09: KRW 47,400.00 per share

- 2019-10: KRW 52,600.00 per share

- 2019-11: KRW 49,400.00 per share

- 2019-12: KRW 48,200.00 per share

- 2020-01: KRW 41,450.00 per share

- 2020-02: KRW 40,300.00 per share

- 2020-03: KRW 33,350.00 per share

- 2020-04: KRW 41,050.00 per share

- 2020-05: KRW 41,650.00 per share

- 2020-06: KRW 38,650.00 per share

- 2020-07: KRW 34,750.00 per share

- 2020-08: KRW 35,850.00 per share

- 2020-09: KRW 36,950.00 per share

- 2020-10: KRW 35,600.00 per share

- 2020-11: KRW 37,700.00 per share

- 2020-12: KRW 37,750.00 per share

- 2021-01: KRW 38,100.00 per share

- 2021-02: KRW 40,800.00 per share

- 2021-03: KRW 43,300.00 per share

- 2021-04: KRW 47,650.00 per share

- 2021-05: KRW 51,400.00 per share

- 2021-06: KRW 48,300.00 per share

- 2021-07: KRW 46,250.00 per share

- 2021-08: KRW 46,050.00 per share

- 2021-09: KRW 47,300.00 per share

- 2021-10: KRW 47,000.00 per share

- 2021-11: KRW 47,400.00 per share

- 2021-12: KRW 46,750.00 per share

- 2022-01: KRW 49,000.00 per share

- 2022-02: KRW 46,650.00 per share

- 2022-03: KRW 53,500.00 per share

- 2022-04: KRW 51,300.00 per share

- 2022-05: KRW 57,500.00 per share

- 2022-06: KRW 46,850.00 per share

- 2022-07: KRW 48,000.00 per share

- 2022-08: KRW 52,900.00 per share

- 2022-09: KRW 51,100.00 per share

- 2022-10: KRW 54,100.00 per share

- 2022-11: KRW 56,900.00 per share

- 2022-12: KRW 61,400.00 per share

- 2023-01: KRW 61,200.00 per share

- 2023-02: KRW 69,100.00 per share

- 2023-03: KRW 64,100.00 per share

- 2023-04: KRW 64,700.00 per share

- 2023-05: KRW 67,200.00 per share

- 2023-06: KRW 77,300.00 per share

- 2023-07: KRW 77,000.00 per share

- 2023-08: KRW 74,900.00 per share

- 2023-09: KRW 80,500.00 per share

- 2023-10: KRW 78,200.00 per share

- 2023-11: KRW 77,400.00 per share

- 2023-12: KRW 78,000.00 per share

- 2024-01: KRW 81,100.00 per share

- 2024-02: KRW 91,200.00 per share

- 2024-03: KRW 86,900.00 per share

- 2024-04: KRW 85,200.00 per share

- 2024-05: KRW 87,200.00 per share

- 2024-06: KRW 82,600.00 per share

- 2024-07: KRW 81,100.00 per share

- 2024-08: KRW 83,600.00 per share

- 2024-09: KRW 91,900.00 per share

- 2024-10: KRW 88,200.00 per share

- 2024-11: KRW 86,000.00 per share

- 2024-12: KRW 83,200.00 per share

- 2025-01: KRW 81,900.00 per share

- 2025-02: KRW 90,900.00 per share

- 2025-03: KRW 89,500.00 per share

- 2025-04: KRW 95,400.00 per share

- 2025-05: KRW 120,800.00 per share

- 2025-06: KRW 139,100.00 per share

- 2025-07: KRW 141,100.00 per share

- 2025-08: KRW 132,000.00 per share

- 2025-09: KRW 138,700.00 per share

- 2025-10: KRW 142,100.00 per share

- 2025-11: KRW 165,900.00 per share

- 2025-12: KRW 191,500.00 per share

- 2026-01: KRW 207,000.00 per share

- 2026-02: KRW 249,500.00 per share

- 2026-03: KRW 219,000.00 per share

- 2026-04: KRW 208,000.00 per share

- 2026-05: KRW 191,500.00 per share

- 2026-06: KRW 163,100.00 per share

- 2026-07: KRW 192,000.00 per share

- 2026-08: KRW 168,500.00 per share

- 2026-09: KRW 162,400.00 per share

- 2026-10: KRW 176,900.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 128,397.09 per share, central KRW 139,219.18 per share, high KRW 153,625.67 per share

- FY2017: low KRW 126,650.67 per share, central KRW 137,689.15 per share, high KRW 152,383.72 per share

- FY2018: low KRW 170,294.46 per share, central KRW 187,052.52 per share, high KRW 209,361.05 per share

- FY2019: low KRW 163,164.83 per share, central KRW 177,516.31 per share, high KRW 196,621.18 per share

- FY2020: low KRW 180,080.75 per share, central KRW 192,054.20 per share, high KRW 207,993.40 per share

- FY2021: low KRW 229,714.54 per share, central KRW 246,700.25 per share, high KRW 269,311.84 per share

- FY2022: low KRW 346,604.32 per share, central KRW 466,970.72 per share, high KRW 537,060.29 per share

- FY2023: low KRW 410,161.44 per share, central KRW 549,052.25 per share, high KRW 629,928.62 per share

- FY2024: low KRW 443,944.00 per share, central KRW 558,243.60 per share, high KRW 633,904.59 per share

- FY2025: low KRW 513,224.75 per share, central KRW 686,034.01 per share, high KRW 786,661.16 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 2026-10-15T06:48:01.444Z 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.

Youngone Holdi

009970 · KO

KOSPI 200

A wonderful business at a fair price

Passes the quality tests.

Share price: KRW 175,800.00
Buy up to: KRW 709,699.33
Expected / yr: 52.4% 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 29.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 13.5%
Worst year: 8.8%
Latest · LTM: 15.3%

Capital return excluding acquisitions: median 40.6% (minimum 15%), and the second-worst year 21.4% (minimum 10%).

ROIC excluding acquisitions

10y median: 40.6%
Worst year: 19.1%
Latest · 2025: 42.6%

Each $1 of profit left $0.92 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.92×
Annual median: 0.93×
Latest · 2025: 0.97×

Per-share value rose from 6169.27 to 31684, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 15K
Worst year: KRW 6K
Latest · 2025: KRW 32K

Profits were backed by cash: accruals were -2.5% of assets (limit 10%).

Sloan accruals

10y median: -4.3%
Worst year: -1.4%
Latest · 2025: -2.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 13.7%, three-year average owner earnings per share 27,509.6 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 57600.00 · Value 139219.18 · Buy at or below 139219.18; 2016-11 · Price KRW 54800.00 · Value 139219.18 · Buy at or below 139219.18; 2016-12 · Price KRW 59500.00 · Value 139219.18 · Buy at or below 139219.18; 2017-01 · Price KRW 57400.00 · Value 139219.18 · Buy at or below 139219.18; 2017-02 · Price KRW 56600.00 · Value 137689.15 · Buy at or below 137689.15; 2017-03 · Price KRW 52600.00 · Value 137689.15 · Buy at or below 137689.15; 2017-04 · Price KRW 53100.00 · Value 137689.15 · Buy at or below 137689.15; 2017-05 · Price KRW 57300.00 · Value 137689.15 · Buy at or below 137689.15; 2017-06 · Price KRW 59900.00 · Value 137689.15 · Buy at or below 137689.15; 2017-07 · Price KRW 53800.00 · Value 137689.15 · Buy at or below 137689.15; 2017-08 · Price KRW 53400.00 · Value 137689.15 · Buy at or below 137689.15; 2017-09 · Price KRW 51000.00 · Value 137689.15 · Buy at or below 137689.15; 2017-10 · Price KRW 56000.00 · Value 137689.15 · Buy at or below 137689.15; 2017-11 · Price KRW 56400.00 · Value 137689.15 · Buy at or below 137689.15; 2017-12 · Price KRW 55500.00 · Value 137689.15 · Buy at or below 137689.15; 2018-01 · Price KRW 56300.00 · Value 137689.15 · Buy at or below 137689.15; 2018-02 · Price KRW 53900.00 · Value 187052.52 · Buy at or below 187052.52; 2018-03 · Price KRW 55000.00 · Value 187052.52 · Buy at or below 187052.52; 2018-04 · Price KRW 53500.00 · Value 187052.52 · Buy at or below 187052.52; 2018-05 · Price KRW 54800.00 · Value 187052.52 · Buy at or below 187052.52; 2018-06 · Price KRW 54900.00 · Value 187052.52 · Buy at or below 187052.52; 2018-07 · Price KRW 53700.00 · Value 187052.52 · Buy at or below 187052.52; 2018-08 · Price KRW 52500.00 · Value 187052.52 · Buy at or below 187052.52; 2018-09 · Price KRW 64800.00 · Value 187052.52 · Buy at or below 187052.52; 2018-10 · Price KRW 61400.00 · Value 187052.52 · Buy at or below 187052.52; 2018-11 · Price KRW 69700.00 · Value 187052.52 · Buy at or below 187052.52; 2018-12 · Price KRW 62500.00 · Value 187052.52 · Buy at or below 187052.52; 2019-01 · Price KRW 61600.00 · Value 187052.52 · Buy at or below 187052.52; 2019-02 · Price KRW 61800.00 · Value 177516.31 · Buy at or below 177516.31; 2019-03 · Price KRW 64000.00 · Value 177516.31 · Buy at or below 177516.31; 2019-04 · Price KRW 65000.00 · Value 177516.31 · Buy at or below 177516.31; 2019-05 · Price KRW 60000.00 · Value 177516.31 · Buy at or below 177516.31; 2019-06 · Price KRW 60800.00 · Value 177516.31 · Buy at or below 177516.31; 2019-07 · Price KRW 52700.00 · Value 177516.31 · Buy at or below 177516.31; 2019-08 · Price KRW 49350.00 · Value 177516.31 · Buy at or below 177516.31; 2019-09 · Price KRW 47400.00 · Value 177516.31 · Buy at or below 177516.31; 2019-10 · Price KRW 52600.00 · Value 177516.31 · Buy at or below 177516.31; 2019-11 · Price KRW 49400.00 · Value 177516.31 · Buy at or below 177516.31; 2019-12 · Price KRW 48200.00 · Value 177516.31 · Buy at or below 177516.31; 2020-01 · Price KRW 41450.00 · Value 177516.31 · Buy at or below 177516.31; 2020-02 · Price KRW 40300.00 · Value 192054.20 · Buy at or below 192054.20; 2020-03 · Price KRW 33350.00 · Value 192054.20 · Buy at or below 192054.20; 2020-04 · Price KRW 41050.00 · Value 192054.20 · Buy at or below 192054.20; 2020-05 · Price KRW 41650.00 · Value 192054.20 · Buy at or below 192054.20; 2020-06 · Price KRW 38650.00 · Value 192054.20 · Buy at or below 192054.20; 2020-07 · Price KRW 34750.00 · Value 192054.20 · Buy at or below 192054.20; 2020-08 · Price KRW 35850.00 · Value 192054.20 · Buy at or below 192054.20; 2020-09 · Price KRW 36950.00 · Value 192054.20 · Buy at or below 192054.20; 2020-10 · Price KRW 35600.00 · Value 192054.20 · Buy at or below 192054.20; 2020-11 · Price KRW 37700.00 · Value 192054.20 · Buy at or below 192054.20; 2020-12 · Price KRW 37750.00 · Value 192054.20 · Buy at or below 192054.20; 2021-01 · Price KRW 38100.00 · Value 192054.20 · Buy at or below 192054.20; 2021-02 · Price KRW 40800.00 · Value 246700.25 · Buy at or below 246700.25; 2021-03 · Price KRW 43300.00 · Value 246700.25 · Buy at or below 246700.25; 2021-04 · Price KRW 47650.00 · Value 246700.25 · Buy at or below 246700.25; 2021-05 · Price KRW 51400.00 · Value 246700.25 · Buy at or below 246700.25; 2021-06 · Price KRW 48300.00 · Value 246700.25 · Buy at or below 246700.25; 2021-07 · Price KRW 46250.00 · Value 246700.25 · Buy at or below 246700.25; 2021-08 · Price KRW 46050.00 · Value 246700.25 · Buy at or below 246700.25; 2021-09 · Price KRW 47300.00 · Value 246700.25 · Buy at or below 246700.25; 2021-10 · Price KRW 47000.00 · Value 246700.25 · Buy at or below 246700.25; 2021-11 · Price KRW 47400.00 · Value 246700.25 · Buy at or below 246700.25; 2021-12 · Price KRW 46750.00 · Value 246700.25 · Buy at or below 246700.25; 2022-01 · Price KRW 49000.00 · Value 246700.25 · Buy at or below 246700.25; 2022-02 · Price KRW 46650.00 · Value 466970.72 · Buy at or below 466970.72; 2022-03 · Price KRW 53500.00 · Value 466970.72 · Buy at or below 466970.72; 2022-04 · Price KRW 51300.00 · Value 466970.72 · Buy at or below 466970.72; 2022-05 · Price KRW 57500.00 · Value 466970.72 · Buy at or below 466970.72; 2022-06 · Price KRW 46850.00 · Value 466970.72 · Buy at or below 466970.72; 2022-07 · Price KRW 48000.00 · Value 466970.72 · Buy at or below 466970.72; 2022-08 · Price KRW 52900.00 · Value 466970.72 · Buy at or below 466970.72; 2022-09 · Price KRW 51100.00 · Value 466970.72 · Buy at or below 466970.72; 2022-10 · Price KRW 54100.00 · Value 466970.72 · Buy at or below 466970.72; 2022-11 · Price KRW 56900.00 · Value 466970.72 · Buy at or below 466970.72; 2022-12 · Price KRW 61400.00 · Value 466970.72 · Buy at or below 466970.72; 2023-01 · Price KRW 61200.00 · Value 466970.72 · Buy at or below 466970.72; 2023-02 · Price KRW 69100.00 · Value 549052.25 · Buy at or below 549052.25; 2023-03 · Price KRW 64100.00 · Value 549052.25 · Buy at or below 549052.25; 2023-04 · Price KRW 64700.00 · Value 549052.25 · Buy at or below 549052.25; 2023-05 · Price KRW 67200.00 · Value 549052.25 · Buy at or below 549052.25; 2023-06 · Price KRW 77300.00 · Value 549052.25 · Buy at or below 549052.25; 2023-07 · Price KRW 77000.00 · Value 549052.25 · Buy at or below 549052.25; 2023-08 · Price KRW 74900.00 · Value 549052.25 · Buy at or below 549052.25; 2023-09 · Price KRW 80500.00 · Value 549052.25 · Buy at or below 549052.25; 2023-10 · Price KRW 78200.00 · Value 549052.25 · Buy at or below 549052.25; 2023-11 · Price KRW 77400.00 · Value 549052.25 · Buy at or below 549052.25; 2023-12 · Price KRW 78000.00 · Value 549052.25 · Buy at or below 549052.25; 2024-01 · Price KRW 81100.00 · Value 549052.25 · Buy at or below 549052.25; 2024-02 · Price KRW 91200.00 · Value 558243.60 · Buy at or below 558243.60; 2024-03 · Price KRW 86900.00 · Value 558243.60 · Buy at or below 558243.60; 2024-04 · Price KRW 85200.00 · Value 558243.60 · Buy at or below 558243.60; 2024-05 · Price KRW 87200.00 · Value 558243.60 · Buy at or below 558243.60; 2024-06 · Price KRW 82600.00 · Value 558243.60 · Buy at or below 558243.60; 2024-07 · Price KRW 81100.00 · Value 558243.60 · Buy at or below 558243.60; 2024-08 · Price KRW 83600.00 · Value 558243.60 · Buy at or below 558243.60; 2024-09 · Price KRW 91900.00 · Value 558243.60 · Buy at or below 558243.60; 2024-10 · Price KRW 88200.00 · Value 558243.60 · Buy at or below 558243.60; 2024-11 · Price KRW 86000.00 · Value 558243.60 · Buy at or below 558243.60; 2024-12 · Price KRW 83200.00 · Value 558243.60 · Buy at or below 558243.60; 2025-01 · Price KRW 81900.00 · Value 558243.60 · Buy at or below 558243.60; 2025-02 · Price KRW 90900.00 · Value 686034.01 · Buy at or below 686034.01; 2025-03 · Price KRW 89500.00 · Value 686034.01 · Buy at or below 686034.01; 2025-04 · Price KRW 95400.00 · Value 686034.01 · Buy at or below 686034.01; 2025-05 · Price KRW 120800.00 · Value 686034.01 · Buy at or below 686034.01; 2025-06 · Price KRW 139100.00 · Value 686034.01 · Buy at or below 686034.01; 2025-07 · Price KRW 141100.00 · Value 686034.01 · Buy at or below 686034.01; 2025-08 · Price KRW 132000.00 · Value 686034.01 · Buy at or below 686034.01; 2025-09 · Price KRW 138700.00 · Value 686034.01 · Buy at or below 686034.01; 2025-10 · Price KRW 142100.00 · Value 686034.01 · Buy at or below 686034.01; 2025-11 · Price KRW 165900.00 · Value 686034.01 · Buy at or below 686034.01; 2025-12 · Price KRW 191500.00 · Value 686034.01 · Buy at or below 686034.01; 2026-01 · Price KRW 207000.00 · Value 686034.01 · Buy at or below 686034.01; 2026-02 · Price KRW 249500.00 · Value 709699.33 · Buy at or below 709699.33; 2026-03 · Price KRW 219000.00 · Value 709699.33 · Buy at or below 709699.33; 2026-04 · Price KRW 208000.00 · Value 709699.33 · Buy at or below 709699.33; 2026-05 · Price KRW 191500.00 · Value 709699.33 · Buy at or below 709699.33; 2026-06 · Price KRW 163100.00 · Value 709699.33 · Buy at or below 709699.33; 2026-07 · Price KRW 192000.00 · Value 709699.33 · Buy at or below 709699.33; 2026-08 · Price KRW 168500.00 · Value 709699.33 · Buy at or below 709699.33; 2026-09 · Price KRW 162400.00 · Value 709699.33 · Buy at or below 709699.33; 2026-10 · Price KRW 176900.00 · Value 709699.33 · Buy at or below 709699.33; 2026-10 · Price KRW 175800.00 · Value 709699.33 · Buy at or below 709699.33

KRW per share · annual estimates

Price & return math
Value range	KRW 526,992.89 – KRW 816,089.62
Buy at or below	Central value KRW 709,699.33
Discount to value	1 − 175800.00 / 709699.33 = 75.2%
Return / year	About 52.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 31361.62/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 100631.26/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 5.18T

Revenue

Owner earningsKRW 357B

Owner earnings

Operating margin15.3%

Operating margin

Net cash / debtKRW 1.81T

Net cash / debt

Diluted shares12M

Diluted shares

Prices 15 Oct 2026 · FY2025