# S-1 (012750.KO)

Canonical: https://gigainvestors.com/s/012750.KO

Analysis as of: 2026-10-16T07:40:01.436Z. Financial observations: FY2001–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 97,600.00 per share; close as of 2026-10-15.

Estimated value: low KRW 84,645.52 per share, central KRW 92,863.42 per share, high KRW 103,803.18 per share. Buy at or below the central value KRW 92,863.42 per share. Valuation as of 2026-10-16T07:40:01.436Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.08×

- LTM to Jun 2026: 0.07×

### moat: pass

- ROIC, median of available years: 26.5%

- ROIC, second-lowest year: 23.6%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 24.4%

- Recent gross margin (lower of latest and 3-year median): 23.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 16.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.3%

- FY2017: 30.3%

- FY2018: 24.2%

- FY2019: 25.0%

- FY2020: 25.9%

- FY2021: 23.6%

- FY2022: 23.1%

- FY2023: 29.9%

- FY2024: 27.2%

- FY2025: 28.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 851B

- Net income, five-year total: KRW 825B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 2.3%

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

- FY2021: 1.03×

- FY2022: 1.16×

- FY2023: 1.05×

- FY2024: 1.02×

- FY2025: 0.92×

### 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: 29.3% vs 28.2%

- Per-share earnings: 4156.61 to 5281.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW -527B

- Cumulative retained earnings: KRW 652B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.5%

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW 4K

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

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 0

- Cumulative net income, 10 years: KRW 1.50T

- ROIC, first three-year median: 29.3%

- ROIC, last three-year median: 28.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 4K

- FY2018: KRW 3K

- FY2019: KRW 4K

- FY2020: KRW 4K

- FY2021: KRW 4K

- FY2022: KRW 4K

- FY2023: KRW 6K

- FY2024: KRW 5K

- FY2025: KRW 5K

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.1%

- FY2017: -9.5%

- FY2018: -8.0%

- FY2019: -7.4%

- FY2020: -10.7%

- FY2021: -10.4%

- FY2022: -6.1%

- FY2023: -8.2%

- FY2024: -8.6%

- FY2025: -7.8%

## Holders

## Price story

Price needs cash profits to grow 1.7% a year for ten years · sales -0.3%

Story as of 2026-10-16T10:00:11.094Z; price observation 2026-10-15.

Price needs cash profits to grow 1.7% a year for ten years

### Sales · FY2025–2026

sales -0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.94T 

- FY2018: KRW 2.02T 

- FY2019: KRW 2.15T 

- FY2020: KRW 2.22T 

- FY2021: KRW 2.31T 

- FY2022: KRW 2.47T 

- FY2023: KRW 2.62T 

- FY2024: KRW 2.80T 

- FY2025: KRW 2.89T 

- FY2026: KRW 2.88T 

### Gross margin · FY2025

gross margin 23.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.0% 

- FY2017: 29.2% 

- FY2018: 27.1% 

- FY2019: 25.3% 

- FY2020: 24.8% 

- FY2021: 24.0% 

- FY2022: 23.9% 

- FY2023: 23.5% 

- FY2024: 22.8% 

- FY2025: 23.5% 

## Owner memo

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

### How it makes money

Operates in security & protection services; annual sales are KRW 2.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2025: revenue 2889412422250; grossProfit 678897629230; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 012750.KO: S-1 Corporation provides safety and security services in South Korea and internationally. Its physical security solutions include alarm monitoring services, physical security information management software, smart video management systems, access control systems, optical sensing systems, and ultra wide band sensors. The company offers integrated security solutions comprising consulting, engineering, procurement, installation, and maintenance for office buildings, commercial buildings, airports, plants, marine transportation systems, and important national facilities, as well as residential security, intelligent traffic signal control, parking control system, traffic monitoring, automated payment system, and CPTED security consulting. In addition, it provides information security services consisting of managed security, cloud security, and device management services. Further, the company offers building management solutions for property management, facility management, real estate consulting, and implementing building infrastructure under the S-1 Blue Asset brand, as well as other solutions comprising fleet management and personal security phone solutions. Additionally, it provides call center and telemarketing services. S-1 Corporation was founded in 1977 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 22.8% to 23.5% during 2023–25; it earns 26.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2023: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2024: grossProfit / revenue = 22.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2025: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); 10-year return on capital observations [[2016,0.2932895812223231],[2017,0.30324865536687906],[2018,0.24241242113173764],[2019,0.250363685227346],[2020,0.25896741452514244],[2021,0.23645268465783414],[2022,0.23108507519648677],[2023,0.2993282537198245],[2024,0.2715583006099083],[2025,0.28191345624455477]]; median 0.2652628575675254. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 24% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); Gross margin observations: [[2021,0.2402254062253706],[2022,0.23948617475376774],[2023,0.23538459409758375]]; range within 2 percentage points.

### Where the cash goes

Spends 10.4% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2016: growth capex 0; upkeep 133827818280; owner earnings 139353046230. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2017: growth capex 0; upkeep 122132708270; owner earnings 172072855840. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2018: growth capex 0; upkeep 129959533370; owner earnings 107011990890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2019: growth capex 0; upkeep 152771779600; owner earnings 150509109076. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2020: growth capex 0; upkeep 140534142020; owner earnings 156313533578. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2021: growth capex 0; upkeep 155666213900; owner earnings 132402881138. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2022: growth capex 0; upkeep 136950831710; owner earnings 175859438132. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2023: growth capex 0; upkeep 157830507250; owner earnings 198427640734. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2024: growth capex 0; upkeep 158581167270; owner earnings 179581705304. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); FY2025: growth capex 17148293526.506836; upkeep 176967126863.49316; owner earnings 164475187274.50684. Growth capex / owner earnings = 0.10426067184156215.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); Dividend observations: [[2016,40572286800],[2017,42262798750],[2018,84525597500],[2019,84525597500],[2020,84525597500],[2021,84525597500],[2022,84525597500],[2023,84525597500],[2024,91270823700],[2025,91287645300]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 36.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 012750.KO SharesStats.PercentInsiders = 36.691 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:01.436Z); Ten-year compound average after fade. Initial solved rate 0.012024856321207526. Price 97600; 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 92,500.00 per share

- 2016-11: KRW 94,900.00 per share

- 2016-12: KRW 87,700.00 per share

- 2017-01: KRW 84,100.00 per share

- 2017-02: KRW 91,000.00 per share

- 2017-03: KRW 89,700.00 per share

- 2017-04: KRW 97,600.00 per share

- 2017-05: KRW 104,500.00 per share

- 2017-06: KRW 97,000.00 per share

- 2017-07: KRW 92,200.00 per share

- 2017-08: KRW 89,700.00 per share

- 2017-09: KRW 89,200.00 per share

- 2017-10: KRW 91,600.00 per share

- 2017-11: KRW 100,000.00 per share

- 2017-12: KRW 107,000.00 per share

- 2018-01: KRW 99,400.00 per share

- 2018-02: KRW 96,000.00 per share

- 2018-03: KRW 98,900.00 per share

- 2018-04: KRW 98,100.00 per share

- 2018-05: KRW 88,400.00 per share

- 2018-06: KRW 96,800.00 per share

- 2018-07: KRW 86,700.00 per share

- 2018-08: KRW 85,700.00 per share

- 2018-09: KRW 91,400.00 per share

- 2018-10: KRW 96,500.00 per share

- 2018-11: KRW 96,300.00 per share

- 2018-12: KRW 100,500.00 per share

- 2019-01: KRW 103,000.00 per share

- 2019-02: KRW 102,000.00 per share

- 2019-03: KRW 100,500.00 per share

- 2019-04: KRW 98,000.00 per share

- 2019-05: KRW 96,000.00 per share

- 2019-06: KRW 97,600.00 per share

- 2019-07: KRW 104,500.00 per share

- 2019-08: KRW 101,000.00 per share

- 2019-09: KRW 98,100.00 per share

- 2019-10: KRW 93,700.00 per share

- 2019-11: KRW 93,600.00 per share

- 2019-12: KRW 93,700.00 per share

- 2020-01: KRW 91,100.00 per share

- 2020-02: KRW 82,200.00 per share

- 2020-03: KRW 80,000.00 per share

- 2020-04: KRW 86,500.00 per share

- 2020-05: KRW 93,200.00 per share

- 2020-06: KRW 85,800.00 per share

- 2020-07: KRW 90,500.00 per share

- 2020-08: KRW 87,200.00 per share

- 2020-09: KRW 87,500.00 per share

- 2020-10: KRW 81,600.00 per share

- 2020-11: KRW 78,800.00 per share

- 2020-12: KRW 85,000.00 per share

- 2021-01: KRW 80,800.00 per share

- 2021-02: KRW 83,000.00 per share

- 2021-03: KRW 81,700.00 per share

- 2021-04: KRW 81,500.00 per share

- 2021-05: KRW 81,000.00 per share

- 2021-06: KRW 81,900.00 per share

- 2021-07: KRW 80,600.00 per share

- 2021-08: KRW 82,100.00 per share

- 2021-09: KRW 83,600.00 per share

- 2021-10: KRW 83,300.00 per share

- 2021-11: KRW 73,500.00 per share

- 2021-12: KRW 73,900.00 per share

- 2022-01: KRW 67,800.00 per share

- 2022-02: KRW 69,800.00 per share

- 2022-03: KRW 71,300.00 per share

- 2022-04: KRW 68,900.00 per share

- 2022-05: KRW 72,000.00 per share

- 2022-06: KRW 64,200.00 per share

- 2022-07: KRW 63,800.00 per share

- 2022-08: KRW 58,200.00 per share

- 2022-09: KRW 57,900.00 per share

- 2022-10: KRW 62,400.00 per share

- 2022-11: KRW 64,200.00 per share

- 2022-12: KRW 59,300.00 per share

- 2023-01: KRW 57,600.00 per share

- 2023-02: KRW 56,400.00 per share

- 2023-03: KRW 55,300.00 per share

- 2023-04: KRW 58,400.00 per share

- 2023-05: KRW 54,300.00 per share

- 2023-06: KRW 53,300.00 per share

- 2023-07: KRW 51,200.00 per share

- 2023-08: KRW 55,800.00 per share

- 2023-09: KRW 56,600.00 per share

- 2023-10: KRW 54,600.00 per share

- 2023-11: KRW 60,200.00 per share

- 2023-12: KRW 60,000.00 per share

- 2024-01: KRW 56,900.00 per share

- 2024-02: KRW 58,100.00 per share

- 2024-03: KRW 60,100.00 per share

- 2024-04: KRW 59,800.00 per share

- 2024-05: KRW 63,600.00 per share

- 2024-06: KRW 58,000.00 per share

- 2024-07: KRW 56,300.00 per share

- 2024-08: KRW 59,300.00 per share

- 2024-09: KRW 59,100.00 per share

- 2024-10: KRW 64,600.00 per share

- 2024-11: KRW 62,800.00 per share

- 2024-12: KRW 59,200.00 per share

- 2025-01: KRW 59,700.00 per share

- 2025-02: KRW 61,000.00 per share

- 2025-03: KRW 64,400.00 per share

- 2025-04: KRW 63,500.00 per share

- 2025-05: KRW 66,200.00 per share

- 2025-06: KRW 68,600.00 per share

- 2025-07: KRW 74,200.00 per share

- 2025-08: KRW 80,100.00 per share

- 2025-09: KRW 84,100.00 per share

- 2025-10: KRW 75,000.00 per share

- 2025-11: KRW 75,000.00 per share

- 2025-12: KRW 72,100.00 per share

- 2026-01: KRW 79,600.00 per share

- 2026-02: KRW 87,800.00 per share

- 2026-03: KRW 85,700.00 per share

- 2026-04: KRW 86,100.00 per share

- 2026-05: KRW 68,400.00 per share

- 2026-06: KRW 71,300.00 per share

- 2026-07: KRW 71,200.00 per share

- 2026-08: KRW 81,700.00 per share

- 2026-09: KRW 82,600.00 per share

- 2026-10: KRW 87,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 51,137.90 per share, central KRW 57,349.36 per share, high KRW 65,618.14 per share

- FY2017: low KRW 60,698.87 per share, central KRW 67,678.83 per share, high KRW 76,970.64 per share

- FY2018: low KRW 63,259.06 per share, central KRW 70,513.42 per share, high KRW 80,170.50 per share

- FY2019: low KRW 64,326.89 per share, central KRW 71,628.97 per share, high KRW 81,349.59 per share

- FY2020: low KRW 64,390.39 per share, central KRW 71,357.83 per share, high KRW 80,632.99 per share

- FY2021: low KRW 68,399.80 per share, central KRW 75,610.45 per share, high KRW 85,209.34 per share

- FY2022: low KRW 72,813.71 per share, central KRW 80,509.05 per share, high KRW 90,753.19 per share

- FY2023: low KRW 79,463.02 per share, central KRW 87,675.85 per share, high KRW 98,608.86 per share

- FY2024: low KRW 86,656.92 per share, central KRW 95,446.03 per share, high KRW 107,146.20 per share

- FY2025: low KRW 85,264.72 per share, central KRW 93,510.28 per share, high KRW 104,486.86 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 2026-10-15T06:46:19.922Z 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.

S-1

012750 · KO

KOSPI 200

A wonderful business at too high a price

Passes the quality tests.

Share price: KRW 97,600.00
Buy up to: KRW 92,863.42
Expected / yr: 9.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 12% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 8.2%
Worst year: 7.1%
Latest · LTM: 7.1%

Capital return excluding acquisitions: median 26.5% (minimum 15%), and the second-worst year 23.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 26.5%
Worst year: 23.1%
Latest · 2025: 28.2%

Each $1 of profit left $1.03 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.03×
Annual median: 1.03×
Latest · 2025: 0.92×

Per-share value rose from 4156.61 to 5281, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 4K
Worst year: KRW 3K
Latest · 2025: KRW 5K

Profits were backed by cash: accruals were -7.8% of assets (limit 10%).

Sloan accruals

10y median: -8.4%
Worst year: -6.1%
Latest · 2025: -7.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.0%, three-year average owner earnings per share 5,348.08 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 92500.00 · Value 57349.36 · Buy at or below 57349.36; 2016-11 · Price KRW 94900.00 · Value 57349.36 · Buy at or below 57349.36; 2016-12 · Price KRW 87700.00 · Value 57349.36 · Buy at or below 57349.36; 2017-01 · Price KRW 84100.00 · Value 57349.36 · Buy at or below 57349.36; 2017-02 · Price KRW 91000.00 · Value 67678.83 · Buy at or below 67678.83; 2017-03 · Price KRW 89700.00 · Value 67678.83 · Buy at or below 67678.83; 2017-04 · Price KRW 97600.00 · Value 67678.83 · Buy at or below 67678.83; 2017-05 · Price KRW 104500.00 · Value 67678.83 · Buy at or below 67678.83; 2017-06 · Price KRW 97000.00 · Value 67678.83 · Buy at or below 67678.83; 2017-07 · Price KRW 92200.00 · Value 67678.83 · Buy at or below 67678.83; 2017-08 · Price KRW 89700.00 · Value 67678.83 · Buy at or below 67678.83; 2017-09 · Price KRW 89200.00 · Value 67678.83 · Buy at or below 67678.83; 2017-10 · Price KRW 91600.00 · Value 67678.83 · Buy at or below 67678.83; 2017-11 · Price KRW 100000.00 · Value 67678.83 · Buy at or below 67678.83; 2017-12 · Price KRW 107000.00 · Value 67678.83 · Buy at or below 67678.83; 2018-01 · Price KRW 99400.00 · Value 67678.83 · Buy at or below 67678.83; 2018-02 · Price KRW 96000.00 · Value 70513.42 · Buy at or below 70513.42; 2018-03 · Price KRW 98900.00 · Value 70513.42 · Buy at or below 70513.42; 2018-04 · Price KRW 98100.00 · Value 70513.42 · Buy at or below 70513.42; 2018-05 · Price KRW 88400.00 · Value 70513.42 · Buy at or below 70513.42; 2018-06 · Price KRW 96800.00 · Value 70513.42 · Buy at or below 70513.42; 2018-07 · Price KRW 86700.00 · Value 70513.42 · Buy at or below 70513.42; 2018-08 · Price KRW 85700.00 · Value 70513.42 · Buy at or below 70513.42; 2018-09 · Price KRW 91400.00 · Value 70513.42 · Buy at or below 70513.42; 2018-10 · Price KRW 96500.00 · Value 70513.42 · Buy at or below 70513.42; 2018-11 · Price KRW 96300.00 · Value 70513.42 · Buy at or below 70513.42; 2018-12 · Price KRW 100500.00 · Value 70513.42 · Buy at or below 70513.42; 2019-01 · Price KRW 103000.00 · Value 70513.42 · Buy at or below 70513.42; 2019-02 · Price KRW 102000.00 · Value 71628.97 · Buy at or below 71628.97; 2019-03 · Price KRW 100500.00 · Value 71628.97 · Buy at or below 71628.97; 2019-04 · Price KRW 98000.00 · Value 71628.97 · Buy at or below 71628.97; 2019-05 · Price KRW 96000.00 · Value 71628.97 · Buy at or below 71628.97; 2019-06 · Price KRW 97600.00 · Value 71628.97 · Buy at or below 71628.97; 2019-07 · Price KRW 104500.00 · Value 71628.97 · Buy at or below 71628.97; 2019-08 · Price KRW 101000.00 · Value 71628.97 · Buy at or below 71628.97; 2019-09 · Price KRW 98100.00 · Value 71628.97 · Buy at or below 71628.97; 2019-10 · Price KRW 93700.00 · Value 71628.97 · Buy at or below 71628.97; 2019-11 · Price KRW 93600.00 · Value 71628.97 · Buy at or below 71628.97; 2019-12 · Price KRW 93700.00 · Value 71628.97 · Buy at or below 71628.97; 2020-01 · Price KRW 91100.00 · Value 71628.97 · Buy at or below 71628.97; 2020-02 · Price KRW 82200.00 · Value 71357.83 · Buy at or below 71357.83; 2020-03 · Price KRW 80000.00 · Value 71357.83 · Buy at or below 71357.83; 2020-04 · Price KRW 86500.00 · Value 71357.83 · Buy at or below 71357.83; 2020-05 · Price KRW 93200.00 · Value 71357.83 · Buy at or below 71357.83; 2020-06 · Price KRW 85800.00 · Value 71357.83 · Buy at or below 71357.83; 2020-07 · Price KRW 90500.00 · Value 71357.83 · Buy at or below 71357.83; 2020-08 · Price KRW 87200.00 · Value 71357.83 · Buy at or below 71357.83; 2020-09 · Price KRW 87500.00 · Value 71357.83 · Buy at or below 71357.83; 2020-10 · Price KRW 81600.00 · Value 71357.83 · Buy at or below 71357.83; 2020-11 · Price KRW 78800.00 · Value 71357.83 · Buy at or below 71357.83; 2020-12 · Price KRW 85000.00 · Value 71357.83 · Buy at or below 71357.83; 2021-01 · Price KRW 80800.00 · Value 71357.83 · Buy at or below 71357.83; 2021-02 · Price KRW 83000.00 · Value 75610.45 · Buy at or below 75610.45; 2021-03 · Price KRW 81700.00 · Value 75610.45 · Buy at or below 75610.45; 2021-04 · Price KRW 81500.00 · Value 75610.45 · Buy at or below 75610.45; 2021-05 · Price KRW 81000.00 · Value 75610.45 · Buy at or below 75610.45; 2021-06 · Price KRW 81900.00 · Value 75610.45 · Buy at or below 75610.45; 2021-07 · Price KRW 80600.00 · Value 75610.45 · Buy at or below 75610.45; 2021-08 · Price KRW 82100.00 · Value 75610.45 · Buy at or below 75610.45; 2021-09 · Price KRW 83600.00 · Value 75610.45 · Buy at or below 75610.45; 2021-10 · Price KRW 83300.00 · Value 75610.45 · Buy at or below 75610.45; 2021-11 · Price KRW 73500.00 · Value 75610.45 · Buy at or below 75610.45; 2021-12 · Price KRW 73900.00 · Value 75610.45 · Buy at or below 75610.45; 2022-01 · Price KRW 67800.00 · Value 75610.45 · Buy at or below 75610.45; 2022-02 · Price KRW 69800.00 · Value 80509.05 · Buy at or below 80509.05; 2022-03 · Price KRW 71300.00 · Value 80509.05 · Buy at or below 80509.05; 2022-04 · Price KRW 68900.00 · Value 80509.05 · Buy at or below 80509.05; 2022-05 · Price KRW 72000.00 · Value 80509.05 · Buy at or below 80509.05; 2022-06 · Price KRW 64200.00 · Value 80509.05 · Buy at or below 80509.05; 2022-07 · Price KRW 63800.00 · Value 80509.05 · Buy at or below 80509.05; 2022-08 · Price KRW 58200.00 · Value 80509.05 · Buy at or below 80509.05; 2022-09 · Price KRW 57900.00 · Value 80509.05 · Buy at or below 80509.05; 2022-10 · Price KRW 62400.00 · Value 80509.05 · Buy at or below 80509.05; 2022-11 · Price KRW 64200.00 · Value 80509.05 · Buy at or below 80509.05; 2022-12 · Price KRW 59300.00 · Value 80509.05 · Buy at or below 80509.05; 2023-01 · Price KRW 57600.00 · Value 80509.05 · Buy at or below 80509.05; 2023-02 · Price KRW 56400.00 · Value 87675.85 · Buy at or below 87675.85; 2023-03 · Price KRW 55300.00 · Value 87675.85 · Buy at or below 87675.85; 2023-04 · Price KRW 58400.00 · Value 87675.85 · Buy at or below 87675.85; 2023-05 · Price KRW 54300.00 · Value 87675.85 · Buy at or below 87675.85; 2023-06 · Price KRW 53300.00 · Value 87675.85 · Buy at or below 87675.85; 2023-07 · Price KRW 51200.00 · Value 87675.85 · Buy at or below 87675.85; 2023-08 · Price KRW 55800.00 · Value 87675.85 · Buy at or below 87675.85; 2023-09 · Price KRW 56600.00 · Value 87675.85 · Buy at or below 87675.85; 2023-10 · Price KRW 54600.00 · Value 87675.85 · Buy at or below 87675.85; 2023-11 · Price KRW 60200.00 · Value 87675.85 · Buy at or below 87675.85; 2023-12 · Price KRW 60000.00 · Value 87675.85 · Buy at or below 87675.85; 2024-01 · Price KRW 56900.00 · Value 87675.85 · Buy at or below 87675.85; 2024-02 · Price KRW 58100.00 · Value 95446.03 · Buy at or below 95446.03; 2024-03 · Price KRW 60100.00 · Value 95446.03 · Buy at or below 95446.03; 2024-04 · Price KRW 59800.00 · Value 95446.03 · Buy at or below 95446.03; 2024-05 · Price KRW 63600.00 · Value 95446.03 · Buy at or below 95446.03; 2024-06 · Price KRW 58000.00 · Value 95446.03 · Buy at or below 95446.03; 2024-07 · Price KRW 56300.00 · Value 95446.03 · Buy at or below 95446.03; 2024-08 · Price KRW 59300.00 · Value 95446.03 · Buy at or below 95446.03; 2024-09 · Price KRW 59100.00 · Value 95446.03 · Buy at or below 95446.03; 2024-10 · Price KRW 64600.00 · Value 95446.03 · Buy at or below 95446.03; 2024-11 · Price KRW 62800.00 · Value 95446.03 · Buy at or below 95446.03; 2024-12 · Price KRW 59200.00 · Value 95446.03 · Buy at or below 95446.03; 2025-01 · Price KRW 59700.00 · Value 95446.03 · Buy at or below 95446.03; 2025-02 · Price KRW 61000.00 · Value 93510.28 · Buy at or below 93510.28; 2025-03 · Price KRW 64400.00 · Value 93510.28 · Buy at or below 93510.28; 2025-04 · Price KRW 63500.00 · Value 93510.28 · Buy at or below 93510.28; 2025-05 · Price KRW 66200.00 · Value 93510.28 · Buy at or below 93510.28; 2025-06 · Price KRW 68600.00 · Value 93510.28 · Buy at or below 93510.28; 2025-07 · Price KRW 74200.00 · Value 93510.28 · Buy at or below 93510.28; 2025-08 · Price KRW 80100.00 · Value 93510.28 · Buy at or below 93510.28; 2025-09 · Price KRW 84100.00 · Value 93510.28 · Buy at or below 93510.28; 2025-10 · Price KRW 75000.00 · Value 93510.28 · Buy at or below 93510.28; 2025-11 · Price KRW 75000.00 · Value 93510.28 · Buy at or below 93510.28; 2025-12 · Price KRW 72100.00 · Value 93510.28 · Buy at or below 93510.28; 2026-01 · Price KRW 79600.00 · Value 93510.28 · Buy at or below 93510.28; 2026-02 · Price KRW 87800.00 · Value 92863.42 · Buy at or below 92863.42; 2026-03 · Price KRW 85700.00 · Value 92863.42 · Buy at or below 92863.42; 2026-04 · Price KRW 86100.00 · Value 92863.42 · Buy at or below 92863.42; 2026-05 · Price KRW 68400.00 · Value 92863.42 · Buy at or below 92863.42; 2026-06 · Price KRW 71300.00 · Value 92863.42 · Buy at or below 92863.42; 2026-07 · Price KRW 71200.00 · Value 92863.42 · Buy at or below 92863.42; 2026-08 · Price KRW 81700.00 · Value 92863.42 · Buy at or below 92863.42; 2026-09 · Price KRW 82600.00 · Value 92863.42 · Buy at or below 92863.42; 2026-10 · Price KRW 87000.00 · Value 92863.42 · Buy at or below 92863.42; 2026-10 · Price KRW 97600.00 · Value 92863.42 · Buy at or below 92863.42

KRW per share · annual estimates

Price & return math
Value range	KRW 84,645.52 – KRW 103,803.18
Buy at or below	Central value KRW 92,863.42
Discount to value	1 − 97600.00 / 92863.42 = -5.1%
Return / year	About 9.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 5453.00/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 25042.93/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 2.88T

Revenue

Owner earningsKRW 164B

Owner earnings

Operating margin7.1%

Operating margin

Net cash / debtKRW 863B

Net cash / debt

Diluted shares34M

Diluted shares

Prices 15 Oct 2026 · FY2025