# Samsung Engineering (028050.KO)

Canonical: https://gigainvestors.com/s/028050.KO

Analysis as of: 2026-10-16T07:36:59.778Z. Financial observations: FY2001–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 42,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 55,316.42 per share, central KRW 60,439.79 per share, high KRW 67,260.08 per share. Buy at or below the central value KRW 60,439.79 per share. Valuation as of 2026-10-16T07:36:59.778Z; scenarios are not confidence intervals.

Expected annual return: 15.6% at the stated quote. About 15.6% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.01×

- FY2018: 0.04×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.06×

- FY2023: 0.09×

- FY2024: 0.08×

- FY2025: 0.08×

- LTM to Jun 2026: 0.08×

### moat: fail

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

- ROIC, median of available years: 30.8%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: -3.6 pp

- Typical gross margin (annual median): 11.1%

- Recent gross margin (lower of latest and 3-year median): 14.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 30.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.1%

- FY2017: 2.3%

- FY2018: 11.7%

- FY2019: 38.6%

- FY2020: 23.7%

- FY2021: 46.9%

- FY2022: 55.7%

- FY2023: 32.7%

- FY2024: 45.7%

- FY2025: 28.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.18T

- Net income, five-year total: KRW 3.17T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.9 pp

- Working capital / revenue, change between three-year averages: -22.5 pp

- Working capital / revenue, final three-year average: -3.3%

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

- FY2021: 1.04×

- FY2022: 1.05×

- FY2023: 1.01×

- FY2024: 0.97×

- FY2025: 0.97×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.1% vs 32.7%

- Per-share earnings: 131.43 to 3846.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 2.70T

- Cumulative retained earnings: KRW 3.87T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 62.0%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW 131.43

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

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 118B

- Cumulative net income, 10 years: KRW 3.75T

- ROIC, first three-year median: 3.1%

- ROIC, last three-year median: 32.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 131.43

- FY2017: KRW -231.03

- FY2018: KRW 350.43

- FY2019: KRW 1K

- FY2020: KRW 1K

- FY2021: KRW 2K

- FY2022: KRW 3K

- FY2023: KRW 4K

- FY2024: KRW 4K

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: 3.6%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: 1.7%

- FY2018: -8.2%

- FY2019: -10.8%

- FY2020: 4.2%

- FY2021: -6.1%

- FY2022: 1.1%

- FY2023: 15.6%

- FY2024: -8.8%

- FY2025: 3.6%

## Holders

## Price story

Down 21% since Apr 2026 · sales +6.7%

Story as of 2026-10-16T10:00:08.455Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.2% a year for ten years

### Sales · FY2025–2026

sales +6.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 5.54T 

- FY2018: KRW 5.48T 

- FY2019: KRW 6.37T 

- FY2020: KRW 6.73T 

- FY2021: KRW 7.49T 

- FY2022: KRW 10.05T 

- FY2023: KRW 10.62T 

- FY2024: KRW 9.97T 

- FY2025: KRW 9.03T 

- FY2026: KRW 9.63T 

### Gross margin · FY2025

gross margin 14.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 6.9% 

- FY2017: 6.5% 

- FY2018: 10.0% 

- FY2019: 12.0% 

- FY2020: 9.8% 

- FY2021: 11.5% 

- FY2022: 10.8% 

- FY2023: 13.7% 

- FY2024: 15.1% 

- FY2025: 14.8% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are KRW 9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2025: revenue 9028769083650; grossProfit 1333896173000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 13.7% to 15.1% during 2023–25; it earns 30.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2023: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2024: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2025: grossProfit / revenue = 14.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); 10-year return on capital observations [[2016,0.030936003225515773],[2017,0.023010964274017894],[2018,0.11700934761118593],[2019,0.38625187738732236],[2020,0.2368242418182357],[2021,0.4691777288725882],[2022,0.5570457505787416],[2023,0.32722234639796804],[2024,0.45688518812339346],[2025,0.28788826009322527]]; median 0.30755530324559666. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2016: growth capex 0; upkeep 38626105200; owner earnings 149297396740. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2017: growth capex 0; upkeep 13799219540; owner earnings 13330890320. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2018: growth capex 0; upkeep 14606916340; owner earnings 114411622440. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2019: growth capex 0; upkeep 19602514420; owner earnings 327327144330. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2020: growth capex 0; upkeep 23440156020; owner earnings 264612112170. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2021: growth capex 0; upkeep 29754045970; owner earnings 388770717390. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2022: growth capex 0; upkeep 20705728900; owner earnings 695813961990. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2023: growth capex 0; upkeep 54122356450; owner earnings 760373335340. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2024: growth capex 0; upkeep 86405498930; owner earnings 735276694820. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); FY2025: growth capex 0; upkeep 96492282880; owner earnings 599105677120. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2024,195989350],[2025,129360000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 20.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 028050.KO SharesStats.PercentInsiders = 20.233 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 6.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.778Z); Ten-year compound average after fade. Initial solved rate -0.09994228585156822. Price 42200; 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 9,470.00 per share

- 2016-11: KRW 9,480.00 per share

- 2016-12: KRW 10,300.00 per share

- 2017-01: KRW 12,600.00 per share

- 2017-02: KRW 12,400.00 per share

- 2017-03: KRW 12,850.00 per share

- 2017-04: KRW 12,200.00 per share

- 2017-05: KRW 12,600.00 per share

- 2017-06: KRW 11,900.00 per share

- 2017-07: KRW 10,200.00 per share

- 2017-08: KRW 10,700.00 per share

- 2017-09: KRW 11,000.00 per share

- 2017-10: KRW 12,200.00 per share

- 2017-11: KRW 13,100.00 per share

- 2017-12: KRW 12,400.00 per share

- 2018-01: KRW 17,500.00 per share

- 2018-02: KRW 16,050.00 per share

- 2018-03: KRW 18,100.00 per share

- 2018-04: KRW 17,950.00 per share

- 2018-05: KRW 18,450.00 per share

- 2018-06: KRW 15,650.00 per share

- 2018-07: KRW 17,000.00 per share

- 2018-08: KRW 16,850.00 per share

- 2018-09: KRW 19,300.00 per share

- 2018-10: KRW 18,250.00 per share

- 2018-11: KRW 19,450.00 per share

- 2018-12: KRW 17,600.00 per share

- 2019-01: KRW 16,750.00 per share

- 2019-02: KRW 15,700.00 per share

- 2019-03: KRW 16,100.00 per share

- 2019-04: KRW 17,050.00 per share

- 2019-05: KRW 16,700.00 per share

- 2019-06: KRW 17,150.00 per share

- 2019-07: KRW 16,450.00 per share

- 2019-08: KRW 15,500.00 per share

- 2019-09: KRW 16,800.00 per share

- 2019-10: KRW 17,800.00 per share

- 2019-11: KRW 18,800.00 per share

- 2019-12: KRW 19,200.00 per share

- 2020-01: KRW 17,250.00 per share

- 2020-02: KRW 14,100.00 per share

- 2020-03: KRW 10,150.00 per share

- 2020-04: KRW 11,500.00 per share

- 2020-05: KRW 12,100.00 per share

- 2020-06: KRW 12,250.00 per share

- 2020-07: KRW 11,900.00 per share

- 2020-08: KRW 11,300.00 per share

- 2020-09: KRW 10,550.00 per share

- 2020-10: KRW 11,750.00 per share

- 2020-11: KRW 13,650.00 per share

- 2020-12: KRW 13,250.00 per share

- 2021-01: KRW 12,350.00 per share

- 2021-02: KRW 12,900.00 per share

- 2021-03: KRW 14,000.00 per share

- 2021-04: KRW 17,350.00 per share

- 2021-05: KRW 18,900.00 per share

- 2021-06: KRW 23,900.00 per share

- 2021-07: KRW 23,350.00 per share

- 2021-08: KRW 22,350.00 per share

- 2021-09: KRW 25,550.00 per share

- 2021-10: KRW 24,800.00 per share

- 2021-11: KRW 20,750.00 per share

- 2021-12: KRW 22,900.00 per share

- 2022-01: KRW 21,550.00 per share

- 2022-02: KRW 23,200.00 per share

- 2022-03: KRW 26,200.00 per share

- 2022-04: KRW 26,000.00 per share

- 2022-05: KRW 24,550.00 per share

- 2022-06: KRW 21,550.00 per share

- 2022-07: KRW 19,600.00 per share

- 2022-08: KRW 23,450.00 per share

- 2022-09: KRW 22,750.00 per share

- 2022-10: KRW 23,850.00 per share

- 2022-11: KRW 24,550.00 per share

- 2022-12: KRW 22,250.00 per share

- 2023-01: KRW 25,850.00 per share

- 2023-02: KRW 26,250.00 per share

- 2023-03: KRW 31,700.00 per share

- 2023-04: KRW 29,100.00 per share

- 2023-05: KRW 28,300.00 per share

- 2023-06: KRW 28,300.00 per share

- 2023-07: KRW 37,000.00 per share

- 2023-08: KRW 34,000.00 per share

- 2023-09: KRW 30,250.00 per share

- 2023-10: KRW 23,750.00 per share

- 2023-11: KRW 25,250.00 per share

- 2023-12: KRW 29,000.00 per share

- 2024-01: KRW 22,300.00 per share

- 2024-02: KRW 24,600.00 per share

- 2024-03: KRW 25,000.00 per share

- 2024-04: KRW 26,450.00 per share

- 2024-05: KRW 23,400.00 per share

- 2024-06: KRW 24,150.00 per share

- 2024-07: KRW 28,550.00 per share

- 2024-08: KRW 25,350.00 per share

- 2024-09: KRW 22,000.00 per share

- 2024-10: KRW 17,860.00 per share

- 2024-11: KRW 17,950.00 per share

- 2024-12: KRW 16,550.00 per share

- 2025-01: KRW 18,010.00 per share

- 2025-02: KRW 16,380.00 per share

- 2025-03: KRW 19,780.00 per share

- 2025-04: KRW 19,240.00 per share

- 2025-05: KRW 21,750.00 per share

- 2025-06: KRW 22,100.00 per share

- 2025-07: KRW 26,500.00 per share

- 2025-08: KRW 29,100.00 per share

- 2025-09: KRW 26,800.00 per share

- 2025-10: KRW 25,950.00 per share

- 2025-11: KRW 25,550.00 per share

- 2025-12: KRW 24,050.00 per share

- 2026-01: KRW 30,800.00 per share

- 2026-02: KRW 36,400.00 per share

- 2026-03: KRW 35,700.00 per share

- 2026-04: KRW 53,100.00 per share

- 2026-05: KRW 52,900.00 per share

- 2026-06: KRW 47,600.00 per share

- 2026-07: KRW 43,800.00 per share

- 2026-08: KRW 47,100.00 per share

- 2026-09: KRW 47,700.00 per share

- 2026-10: KRW 45,350.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 4,564.70 per share, central KRW 4,667.05 per share, high KRW 4,803.28 per share

- FY2018: low KRW 4,020.46 per share, central KRW 4,341.23 per share, high KRW 4,768.23 per share

- FY2019: low KRW 10,708.95 per share, central KRW 11,731.24 per share, high KRW 13,092.14 per share

- FY2020: low KRW 11,398.43 per share, central KRW 12,499.81 per share, high KRW 13,965.99 per share

- FY2021: low KRW 22,520.82 per share, central KRW 24,785.83 per share, high KRW 27,801.04 per share

- FY2022: low KRW 38,046.30 per share, central KRW 42,019.50 per share, high KRW 47,308.67 per share

- FY2023: low KRW 37,187.96 per share, central KRW 41,430.22 per share, high KRW 47,077.56 per share

- FY2024: low KRW 53,259.12 per share, central KRW 58,562.67 per share, high KRW 65,622.82 per share

- FY2025: low KRW 48,572.52 per share, central KRW 53,376.27 per share, high KRW 59,771.08 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 2026-10-15T06:42:34.147Z 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.

Samsung Engineering

028050 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 42,200.00
Buy up to: KRW 60,439.79
Expected / yr: 15.6% 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 36.9% around their average (limit 35%).

Operating margin

10y median: 6.4%
Worst year: 0.8%
Latest · LTM: 7.9%

The second-worst year 3.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 30.8%
Worst year: 2.3%
Latest · 2025: 28.8%

Each $1 of profit left $1.00 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.00×
Annual median: 1.01×
Latest · 2025: 0.97×

Per-share value rose from 131.43 to 3846, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW -231.03
Latest · 2025: KRW 3K

Profits were backed by cash: accruals were 3.6% of assets (limit 10%).

Sloan accruals

10y median: -0.9%
Worst year: 15.6%
Latest · 2025: 3.6%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 5.5%, three-year average owner earnings per share 3,562.41 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 9470.00; 2016-11 · Price KRW 9480.00; 2016-12 · Price KRW 10300.00; 2017-01 · Price KRW 12600.00 · Value 4667.05 · Buy at or below 4667.05; 2017-02 · Price KRW 12400.00 · Value 4667.05 · Buy at or below 4667.05; 2017-03 · Price KRW 12850.00 · Value 4667.05 · Buy at or below 4667.05; 2017-04 · Price KRW 12200.00 · Value 4667.05 · Buy at or below 4667.05; 2017-05 · Price KRW 12600.00 · Value 4667.05 · Buy at or below 4667.05; 2017-06 · Price KRW 11900.00 · Value 4667.05 · Buy at or below 4667.05; 2017-07 · Price KRW 10200.00 · Value 4667.05 · Buy at or below 4667.05; 2017-08 · Price KRW 10700.00 · Value 4667.05 · Buy at or below 4667.05; 2017-09 · Price KRW 11000.00 · Value 4667.05 · Buy at or below 4667.05; 2017-10 · Price KRW 12200.00 · Value 4667.05 · Buy at or below 4667.05; 2017-11 · Price KRW 13100.00 · Value 4667.05 · Buy at or below 4667.05; 2017-12 · Price KRW 12400.00 · Value 4667.05 · Buy at or below 4667.05; 2018-01 · Price KRW 17500.00 · Value 4667.05 · Buy at or below 4667.05; 2018-02 · Price KRW 16050.00 · Value 4341.23 · Buy at or below 4341.23; 2018-03 · Price KRW 18100.00 · Value 4341.23 · Buy at or below 4341.23; 2018-04 · Price KRW 17950.00 · Value 4341.23 · Buy at or below 4341.23; 2018-05 · Price KRW 18450.00 · Value 4341.23 · Buy at or below 4341.23; 2018-06 · Price KRW 15650.00 · Value 4341.23 · Buy at or below 4341.23; 2018-07 · Price KRW 17000.00 · Value 4341.23 · Buy at or below 4341.23; 2018-08 · Price KRW 16850.00 · Value 4341.23 · Buy at or below 4341.23; 2018-09 · Price KRW 19300.00 · Value 4341.23 · Buy at or below 4341.23; 2018-10 · Price KRW 18250.00 · Value 4341.23 · Buy at or below 4341.23; 2018-11 · Price KRW 19450.00 · Value 4341.23 · Buy at or below 4341.23; 2018-12 · Price KRW 17600.00 · Value 4341.23 · Buy at or below 4341.23; 2019-01 · Price KRW 16750.00 · Value 4341.23 · Buy at or below 4341.23; 2019-02 · Price KRW 15700.00 · Value 11731.24 · Buy at or below 11731.24; 2019-03 · Price KRW 16100.00 · Value 11731.24 · Buy at or below 11731.24; 2019-04 · Price KRW 17050.00 · Value 11731.24 · Buy at or below 11731.24; 2019-05 · Price KRW 16700.00 · Value 11731.24 · Buy at or below 11731.24; 2019-06 · Price KRW 17150.00 · Value 11731.24 · Buy at or below 11731.24; 2019-07 · Price KRW 16450.00 · Value 11731.24 · Buy at or below 11731.24; 2019-08 · Price KRW 15500.00 · Value 11731.24 · Buy at or below 11731.24; 2019-09 · Price KRW 16800.00 · Value 11731.24 · Buy at or below 11731.24; 2019-10 · Price KRW 17800.00 · Value 11731.24 · Buy at or below 11731.24; 2019-11 · Price KRW 18800.00 · Value 11731.24 · Buy at or below 11731.24; 2019-12 · Price KRW 19200.00 · Value 11731.24 · Buy at or below 11731.24; 2020-01 · Price KRW 17250.00 · Value 11731.24 · Buy at or below 11731.24; 2020-02 · Price KRW 14100.00 · Value 12499.81 · Buy at or below 12499.81; 2020-03 · Price KRW 10150.00 · Value 12499.81 · Buy at or below 12499.81; 2020-04 · Price KRW 11500.00 · Value 12499.81 · Buy at or below 12499.81; 2020-05 · Price KRW 12100.00 · Value 12499.81 · Buy at or below 12499.81; 2020-06 · Price KRW 12250.00 · Value 12499.81 · Buy at or below 12499.81; 2020-07 · Price KRW 11900.00 · Value 12499.81 · Buy at or below 12499.81; 2020-08 · Price KRW 11300.00 · Value 12499.81 · Buy at or below 12499.81; 2020-09 · Price KRW 10550.00 · Value 12499.81 · Buy at or below 12499.81; 2020-10 · Price KRW 11750.00 · Value 12499.81 · Buy at or below 12499.81; 2020-11 · Price KRW 13650.00 · Value 12499.81 · Buy at or below 12499.81; 2020-12 · Price KRW 13250.00 · Value 12499.81 · Buy at or below 12499.81; 2021-01 · Price KRW 12350.00 · Value 12499.81 · Buy at or below 12499.81; 2021-02 · Price KRW 12900.00 · Value 24785.83 · Buy at or below 24785.83; 2021-03 · Price KRW 14000.00 · Value 24785.83 · Buy at or below 24785.83; 2021-04 · Price KRW 17350.00 · Value 24785.83 · Buy at or below 24785.83; 2021-05 · Price KRW 18900.00 · Value 24785.83 · Buy at or below 24785.83; 2021-06 · Price KRW 23900.00 · Value 24785.83 · Buy at or below 24785.83; 2021-07 · Price KRW 23350.00 · Value 24785.83 · Buy at or below 24785.83; 2021-08 · Price KRW 22350.00 · Value 24785.83 · Buy at or below 24785.83; 2021-09 · Price KRW 25550.00 · Value 24785.83 · Buy at or below 24785.83; 2021-10 · Price KRW 24800.00 · Value 24785.83 · Buy at or below 24785.83; 2021-11 · Price KRW 20750.00 · Value 24785.83 · Buy at or below 24785.83; 2021-12 · Price KRW 22900.00 · Value 24785.83 · Buy at or below 24785.83; 2022-01 · Price KRW 21550.00 · Value 24785.83 · Buy at or below 24785.83; 2022-02 · Price KRW 23200.00 · Value 42019.50 · Buy at or below 42019.50; 2022-03 · Price KRW 26200.00 · Value 42019.50 · Buy at or below 42019.50; 2022-04 · Price KRW 26000.00 · Value 42019.50 · Buy at or below 42019.50; 2022-05 · Price KRW 24550.00 · Value 42019.50 · Buy at or below 42019.50; 2022-06 · Price KRW 21550.00 · Value 42019.50 · Buy at or below 42019.50; 2022-07 · Price KRW 19600.00 · Value 42019.50 · Buy at or below 42019.50; 2022-08 · Price KRW 23450.00 · Value 42019.50 · Buy at or below 42019.50; 2022-09 · Price KRW 22750.00 · Value 42019.50 · Buy at or below 42019.50; 2022-10 · Price KRW 23850.00 · Value 42019.50 · Buy at or below 42019.50; 2022-11 · Price KRW 24550.00 · Value 42019.50 · Buy at or below 42019.50; 2022-12 · Price KRW 22250.00 · Value 42019.50 · Buy at or below 42019.50; 2023-01 · Price KRW 25850.00 · Value 42019.50 · Buy at or below 42019.50; 2023-02 · Price KRW 26250.00 · Value 41430.22 · Buy at or below 41430.22; 2023-03 · Price KRW 31700.00 · Value 41430.22 · Buy at or below 41430.22; 2023-04 · Price KRW 29100.00 · Value 41430.22 · Buy at or below 41430.22; 2023-05 · Price KRW 28300.00 · Value 41430.22 · Buy at or below 41430.22; 2023-06 · Price KRW 28300.00 · Value 41430.22 · Buy at or below 41430.22; 2023-07 · Price KRW 37000.00 · Value 41430.22 · Buy at or below 41430.22; 2023-08 · Price KRW 34000.00 · Value 41430.22 · Buy at or below 41430.22; 2023-09 · Price KRW 30250.00 · Value 41430.22 · Buy at or below 41430.22; 2023-10 · Price KRW 23750.00 · Value 41430.22 · Buy at or below 41430.22; 2023-11 · Price KRW 25250.00 · Value 41430.22 · Buy at or below 41430.22; 2023-12 · Price KRW 29000.00 · Value 41430.22 · Buy at or below 41430.22; 2024-01 · Price KRW 22300.00 · Value 41430.22 · Buy at or below 41430.22; 2024-02 · Price KRW 24600.00 · Value 58562.67 · Buy at or below 58562.67; 2024-03 · Price KRW 25000.00 · Value 58562.67 · Buy at or below 58562.67; 2024-04 · Price KRW 26450.00 · Value 58562.67 · Buy at or below 58562.67; 2024-05 · Price KRW 23400.00 · Value 58562.67 · Buy at or below 58562.67; 2024-06 · Price KRW 24150.00 · Value 58562.67 · Buy at or below 58562.67; 2024-07 · Price KRW 28550.00 · Value 58562.67 · Buy at or below 58562.67; 2024-08 · Price KRW 25350.00 · Value 58562.67 · Buy at or below 58562.67; 2024-09 · Price KRW 22000.00 · Value 58562.67 · Buy at or below 58562.67; 2024-10 · Price KRW 17860.00 · Value 58562.67 · Buy at or below 58562.67; 2024-11 · Price KRW 17950.00 · Value 58562.67 · Buy at or below 58562.67; 2024-12 · Price KRW 16550.00 · Value 58562.67 · Buy at or below 58562.67; 2025-01 · Price KRW 18010.00 · Value 58562.67 · Buy at or below 58562.67; 2025-02 · Price KRW 16380.00 · Value 53376.27 · Buy at or below 53376.27; 2025-03 · Price KRW 19780.00 · Value 53376.27 · Buy at or below 53376.27; 2025-04 · Price KRW 19240.00 · Value 53376.27 · Buy at or below 53376.27; 2025-05 · Price KRW 21750.00 · Value 53376.27 · Buy at or below 53376.27; 2025-06 · Price KRW 22100.00 · Value 53376.27 · Buy at or below 53376.27; 2025-07 · Price KRW 26500.00 · Value 53376.27 · Buy at or below 53376.27; 2025-08 · Price KRW 29100.00 · Value 53376.27 · Buy at or below 53376.27; 2025-09 · Price KRW 26800.00 · Value 53376.27 · Buy at or below 53376.27; 2025-10 · Price KRW 25950.00 · Value 53376.27 · Buy at or below 53376.27; 2025-11 · Price KRW 25550.00 · Value 53376.27 · Buy at or below 53376.27; 2025-12 · Price KRW 24050.00 · Value 53376.27 · Buy at or below 53376.27; 2026-01 · Price KRW 30800.00 · Value 53376.27 · Buy at or below 53376.27; 2026-02 · Price KRW 36400.00 · Value 60439.79 · Buy at or below 60439.79; 2026-03 · Price KRW 35700.00 · Value 60439.79 · Buy at or below 60439.79; 2026-04 · Price KRW 53100.00 · Value 60439.79 · Buy at or below 60439.79; 2026-05 · Price KRW 52900.00 · Value 60439.79 · Buy at or below 60439.79; 2026-06 · Price KRW 47600.00 · Value 60439.79 · Buy at or below 60439.79; 2026-07 · Price KRW 43800.00 · Value 60439.79 · Buy at or below 60439.79; 2026-08 · Price KRW 47100.00 · Value 60439.79 · Buy at or below 60439.79; 2026-09 · Price KRW 47700.00 · Value 60439.79 · Buy at or below 60439.79; 2026-10 · Price KRW 45350.00 · Value 60439.79 · Buy at or below 60439.79; 2026-10 · Price KRW 42200.00 · Value 60439.79 · Buy at or below 60439.79

KRW per share · annual estimates

Price & return math
Value range	KRW 55,316.42 – KRW 67,260.08
Buy at or below	Central value KRW 60,439.79
Discount to value	1 − 42200.00 / 60439.79 = 30.2%
Return / year	About 15.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 3399.62/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 18157.73/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 9.63T

Revenue

Owner earningsKRW 599B

Owner earnings

Operating margin7.9%

Operating margin

Net cash / debtKRW 2.85T

Net cash / debt

Diluted shares196M

Diluted shares

Prices 15 Oct 2026 · FY2025