# BGF Retail (027410.KO)

Canonical: https://gigainvestors.com/s/027410.KO

Analysis as of: 2026-10-16T07:50:02.264Z. Financial observations: FY2013–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 3,560.00 per share; close as of 2026-10-15.

Estimated value: low KRW 13,330.36 per share, central KRW 14,827.52 per share, high KRW 16,820.56 per share. Buy at or below the central value KRW 14,827.52 per share. Valuation as of 2026-10-16T07:50:02.264Z; scenarios are not confidence intervals.

Expected annual return: 91.4% at the stated quote. About 91.4% 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: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.09×

- FY2021: 0.06×

- FY2022: 0.14×

- FY2023: 0.17×

- FY2024: 0.13×

- FY2025: 0.13×

- LTM to Jun 2026: 0.13×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: 0.9%

- Typical minus recent gross margin: 5.7 pp

- Typical gross margin (annual median): 36.9%

- Recent gross margin (lower of latest and 3-year median): 31.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.1%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 2.7%

- FY2018: 2.2%

- FY2019: 1.6%

- FY2020: 0.9%

- FY2021: 0.6%

- FY2022: 4.7%

- FY2023: 3.8%

- FY2024: 3.4%

- FY2025: 3.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 237B

- Net income, five-year total: KRW 318B

- Return on incremental invested capital: -12.9%

- Working capital / revenue, annual change: 3.5 pp

- Working capital / revenue, change between three-year averages: 22.3 pp

- Working capital / revenue, final three-year average: 29.6%

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

- FY2021: 0.91×

- FY2022: 0.82×

- FY2023: 0.93×

- FY2024: 0.98×

- FY2025: -0.08×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.7% vs 3.6%

- Per-share earnings: 3703.60 to 813.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW -1.88T

- Cumulative retained earnings: KRW 148B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -19.5%

- Per-share value change: KRW -3K

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

- Per-share value, ending three-year median: KRW 813.00

- Buybacks concentrated in cheaper years (correlation): 0.26

- Average buyback yield: 0.0%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 304B

- Cumulative net income, 10 years: KRW 4.10T

- ROIC, first three-year median: 2.7%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 75K

- FY2018: KRW 506.17

- FY2019: KRW 280.76

- FY2020: KRW 284.64

- FY2021: KRW 684.76

- FY2022: KRW 247.00

- FY2023: KRW 813.00

- FY2024: KRW 963.00

- FY2025: KRW 618.00

### accounting: pass

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 0.81×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.7%

- FY2017: 362.8%

- FY2018: 4.8%

- FY2019: 0.8%

- FY2020: 0.4%

- FY2021: 3.2%

- FY2022: 1.2%

- FY2023: 0.3%

- FY2024: 1.9%

- FY2025: 0.3%

## Holders

## Price story

Down 37% since Apr 2022 · sales -0.1%

Story as of 2026-10-16T10:00:13.837Z; price observation 2026-10-15.

Price needs cash profits to shrink 33.2% a year for ten years

### Sales · FY2025–2026

sales -0.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 124B 

- FY2018: KRW 221B 

- FY2019: KRW 240B 

- FY2020: KRW 154B 

- FY2021: KRW 207B 

- FY2022: KRW 435B 

- FY2023: KRW 356B 

- FY2024: KRW 434B 

- FY2025: KRW 469B 

- FY2026: KRW 469B 

### Gross margin · FY2025

gross margin 31.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.9% 

- FY2017: 63.5% 

- FY2018: 54.4% 

- FY2019: 54.3% 

- FY2020: 43.8% 

- FY2021: 39.1% 

- FY2022: 30.2% 

- FY2023: 34.8% 

- FY2024: 32.6% 

- FY2025: 31.2% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are KRW 469.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2025: revenue 469468454550; grossProfit 146522337500; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 027410.KO: BGF Co., Ltd. engages in the courier, advertising, delivery, data processing, and e-commerce businesses in South Korea. It is also involved in retailing of food, processed foods, tobacco, processed meals, food ingredients, beverages, dairy products, alcohol, instant cooking products, quick meals, confectionery products, ice creams, breads, desserts, snacks, and non-food items. In addition, the company manufactures and sells high-performance polyester and various plastic products, as well as provides Nizi-based advertising, convenience store delivery, biz messaging, and mobile gift certificates. Further, it is involved in the logistics business, and food manufacturing and distribution. The company was founded in 1989 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 31.2% to 34.8% during 2023–25; it earns 3.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2023: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2024: grossProfit / revenue = 32.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2025: grossProfit / revenue = 31.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); 10-year return on capital observations [[2016,1.5167502175307552],[2017,0.02702274115032445],[2018,0.02199491689954553],[2019,0.01634794453445351],[2020,0.008515305661964869],[2021,0.006207662384233204],[2022,0.046971790933006186],[2023,0.037975760971784685],[2024,0.034109196116861466],[2025,0.03589713222635897]]; median 0.030565968633592958. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 84.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2016: growth capex 0; upkeep 135590671240; owner earnings 196380278650. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2017: growth capex 0; upkeep 174646964250; owner earnings 3424632249230. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2019: growth capex 0; upkeep 9970710100; owner earnings 29361003710. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2020: growth capex 0; upkeep 24920148590; owner earnings 14343598610. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2021: growth capex 9044577800; upkeep 10190000000; owner earnings 59877773840. Growth capex / owner earnings = 0.15105066905406514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2022: growth capex 7066390210; upkeep 23169000000; owner earnings 19262187634. Growth capex / owner earnings = 0.36685294236917304.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2023: growth capex 0; upkeep 24836194010; owner earnings 72217579366. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2024: growth capex 19725298890; upkeep 27325000000; owner earnings 90445090454. Growth capex / owner earnings = 0.21809142752786792.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); Dividend observations: [[2016,30287608200],[2017,39637857600],[2018,6451143000],[2019,3338931170],[2020,10528493120],[2021,10527964370],[2022,11820640470],[2023,11900594660],[2024,12746462210],[2025,13343146930]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); FY2025: cash repurchases 84879812.5 KRW.

### Are managers owners

Insiders own 68.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 027410.KO SharesStats.PercentInsiders = 68.651 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 33.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:02.264Z); Ten-year compound average after fade. Initial solved rate -0.4577795097932328. Price 3560; 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)

- 2016-11: KRW 48,431.17 per share

- 2016-12: KRW 45,536.44 per share

- 2017-01: KRW 51,047.57 per share

- 2017-02: KRW 56,781.38 per share

- 2017-03: KRW 58,451.41 per share

- 2017-04: KRW 60,956.48 per share

- 2017-05: KRW 77,656.88 per share

- 2017-06: KRW 56,224.70 per share

- 2017-07: KRW 51,437.25 per share

- 2017-08: KRW 50,769.23 per share

- 2017-09: KRW 46,204.45 per share

- 2017-10: KRW 44,033.40 per share

- 2017-11: KRW 44,033.40 per share

- 2017-12: KRW 15,250.00 per share

- 2018-01: KRW 15,350.00 per share

- 2018-02: KRW 12,550.00 per share

- 2018-03: KRW 13,100.00 per share

- 2018-04: KRW 12,700.00 per share

- 2018-05: KRW 11,350.00 per share

- 2018-06: KRW 10,800.00 per share

- 2018-07: KRW 9,510.00 per share

- 2018-08: KRW 9,440.00 per share

- 2018-09: KRW 9,400.00 per share

- 2018-10: KRW 7,440.00 per share

- 2018-11: KRW 8,170.00 per share

- 2018-12: KRW 8,070.00 per share

- 2019-01: KRW 7,930.00 per share

- 2019-02: KRW 8,740.00 per share

- 2019-03: KRW 8,180.00 per share

- 2019-04: KRW 8,240.00 per share

- 2019-05: KRW 7,120.00 per share

- 2019-06: KRW 7,400.00 per share

- 2019-07: KRW 6,210.00 per share

- 2019-08: KRW 5,750.00 per share

- 2019-09: KRW 6,000.00 per share

- 2019-10: KRW 5,750.00 per share

- 2019-11: KRW 5,570.00 per share

- 2019-12: KRW 5,600.00 per share

- 2020-01: KRW 5,130.00 per share

- 2020-02: KRW 4,515.00 per share

- 2020-03: KRW 3,680.00 per share

- 2020-04: KRW 4,825.00 per share

- 2020-05: KRW 4,485.00 per share

- 2020-06: KRW 4,240.00 per share

- 2020-07: KRW 4,210.00 per share

- 2020-08: KRW 4,100.00 per share

- 2020-09: KRW 4,080.00 per share

- 2020-10: KRW 4,015.00 per share

- 2020-11: KRW 4,680.00 per share

- 2020-12: KRW 4,895.00 per share

- 2021-01: KRW 6,890.00 per share

- 2021-02: KRW 5,500.00 per share

- 2021-03: KRW 7,010.00 per share

- 2021-04: KRW 6,910.00 per share

- 2021-05: KRW 7,020.00 per share

- 2021-06: KRW 6,660.00 per share

- 2021-07: KRW 6,190.00 per share

- 2021-08: KRW 6,330.00 per share

- 2021-09: KRW 5,980.00 per share

- 2021-10: KRW 5,540.00 per share

- 2021-11: KRW 4,910.00 per share

- 2021-12: KRW 5,290.00 per share

- 2022-01: KRW 4,640.00 per share

- 2022-02: KRW 5,020.00 per share

- 2022-03: KRW 5,320.00 per share

- 2022-04: KRW 5,690.00 per share

- 2022-05: KRW 5,160.00 per share

- 2022-06: KRW 4,145.00 per share

- 2022-07: KRW 4,215.00 per share

- 2022-08: KRW 4,045.00 per share

- 2022-09: KRW 3,285.00 per share

- 2022-10: KRW 3,265.00 per share

- 2022-11: KRW 4,365.00 per share

- 2022-12: KRW 4,305.00 per share

- 2023-01: KRW 4,245.00 per share

- 2023-02: KRW 4,620.00 per share

- 2023-03: KRW 4,335.00 per share

- 2023-04: KRW 4,125.00 per share

- 2023-05: KRW 4,105.00 per share

- 2023-06: KRW 3,825.00 per share

- 2023-07: KRW 3,595.00 per share

- 2023-08: KRW 3,625.00 per share

- 2023-09: KRW 3,450.00 per share

- 2023-10: KRW 3,320.00 per share

- 2023-11: KRW 3,615.00 per share

- 2023-12: KRW 3,810.00 per share

- 2024-01: KRW 3,770.00 per share

- 2024-02: KRW 3,920.00 per share

- 2024-03: KRW 3,740.00 per share

- 2024-04: KRW 3,775.00 per share

- 2024-05: KRW 3,570.00 per share

- 2024-06: KRW 3,515.00 per share

- 2024-07: KRW 3,635.00 per share

- 2024-08: KRW 3,505.00 per share

- 2024-09: KRW 3,560.00 per share

- 2024-10: KRW 3,605.00 per share

- 2024-11: KRW 3,575.00 per share

- 2024-12: KRW 3,450.00 per share

- 2025-01: KRW 3,365.00 per share

- 2025-02: KRW 3,405.00 per share

- 2025-03: KRW 3,400.00 per share

- 2025-04: KRW 3,580.00 per share

- 2025-05: KRW 4,260.00 per share

- 2025-06: KRW 4,175.00 per share

- 2025-07: KRW 3,990.00 per share

- 2025-08: KRW 3,985.00 per share

- 2025-09: KRW 3,930.00 per share

- 2025-10: KRW 3,805.00 per share

- 2025-11: KRW 4,035.00 per share

- 2025-12: KRW 3,920.00 per share

- 2026-01: KRW 4,035.00 per share

- 2026-02: KRW 4,405.00 per share

- 2026-03: KRW 4,525.00 per share

- 2026-04: KRW 5,240.00 per share

- 2026-05: KRW 4,450.00 per share

- 2026-06: KRW 3,880.00 per share

- 2026-07: KRW 4,000.00 per share

- 2026-08: KRW 3,925.00 per share

- 2026-09: KRW 3,720.00 per share

- 2026-10: KRW 3,695.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 10,496.21 per share, central KRW 10,725.59 per share, high KRW 11,030.93 per share

- FY2018: low KRW 4,468.73 per share, central KRW 4,667.98 per share, high KRW 4,933.22 per share

- FY2019: low KRW 4,760.80 per share, central KRW 4,993.06 per share, high KRW 5,302.24 per share

- FY2020: low KRW 4,473.16 per share, central KRW 4,699.01 per share, high KRW 4,999.67 per share

- FY2021: low KRW 6,506.86 per share, central KRW 6,904.65 per share, high KRW 7,434.19 per share

- FY2022: low KRW 7,556.35 per share, central KRW 8,193.43 per share, high KRW 9,041.52 per share

- FY2023: low KRW 7,463.99 per share, central KRW 8,149.61 per share, high KRW 9,062.32 per share

- FY2024: low KRW 12,953.73 per share, central KRW 14,339.18 per share, high KRW 16,183.51 per share

- FY2025: low KRW 13,585.16 per share, central KRW 15,083.89 per share, high KRW 17,079.02 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 2026-10-15T06:55:51.321Z 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.