# Dongsuh (026960.KO)

Canonical: https://gigainvestors.com/s/026960.KO

Analysis as of: 2026-10-16T07:40:52.838Z. Financial observations: FY2003–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 27,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 25,499.25 per share, central KRW 27,952.93 per share, high KRW 31,219.29 per share. Buy at or below the central value KRW 27,952.93 per share. Valuation as of 2026-10-16T07:40:52.838Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.09×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.09×

- LTM to Jun 2026: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 16.7%

- Recent gross margin (lower of latest and 3-year median): 16.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 16.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.1%

- FY2017: 6.1%

- FY2018: 5.2%

- FY2019: 5.0%

- FY2020: 5.0%

- FY2021: 4.1%

- FY2022: 4.6%

- FY2023: 4.5%

- FY2024: 4.3%

- FY2025: 4.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 739B

- Net income, five-year total: KRW 728B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.5 pp

- Working capital / revenue, final three-year average: 15.5%

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

- FY2021: 1.03×

- FY2022: 1.01×

- FY2023: 1.01×

- FY2024: 1.02×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.1% vs 4.3%

- Per-share earnings: 1236.16 to 1468.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW -230B

- Cumulative retained earnings: KRW 495B

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.9%

- Per-share value change: KRW 231.84

- Per-share value, starting three-year median: KRW 1K

- Per-share value, ending three-year median: KRW 1K

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 0.2%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 2.3B

- Cumulative net income, 10 years: KRW 1.34T

- ROIC, first three-year median: 6.1%

- ROIC, last three-year median: 4.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 1K

- FY2018: KRW 1K

- FY2019: KRW 1K

- FY2020: KRW 1K

- FY2021: KRW 1K

- FY2022: KRW 2K

- FY2023: KRW 1K

- FY2024: KRW 2K

- FY2025: KRW 1K

### accounting: pass

- Sloan accruals: 2.1%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.9%

- FY2017: 0.8%

- FY2018: 1.5%

- FY2019: 2.0%

- FY2020: 2.2%

- FY2021: 1.8%

- FY2022: 5.0%

- FY2023: 1.6%

- FY2024: 2.5%

- FY2025: 2.1%

## Holders

## Price story

Down 22% since Oct 2021 · sales +1%

Story as of 2026-10-16T10:00:11.703Z; price observation 2026-10-15.

Price needs cash profits to grow 0.4% a year for ten years

### Sales · FY2025–2026

sales +1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 559B 

- FY2018: KRW 564B 

- FY2019: KRW 502B 

- FY2020: KRW 493B 

- FY2021: KRW 535B 

- FY2022: KRW 556B 

- FY2023: KRW 490B 

- FY2024: KRW 489B 

- FY2025: KRW 533B 

- FY2026: KRW 538B 

### Gross margin · FY2025

gross margin 16.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.8% 

- FY2017: 16.9% 

- FY2018: 16.0% 

- FY2019: 16.7% 

- FY2020: 16.7% 

- FY2021: 14.8% 

- FY2022: 14.7% 

- FY2023: 17.6% 

- FY2024: 17.5% 

- FY2025: 16.5% 

## Owner memo

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

### How it makes money

Operates in food distribution; annual sales are KRW 532.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2025: revenue 532878500920; grossProfit 87846070270; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 026960.KO: Dong Suh Companies Inc. engages in the food, packaging, tea, logistics, and import and export businesses. The company produces, imports, and sells food, such as palm oils, cheese, processed fruit and vegetable products, and processed grain products; packaging materials, such as flexible packaging films for food; and tea products, such as coffee, brown rice green tea, and roundworm tea, as well as desserts. Dong Suh Companies Inc. was founded in 1975 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 16.5% to 17.6% during 2023–25; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2023: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2024: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2025: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); 10-year return on capital observations [[2016,0.060639957132734866],[2017,0.0605151351020739],[2018,0.0516340467489785],[2019,0.050227329666075404],[2020,0.050349234331551924],[2021,0.04088888847670534],[2022,0.046352823613839376],[2023,0.044674581205973465],[2024,0.04308396444173352],[2025,0.04256953713967759]]; median 0.048290076639957394. 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 2026-10-16T07:40:52.838Z); FY2016: growth capex 0; upkeep 4498670000; owner earnings 101974400050. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2017: growth capex 0; upkeep 2571216510; owner earnings 108874508610. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2018: growth capex 0; upkeep 2054108960; owner earnings 93318644050. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2019: growth capex 0; upkeep 1044111620; owner earnings 142211260500. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2020: growth capex 0; upkeep 2688481140; owner earnings 120186321208. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2021: growth capex 0; upkeep 2163214510; owner earnings 116290941848. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2022: growth capex 0; upkeep 3129521770; owner earnings 169633964964. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2023: growth capex 0; upkeep 3031605470; owner earnings 146175320252. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2024: growth capex 0; upkeep 1262537830; owner earnings 159857445900. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); FY2025: growth capex 0; upkeep 2135889690; owner earnings 146542920938. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); Dividend observations: [[2016,68200090410],[2017,68200090410],[2018,71571566100],[2019,84861566100],[2020,71361566100],[2021,71361566100],[2022,70611566100],[2023,73581941790],[2024,78505367940],[2025,114027476220]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 68.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 026960.KO SharesStats.PercentInsiders = 68.786 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:52.838Z); Ten-year compound average after fade. Initial solved rate -0.0076517929954871625. Price 27100; 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 27,150.00 per share

- 2016-11: KRW 26,600.00 per share

- 2016-12: KRW 27,550.00 per share

- 2017-01: KRW 25,600.00 per share

- 2017-02: KRW 25,500.00 per share

- 2017-03: KRW 29,700.00 per share

- 2017-04: KRW 30,850.00 per share

- 2017-05: KRW 32,400.00 per share

- 2017-06: KRW 30,600.00 per share

- 2017-07: KRW 29,550.00 per share

- 2017-08: KRW 26,500.00 per share

- 2017-09: KRW 26,800.00 per share

- 2017-10: KRW 27,500.00 per share

- 2017-11: KRW 29,850.00 per share

- 2017-12: KRW 29,100.00 per share

- 2018-01: KRW 29,250.00 per share

- 2018-02: KRW 27,850.00 per share

- 2018-03: KRW 26,850.00 per share

- 2018-04: KRW 27,550.00 per share

- 2018-05: KRW 25,950.00 per share

- 2018-06: KRW 26,150.00 per share

- 2018-07: KRW 25,500.00 per share

- 2018-08: KRW 22,650.00 per share

- 2018-09: KRW 21,000.00 per share

- 2018-10: KRW 18,650.00 per share

- 2018-11: KRW 17,850.00 per share

- 2018-12: KRW 17,900.00 per share

- 2019-01: KRW 19,200.00 per share

- 2019-02: KRW 19,750.00 per share

- 2019-03: KRW 19,700.00 per share

- 2019-04: KRW 19,550.00 per share

- 2019-05: KRW 18,900.00 per share

- 2019-06: KRW 19,250.00 per share

- 2019-07: KRW 17,850.00 per share

- 2019-08: KRW 18,000.00 per share

- 2019-09: KRW 18,000.00 per share

- 2019-10: KRW 17,500.00 per share

- 2019-11: KRW 17,300.00 per share

- 2019-12: KRW 17,400.00 per share

- 2020-01: KRW 16,300.00 per share

- 2020-02: KRW 15,650.00 per share

- 2020-03: KRW 15,750.00 per share

- 2020-04: KRW 17,300.00 per share

- 2020-05: KRW 16,700.00 per share

- 2020-06: KRW 15,850.00 per share

- 2020-07: KRW 21,600.00 per share

- 2020-08: KRW 25,550.00 per share

- 2020-09: KRW 29,650.00 per share

- 2020-10: KRW 28,950.00 per share

- 2020-11: KRW 34,000.00 per share

- 2020-12: KRW 33,950.00 per share

- 2021-01: KRW 30,850.00 per share

- 2021-02: KRW 40,300.00 per share

- 2021-03: KRW 31,950.00 per share

- 2021-04: KRW 31,450.00 per share

- 2021-05: KRW 29,950.00 per share

- 2021-06: KRW 30,500.00 per share

- 2021-07: KRW 30,400.00 per share

- 2021-08: KRW 28,900.00 per share

- 2021-09: KRW 29,200.00 per share

- 2021-10: KRW 34,600.00 per share

- 2021-11: KRW 31,700.00 per share

- 2021-12: KRW 31,000.00 per share

- 2022-01: KRW 25,300.00 per share

- 2022-02: KRW 26,950.00 per share

- 2022-03: KRW 27,400.00 per share

- 2022-04: KRW 26,800.00 per share

- 2022-05: KRW 27,500.00 per share

- 2022-06: KRW 26,200.00 per share

- 2022-07: KRW 25,300.00 per share

- 2022-08: KRW 24,450.00 per share

- 2022-09: KRW 20,800.00 per share

- 2022-10: KRW 20,400.00 per share

- 2022-11: KRW 21,400.00 per share

- 2022-12: KRW 20,200.00 per share

- 2023-01: KRW 20,900.00 per share

- 2023-02: KRW 19,330.00 per share

- 2023-03: KRW 19,630.00 per share

- 2023-04: KRW 19,210.00 per share

- 2023-05: KRW 20,350.00 per share

- 2023-06: KRW 19,020.00 per share

- 2023-07: KRW 18,110.00 per share

- 2023-08: KRW 17,910.00 per share

- 2023-09: KRW 16,820.00 per share

- 2023-10: KRW 17,260.00 per share

- 2023-11: KRW 18,330.00 per share

- 2023-12: KRW 18,200.00 per share

- 2024-01: KRW 17,260.00 per share

- 2024-02: KRW 17,490.00 per share

- 2024-03: KRW 17,110.00 per share

- 2024-04: KRW 19,070.00 per share

- 2024-05: KRW 18,750.00 per share

- 2024-06: KRW 19,200.00 per share

- 2024-07: KRW 18,630.00 per share

- 2024-08: KRW 18,630.00 per share

- 2024-09: KRW 19,140.00 per share

- 2024-10: KRW 26,650.00 per share

- 2024-11: KRW 27,950.00 per share

- 2024-12: KRW 27,350.00 per share

- 2025-01: KRW 23,250.00 per share

- 2025-02: KRW 23,500.00 per share

- 2025-03: KRW 26,650.00 per share

- 2025-04: KRW 26,000.00 per share

- 2025-05: KRW 26,000.00 per share

- 2025-06: KRW 28,400.00 per share

- 2025-07: KRW 29,800.00 per share

- 2025-08: KRW 27,250.00 per share

- 2025-09: KRW 26,900.00 per share

- 2025-10: KRW 27,000.00 per share

- 2025-11: KRW 27,400.00 per share

- 2025-12: KRW 26,850.00 per share

- 2026-01: KRW 26,000.00 per share

- 2026-02: KRW 27,450.00 per share

- 2026-03: KRW 27,350.00 per share

- 2026-04: KRW 26,700.00 per share

- 2026-05: KRW 24,550.00 per share

- 2026-06: KRW 23,600.00 per share

- 2026-07: KRW 25,500.00 per share

- 2026-08: KRW 25,850.00 per share

- 2026-09: KRW 25,350.00 per share

- 2026-10: KRW 27,250.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 17,870.65 per share, central KRW 19,528.47 per share, high KRW 21,735.38 per share

- FY2018: low KRW 18,193.98 per share, central KRW 19,867.76 per share, high KRW 22,095.93 per share

- FY2019: low KRW 17,212.74 per share, central KRW 18,706.53 per share, high KRW 20,695.08 per share

- FY2020: low KRW 17,369.71 per share, central KRW 18,864.28 per share, high KRW 20,853.88 per share

- FY2021: low KRW 19,572.47 per share, central KRW 21,348.60 per share, high KRW 23,713.01 per share

- FY2022: low KRW 21,878.36 per share, central KRW 23,950.03 per share, high KRW 26,707.86 per share

- FY2023: low KRW 22,692.42 per share, central KRW 24,810.08 per share, high KRW 27,629.15 per share

- FY2024: low KRW 23,880.95 per share, central KRW 26,110.17 per share, high KRW 29,077.73 per share

- FY2025: low KRW 25,230.76 per share, central KRW 27,659.78 per share, high KRW 30,893.31 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 2026-10-15T06:46:41.643Z 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.

Dongsuh

026960 · KO

KOSPI 200

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: KRW 27,100.00
Buy up to: KRW 27,952.93
Expected / yr: 10.3% 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 9.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 8.2%
Worst year: 7.0%
Latest · LTM: 7.8%

Capital return excluding acquisitions: median 4.8% (minimum 15%), and the second-worst year 4.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 4.8%
Worst year: 4.1%
Latest · 2025: 4.3%

Each $1 of profit left $1.01 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.01×
Annual median: 1.01×
Latest · 2025: 1.01×

Per-share value rose from 1236.16 to 1468, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: KRW 1K
Worst year: KRW 1K
Latest · 2025: KRW 1K

Profits were backed by cash: accruals were 2.1% of assets (limit 10%).

Sloan accruals

10y median: 1.9%
Worst year: 5.0%
Latest · 2025: 2.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 8.3%, three-year average owner earnings per share 1,528.88 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 27150.00; 2016-11 · Price KRW 26600.00; 2016-12 · Price KRW 27550.00; 2017-01 · Price KRW 25600.00 · Value 19528.47 · Buy at or below 19528.47; 2017-02 · Price KRW 25500.00 · Value 19528.47 · Buy at or below 19528.47; 2017-03 · Price KRW 29700.00 · Value 19528.47 · Buy at or below 19528.47; 2017-04 · Price KRW 30850.00 · Value 19528.47 · Buy at or below 19528.47; 2017-05 · Price KRW 32400.00 · Value 19528.47 · Buy at or below 19528.47; 2017-06 · Price KRW 30600.00 · Value 19528.47 · Buy at or below 19528.47; 2017-07 · Price KRW 29550.00 · Value 19528.47 · Buy at or below 19528.47; 2017-08 · Price KRW 26500.00 · Value 19528.47 · Buy at or below 19528.47; 2017-09 · Price KRW 26800.00 · Value 19528.47 · Buy at or below 19528.47; 2017-10 · Price KRW 27500.00 · Value 19528.47 · Buy at or below 19528.47; 2017-11 · Price KRW 29850.00 · Value 19528.47 · Buy at or below 19528.47; 2017-12 · Price KRW 29100.00 · Value 19528.47 · Buy at or below 19528.47; 2018-01 · Price KRW 29250.00 · Value 19528.47 · Buy at or below 19528.47; 2018-02 · Price KRW 27850.00 · Value 19867.76 · Buy at or below 19867.76; 2018-03 · Price KRW 26850.00 · Value 19867.76 · Buy at or below 19867.76; 2018-04 · Price KRW 27550.00 · Value 19867.76 · Buy at or below 19867.76; 2018-05 · Price KRW 25950.00 · Value 19867.76 · Buy at or below 19867.76; 2018-06 · Price KRW 26150.00 · Value 19867.76 · Buy at or below 19867.76; 2018-07 · Price KRW 25500.00 · Value 19867.76 · Buy at or below 19867.76; 2018-08 · Price KRW 22650.00 · Value 19867.76 · Buy at or below 19867.76; 2018-09 · Price KRW 21000.00 · Value 19867.76 · Buy at or below 19867.76; 2018-10 · Price KRW 18650.00 · Value 19867.76 · Buy at or below 19867.76; 2018-11 · Price KRW 17850.00 · Value 19867.76 · Buy at or below 19867.76; 2018-12 · Price KRW 17900.00 · Value 19867.76 · Buy at or below 19867.76; 2019-01 · Price KRW 19200.00 · Value 19867.76 · Buy at or below 19867.76; 2019-02 · Price KRW 19750.00 · Value 18706.53 · Buy at or below 18706.53; 2019-03 · Price KRW 19700.00 · Value 18706.53 · Buy at or below 18706.53; 2019-04 · Price KRW 19550.00 · Value 18706.53 · Buy at or below 18706.53; 2019-05 · Price KRW 18900.00 · Value 18706.53 · Buy at or below 18706.53; 2019-06 · Price KRW 19250.00 · Value 18706.53 · Buy at or below 18706.53; 2019-07 · Price KRW 17850.00 · Value 18706.53 · Buy at or below 18706.53; 2019-08 · Price KRW 18000.00 · Value 18706.53 · Buy at or below 18706.53; 2019-09 · Price KRW 18000.00 · Value 18706.53 · Buy at or below 18706.53; 2019-10 · Price KRW 17500.00 · Value 18706.53 · Buy at or below 18706.53; 2019-11 · Price KRW 17300.00 · Value 18706.53 · Buy at or below 18706.53; 2019-12 · Price KRW 17400.00 · Value 18706.53 · Buy at or below 18706.53; 2020-01 · Price KRW 16300.00 · Value 18706.53 · Buy at or below 18706.53; 2020-02 · Price KRW 15650.00 · Value 18864.28 · Buy at or below 18864.28; 2020-03 · Price KRW 15750.00 · Value 18864.28 · Buy at or below 18864.28; 2020-04 · Price KRW 17300.00 · Value 18864.28 · Buy at or below 18864.28; 2020-05 · Price KRW 16700.00 · Value 18864.28 · Buy at or below 18864.28; 2020-06 · Price KRW 15850.00 · Value 18864.28 · Buy at or below 18864.28; 2020-07 · Price KRW 21600.00 · Value 18864.28 · Buy at or below 18864.28; 2020-08 · Price KRW 25550.00 · Value 18864.28 · Buy at or below 18864.28; 2020-09 · Price KRW 29650.00 · Value 18864.28 · Buy at or below 18864.28; 2020-10 · Price KRW 28950.00 · Value 18864.28 · Buy at or below 18864.28; 2020-11 · Price KRW 34000.00 · Value 18864.28 · Buy at or below 18864.28; 2020-12 · Price KRW 33950.00 · Value 18864.28 · Buy at or below 18864.28; 2021-01 · Price KRW 30850.00 · Value 18864.28 · Buy at or below 18864.28; 2021-02 · Price KRW 40300.00 · Value 21348.60 · Buy at or below 21348.60; 2021-03 · Price KRW 31950.00 · Value 21348.60 · Buy at or below 21348.60; 2021-04 · Price KRW 31450.00 · Value 21348.60 · Buy at or below 21348.60; 2021-05 · Price KRW 29950.00 · Value 21348.60 · Buy at or below 21348.60; 2021-06 · Price KRW 30500.00 · Value 21348.60 · Buy at or below 21348.60; 2021-07 · Price KRW 30400.00 · Value 21348.60 · Buy at or below 21348.60; 2021-08 · Price KRW 28900.00 · Value 21348.60 · Buy at or below 21348.60; 2021-09 · Price KRW 29200.00 · Value 21348.60 · Buy at or below 21348.60; 2021-10 · Price KRW 34600.00 · Value 21348.60 · Buy at or below 21348.60; 2021-11 · Price KRW 31700.00 · Value 21348.60 · Buy at or below 21348.60; 2021-12 · Price KRW 31000.00 · Value 21348.60 · Buy at or below 21348.60; 2022-01 · Price KRW 25300.00 · Value 21348.60 · Buy at or below 21348.60; 2022-02 · Price KRW 26950.00 · Value 23950.03 · Buy at or below 23950.03; 2022-03 · Price KRW 27400.00 · Value 23950.03 · Buy at or below 23950.03; 2022-04 · Price KRW 26800.00 · Value 23950.03 · Buy at or below 23950.03; 2022-05 · Price KRW 27500.00 · Value 23950.03 · Buy at or below 23950.03; 2022-06 · Price KRW 26200.00 · Value 23950.03 · Buy at or below 23950.03; 2022-07 · Price KRW 25300.00 · Value 23950.03 · Buy at or below 23950.03; 2022-08 · Price KRW 24450.00 · Value 23950.03 · Buy at or below 23950.03; 2022-09 · Price KRW 20800.00 · Value 23950.03 · Buy at or below 23950.03; 2022-10 · Price KRW 20400.00 · Value 23950.03 · Buy at or below 23950.03; 2022-11 · Price KRW 21400.00 · Value 23950.03 · Buy at or below 23950.03; 2022-12 · Price KRW 20200.00 · Value 23950.03 · Buy at or below 23950.03; 2023-01 · Price KRW 20900.00 · Value 23950.03 · Buy at or below 23950.03; 2023-02 · Price KRW 19330.00 · Value 24810.08 · Buy at or below 24810.08; 2023-03 · Price KRW 19630.00 · Value 24810.08 · Buy at or below 24810.08; 2023-04 · Price KRW 19210.00 · Value 24810.08 · Buy at or below 24810.08; 2023-05 · Price KRW 20350.00 · Value 24810.08 · Buy at or below 24810.08; 2023-06 · Price KRW 19020.00 · Value 24810.08 · Buy at or below 24810.08; 2023-07 · Price KRW 18110.00 · Value 24810.08 · Buy at or below 24810.08; 2023-08 · Price KRW 17910.00 · Value 24810.08 · Buy at or below 24810.08; 2023-09 · Price KRW 16820.00 · Value 24810.08 · Buy at or below 24810.08; 2023-10 · Price KRW 17260.00 · Value 24810.08 · Buy at or below 24810.08; 2023-11 · Price KRW 18330.00 · Value 24810.08 · Buy at or below 24810.08; 2023-12 · Price KRW 18200.00 · Value 24810.08 · Buy at or below 24810.08; 2024-01 · Price KRW 17260.00 · Value 24810.08 · Buy at or below 24810.08; 2024-02 · Price KRW 17490.00 · Value 26110.17 · Buy at or below 26110.17; 2024-03 · Price KRW 17110.00 · Value 26110.17 · Buy at or below 26110.17; 2024-04 · Price KRW 19070.00 · Value 26110.17 · Buy at or below 26110.17; 2024-05 · Price KRW 18750.00 · Value 26110.17 · Buy at or below 26110.17; 2024-06 · Price KRW 19200.00 · Value 26110.17 · Buy at or below 26110.17; 2024-07 · Price KRW 18630.00 · Value 26110.17 · Buy at or below 26110.17; 2024-08 · Price KRW 18630.00 · Value 26110.17 · Buy at or below 26110.17; 2024-09 · Price KRW 19140.00 · Value 26110.17 · Buy at or below 26110.17; 2024-10 · Price KRW 26650.00 · Value 26110.17 · Buy at or below 26110.17; 2024-11 · Price KRW 27950.00 · Value 26110.17 · Buy at or below 26110.17; 2024-12 · Price KRW 27350.00 · Value 26110.17 · Buy at or below 26110.17; 2025-01 · Price KRW 23250.00 · Value 26110.17 · Buy at or below 26110.17; 2025-02 · Price KRW 23500.00 · Value 27659.78 · Buy at or below 27659.78; 2025-03 · Price KRW 26650.00 · Value 27659.78 · Buy at or below 27659.78; 2025-04 · Price KRW 26000.00 · Value 27659.78 · Buy at or below 27659.78; 2025-05 · Price KRW 26000.00 · Value 27659.78 · Buy at or below 27659.78; 2025-06 · Price KRW 28400.00 · Value 27659.78 · Buy at or below 27659.78; 2025-07 · Price KRW 29800.00 · Value 27659.78 · Buy at or below 27659.78; 2025-08 · Price KRW 27250.00 · Value 27659.78 · Buy at or below 27659.78; 2025-09 · Price KRW 26900.00 · Value 27659.78 · Buy at or below 27659.78; 2025-10 · Price KRW 27000.00 · Value 27659.78 · Buy at or below 27659.78; 2025-11 · Price KRW 27400.00 · Value 27659.78 · Buy at or below 27659.78; 2025-12 · Price KRW 26850.00 · Value 27659.78 · Buy at or below 27659.78; 2026-01 · Price KRW 26000.00 · Value 27659.78 · Buy at or below 27659.78; 2026-02 · Price KRW 27450.00 · Value 27952.93 · Buy at or below 27952.93; 2026-03 · Price KRW 27350.00 · Value 27952.93 · Buy at or below 27952.93; 2026-04 · Price KRW 26700.00 · Value 27952.93 · Buy at or below 27952.93; 2026-05 · Price KRW 24550.00 · Value 27952.93 · Buy at or below 27952.93; 2026-06 · Price KRW 23600.00 · Value 27952.93 · Buy at or below 27952.93; 2026-07 · Price KRW 25500.00 · Value 27952.93 · Buy at or below 27952.93; 2026-08 · Price KRW 25850.00 · Value 27952.93 · Buy at or below 27952.93; 2026-09 · Price KRW 25350.00 · Value 27952.93 · Buy at or below 27952.93; 2026-10 · Price KRW 27250.00 · Value 27952.93 · Buy at or below 27952.93; 2026-10 · Price KRW 27100.00 · Value 27952.93 · Buy at or below 27952.93

KRW per share · annual estimates

Price & return math
Value range	KRW 25,499.25 – KRW 31,219.29
Buy at or below	Central value KRW 27,952.93
Discount to value	1 − 27100.00 / 27952.93 = 3.1%
Return / year	About 10.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 1628.14/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 7703.24/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 538B

Revenue

Owner earningsKRW 147B

Owner earnings

Operating margin7.8%

Operating margin

Net cash / debtKRW 760B

Net cash / debt

Diluted shares99M

Diluted shares

Prices 15 Oct 2026 · FY2025