# 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.

## Reported holder observations