# Industrial Bank Of Korea (024110.KO)

Canonical: https://gigainvestors.com/s/024110.KO

Analysis as of: 2026-10-16T07:35:39.080Z. Financial observations: FY2016–FY2025.

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 19,740.00 per share; close as of 2026-10-15.

Estimated value: low KRW 19,702.74 per share, central KRW 23,902.31 per share, high KRW 30,377.06 per share. Buy at or below the central value KRW 23,902.31 per share. Valuation as of 2026-10-16T07:35:39.080Z; scenarios are not confidence intervals.

Expected annual return: 11.0% at the stated quote. About 11.0% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.15×

Chart: Net income; fiscal year observations.

- FY2016: KRW 1.16T

- FY2017: KRW 1.50T

- FY2018: KRW 1.42T

- FY2019: KRW 1.28T

- FY2020: KRW 1.32T

- FY2021: KRW 2.14T

- FY2022: KRW 2.48T

- FY2023: KRW 2.67T

- FY2024: KRW 2.64T

- FY2025: KRW 2.71T

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 6.7%

- FY2017: 7.9%

- FY2018: 6.8%

- FY2019: 5.7%

- FY2020: 5.3%

- FY2021: 7.9%

- FY2022: 8.6%

- FY2023: 8.5%

- FY2024: 7.9%

- FY2025: 7.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.1%

- Book return interval: 9 years

- Starting book value per share: KRW 26K

- Ending book value per share: KRW 42K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 4.0%

- FY2018: 12.1%

- FY2019: 3.9%

- FY2020: 15.2%

- FY2021: 10.8%

- FY2022: -3.7%

- FY2023: 11.8%

- FY2024: 9.3%

- FY2025: 10.3%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: 2.9%

- Share growth excluding flagged crisis recapitalisations: 2.9%

- Five-year share growth excluding flagged crisis recapitalisations: 2.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.06×

- Book value created per share: KRW 16K

- Earnings retained per share after dividends and buybacks: KRW 15K

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 108

- FY2018: 108

- FY2019: 115

- FY2020: 112

- FY2021: 113

- FY2022: 128

- FY2023: 128

- FY2024: 129

- FY2025: 129

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 23% since Feb 2026 · net income +2.5%

Story as of 2026-10-16T10:00:05.723Z; price observation 2026-10-15.

The price assumes profits grow 4.3% a year forever

### Net income · FY2025

net income +2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 1.16T 

- FY2017: KRW 1.50T 

- FY2018: KRW 1.42T 

- FY2019: KRW 1.28T 

- FY2020: KRW 1.32T 

- FY2021: KRW 2.14T 

- FY2022: KRW 2.48T 

- FY2023: KRW 2.67T 

- FY2024: KRW 2.64T 

- FY2025: KRW 2.71T 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are KRW 10 trillion.

- Source: https://eodhd.com/api/fundamentals/024110.KO.json#2025-12-31 (filed 2026-10-16T07:35:39.080Z); FY2025: revenue 9960474000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 024110.KO: Industrial Bank of Korea operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally. It provides personal and corporate banking, such as check, transfer, deposit/trust, fund, insurance, credit card, loan, forex, dues, check/draft, information management, retirement pension, and B2B; and provides various financial products and services, including personal and corporate product mail, product guide and tree; smart finance; banking, product, and affiliate services; and customer preferential service, as well as financial information for corporate management support, legal support, stock, real estate, and auction/public auction. The company also offers card information/application, card finance loan, My card management, personal and corporate card services, and guide. In addition, it provides customer consultation, financial consumer portal, report loss, information on application for fraudulent use charger, reference room, bank usage information, event, privacy policy, customer verification, system information, door-to door sales, personal inquiry, and loan originator integrated. Further, the company offers electronic financial fraud prevention, security measures, financial transaction precautions, PC security service, overseas IP blocking service, new deposit account designation, service with limited usage time, and delayed transfer; engages in SME, retail, and investment banking; and capital markets. Industrial Bank of Korea was founded in 1961 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 7.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.080Z); 10-year return on tangible equity observations [[2016,0.06729203194106623],[2017,0.07904954423369477],[2018,0.0681617439932136],[2019,0.057465953253007955],[2020,0.053398093972953815],[2021,0.07877195431095374],[2022,0.08634417716586189],[2023,0.0851291729337262],[2024,0.07870948217279891],[2025,0.07519326444826951]]; median 0.07695137331053421. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.080Z); Dividend observations: [[2016,369857000000],[2017,384141000000],[2018,496757000000],[2019,512742000000],[2020,495095000000],[2021,497976000000],[2022,753712000000],[2023,908640000000],[2024,956007000000],[2025,1029144000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 61.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 024110.KO SharesStats.PercentInsiders = 61.695 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.080Z); Price 19740; FX 1; original perpetual distributable cash 1121.4042501102208; discount 0.1; growth 0.04319127405723299. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 13,200.00 per share

- 2016-11: KRW 13,050.00 per share

- 2016-12: KRW 12,700.00 per share

- 2017-01: KRW 12,700.00 per share

- 2017-02: KRW 12,350.00 per share

- 2017-03: KRW 12,200.00 per share

- 2017-04: KRW 12,500.00 per share

- 2017-05: KRW 12,900.00 per share

- 2017-06: KRW 14,250.00 per share

- 2017-07: KRW 15,450.00 per share

- 2017-08: KRW 14,950.00 per share

- 2017-09: KRW 14,400.00 per share

- 2017-10: KRW 15,350.00 per share

- 2017-11: KRW 15,900.00 per share

- 2017-12: KRW 16,450.00 per share

- 2018-01: KRW 16,650.00 per share

- 2018-02: KRW 17,200.00 per share

- 2018-03: KRW 15,350.00 per share

- 2018-04: KRW 16,850.00 per share

- 2018-05: KRW 15,600.00 per share

- 2018-06: KRW 15,400.00 per share

- 2018-07: KRW 15,650.00 per share

- 2018-08: KRW 14,900.00 per share

- 2018-09: KRW 15,250.00 per share

- 2018-10: KRW 14,850.00 per share

- 2018-11: KRW 14,800.00 per share

- 2018-12: KRW 14,050.00 per share

- 2019-01: KRW 14,250.00 per share

- 2019-02: KRW 13,950.00 per share

- 2019-03: KRW 14,050.00 per share

- 2019-04: KRW 14,150.00 per share

- 2019-05: KRW 13,850.00 per share

- 2019-06: KRW 14,050.00 per share

- 2019-07: KRW 13,150.00 per share

- 2019-08: KRW 12,400.00 per share

- 2019-09: KRW 13,200.00 per share

- 2019-10: KRW 11,800.00 per share

- 2019-11: KRW 11,750.00 per share

- 2019-12: KRW 11,800.00 per share

- 2020-01: KRW 10,750.00 per share

- 2020-02: KRW 9,510.00 per share

- 2020-03: KRW 7,500.00 per share

- 2020-04: KRW 7,900.00 per share

- 2020-05: KRW 8,280.00 per share

- 2020-06: KRW 8,080.00 per share

- 2020-07: KRW 8,110.00 per share

- 2020-08: KRW 8,090.00 per share

- 2020-09: KRW 8,010.00 per share

- 2020-10: KRW 8,170.00 per share

- 2020-11: KRW 9,300.00 per share

- 2020-12: KRW 8,840.00 per share

- 2021-01: KRW 7,830.00 per share

- 2021-02: KRW 8,330.00 per share

- 2021-03: KRW 9,160.00 per share

- 2021-04: KRW 9,690.00 per share

- 2021-05: KRW 10,800.00 per share

- 2021-06: KRW 10,500.00 per share

- 2021-07: KRW 10,300.00 per share

- 2021-08: KRW 10,300.00 per share

- 2021-09: KRW 10,500.00 per share

- 2021-10: KRW 11,050.00 per share

- 2021-11: KRW 10,300.00 per share

- 2021-12: KRW 10,300.00 per share

- 2022-01: KRW 10,350.00 per share

- 2022-02: KRW 10,450.00 per share

- 2022-03: KRW 10,850.00 per share

- 2022-04: KRW 11,250.00 per share

- 2022-05: KRW 11,250.00 per share

- 2022-06: KRW 9,620.00 per share

- 2022-07: KRW 9,390.00 per share

- 2022-08: KRW 9,570.00 per share

- 2022-09: KRW 9,520.00 per share

- 2022-10: KRW 10,450.00 per share

- 2022-11: KRW 11,200.00 per share

- 2022-12: KRW 9,820.00 per share

- 2023-01: KRW 10,250.00 per share

- 2023-02: KRW 10,380.00 per share

- 2023-03: KRW 10,100.00 per share

- 2023-04: KRW 10,060.00 per share

- 2023-05: KRW 10,210.00 per share

- 2023-06: KRW 10,340.00 per share

- 2023-07: KRW 10,390.00 per share

- 2023-08: KRW 10,760.00 per share

- 2023-09: KRW 11,210.00 per share

- 2023-10: KRW 11,170.00 per share

- 2023-11: KRW 11,830.00 per share

- 2023-12: KRW 11,860.00 per share

- 2024-01: KRW 12,520.00 per share

- 2024-02: KRW 14,000.00 per share

- 2024-03: KRW 13,500.00 per share

- 2024-04: KRW 13,950.00 per share

- 2024-05: KRW 13,760.00 per share

- 2024-06: KRW 14,020.00 per share

- 2024-07: KRW 14,000.00 per share

- 2024-08: KRW 13,810.00 per share

- 2024-09: KRW 13,970.00 per share

- 2024-10: KRW 14,100.00 per share

- 2024-11: KRW 14,880.00 per share

- 2024-12: KRW 14,330.00 per share

- 2025-01: KRW 15,530.00 per share

- 2025-02: KRW 15,590.00 per share

- 2025-03: KRW 14,220.00 per share

- 2025-04: KRW 15,340.00 per share

- 2025-05: KRW 15,740.00 per share

- 2025-06: KRW 18,260.00 per share

- 2025-07: KRW 19,420.00 per share

- 2025-08: KRW 19,020.00 per share

- 2025-09: KRW 19,460.00 per share

- 2025-10: KRW 19,330.00 per share

- 2025-11: KRW 20,550.00 per share

- 2025-12: KRW 20,950.00 per share

- 2026-01: KRW 22,150.00 per share

- 2026-02: KRW 25,750.00 per share

- 2026-03: KRW 21,350.00 per share

- 2026-04: KRW 22,600.00 per share

- 2026-05: KRW 20,200.00 per share

- 2026-06: KRW 19,900.00 per share

- 2026-07: KRW 20,650.00 per share

- 2026-08: KRW 20,700.00 per share

- 2026-09: KRW 20,200.00 per share

- 2026-10: KRW 19,840.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 17,291.32 per share, central KRW 19,020.45 per share, high KRW 21,133.84 per share

- FY2018: low KRW 18,453.27 per share, central KRW 20,298.60 per share, high KRW 22,554.00 per share

- FY2019: low KRW 10,531.84 per share, central KRW 12,618.00 per share, high KRW 15,734.77 per share

- FY2020: low KRW 11,650.97 per share, central KRW 13,891.27 per share, high KRW 17,198.23 per share

- FY2021: low KRW 12,477.33 per share, central KRW 14,900.70 per share, high KRW 18,492.30 per share

- FY2022: low KRW 11,945.68 per share, central KRW 14,293.18 per share, high KRW 17,788.97 per share

- FY2023: low KRW 14,394.16 per share, central KRW 17,389.50 per share, high KRW 21,959.05 per share

- FY2024: low KRW 16,925.53 per share, central KRW 20,586.42 per share, high KRW 26,268.03 per share

- FY2025: low KRW 18,446.23 per share, central KRW 22,377.97 per share, high KRW 28,439.81 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 2026-10-15T06:41:22.363Z 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.

Industrial Bank Of Korea

024110 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 19,740.00
Buy up to: KRW 23,902.31
Expected / yr: 11.0% 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

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: KRW 1.82T
Worst year: KRW 1.16T
Latest · 2025: KRW 2.71T

Earned a median 7.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 7.7%
Worst year: 5.3%
Latest · 2025: 7.5%

Book value plus dividends grew 8.1% a year (minimum 7%).

Annual book + dividend return

9y median: 10.3%
Worst year: -3.7%
Latest · 2025: 10.3%

Ordinary share growth was 2.9% over the full period and 2.9% over five years (either must be at most 2% a year).

Shares (first year = 100)

10y median: 114
Worst year: 129
Latest · 2025: 129

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 3,150.33 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 13200.00; 2016-11 · Price KRW 13050.00; 2016-12 · Price KRW 12700.00; 2017-01 · Price KRW 12700.00 · Value 19020.45 · Buy at or below 19020.45; 2017-02 · Price KRW 12350.00 · Value 19020.45 · Buy at or below 19020.45; 2017-03 · Price KRW 12200.00 · Value 19020.45 · Buy at or below 19020.45; 2017-04 · Price KRW 12500.00 · Value 19020.45 · Buy at or below 19020.45; 2017-05 · Price KRW 12900.00 · Value 19020.45 · Buy at or below 19020.45; 2017-06 · Price KRW 14250.00 · Value 19020.45 · Buy at or below 19020.45; 2017-07 · Price KRW 15450.00 · Value 19020.45 · Buy at or below 19020.45; 2017-08 · Price KRW 14950.00 · Value 19020.45 · Buy at or below 19020.45; 2017-09 · Price KRW 14400.00 · Value 19020.45 · Buy at or below 19020.45; 2017-10 · Price KRW 15350.00 · Value 19020.45 · Buy at or below 19020.45; 2017-11 · Price KRW 15900.00 · Value 19020.45 · Buy at or below 19020.45; 2017-12 · Price KRW 16450.00 · Value 19020.45 · Buy at or below 19020.45; 2018-01 · Price KRW 16650.00 · Value 19020.45 · Buy at or below 19020.45; 2018-02 · Price KRW 17200.00 · Value 20298.60 · Buy at or below 20298.60; 2018-03 · Price KRW 15350.00 · Value 20298.60 · Buy at or below 20298.60; 2018-04 · Price KRW 16850.00 · Value 20298.60 · Buy at or below 20298.60; 2018-05 · Price KRW 15600.00 · Value 20298.60 · Buy at or below 20298.60; 2018-06 · Price KRW 15400.00 · Value 20298.60 · Buy at or below 20298.60; 2018-07 · Price KRW 15650.00 · Value 20298.60 · Buy at or below 20298.60; 2018-08 · Price KRW 14900.00 · Value 20298.60 · Buy at or below 20298.60; 2018-09 · Price KRW 15250.00 · Value 20298.60 · Buy at or below 20298.60; 2018-10 · Price KRW 14850.00 · Value 20298.60 · Buy at or below 20298.60; 2018-11 · Price KRW 14800.00 · Value 20298.60 · Buy at or below 20298.60; 2018-12 · Price KRW 14050.00 · Value 20298.60 · Buy at or below 20298.60; 2019-01 · Price KRW 14250.00 · Value 20298.60 · Buy at or below 20298.60; 2019-02 · Price KRW 13950.00 · Value 12618.00 · Buy at or below 12618.00; 2019-03 · Price KRW 14050.00 · Value 12618.00 · Buy at or below 12618.00; 2019-04 · Price KRW 14150.00 · Value 12618.00 · Buy at or below 12618.00; 2019-05 · Price KRW 13850.00 · Value 12618.00 · Buy at or below 12618.00; 2019-06 · Price KRW 14050.00 · Value 12618.00 · Buy at or below 12618.00; 2019-07 · Price KRW 13150.00 · Value 12618.00 · Buy at or below 12618.00; 2019-08 · Price KRW 12400.00 · Value 12618.00 · Buy at or below 12618.00; 2019-09 · Price KRW 13200.00 · Value 12618.00 · Buy at or below 12618.00; 2019-10 · Price KRW 11800.00 · Value 12618.00 · Buy at or below 12618.00; 2019-11 · Price KRW 11750.00 · Value 12618.00 · Buy at or below 12618.00; 2019-12 · Price KRW 11800.00 · Value 12618.00 · Buy at or below 12618.00; 2020-01 · Price KRW 10750.00 · Value 12618.00 · Buy at or below 12618.00; 2020-02 · Price KRW 9510.00 · Value 13891.27 · Buy at or below 13891.27; 2020-03 · Price KRW 7500.00 · Value 13891.27 · Buy at or below 13891.27; 2020-04 · Price KRW 7900.00 · Value 13891.27 · Buy at or below 13891.27; 2020-05 · Price KRW 8280.00 · Value 13891.27 · Buy at or below 13891.27; 2020-06 · Price KRW 8080.00 · Value 13891.27 · Buy at or below 13891.27; 2020-07 · Price KRW 8110.00 · Value 13891.27 · Buy at or below 13891.27; 2020-08 · Price KRW 8090.00 · Value 13891.27 · Buy at or below 13891.27; 2020-09 · Price KRW 8010.00 · Value 13891.27 · Buy at or below 13891.27; 2020-10 · Price KRW 8170.00 · Value 13891.27 · Buy at or below 13891.27; 2020-11 · Price KRW 9300.00 · Value 13891.27 · Buy at or below 13891.27; 2020-12 · Price KRW 8840.00 · Value 13891.27 · Buy at or below 13891.27; 2021-01 · Price KRW 7830.00 · Value 13891.27 · Buy at or below 13891.27; 2021-02 · Price KRW 8330.00 · Value 14900.70 · Buy at or below 14900.70; 2021-03 · Price KRW 9160.00 · Value 14900.70 · Buy at or below 14900.70; 2021-04 · Price KRW 9690.00 · Value 14900.70 · Buy at or below 14900.70; 2021-05 · Price KRW 10800.00 · Value 14900.70 · Buy at or below 14900.70; 2021-06 · Price KRW 10500.00 · Value 14900.70 · Buy at or below 14900.70; 2021-07 · Price KRW 10300.00 · Value 14900.70 · Buy at or below 14900.70; 2021-08 · Price KRW 10300.00 · Value 14900.70 · Buy at or below 14900.70; 2021-09 · Price KRW 10500.00 · Value 14900.70 · Buy at or below 14900.70; 2021-10 · Price KRW 11050.00 · Value 14900.70 · Buy at or below 14900.70; 2021-11 · Price KRW 10300.00 · Value 14900.70 · Buy at or below 14900.70; 2021-12 · Price KRW 10300.00 · Value 14900.70 · Buy at or below 14900.70; 2022-01 · Price KRW 10350.00 · Value 14900.70 · Buy at or below 14900.70; 2022-02 · Price KRW 10450.00 · Value 14293.18 · Buy at or below 14293.18; 2022-03 · Price KRW 10850.00 · Value 14293.18 · Buy at or below 14293.18; 2022-04 · Price KRW 11250.00 · Value 14293.18 · Buy at or below 14293.18; 2022-05 · Price KRW 11250.00 · Value 14293.18 · Buy at or below 14293.18; 2022-06 · Price KRW 9620.00 · Value 14293.18 · Buy at or below 14293.18; 2022-07 · Price KRW 9390.00 · Value 14293.18 · Buy at or below 14293.18; 2022-08 · Price KRW 9570.00 · Value 14293.18 · Buy at or below 14293.18; 2022-09 · Price KRW 9520.00 · Value 14293.18 · Buy at or below 14293.18; 2022-10 · Price KRW 10450.00 · Value 14293.18 · Buy at or below 14293.18; 2022-11 · Price KRW 11200.00 · Value 14293.18 · Buy at or below 14293.18; 2022-12 · Price KRW 9820.00 · Value 14293.18 · Buy at or below 14293.18; 2023-01 · Price KRW 10250.00 · Value 14293.18 · Buy at or below 14293.18; 2023-02 · Price KRW 10380.00 · Value 17389.50 · Buy at or below 17389.50; 2023-03 · Price KRW 10100.00 · Value 17389.50 · Buy at or below 17389.50; 2023-04 · Price KRW 10060.00 · Value 17389.50 · Buy at or below 17389.50; 2023-05 · Price KRW 10210.00 · Value 17389.50 · Buy at or below 17389.50; 2023-06 · Price KRW 10340.00 · Value 17389.50 · Buy at or below 17389.50; 2023-07 · Price KRW 10390.00 · Value 17389.50 · Buy at or below 17389.50; 2023-08 · Price KRW 10760.00 · Value 17389.50 · Buy at or below 17389.50; 2023-09 · Price KRW 11210.00 · Value 17389.50 · Buy at or below 17389.50; 2023-10 · Price KRW 11170.00 · Value 17389.50 · Buy at or below 17389.50; 2023-11 · Price KRW 11830.00 · Value 17389.50 · Buy at or below 17389.50; 2023-12 · Price KRW 11860.00 · Value 17389.50 · Buy at or below 17389.50; 2024-01 · Price KRW 12520.00 · Value 17389.50 · Buy at or below 17389.50; 2024-02 · Price KRW 14000.00 · Value 20586.42 · Buy at or below 20586.42; 2024-03 · Price KRW 13500.00 · Value 20586.42 · Buy at or below 20586.42; 2024-04 · Price KRW 13950.00 · Value 20586.42 · Buy at or below 20586.42; 2024-05 · Price KRW 13760.00 · Value 20586.42 · Buy at or below 20586.42; 2024-06 · Price KRW 14020.00 · Value 20586.42 · Buy at or below 20586.42; 2024-07 · Price KRW 14000.00 · Value 20586.42 · Buy at or below 20586.42; 2024-08 · Price KRW 13810.00 · Value 20586.42 · Buy at or below 20586.42; 2024-09 · Price KRW 13970.00 · Value 20586.42 · Buy at or below 20586.42; 2024-10 · Price KRW 14100.00 · Value 20586.42 · Buy at or below 20586.42; 2024-11 · Price KRW 14880.00 · Value 20586.42 · Buy at or below 20586.42; 2024-12 · Price KRW 14330.00 · Value 20586.42 · Buy at or below 20586.42; 2025-01 · Price KRW 15530.00 · Value 20586.42 · Buy at or below 20586.42; 2025-02 · Price KRW 15590.00 · Value 22377.97 · Buy at or below 22377.97; 2025-03 · Price KRW 14220.00 · Value 22377.97 · Buy at or below 22377.97; 2025-04 · Price KRW 15340.00 · Value 22377.97 · Buy at or below 22377.97; 2025-05 · Price KRW 15740.00 · Value 22377.97 · Buy at or below 22377.97; 2025-06 · Price KRW 18260.00 · Value 22377.97 · Buy at or below 22377.97; 2025-07 · Price KRW 19420.00 · Value 22377.97 · Buy at or below 22377.97; 2025-08 · Price KRW 19020.00 · Value 22377.97 · Buy at or below 22377.97; 2025-09 · Price KRW 19460.00 · Value 22377.97 · Buy at or below 22377.97; 2025-10 · Price KRW 19330.00 · Value 22377.97 · Buy at or below 22377.97; 2025-11 · Price KRW 20550.00 · Value 22377.97 · Buy at or below 22377.97; 2025-12 · Price KRW 20950.00 · Value 22377.97 · Buy at or below 22377.97; 2026-01 · Price KRW 22150.00 · Value 22377.97 · Buy at or below 22377.97; 2026-02 · Price KRW 25750.00 · Value 23902.31 · Buy at or below 23902.31; 2026-03 · Price KRW 21350.00 · Value 23902.31 · Buy at or below 23902.31; 2026-04 · Price KRW 22600.00 · Value 23902.31 · Buy at or below 23902.31; 2026-05 · Price KRW 20200.00 · Value 23902.31 · Buy at or below 23902.31; 2026-06 · Price KRW 19900.00 · Value 23902.31 · Buy at or below 23902.31; 2026-07 · Price KRW 20650.00 · Value 23902.31 · Buy at or below 23902.31; 2026-08 · Price KRW 20700.00 · Value 23902.31 · Buy at or below 23902.31; 2026-09 · Price KRW 20200.00 · Value 23902.31 · Buy at or below 23902.31; 2026-10 · Price KRW 19840.00 · Value 23902.31 · Buy at or below 23902.31; 2026-10 · Price KRW 19740.00 · Value 23902.31 · Buy at or below 23902.31

KRW per share · annual estimates

Price & return math
Value range	KRW 19,702.74 – KRW 30,377.06
Buy at or below	Central value KRW 23,902.31
Discount to value	1 − 19740.00 / 23902.31 = 17.4%
Return / year	About 11.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 45214.40/share; ROE 7.8%; first payout KRW 1121.40/share, growing 5.3% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 2.71T

Net income

Book / shareKRW 42K

Book / share

Dividend / shareKRW 1K

Dividend / share

Return on tangible equity7.5%

Return on tangible equity

Diluted shares852M

Diluted shares

Prices 15 Oct 2026 · FY2025