# Hansol Chemica (014680.KO)

Canonical: https://gigainvestors.com/s/014680.KO

Analysis as of: 2026-10-16T07:41:17.897Z. Financial observations: FY2007–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 231,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 213,743.63 per share, central KRW 297,304.05 per share, high KRW 345,961.44 per share. Buy at or below the central value KRW 297,304.05 per share. Valuation as of 2026-10-16T07:41:17.897Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.16×

- FY2019: 0.19×

- FY2020: 0.25×

- FY2021: 0.26×

- FY2022: 0.21×

- FY2023: 0.16×

- FY2024: 0.17×

- FY2025: 0.18×

- LTM to Jun 2026: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.8%

- ROIC, second-lowest year: 10.5%

- Typical minus recent gross margin: 2.6 pp

- Typical gross margin (annual median): 29.1%

- Recent gross margin (lower of latest and 3-year median): 26.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.2%

- ROIC including acquisitions, ten-year median: 11.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.6%

- FY2017: 13.9%

- FY2018: 12.9%

- FY2019: 15.0%

- FY2020: 19.8%

- FY2021: 20.7%

- FY2022: 19.3%

- FY2023: 10.5%

- FY2024: 10.2%

- FY2025: 11.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 514B

- Net income, five-year total: KRW 679B

- Return on incremental invested capital: 14.1%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 6.6 pp

- Working capital / revenue, final three-year average: 21.9%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.01×

- FY2024: 0.54×

- FY2025: 0.99×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.6% vs 10.5%

- Per-share earnings: 5034.35 to 10912.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: KRW 1.59T

- Cumulative retained earnings: KRW 836B

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.7%

- Per-share value change: KRW 6K

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

- Per-share value, ending three-year median: KRW 11K

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 1.9%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 84B

- Cumulative net income, 10 years: KRW 1.07T

- ROIC, first three-year median: 13.6%

- ROIC, last three-year median: 10.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 5K

- FY2017: KRW 2K

- FY2018: KRW 6K

- FY2019: KRW 8K

- FY2020: KRW 11K

- FY2021: KRW 13K

- FY2022: KRW 14K

- FY2023: KRW 10K

- FY2024: KRW 11K

- FY2025: KRW 13K

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: -4.6%

- FY2018: -3.8%

- FY2019: -1.6%

- FY2020: -4.2%

- FY2021: 0.4%

- FY2022: -1.5%

- FY2023: -2.9%

- FY2024: -2.7%

- FY2025: -3.3%

## Holders

## Price story

Down 32% since Feb 2026 · sales +5.4%

Story as of 2026-10-16T10:00:11.868Z; price observation 2026-10-15.

Price needs cash profits to grow 3.1% a year for ten years

### Sales · FY2025–2026

sales +5.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 522B 

- FY2018: KRW 582B 

- FY2019: KRW 588B 

- FY2020: KRW 619B 

- FY2021: KRW 769B 

- FY2022: KRW 885B 

- FY2023: KRW 772B 

- FY2024: KRW 776B 

- FY2025: KRW 884B 

- FY2026: KRW 932B 

### Gross margin · FY2025

gross margin 28.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.1% 

- FY2017: 27.3% 

- FY2018: 27.1% 

- FY2019: 29.9% 

- FY2020: 34.5% 

- FY2021: 34.9% 

- FY2022: 30.0% 

- FY2023: 26.6% 

- FY2024: 26.4% 

- FY2025: 28.3% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are KRW 884 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2025: revenue 883968714100; grossProfit 250369536770; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 26.4% to 28.3% during 2023–25; it earns 13.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2023: grossProfit / revenue = 26.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2024: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2025: grossProfit / revenue = 28.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); 10-year return on capital observations [[2016,0.13618120537232],[2017,0.138845753061729],[2018,0.1289115581875597],[2019,0.14959978784558267],[2020,0.19793818270251623],[2021,0.20653367299072195],[2022,0.19277432859065255],[2023,0.10526184255538482],[2024,0.10175190083409257],[2025,0.11703523182544633]]; median 0.1375134792170245. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 20.4% of cash earnings on expansion; earns 14.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2016: growth capex 0; upkeep 33899281390; owner earnings 62985043780. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2017: growth capex 0; upkeep 31021429160; owner earnings 56403654850. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2019: growth capex 4771927001.649567; upkeep 66822115888.35043; owner earnings 56250218261.64957. Growth capex / owner earnings = 0.08483392863389091.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2020: growth capex 27532168196.933342; upkeep 57685539403.06666; owner earnings 102226447206.93335. Growth capex / owner earnings = 0.2693252964294157.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2021: growth capex 79413417890; upkeep 42697646610; owner earnings 147412277690. Growth capex / owner earnings = 0.5387164429885691.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2022: growth capex 62317788930; upkeep 49220420560; owner earnings 154055776939.73508. Growth capex / owner earnings = 0.40451445682804893.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2023: growth capex 0; upkeep 159253869380; owner earnings 1142776984.9909515. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2024: growth capex 4389950608.1111145; upkeep 106760289491.88889; owner earnings 65707388618.111115. Growth capex / owner earnings = 0.06681060837199516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2025: growth capex 29827412230; upkeep 54032814420; owner earnings 145947887740. Growth capex / owner earnings = 0.20437029060082237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); Incremental return on capital 0.1412724369590027, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); Dividend observations: [[2016,10137202000],[2017,12085001000],[2018,11088163500],[2019,13301768920],[2020,16632466290],[2021,21246791600],[2022,25172846800],[2023,24882769460],[2024,23631243600],[2025,23236756890]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); FY2025: cash repurchases 31647079360 KRW.

### Are managers owners

Insiders own 28.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 014680.KO SharesStats.PercentInsiders = 28.510999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:17.897Z); Ten-year compound average after fade. Initial solved rate 0.031438484195644434. Price 231500; 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 82,800.00 per share

- 2016-11: KRW 87,200.00 per share

- 2016-12: KRW 83,300.00 per share

- 2017-01: KRW 75,700.00 per share

- 2017-02: KRW 76,700.00 per share

- 2017-03: KRW 76,400.00 per share

- 2017-04: KRW 81,400.00 per share

- 2017-05: KRW 76,800.00 per share

- 2017-06: KRW 71,000.00 per share

- 2017-07: KRW 75,400.00 per share

- 2017-08: KRW 77,200.00 per share

- 2017-09: KRW 72,700.00 per share

- 2017-10: KRW 73,800.00 per share

- 2017-11: KRW 76,600.00 per share

- 2017-12: KRW 72,500.00 per share

- 2018-01: KRW 67,400.00 per share

- 2018-02: KRW 73,800.00 per share

- 2018-03: KRW 70,700.00 per share

- 2018-04: KRW 70,700.00 per share

- 2018-05: KRW 77,000.00 per share

- 2018-06: KRW 78,300.00 per share

- 2018-07: KRW 77,500.00 per share

- 2018-08: KRW 83,200.00 per share

- 2018-09: KRW 79,900.00 per share

- 2018-10: KRW 79,200.00 per share

- 2018-11: KRW 78,800.00 per share

- 2018-12: KRW 77,500.00 per share

- 2019-01: KRW 85,000.00 per share

- 2019-02: KRW 90,000.00 per share

- 2019-03: KRW 82,400.00 per share

- 2019-04: KRW 85,500.00 per share

- 2019-05: KRW 82,600.00 per share

- 2019-06: KRW 79,500.00 per share

- 2019-07: KRW 81,200.00 per share

- 2019-08: KRW 78,600.00 per share

- 2019-09: KRW 79,600.00 per share

- 2019-10: KRW 93,800.00 per share

- 2019-11: KRW 101,000.00 per share

- 2019-12: KRW 106,000.00 per share

- 2020-01: KRW 109,000.00 per share

- 2020-02: KRW 92,800.00 per share

- 2020-03: KRW 78,900.00 per share

- 2020-04: KRW 85,800.00 per share

- 2020-05: KRW 97,500.00 per share

- 2020-06: KRW 127,000.00 per share

- 2020-07: KRW 151,500.00 per share

- 2020-08: KRW 161,500.00 per share

- 2020-09: KRW 149,500.00 per share

- 2020-10: KRW 141,000.00 per share

- 2020-11: KRW 156,000.00 per share

- 2020-12: KRW 196,500.00 per share

- 2021-01: KRW 193,000.00 per share

- 2021-02: KRW 244,000.00 per share

- 2021-03: KRW 241,000.00 per share

- 2021-04: KRW 247,500.00 per share

- 2021-05: KRW 249,000.00 per share

- 2021-06: KRW 245,500.00 per share

- 2021-07: KRW 267,500.00 per share

- 2021-08: KRW 290,500.00 per share

- 2021-09: KRW 346,500.00 per share

- 2021-10: KRW 329,000.00 per share

- 2021-11: KRW 298,000.00 per share

- 2021-12: KRW 305,500.00 per share

- 2022-01: KRW 213,000.00 per share

- 2022-02: KRW 214,500.00 per share

- 2022-03: KRW 245,500.00 per share

- 2022-04: KRW 246,500.00 per share

- 2022-05: KRW 265,500.00 per share

- 2022-06: KRW 204,000.00 per share

- 2022-07: KRW 219,500.00 per share

- 2022-08: KRW 218,500.00 per share

- 2022-09: KRW 170,000.00 per share

- 2022-10: KRW 185,500.00 per share

- 2022-11: KRW 210,000.00 per share

- 2022-12: KRW 185,500.00 per share

- 2023-01: KRW 211,000.00 per share

- 2023-02: KRW 204,500.00 per share

- 2023-03: KRW 239,500.00 per share

- 2023-04: KRW 222,000.00 per share

- 2023-05: KRW 231,500.00 per share

- 2023-06: KRW 240,000.00 per share

- 2023-07: KRW 196,000.00 per share

- 2023-08: KRW 161,500.00 per share

- 2023-09: KRW 167,800.00 per share

- 2023-10: KRW 150,200.00 per share

- 2023-11: KRW 201,000.00 per share

- 2023-12: KRW 227,000.00 per share

- 2024-01: KRW 200,000.00 per share

- 2024-02: KRW 170,300.00 per share

- 2024-03: KRW 204,500.00 per share

- 2024-04: KRW 193,800.00 per share

- 2024-05: KRW 189,500.00 per share

- 2024-06: KRW 182,700.00 per share

- 2024-07: KRW 162,700.00 per share

- 2024-08: KRW 144,200.00 per share

- 2024-09: KRW 134,400.00 per share

- 2024-10: KRW 126,500.00 per share

- 2024-11: KRW 99,900.00 per share

- 2024-12: KRW 97,000.00 per share

- 2025-01: KRW 92,700.00 per share

- 2025-02: KRW 109,800.00 per share

- 2025-03: KRW 118,300.00 per share

- 2025-04: KRW 115,700.00 per share

- 2025-05: KRW 133,000.00 per share

- 2025-06: KRW 171,700.00 per share

- 2025-07: KRW 182,100.00 per share

- 2025-08: KRW 177,300.00 per share

- 2025-09: KRW 209,000.00 per share

- 2025-10: KRW 232,500.00 per share

- 2025-11: KRW 238,000.00 per share

- 2025-12: KRW 227,500.00 per share

- 2026-01: KRW 282,500.00 per share

- 2026-02: KRW 338,000.00 per share

- 2026-03: KRW 252,500.00 per share

- 2026-04: KRW 285,000.00 per share

- 2026-05: KRW 270,000.00 per share

- 2026-06: KRW 291,000.00 per share

- 2026-07: KRW 208,000.00 per share

- 2026-08: KRW 207,000.00 per share

- 2026-09: KRW 258,500.00 per share

- 2026-10: KRW 261,500.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 67,695.36 per share, central KRW 75,327.55 per share, high KRW 85,487.61 per share

- FY2020: low KRW 80,717.93 per share, central KRW 89,819.91 per share, high KRW 101,936.59 per share

- FY2021: low KRW 98,327.71 per share, central KRW 109,585.08 per share, high KRW 124,571.04 per share

- FY2022: low KRW 190,839.71 per share, central KRW 267,805.86 per share, high KRW 312,623.39 per share

- FY2023: low KRW 168,752.88 per share, central KRW 236,448.52 per share, high KRW 275,867.82 per share

- FY2024: low KRW 164,394.38 per share, central KRW 230,803.59 per share, high KRW 269,473.80 per share

- FY2025: low KRW 162,632.68 per share, central KRW 182,560.94 per share, high KRW 209,089.68 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 2026-10-15T06:46:42.083Z 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.

Hansol Chemica

014680 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 231,500.00
Buy up to: KRW 297,304.05
Expected / yr: 12.0% 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 18.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 17.4%
Worst year: 15.2%
Latest · LTM: 17.2%

Capital return excluding acquisitions: median 13.8% (minimum 15%).

ROIC excluding acquisitions

10y median: 13.8%
Worst year: 10.2%
Latest · 2025: 11.7%

Each $1 of profit left $0.76 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.76×
Annual median: 0.99×
Latest · 2025: 0.99×

Per-share value rose from 5034.35 to 10912, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 10K
Worst year: KRW 2K
Latest · 2025: KRW 13K

Profits were backed by cash: accruals were -3.3% of assets (limit 10%).

Sloan accruals

10y median: -3.1%
Worst year: 0.4%
Latest · 2025: -3.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 19.0%, three-year average owner earnings per share 6,390.73 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 82800.00; 2016-11 · Price KRW 87200.00; 2016-12 · Price KRW 83300.00; 2017-01 · Price KRW 75700.00; 2017-02 · Price KRW 76700.00; 2017-03 · Price KRW 76400.00; 2017-04 · Price KRW 81400.00; 2017-05 · Price KRW 76800.00; 2017-06 · Price KRW 71000.00; 2017-07 · Price KRW 75400.00; 2017-08 · Price KRW 77200.00; 2017-09 · Price KRW 72700.00; 2017-10 · Price KRW 73800.00; 2017-11 · Price KRW 76600.00; 2017-12 · Price KRW 72500.00; 2018-01 · Price KRW 67400.00; 2018-02 · Price KRW 73800.00; 2018-03 · Price KRW 70700.00; 2018-04 · Price KRW 70700.00; 2018-05 · Price KRW 77000.00; 2018-06 · Price KRW 78300.00; 2018-07 · Price KRW 77500.00; 2018-08 · Price KRW 83200.00; 2018-09 · Price KRW 79900.00; 2018-10 · Price KRW 79200.00; 2018-11 · Price KRW 78800.00; 2018-12 · Price KRW 77500.00; 2019-01 · Price KRW 85000.00 · Value 75327.55 · Buy at or below 75327.55; 2019-02 · Price KRW 90000.00 · Value 75327.55 · Buy at or below 75327.55; 2019-03 · Price KRW 82400.00 · Value 75327.55 · Buy at or below 75327.55; 2019-04 · Price KRW 85500.00 · Value 75327.55 · Buy at or below 75327.55; 2019-05 · Price KRW 82600.00 · Value 75327.55 · Buy at or below 75327.55; 2019-06 · Price KRW 79500.00 · Value 75327.55 · Buy at or below 75327.55; 2019-07 · Price KRW 81200.00 · Value 75327.55 · Buy at or below 75327.55; 2019-08 · Price KRW 78600.00 · Value 75327.55 · Buy at or below 75327.55; 2019-09 · Price KRW 79600.00 · Value 75327.55 · Buy at or below 75327.55; 2019-10 · Price KRW 93800.00 · Value 75327.55 · Buy at or below 75327.55; 2019-11 · Price KRW 101000.00 · Value 75327.55 · Buy at or below 75327.55; 2019-12 · Price KRW 106000.00 · Value 75327.55 · Buy at or below 75327.55; 2020-01 · Price KRW 109000.00 · Value 75327.55 · Buy at or below 75327.55; 2020-02 · Price KRW 92800.00 · Value 89819.91 · Buy at or below 89819.91; 2020-03 · Price KRW 78900.00 · Value 89819.91 · Buy at or below 89819.91; 2020-04 · Price KRW 85800.00 · Value 89819.91 · Buy at or below 89819.91; 2020-05 · Price KRW 97500.00 · Value 89819.91 · Buy at or below 89819.91; 2020-06 · Price KRW 127000.00 · Value 89819.91 · Buy at or below 89819.91; 2020-07 · Price KRW 151500.00 · Value 89819.91 · Buy at or below 89819.91; 2020-08 · Price KRW 161500.00 · Value 89819.91 · Buy at or below 89819.91; 2020-09 · Price KRW 149500.00 · Value 89819.91 · Buy at or below 89819.91; 2020-10 · Price KRW 141000.00 · Value 89819.91 · Buy at or below 89819.91; 2020-11 · Price KRW 156000.00 · Value 89819.91 · Buy at or below 89819.91; 2020-12 · Price KRW 196500.00 · Value 89819.91 · Buy at or below 89819.91; 2021-01 · Price KRW 193000.00 · Value 89819.91 · Buy at or below 89819.91; 2021-02 · Price KRW 244000.00 · Value 109585.08 · Buy at or below 109585.08; 2021-03 · Price KRW 241000.00 · Value 109585.08 · Buy at or below 109585.08; 2021-04 · Price KRW 247500.00 · Value 109585.08 · Buy at or below 109585.08; 2021-05 · Price KRW 249000.00 · Value 109585.08 · Buy at or below 109585.08; 2021-06 · Price KRW 245500.00 · Value 109585.08 · Buy at or below 109585.08; 2021-07 · Price KRW 267500.00 · Value 109585.08 · Buy at or below 109585.08; 2021-08 · Price KRW 290500.00 · Value 109585.08 · Buy at or below 109585.08; 2021-09 · Price KRW 346500.00 · Value 109585.08 · Buy at or below 109585.08; 2021-10 · Price KRW 329000.00 · Value 109585.08 · Buy at or below 109585.08; 2021-11 · Price KRW 298000.00 · Value 109585.08 · Buy at or below 109585.08; 2021-12 · Price KRW 305500.00 · Value 109585.08 · Buy at or below 109585.08; 2022-01 · Price KRW 213000.00 · Value 109585.08 · Buy at or below 109585.08; 2022-02 · Price KRW 214500.00 · Value 267805.86 · Buy at or below 267805.86; 2022-03 · Price KRW 245500.00 · Value 267805.86 · Buy at or below 267805.86; 2022-04 · Price KRW 246500.00 · Value 267805.86 · Buy at or below 267805.86; 2022-05 · Price KRW 265500.00 · Value 267805.86 · Buy at or below 267805.86; 2022-06 · Price KRW 204000.00 · Value 267805.86 · Buy at or below 267805.86; 2022-07 · Price KRW 219500.00 · Value 267805.86 · Buy at or below 267805.86; 2022-08 · Price KRW 218500.00 · Value 267805.86 · Buy at or below 267805.86; 2022-09 · Price KRW 170000.00 · Value 267805.86 · Buy at or below 267805.86; 2022-10 · Price KRW 185500.00 · Value 267805.86 · Buy at or below 267805.86; 2022-11 · Price KRW 210000.00 · Value 267805.86 · Buy at or below 267805.86; 2022-12 · Price KRW 185500.00 · Value 267805.86 · Buy at or below 267805.86; 2023-01 · Price KRW 211000.00 · Value 267805.86 · Buy at or below 267805.86; 2023-02 · Price KRW 204500.00 · Value 236448.52 · Buy at or below 236448.52; 2023-03 · Price KRW 239500.00 · Value 236448.52 · Buy at or below 236448.52; 2023-04 · Price KRW 222000.00 · Value 236448.52 · Buy at or below 236448.52; 2023-05 · Price KRW 231500.00 · Value 236448.52 · Buy at or below 236448.52; 2023-06 · Price KRW 240000.00 · Value 236448.52 · Buy at or below 236448.52; 2023-07 · Price KRW 196000.00 · Value 236448.52 · Buy at or below 236448.52; 2023-08 · Price KRW 161500.00 · Value 236448.52 · Buy at or below 236448.52; 2023-09 · Price KRW 167800.00 · Value 236448.52 · Buy at or below 236448.52; 2023-10 · Price KRW 150200.00 · Value 236448.52 · Buy at or below 236448.52; 2023-11 · Price KRW 201000.00 · Value 236448.52 · Buy at or below 236448.52; 2023-12 · Price KRW 227000.00 · Value 236448.52 · Buy at or below 236448.52; 2024-01 · Price KRW 200000.00 · Value 236448.52 · Buy at or below 236448.52; 2024-02 · Price KRW 170300.00 · Value 230803.59 · Buy at or below 230803.59; 2024-03 · Price KRW 204500.00 · Value 230803.59 · Buy at or below 230803.59; 2024-04 · Price KRW 193800.00 · Value 230803.59 · Buy at or below 230803.59; 2024-05 · Price KRW 189500.00 · Value 230803.59 · Buy at or below 230803.59; 2024-06 · Price KRW 182700.00 · Value 230803.59 · Buy at or below 230803.59; 2024-07 · Price KRW 162700.00 · Value 230803.59 · Buy at or below 230803.59; 2024-08 · Price KRW 144200.00 · Value 230803.59 · Buy at or below 230803.59; 2024-09 · Price KRW 134400.00 · Value 230803.59 · Buy at or below 230803.59; 2024-10 · Price KRW 126500.00 · Value 230803.59 · Buy at or below 230803.59; 2024-11 · Price KRW 99900.00 · Value 230803.59 · Buy at or below 230803.59; 2024-12 · Price KRW 97000.00 · Value 230803.59 · Buy at or below 230803.59; 2025-01 · Price KRW 92700.00 · Value 230803.59 · Buy at or below 230803.59; 2025-02 · Price KRW 109800.00 · Value 182560.94 · Buy at or below 182560.94; 2025-03 · Price KRW 118300.00 · Value 182560.94 · Buy at or below 182560.94; 2025-04 · Price KRW 115700.00 · Value 182560.94 · Buy at or below 182560.94; 2025-05 · Price KRW 133000.00 · Value 182560.94 · Buy at or below 182560.94; 2025-06 · Price KRW 171700.00 · Value 182560.94 · Buy at or below 182560.94; 2025-07 · Price KRW 182100.00 · Value 182560.94 · Buy at or below 182560.94; 2025-08 · Price KRW 177300.00 · Value 182560.94 · Buy at or below 182560.94; 2025-09 · Price KRW 209000.00 · Value 182560.94 · Buy at or below 182560.94; 2025-10 · Price KRW 232500.00 · Value 182560.94 · Buy at or below 182560.94; 2025-11 · Price KRW 238000.00 · Value 182560.94 · Buy at or below 182560.94; 2025-12 · Price KRW 227500.00 · Value 182560.94 · Buy at or below 182560.94; 2026-01 · Price KRW 282500.00 · Value 182560.94 · Buy at or below 182560.94; 2026-02 · Price KRW 338000.00 · Value 297304.05 · Buy at or below 297304.05; 2026-03 · Price KRW 252500.00 · Value 297304.05 · Buy at or below 297304.05; 2026-04 · Price KRW 285000.00 · Value 297304.05 · Buy at or below 297304.05; 2026-05 · Price KRW 270000.00 · Value 297304.05 · Buy at or below 297304.05; 2026-06 · Price KRW 291000.00 · Value 297304.05 · Buy at or below 297304.05; 2026-07 · Price KRW 208000.00 · Value 297304.05 · Buy at or below 297304.05; 2026-08 · Price KRW 207000.00 · Value 297304.05 · Buy at or below 297304.05; 2026-09 · Price KRW 258500.00 · Value 297304.05 · Buy at or below 297304.05; 2026-10 · Price KRW 261500.00 · Value 297304.05 · Buy at or below 297304.05; 2026-10 · Price KRW 231500.00 · Value 297304.05 · Buy at or below 297304.05

KRW per share · annual estimates

Price & return math
Value range	KRW 213,743.63 – KRW 345,961.44
Buy at or below	Central value KRW 297,304.05
Discount to value	1 − 231500.00 / 297304.05 = 22.1%
Return / year	About 12.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 14343.17/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 18748.00/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 932B

Revenue

Owner earningsKRW 146B

Owner earnings

Operating margin17.2%

Operating margin

Net cash / debtKRW -63B

Net cash / debt

Diluted shares11M

Diluted shares

Prices 15 Oct 2026 · FY2025