# LG Innotek (011070.KO)

Canonical: https://gigainvestors.com/s/011070.KO

Analysis as of: 2026-10-16T07:36:40.013Z. Financial observations: FY2008–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 401,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 529,495.26 per share, central KRW 730,590.79 per share, high KRW 851,948.98 per share. Buy at or below the central value KRW 730,590.79 per share. Valuation as of 2026-10-16T07:36:40.013Z; scenarios are not confidence intervals.

Expected annual return: 15.9% at the stated quote. About 15.9% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.04×

- FY2024: 0.03×

- FY2025: 0.03×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.2%

- ROIC, second-lowest year: 6.4%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 11.5%

- Recent gross margin (lower of latest and 3-year median): 8.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.4%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.7%

- FY2017: 7.0%

- FY2018: 6.4%

- FY2019: 7.9%

- FY2020: 14.7%

- FY2021: 21.9%

- FY2022: 19.4%

- FY2023: 12.1%

- FY2024: 8.0%

- FY2025: 8.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.35T

- Net income, five-year total: KRW 3.22T

- Return on incremental invested capital: 9.2%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 9.4%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.05×

- FY2024: 1.73×

- FY2025: 2.15×

### 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: 6.4% vs 8.4%

- Per-share earnings: 6892.18 to 18985.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 4.32T

- Cumulative retained earnings: KRW 3.65T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.6%

- Per-share value change: KRW 12K

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

- Per-share value, ending three-year median: KRW 19K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 265B

- Cumulative net income, 10 years: KRW 3.91T

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 8.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 209.30

- FY2017: KRW 7K

- FY2018: KRW 7K

- FY2019: KRW 4K

- FY2020: KRW 10K

- FY2021: KRW 38K

- FY2022: KRW 41K

- FY2023: KRW 24K

- FY2024: KRW 19K

- FY2025: KRW 14K

### accounting: pass

- Sloan accruals: -8.3%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -4.6%

- FY2018: -15.6%

- FY2019: -11.6%

- FY2020: -11.8%

- FY2021: -3.7%

- FY2022: -5.5%

- FY2023: -13.7%

- FY2024: -5.8%

- FY2025: -8.3%

## Holders

## Price story

Down 72% since May 2026 · sales +9.8%

Story as of 2026-10-16T10:00:07.862Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2025–2026

sales +9.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 7.64T 

- FY2018: KRW 7.98T 

- FY2019: KRW 8.30T 

- FY2020: KRW 9.54T 

- FY2021: KRW 14.95T 

- FY2022: KRW 19.59T 

- FY2023: KRW 20.61T 

- FY2024: KRW 21.20T 

- FY2025: KRW 21.90T 

- FY2026: KRW 24.04T 

### Gross margin · FY2025

gross margin 8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.3% 

- FY2017: 11.6% 

- FY2018: 10.8% 

- FY2019: 12.4% 

- FY2020: 13.5% 

- FY2021: 14.3% 

- FY2022: 12.1% 

- FY2023: 9.0% 

- FY2024: 8.2% 

- FY2025: 8.0% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are KRW 21.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2025: revenue 21896603000000; grossProfit 1749585000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011070.KO: LG Innotek Co., Ltd. engages in the manufacture and sale of electronic materials and components for mobile, display, semiconductor, automobile, and Internet of Things (IoT) fields in South Korea and internationally. It offers optics solutions, including camera and 3D sensing modules, and actuators; substrates and materials comprising package and tape substrates, and display masks; automotive components, such as connectivity, autonomous driving, electrification, and lighting solutions; and electronic components consisting of power and smart connectivity solutions. LG Innotek Co., Ltd. has a strategic partnership with TDK Corporation to develop physical AI solutions, including next-generation vision and tactile sensing modules. The company was formerly known as LG Electro-Components Co., Ltd. and changed its name to LG Innotek Co., Ltd. in May 2000. LG Innotek Co., Ltd. was founded in 1970 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 8% to 9% during 2023–25; it earns 8.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2023: grossProfit / revenue = 9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2024: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2025: grossProfit / revenue = 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); 10-year return on capital observations [[2016,0.027058848666499657],[2017,0.07040297598855184],[2018,0.06446311288505707],[2019,0.07860057358877993],[2020,0.14674931310044873],[2021,0.21904030109923128],[2022,0.19395657372454128],[2023,0.12073679774164572],[2024,0.08041784184287991],[2025,0.0836700563543738]]; median 0.08204394909862686. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 79.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2019: growth capex 0; upkeep 469597533820; owner earnings 240513326748. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2020: growth capex 98154801630; upkeep 668507000000; owner earnings 233762662566. Growth capex / owner earnings = 0.4198908437838622.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2021: growth capex 240864949700; upkeep 769540000000; owner earnings 885459936330. Growth capex / owner earnings = 0.2720224143605212.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2022: growth capex 831202645150; upkeep 885706000000; owner earnings 978279664250. Growth capex / owner earnings = 0.8496574911298428.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2024: growth capex 0; upkeep 948553000000; owner earnings 776186520904. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2025: growth capex 0; upkeep 754528000000; owner earnings 733075000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); Dividend observations: [[2016,8282577450],[2017,5916126750],[2018,5916126750],[2019,7099352100],[2020,7104402100],[2021,16565154900],[2022,70993521000],[2023,98207704050],[2024,61764000000],[2025,49459000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); FY2025: cash repurchases 79935658.33333333 KRW.

### Are managers owners

Insiders own 40.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 011070.KO SharesStats.PercentInsiders = 40.808 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:40.013Z); Ten-year compound average after fade. Initial solved rate -0.0401795217054543. Price 401000; 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 78,000.00 per share

- 2016-11: KRW 81,100.00 per share

- 2016-12: KRW 88,400.00 per share

- 2017-01: KRW 99,100.00 per share

- 2017-02: KRW 120,000.00 per share

- 2017-03: KRW 136,500.00 per share

- 2017-04: KRW 131,500.00 per share

- 2017-05: KRW 134,000.00 per share

- 2017-06: KRW 165,000.00 per share

- 2017-07: KRW 150,000.00 per share

- 2017-08: KRW 184,500.00 per share

- 2017-09: KRW 154,000.00 per share

- 2017-10: KRW 172,000.00 per share

- 2017-11: KRW 161,000.00 per share

- 2017-12: KRW 144,000.00 per share

- 2018-01: KRW 125,500.00 per share

- 2018-02: KRW 132,000.00 per share

- 2018-03: KRW 126,000.00 per share

- 2018-04: KRW 116,500.00 per share

- 2018-05: KRW 144,000.00 per share

- 2018-06: KRW 144,500.00 per share

- 2018-07: KRW 163,000.00 per share

- 2018-08: KRW 143,500.00 per share

- 2018-09: KRW 130,500.00 per share

- 2018-10: KRW 124,000.00 per share

- 2018-11: KRW 99,800.00 per share

- 2018-12: KRW 86,400.00 per share

- 2019-01: KRW 97,500.00 per share

- 2019-02: KRW 108,000.00 per share

- 2019-03: KRW 117,500.00 per share

- 2019-04: KRW 122,500.00 per share

- 2019-05: KRW 94,700.00 per share

- 2019-06: KRW 109,000.00 per share

- 2019-07: KRW 113,000.00 per share

- 2019-08: KRW 98,500.00 per share

- 2019-09: KRW 114,000.00 per share

- 2019-10: KRW 121,000.00 per share

- 2019-11: KRW 122,000.00 per share

- 2019-12: KRW 140,000.00 per share

- 2020-01: KRW 152,000.00 per share

- 2020-02: KRW 130,000.00 per share

- 2020-03: KRW 114,000.00 per share

- 2020-04: KRW 132,000.00 per share

- 2020-05: KRW 147,500.00 per share

- 2020-06: KRW 174,500.00 per share

- 2020-07: KRW 161,000.00 per share

- 2020-08: KRW 145,000.00 per share

- 2020-09: KRW 155,000.00 per share

- 2020-10: KRW 152,000.00 per share

- 2020-11: KRW 155,000.00 per share

- 2020-12: KRW 182,500.00 per share

- 2021-01: KRW 200,000.00 per share

- 2021-02: KRW 199,000.00 per share

- 2021-03: KRW 205,500.00 per share

- 2021-04: KRW 201,000.00 per share

- 2021-05: KRW 204,500.00 per share

- 2021-06: KRW 223,000.00 per share

- 2021-07: KRW 227,000.00 per share

- 2021-08: KRW 215,000.00 per share

- 2021-09: KRW 208,500.00 per share

- 2021-10: KRW 209,500.00 per share

- 2021-11: KRW 304,500.00 per share

- 2021-12: KRW 364,000.00 per share

- 2022-01: KRW 353,500.00 per share

- 2022-02: KRW 327,000.00 per share

- 2022-03: KRW 387,000.00 per share

- 2022-04: KRW 349,000.00 per share

- 2022-05: KRW 385,000.00 per share

- 2022-06: KRW 342,500.00 per share

- 2022-07: KRW 363,000.00 per share

- 2022-08: KRW 344,000.00 per share

- 2022-09: KRW 273,500.00 per share

- 2022-10: KRW 296,500.00 per share

- 2022-11: KRW 310,500.00 per share

- 2022-12: KRW 252,500.00 per share

- 2023-01: KRW 271,500.00 per share

- 2023-02: KRW 277,000.00 per share

- 2023-03: KRW 270,500.00 per share

- 2023-04: KRW 264,500.00 per share

- 2023-05: KRW 307,000.00 per share

- 2023-06: KRW 309,500.00 per share

- 2023-07: KRW 264,000.00 per share

- 2023-08: KRW 270,000.00 per share

- 2023-09: KRW 244,500.00 per share

- 2023-10: KRW 223,000.00 per share

- 2023-11: KRW 238,000.00 per share

- 2023-12: KRW 239,500.00 per share

- 2024-01: KRW 191,000.00 per share

- 2024-02: KRW 202,000.00 per share

- 2024-03: KRW 196,700.00 per share

- 2024-04: KRW 222,000.00 per share

- 2024-05: KRW 248,000.00 per share

- 2024-06: KRW 272,000.00 per share

- 2024-07: KRW 256,000.00 per share

- 2024-08: KRW 278,000.00 per share

- 2024-09: KRW 218,000.00 per share

- 2024-10: KRW 177,600.00 per share

- 2024-11: KRW 161,900.00 per share

- 2024-12: KRW 162,000.00 per share

- 2025-01: KRW 148,700.00 per share

- 2025-02: KRW 162,400.00 per share

- 2025-03: KRW 159,900.00 per share

- 2025-04: KRW 139,600.00 per share

- 2025-05: KRW 144,900.00 per share

- 2025-06: KRW 147,400.00 per share

- 2025-07: KRW 156,500.00 per share

- 2025-08: KRW 169,100.00 per share

- 2025-09: KRW 187,800.00 per share

- 2025-10: KRW 241,000.00 per share

- 2025-11: KRW 237,000.00 per share

- 2025-12: KRW 271,000.00 per share

- 2026-01: KRW 245,000.00 per share

- 2026-02: KRW 319,000.00 per share

- 2026-03: KRW 293,500.00 per share

- 2026-04: KRW 573,000.00 per share

- 2026-05: KRW 1,458,000.00 per share

- 2026-06: KRW 981,000.00 per share

- 2026-07: KRW 514,000.00 per share

- 2026-08: KRW 642,000.00 per share

- 2026-09: KRW 564,000.00 per share

- 2026-10: KRW 452,500.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 31,986.91 per share, central KRW 35,077.10 per share, high KRW 39,190.80 per share

- FY2017: low KRW 38,936.52 per share, central KRW 43,040.33 per share, high KRW 48,503.37 per share

- FY2021: low KRW 180,404.09 per share, central KRW 203,721.86 per share, high KRW 234,762.75 per share

- FY2022: low KRW 333,897.32 per share, central KRW 473,609.38 per share, high KRW 554,963.96 per share

- FY2023: low KRW 384,272.12 per share, central KRW 531,229.47 per share, high KRW 616,803.00 per share

- FY2024: low KRW 472,272.32 per share, central KRW 641,236.83 per share, high KRW 745,656.02 per share

- FY2025: low KRW 493,954.25 per share, central KRW 677,112.63 per share, high KRW 787,646.00 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 2026-10-15T06:42:11.523Z 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.

LG Innotek

011070 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 401,000.00
Buy up to: KRW 730,590.79
Expected / yr: 15.9% 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 35.9% around their average (limit 35%).

Operating margin

10y median: 4.2%
Worst year: 3.0%
Latest · LTM: 4.4%

Capital return excluding acquisitions: median 8.2% (minimum 15%), and the second-worst year 6.4% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.2%
Worst year: 2.7%
Latest · 2025: 8.4%

New investment earned 9.2% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.04×
Annual median: 1.00×
Latest · 2025: 2.15×

Per-share value rose from 6892.18 to 18985, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 12K
Worst year: KRW 209.30
Latest · 2025: KRW 14K

Profits were backed by cash: accruals were -8.3% of assets (limit 10%).

Sloan accruals

10y median: -7.9%
Worst year: -3.7%
Latest · 2025: -8.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 4.6%, three-year average owner earnings per share 20,894.99 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 78000.00 · Value 35077.10 · Buy at or below 35077.10; 2016-11 · Price KRW 81100.00 · Value 35077.10 · Buy at or below 35077.10; 2016-12 · Price KRW 88400.00 · Value 35077.10 · Buy at or below 35077.10; 2017-01 · Price KRW 99100.00 · Value 35077.10 · Buy at or below 35077.10; 2017-02 · Price KRW 120000.00 · Value 43040.33 · Buy at or below 43040.33; 2017-03 · Price KRW 136500.00 · Value 43040.33 · Buy at or below 43040.33; 2017-04 · Price KRW 131500.00 · Value 43040.33 · Buy at or below 43040.33; 2017-05 · Price KRW 134000.00 · Value 43040.33 · Buy at or below 43040.33; 2017-06 · Price KRW 165000.00 · Value 43040.33 · Buy at or below 43040.33; 2017-07 · Price KRW 150000.00 · Value 43040.33 · Buy at or below 43040.33; 2017-08 · Price KRW 184500.00 · Value 43040.33 · Buy at or below 43040.33; 2017-09 · Price KRW 154000.00 · Value 43040.33 · Buy at or below 43040.33; 2017-10 · Price KRW 172000.00 · Value 43040.33 · Buy at or below 43040.33; 2017-11 · Price KRW 161000.00 · Value 43040.33 · Buy at or below 43040.33; 2017-12 · Price KRW 144000.00 · Value 43040.33 · Buy at or below 43040.33; 2018-01 · Price KRW 125500.00 · Value 43040.33 · Buy at or below 43040.33; 2018-02 · Price KRW 132000.00; 2018-03 · Price KRW 126000.00; 2018-04 · Price KRW 116500.00; 2018-05 · Price KRW 144000.00; 2018-06 · Price KRW 144500.00; 2018-07 · Price KRW 163000.00; 2018-08 · Price KRW 143500.00; 2018-09 · Price KRW 130500.00; 2018-10 · Price KRW 124000.00; 2018-11 · Price KRW 99800.00; 2018-12 · Price KRW 86400.00; 2019-01 · Price KRW 97500.00; 2019-02 · Price KRW 108000.00; 2019-03 · Price KRW 117500.00; 2019-04 · Price KRW 122500.00; 2019-05 · Price KRW 94700.00; 2019-06 · Price KRW 109000.00; 2019-07 · Price KRW 113000.00; 2019-08 · Price KRW 98500.00; 2019-09 · Price KRW 114000.00; 2019-10 · Price KRW 121000.00; 2019-11 · Price KRW 122000.00; 2019-12 · Price KRW 140000.00; 2020-01 · Price KRW 152000.00; 2020-02 · Price KRW 130000.00; 2020-03 · Price KRW 114000.00; 2020-04 · Price KRW 132000.00; 2020-05 · Price KRW 147500.00; 2020-06 · Price KRW 174500.00; 2020-07 · Price KRW 161000.00; 2020-08 · Price KRW 145000.00; 2020-09 · Price KRW 155000.00; 2020-10 · Price KRW 152000.00; 2020-11 · Price KRW 155000.00; 2020-12 · Price KRW 182500.00; 2021-01 · Price KRW 200000.00 · Value 203721.86 · Buy at or below 203721.86; 2021-02 · Price KRW 199000.00 · Value 203721.86 · Buy at or below 203721.86; 2021-03 · Price KRW 205500.00 · Value 203721.86 · Buy at or below 203721.86; 2021-04 · Price KRW 201000.00 · Value 203721.86 · Buy at or below 203721.86; 2021-05 · Price KRW 204500.00 · Value 203721.86 · Buy at or below 203721.86; 2021-06 · Price KRW 223000.00 · Value 203721.86 · Buy at or below 203721.86; 2021-07 · Price KRW 227000.00 · Value 203721.86 · Buy at or below 203721.86; 2021-08 · Price KRW 215000.00 · Value 203721.86 · Buy at or below 203721.86; 2021-09 · Price KRW 208500.00 · Value 203721.86 · Buy at or below 203721.86; 2021-10 · Price KRW 209500.00 · Value 203721.86 · Buy at or below 203721.86; 2021-11 · Price KRW 304500.00 · Value 203721.86 · Buy at or below 203721.86; 2021-12 · Price KRW 364000.00 · Value 203721.86 · Buy at or below 203721.86; 2022-01 · Price KRW 353500.00 · Value 203721.86 · Buy at or below 203721.86; 2022-02 · Price KRW 327000.00 · Value 473609.38 · Buy at or below 473609.38; 2022-03 · Price KRW 387000.00 · Value 473609.38 · Buy at or below 473609.38; 2022-04 · Price KRW 349000.00 · Value 473609.38 · Buy at or below 473609.38; 2022-05 · Price KRW 385000.00 · Value 473609.38 · Buy at or below 473609.38; 2022-06 · Price KRW 342500.00 · Value 473609.38 · Buy at or below 473609.38; 2022-07 · Price KRW 363000.00 · Value 473609.38 · Buy at or below 473609.38; 2022-08 · Price KRW 344000.00 · Value 473609.38 · Buy at or below 473609.38; 2022-09 · Price KRW 273500.00 · Value 473609.38 · Buy at or below 473609.38; 2022-10 · Price KRW 296500.00 · Value 473609.38 · Buy at or below 473609.38; 2022-11 · Price KRW 310500.00 · Value 473609.38 · Buy at or below 473609.38; 2022-12 · Price KRW 252500.00 · Value 473609.38 · Buy at or below 473609.38; 2023-01 · Price KRW 271500.00 · Value 473609.38 · Buy at or below 473609.38; 2023-02 · Price KRW 277000.00 · Value 531229.47 · Buy at or below 531229.47; 2023-03 · Price KRW 270500.00 · Value 531229.47 · Buy at or below 531229.47; 2023-04 · Price KRW 264500.00 · Value 531229.47 · Buy at or below 531229.47; 2023-05 · Price KRW 307000.00 · Value 531229.47 · Buy at or below 531229.47; 2023-06 · Price KRW 309500.00 · Value 531229.47 · Buy at or below 531229.47; 2023-07 · Price KRW 264000.00 · Value 531229.47 · Buy at or below 531229.47; 2023-08 · Price KRW 270000.00 · Value 531229.47 · Buy at or below 531229.47; 2023-09 · Price KRW 244500.00 · Value 531229.47 · Buy at or below 531229.47; 2023-10 · Price KRW 223000.00 · Value 531229.47 · Buy at or below 531229.47; 2023-11 · Price KRW 238000.00 · Value 531229.47 · Buy at or below 531229.47; 2023-12 · Price KRW 239500.00 · Value 531229.47 · Buy at or below 531229.47; 2024-01 · Price KRW 191000.00 · Value 531229.47 · Buy at or below 531229.47; 2024-02 · Price KRW 202000.00 · Value 641236.83 · Buy at or below 641236.83; 2024-03 · Price KRW 196700.00 · Value 641236.83 · Buy at or below 641236.83; 2024-04 · Price KRW 222000.00 · Value 641236.83 · Buy at or below 641236.83; 2024-05 · Price KRW 248000.00 · Value 641236.83 · Buy at or below 641236.83; 2024-06 · Price KRW 272000.00 · Value 641236.83 · Buy at or below 641236.83; 2024-07 · Price KRW 256000.00 · Value 641236.83 · Buy at or below 641236.83; 2024-08 · Price KRW 278000.00 · Value 641236.83 · Buy at or below 641236.83; 2024-09 · Price KRW 218000.00 · Value 641236.83 · Buy at or below 641236.83; 2024-10 · Price KRW 177600.00 · Value 641236.83 · Buy at or below 641236.83; 2024-11 · Price KRW 161900.00 · Value 641236.83 · Buy at or below 641236.83; 2024-12 · Price KRW 162000.00 · Value 641236.83 · Buy at or below 641236.83; 2025-01 · Price KRW 148700.00 · Value 641236.83 · Buy at or below 641236.83; 2025-02 · Price KRW 162400.00 · Value 677112.63 · Buy at or below 677112.63; 2025-03 · Price KRW 159900.00 · Value 677112.63 · Buy at or below 677112.63; 2025-04 · Price KRW 139600.00 · Value 677112.63 · Buy at or below 677112.63; 2025-05 · Price KRW 144900.00 · Value 677112.63 · Buy at or below 677112.63; 2025-06 · Price KRW 147400.00 · Value 677112.63 · Buy at or below 677112.63; 2025-07 · Price KRW 156500.00 · Value 677112.63 · Buy at or below 677112.63; 2025-08 · Price KRW 169100.00 · Value 677112.63 · Buy at or below 677112.63; 2025-09 · Price KRW 187800.00 · Value 677112.63 · Buy at or below 677112.63; 2025-10 · Price KRW 241000.00 · Value 677112.63 · Buy at or below 677112.63; 2025-11 · Price KRW 237000.00 · Value 677112.63 · Buy at or below 677112.63; 2025-12 · Price KRW 271000.00 · Value 677112.63 · Buy at or below 677112.63; 2026-01 · Price KRW 245000.00 · Value 677112.63 · Buy at or below 677112.63; 2026-02 · Price KRW 319000.00 · Value 730590.79 · Buy at or below 730590.79; 2026-03 · Price KRW 293500.00 · Value 730590.79 · Buy at or below 730590.79; 2026-04 · Price KRW 573000.00 · Value 730590.79 · Buy at or below 730590.79; 2026-05 · Price KRW 1458000.00 · Value 730590.79 · Buy at or below 730590.79; 2026-06 · Price KRW 981000.00 · Value 730590.79 · Buy at or below 730590.79; 2026-07 · Price KRW 514000.00 · Value 730590.79 · Buy at or below 730590.79; 2026-08 · Price KRW 642000.00 · Value 730590.79 · Buy at or below 730590.79; 2026-09 · Price KRW 564000.00 · Value 730590.79 · Buy at or below 730590.79; 2026-10 · Price KRW 452500.00 · Value 730590.79 · Buy at or below 730590.79; 2026-10 · Price KRW 401000.00 · Value 730590.79 · Buy at or below 730590.79

KRW per share · annual estimates

Price & return math
Value range	KRW 529,495.26 – KRW 851,948.98
Buy at or below	Central value KRW 730,590.79
Discount to value	1 − 401000.00 / 730590.79 = 45.1%
Return / year	About 15.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 37194.15/share; 7.4% growth for 5 years, then fades to 3.0%; excess cash KRW 32160.60/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 24.04T

Revenue

Owner earningsKRW 733B

Owner earnings

Operating margin4.4%

Operating margin

Net cash / debtKRW -855B

Net cash / debt

Diluted shares24M

Diluted shares

Prices 15 Oct 2026 · FY2025