# Samsung C&T (028260.KO)

Canonical: https://gigainvestors.com/s/028260.KO

Analysis as of: 2026-10-16T07:34:15.661Z. 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 267,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 205,516.02 per share, central KRW 275,349.03 per share, high KRW 316,012.92 per share. Buy at or below the central value KRW 275,349.03 per share. Valuation as of 2026-10-16T07:34:15.661Z; scenarios are not confidence intervals.

Expected annual return: 10.2% at the stated quote. About 10.2% 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: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.04×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.06×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.08×

- 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: 3.7%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: -4.2 pp

- Typical gross margin (annual median): 12.6%

- Recent gross margin (lower of latest and 3-year median): 16.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.4%

- FY2017: 2.3%

- FY2018: 4.2%

- FY2019: 2.6%

- FY2020: 2.5%

- FY2021: 3.2%

- FY2022: 8.0%

- FY2023: 6.8%

- FY2024: 8.0%

- FY2025: 6.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 8.40T

- Net income, five-year total: KRW 10.57T

- Return on incremental invested capital: 45.2%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.1 pp

- Working capital / revenue, final three-year average: 23.1%

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

- FY2021: 0.96×

- FY2022: 0.94×

- FY2023: 0.73×

- FY2024: 0.65×

- FY2025: 0.75×

### 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: 2.3% vs 6.8%

- Per-share earnings: 3878.65 to 13629.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 18.80T

- Cumulative retained earnings: KRW 10.28T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.7%

- Per-share value change: KRW 10K

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

- Per-share value, ending three-year median: KRW 14K

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 1.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 5.93T

- Cumulative net income, 10 years: KRW 15.11T

- ROIC, first three-year median: 2.3%

- ROIC, last three-year median: 6.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 650.92

- FY2017: KRW 4K

- FY2018: KRW 10K

- FY2019: KRW 6K

- FY2020: KRW 6K

- FY2021: KRW 10K

- FY2022: KRW 12K

- FY2023: KRW 14K

- FY2024: KRW 14K

- FY2025: KRW 15K

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -1.4%

- FY2018: 0.1%

- FY2019: 0.6%

- FY2020: -0.4%

- FY2021: 0.8%

- FY2022: -1.0%

- FY2023: -0.9%

- FY2024: -1.7%

- FY2025: -0.7%

## Holders

## Price story

Down 43% since Jun 2026 · sales +6.6%

Story as of 2026-10-16T09:59:59.903Z; price observation 2026-10-15.

Price needs cash profits to grow 6.1% a year for ten years

### Sales · FY2025–2026

sales +6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 29.28T 

- FY2018: KRW 31.16T 

- FY2019: KRW 30.76T 

- FY2020: KRW 30.22T 

- FY2021: KRW 34.46T 

- FY2022: KRW 43.16T 

- FY2023: KRW 41.90T 

- FY2024: KRW 42.10T 

- FY2025: KRW 40.74T 

- FY2026: KRW 43.44T 

### Gross margin · FY2025

gross margin 18.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.9% 

- FY2017: 12.5% 

- FY2018: 12.8% 

- FY2019: 12.4% 

- FY2020: 11.1% 

- FY2021: 11.7% 

- FY2022: 14.0% 

- FY2023: 15.7% 

- FY2024: 16.9% 

- FY2025: 18.9% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are KRW 40.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2025: revenue 40742240967140; grossProfit 7687587042650; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 028260.KO: Samsung C&T Corporation engages in the engineering and construction, trading and investment, fashion, and resort businesses in South Korea, Europe, the Middle East, Africa, the Asia Pacific, and the Americas. Its engineering and construction business cover building, civil infrastructure, plant, and housing construction activities. The company trades in chemicals such as polymers, fertilizers, methanol, general chemical, and mining materials; hot and cold-rolled, stainless steel, coated/colored steel, plates, and wire rods products; energy resources comprising renewable energy, biofuel, hydrogen, LNG power plants, and project organizing; and industrial materials, including component and process chemical, equipment, consumables, ore concentrate, electrolytic copper and precious metals, and battery materials. In addition, the company provides men and women clothing under the GALAXY, BEANPOLE, KUHO, LEBEIGE, and 8 Seconds brand names. Further, it engages in theme park, water park, golf club, and landscaping business. The company was formerly known as Cheil Industries Inc. and changed its name to Samsung C&T Corporation in September 2015. Samsung C&T Corporation was founded in 1938 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 15.7% to 18.9% during 2023–25; it earns 3.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2023: grossProfit / revenue = 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2024: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2025: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); 10-year return on capital observations [[2016,0.004225555407623654],[2017,0.02271096087058647],[2018,0.042265576514328794],[2019,0.025525739605544596],[2020,0.02490320433102022],[2021,0.03184245855614697],[2022,0.0800698243188353],[2023,0.06842833317113757],[2024,0.0798699119893543],[2025,0.06521988074411536]]; median 0.03705401753523788. 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 2026-10-16T07:34:15.661Z); FY2016: growth capex 0; upkeep 532844660270; owner earnings 822550583000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2017: growth capex 0; upkeep 678034328080; owner earnings 634401992380. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2018: growth capex 0; upkeep 540363329560; owner earnings 1138013476880. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2019: growth capex 0; upkeep 366226592770; owner earnings 1130994912210. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2020: growth capex 0; upkeep 284854637840; owner earnings 1201082119260. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2021: growth capex 15257442440; upkeep 521712822090; owner earnings 1576874165170. Growth capex / owner earnings = 0.0096757514182212.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2022: growth capex 478650690860; upkeep 627000681140; owner earnings 1931234641700.6282. Growth capex / owner earnings = 0.24784698892854595.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2023: growth capex 0; upkeep 1426163056740; owner earnings 1608975501111.7803. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2024: growth capex 38033544281.15234; upkeep 1755841458748.8477; owner earnings 1448651481026.8096. Growth capex / owner earnings = 0.026254447518456285.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); FY2025: growth capex 0; upkeep 1905529722690; owner earnings 1836492219573.2224. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); Dividend observations: [[2016,86701991630],[2017,95749751610],[2018,340992600300],[2019,336156396500],[2020,333396168470],[2021,384566310100],[2022,723747605080],[2023,378468059400],[2024,419470309370],[2025,425524824100]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 48.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 028260.KO SharesStats.PercentInsiders = 48.671 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.661Z); Ten-year compound average after fade. Initial solved rate 0.07378293852906703. Price 267500; 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 159,077.50 per share

- 2016-11: KRW 126,080.00 per share

- 2016-12: KRW 123,617.50 per share

- 2017-01: KRW 124,110.00 per share

- 2017-02: KRW 121,155.00 per share

- 2017-03: KRW 125,587.50 per share

- 2017-04: KRW 121,647.50 per share

- 2017-05: KRW 135,437.50 per share

- 2017-06: KRW 145,780.00 per share

- 2017-07: KRW 136,915.00 per share

- 2017-08: KRW 127,065.00 per share

- 2017-09: KRW 132,975.00 per share

- 2017-10: KRW 145,780.00 per share

- 2017-11: KRW 130,020.00 per share

- 2017-12: KRW 124,110.00 per share

- 2018-01: KRW 139,870.00 per share

- 2018-02: KRW 126,572.50 per share

- 2018-03: KRW 137,900.00 per share

- 2018-04: KRW 137,900.00 per share

- 2018-05: KRW 123,617.50 per share

- 2018-06: KRW 114,752.50 per share

- 2018-07: KRW 121,647.50 per share

- 2018-08: KRW 121,155.00 per share

- 2018-09: KRW 127,557.50 per share

- 2018-10: KRW 106,872.50 per share

- 2018-11: KRW 100,962.50 per share

- 2018-12: KRW 103,917.50 per share

- 2019-01: KRW 118,200.00 per share

- 2019-02: KRW 113,767.50 per share

- 2019-03: KRW 105,395.00 per share

- 2019-04: KRW 100,962.50 per share

- 2019-05: KRW 90,915.50 per share

- 2019-06: KRW 94,264.50 per share

- 2019-07: KRW 90,324.50 per share

- 2019-08: KRW 85,104.00 per share

- 2019-09: KRW 88,354.50 per share

- 2019-10: KRW 98,500.00 per share

- 2019-11: KRW 97,416.50 per share

- 2019-12: KRW 106,872.50 per share

- 2020-01: KRW 106,872.50 per share

- 2020-02: KRW 103,917.50 per share

- 2020-03: KRW 88,256.00 per share

- 2020-04: KRW 104,410.00 per share

- 2020-05: KRW 99,100.00 per share

- 2020-06: KRW 116,000.00 per share

- 2020-07: KRW 106,000.00 per share

- 2020-08: KRW 108,000.00 per share

- 2020-09: KRW 105,000.00 per share

- 2020-10: KRW 110,500.00 per share

- 2020-11: KRW 120,500.00 per share

- 2020-12: KRW 138,000.00 per share

- 2021-01: KRW 130,000.00 per share

- 2021-02: KRW 121,500.00 per share

- 2021-03: KRW 124,500.00 per share

- 2021-04: KRW 136,000.00 per share

- 2021-05: KRW 138,500.00 per share

- 2021-06: KRW 136,500.00 per share

- 2021-07: KRW 141,500.00 per share

- 2021-08: KRW 133,000.00 per share

- 2021-09: KRW 123,500.00 per share

- 2021-10: KRW 114,000.00 per share

- 2021-11: KRW 105,500.00 per share

- 2021-12: KRW 119,000.00 per share

- 2022-01: KRW 107,000.00 per share

- 2022-02: KRW 110,000.00 per share

- 2022-03: KRW 114,000.00 per share

- 2022-04: KRW 115,500.00 per share

- 2022-05: KRW 121,000.00 per share

- 2022-06: KRW 123,000.00 per share

- 2022-07: KRW 120,500.00 per share

- 2022-08: KRW 120,500.00 per share

- 2022-09: KRW 103,500.00 per share

- 2022-10: KRW 118,500.00 per share

- 2022-11: KRW 122,000.00 per share

- 2022-12: KRW 113,500.00 per share

- 2023-01: KRW 118,500.00 per share

- 2023-02: KRW 110,100.00 per share

- 2023-03: KRW 108,200.00 per share

- 2023-04: KRW 109,600.00 per share

- 2023-05: KRW 110,600.00 per share

- 2023-06: KRW 105,700.00 per share

- 2023-07: KRW 103,300.00 per share

- 2023-08: KRW 104,700.00 per share

- 2023-09: KRW 107,600.00 per share

- 2023-10: KRW 106,700.00 per share

- 2023-11: KRW 119,300.00 per share

- 2023-12: KRW 129,500.00 per share

- 2024-01: KRW 138,000.00 per share

- 2024-02: KRW 156,700.00 per share

- 2024-03: KRW 158,500.00 per share

- 2024-04: KRW 150,100.00 per share

- 2024-05: KRW 135,100.00 per share

- 2024-06: KRW 142,000.00 per share

- 2024-07: KRW 155,300.00 per share

- 2024-08: KRW 147,700.00 per share

- 2024-09: KRW 137,800.00 per share

- 2024-10: KRW 117,000.00 per share

- 2024-11: KRW 119,000.00 per share

- 2024-12: KRW 114,800.00 per share

- 2025-01: KRW 119,900.00 per share

- 2025-02: KRW 121,500.00 per share

- 2025-03: KRW 116,900.00 per share

- 2025-04: KRW 122,400.00 per share

- 2025-05: KRW 149,800.00 per share

- 2025-06: KRW 161,400.00 per share

- 2025-07: KRW 168,500.00 per share

- 2025-08: KRW 167,800.00 per share

- 2025-09: KRW 184,600.00 per share

- 2025-10: KRW 226,000.00 per share

- 2025-11: KRW 225,000.00 per share

- 2025-12: KRW 239,500.00 per share

- 2026-01: KRW 301,500.00 per share

- 2026-02: KRW 350,500.00 per share

- 2026-03: KRW 253,500.00 per share

- 2026-04: KRW 298,500.00 per share

- 2026-05: KRW 432,500.00 per share

- 2026-06: KRW 468,500.00 per share

- 2026-07: KRW 351,500.00 per share

- 2026-08: KRW 376,500.00 per share

- 2026-09: KRW 341,500.00 per share

- 2026-10: KRW 300,000.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 58,543.97 per share, central KRW 64,339.97 per share, high KRW 72,055.67 per share

- FY2018: low KRW 67,720.01 per share, central KRW 73,904.16 per share, high KRW 82,136.58 per share

- FY2019: low KRW 77,183.78 per share, central KRW 85,410.80 per share, high KRW 96,362.72 per share

- FY2020: low KRW 100,526.60 per share, central KRW 110,702.00 per share, high KRW 124,247.62 per share

- FY2021: low KRW 113,448.01 per share, central KRW 125,023.20 per share, high KRW 140,432.24 per share

- FY2022: low KRW 143,518.19 per share, central KRW 159,278.97 per share, high KRW 180,259.90 per share

- FY2023: low KRW 160,591.58 per share, central KRW 219,880.27 per share, high KRW 254,404.18 per share

- FY2024: low KRW 160,122.20 per share, central KRW 219,704.02 per share, high KRW 254,398.62 per share

- FY2025: low KRW 139,739.59 per share, central KRW 156,527.91 per share, high KRW 178,876.72 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 2026-10-15T06:39:56.975Z 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 C&T

028260 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 267,500.00
Buy up to: KRW 275,349.03
Expected / yr: 10.2% 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 40.3% around their average (limit 35%).

Operating margin

10y median: 4.8%
Worst year: 3.0%
Latest · LTM: 8.2%

Capital return excluding acquisitions: median 3.7% (minimum 15%), and the second-worst year 2.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 3.7%
Worst year: 0.4%
Latest · 2025: 6.5%

Each $1 of profit left $0.7951544 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.80×
Annual median: 0.75×
Latest · 2025: 0.75×

Per-share value rose from 3878.65 to 13629, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 10K
Worst year: KRW 650.92
Latest · 2025: KRW 15K

Profits were backed by cash: accruals were -0.7% of assets (limit 10%).

Sloan accruals

10y median: -0.8%
Worst year: 0.8%
Latest · 2025: -0.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 4.5%, three-year average owner earnings per share 9,969.2 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 159077.50; 2016-11 · Price KRW 126080.00; 2016-12 · Price KRW 123617.50; 2017-01 · Price KRW 124110.00 · Value 64339.97 · Buy at or below 64339.97; 2017-02 · Price KRW 121155.00 · Value 64339.97 · Buy at or below 64339.97; 2017-03 · Price KRW 125587.50 · Value 64339.97 · Buy at or below 64339.97; 2017-04 · Price KRW 121647.50 · Value 64339.97 · Buy at or below 64339.97; 2017-05 · Price KRW 135437.50 · Value 64339.97 · Buy at or below 64339.97; 2017-06 · Price KRW 145780.00 · Value 64339.97 · Buy at or below 64339.97; 2017-07 · Price KRW 136915.00 · Value 64339.97 · Buy at or below 64339.97; 2017-08 · Price KRW 127065.00 · Value 64339.97 · Buy at or below 64339.97; 2017-09 · Price KRW 132975.00 · Value 64339.97 · Buy at or below 64339.97; 2017-10 · Price KRW 145780.00 · Value 64339.97 · Buy at or below 64339.97; 2017-11 · Price KRW 130020.00 · Value 64339.97 · Buy at or below 64339.97; 2017-12 · Price KRW 124110.00 · Value 64339.97 · Buy at or below 64339.97; 2018-01 · Price KRW 139870.00 · Value 64339.97 · Buy at or below 64339.97; 2018-02 · Price KRW 126572.50 · Value 73904.16 · Buy at or below 73904.16; 2018-03 · Price KRW 137900.00 · Value 73904.16 · Buy at or below 73904.16; 2018-04 · Price KRW 137900.00 · Value 73904.16 · Buy at or below 73904.16; 2018-05 · Price KRW 123617.50 · Value 73904.16 · Buy at or below 73904.16; 2018-06 · Price KRW 114752.50 · Value 73904.16 · Buy at or below 73904.16; 2018-07 · Price KRW 121647.50 · Value 73904.16 · Buy at or below 73904.16; 2018-08 · Price KRW 121155.00 · Value 73904.16 · Buy at or below 73904.16; 2018-09 · Price KRW 127557.50 · Value 73904.16 · Buy at or below 73904.16; 2018-10 · Price KRW 106872.50 · Value 73904.16 · Buy at or below 73904.16; 2018-11 · Price KRW 100962.50 · Value 73904.16 · Buy at or below 73904.16; 2018-12 · Price KRW 103917.50 · Value 73904.16 · Buy at or below 73904.16; 2019-01 · Price KRW 118200.00 · Value 73904.16 · Buy at or below 73904.16; 2019-02 · Price KRW 113767.50 · Value 85410.80 · Buy at or below 85410.80; 2019-03 · Price KRW 105395.00 · Value 85410.80 · Buy at or below 85410.80; 2019-04 · Price KRW 100962.50 · Value 85410.80 · Buy at or below 85410.80; 2019-05 · Price KRW 90915.50 · Value 85410.80 · Buy at or below 85410.80; 2019-06 · Price KRW 94264.50 · Value 85410.80 · Buy at or below 85410.80; 2019-07 · Price KRW 90324.50 · Value 85410.80 · Buy at or below 85410.80; 2019-08 · Price KRW 85104.00 · Value 85410.80 · Buy at or below 85410.80; 2019-09 · Price KRW 88354.50 · Value 85410.80 · Buy at or below 85410.80; 2019-10 · Price KRW 98500.00 · Value 85410.80 · Buy at or below 85410.80; 2019-11 · Price KRW 97416.50 · Value 85410.80 · Buy at or below 85410.80; 2019-12 · Price KRW 106872.50 · Value 85410.80 · Buy at or below 85410.80; 2020-01 · Price KRW 106872.50 · Value 85410.80 · Buy at or below 85410.80; 2020-02 · Price KRW 103917.50 · Value 110702.00 · Buy at or below 110702.00; 2020-03 · Price KRW 88256.00 · Value 110702.00 · Buy at or below 110702.00; 2020-04 · Price KRW 104410.00 · Value 110702.00 · Buy at or below 110702.00; 2020-05 · Price KRW 99100.00 · Value 110702.00 · Buy at or below 110702.00; 2020-06 · Price KRW 116000.00 · Value 110702.00 · Buy at or below 110702.00; 2020-07 · Price KRW 106000.00 · Value 110702.00 · Buy at or below 110702.00; 2020-08 · Price KRW 108000.00 · Value 110702.00 · Buy at or below 110702.00; 2020-09 · Price KRW 105000.00 · Value 110702.00 · Buy at or below 110702.00; 2020-10 · Price KRW 110500.00 · Value 110702.00 · Buy at or below 110702.00; 2020-11 · Price KRW 120500.00 · Value 110702.00 · Buy at or below 110702.00; 2020-12 · Price KRW 138000.00 · Value 110702.00 · Buy at or below 110702.00; 2021-01 · Price KRW 130000.00 · Value 110702.00 · Buy at or below 110702.00; 2021-02 · Price KRW 121500.00 · Value 125023.20 · Buy at or below 125023.20; 2021-03 · Price KRW 124500.00 · Value 125023.20 · Buy at or below 125023.20; 2021-04 · Price KRW 136000.00 · Value 125023.20 · Buy at or below 125023.20; 2021-05 · Price KRW 138500.00 · Value 125023.20 · Buy at or below 125023.20; 2021-06 · Price KRW 136500.00 · Value 125023.20 · Buy at or below 125023.20; 2021-07 · Price KRW 141500.00 · Value 125023.20 · Buy at or below 125023.20; 2021-08 · Price KRW 133000.00 · Value 125023.20 · Buy at or below 125023.20; 2021-09 · Price KRW 123500.00 · Value 125023.20 · Buy at or below 125023.20; 2021-10 · Price KRW 114000.00 · Value 125023.20 · Buy at or below 125023.20; 2021-11 · Price KRW 105500.00 · Value 125023.20 · Buy at or below 125023.20; 2021-12 · Price KRW 119000.00 · Value 125023.20 · Buy at or below 125023.20; 2022-01 · Price KRW 107000.00 · Value 125023.20 · Buy at or below 125023.20; 2022-02 · Price KRW 110000.00 · Value 159278.97 · Buy at or below 159278.97; 2022-03 · Price KRW 114000.00 · Value 159278.97 · Buy at or below 159278.97; 2022-04 · Price KRW 115500.00 · Value 159278.97 · Buy at or below 159278.97; 2022-05 · Price KRW 121000.00 · Value 159278.97 · Buy at or below 159278.97; 2022-06 · Price KRW 123000.00 · Value 159278.97 · Buy at or below 159278.97; 2022-07 · Price KRW 120500.00 · Value 159278.97 · Buy at or below 159278.97; 2022-08 · Price KRW 120500.00 · Value 159278.97 · Buy at or below 159278.97; 2022-09 · Price KRW 103500.00 · Value 159278.97 · Buy at or below 159278.97; 2022-10 · Price KRW 118500.00 · Value 159278.97 · Buy at or below 159278.97; 2022-11 · Price KRW 122000.00 · Value 159278.97 · Buy at or below 159278.97; 2022-12 · Price KRW 113500.00 · Value 159278.97 · Buy at or below 159278.97; 2023-01 · Price KRW 118500.00 · Value 159278.97 · Buy at or below 159278.97; 2023-02 · Price KRW 110100.00 · Value 219880.27 · Buy at or below 219880.27; 2023-03 · Price KRW 108200.00 · Value 219880.27 · Buy at or below 219880.27; 2023-04 · Price KRW 109600.00 · Value 219880.27 · Buy at or below 219880.27; 2023-05 · Price KRW 110600.00 · Value 219880.27 · Buy at or below 219880.27; 2023-06 · Price KRW 105700.00 · Value 219880.27 · Buy at or below 219880.27; 2023-07 · Price KRW 103300.00 · Value 219880.27 · Buy at or below 219880.27; 2023-08 · Price KRW 104700.00 · Value 219880.27 · Buy at or below 219880.27; 2023-09 · Price KRW 107600.00 · Value 219880.27 · Buy at or below 219880.27; 2023-10 · Price KRW 106700.00 · Value 219880.27 · Buy at or below 219880.27; 2023-11 · Price KRW 119300.00 · Value 219880.27 · Buy at or below 219880.27; 2023-12 · Price KRW 129500.00 · Value 219880.27 · Buy at or below 219880.27; 2024-01 · Price KRW 138000.00 · Value 219880.27 · Buy at or below 219880.27; 2024-02 · Price KRW 156700.00 · Value 219704.02 · Buy at or below 219704.02; 2024-03 · Price KRW 158500.00 · Value 219704.02 · Buy at or below 219704.02; 2024-04 · Price KRW 150100.00 · Value 219704.02 · Buy at or below 219704.02; 2024-05 · Price KRW 135100.00 · Value 219704.02 · Buy at or below 219704.02; 2024-06 · Price KRW 142000.00 · Value 219704.02 · Buy at or below 219704.02; 2024-07 · Price KRW 155300.00 · Value 219704.02 · Buy at or below 219704.02; 2024-08 · Price KRW 147700.00 · Value 219704.02 · Buy at or below 219704.02; 2024-09 · Price KRW 137800.00 · Value 219704.02 · Buy at or below 219704.02; 2024-10 · Price KRW 117000.00 · Value 219704.02 · Buy at or below 219704.02; 2024-11 · Price KRW 119000.00 · Value 219704.02 · Buy at or below 219704.02; 2024-12 · Price KRW 114800.00 · Value 219704.02 · Buy at or below 219704.02; 2025-01 · Price KRW 119900.00 · Value 219704.02 · Buy at or below 219704.02; 2025-02 · Price KRW 121500.00 · Value 156527.91 · Buy at or below 156527.91; 2025-03 · Price KRW 116900.00 · Value 156527.91 · Buy at or below 156527.91; 2025-04 · Price KRW 122400.00 · Value 156527.91 · Buy at or below 156527.91; 2025-05 · Price KRW 149800.00 · Value 156527.91 · Buy at or below 156527.91; 2025-06 · Price KRW 161400.00 · Value 156527.91 · Buy at or below 156527.91; 2025-07 · Price KRW 168500.00 · Value 156527.91 · Buy at or below 156527.91; 2025-08 · Price KRW 167800.00 · Value 156527.91 · Buy at or below 156527.91; 2025-09 · Price KRW 184600.00 · Value 156527.91 · Buy at or below 156527.91; 2025-10 · Price KRW 226000.00 · Value 156527.91 · Buy at or below 156527.91; 2025-11 · Price KRW 225000.00 · Value 156527.91 · Buy at or below 156527.91; 2025-12 · Price KRW 239500.00 · Value 156527.91 · Buy at or below 156527.91; 2026-01 · Price KRW 301500.00 · Value 156527.91 · Buy at or below 156527.91; 2026-02 · Price KRW 350500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-03 · Price KRW 253500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-04 · Price KRW 298500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-05 · Price KRW 432500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-06 · Price KRW 468500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-07 · Price KRW 351500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-08 · Price KRW 376500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-09 · Price KRW 341500.00 · Value 275349.03 · Buy at or below 275349.03; 2026-10 · Price KRW 300000.00 · Value 275349.03 · Buy at or below 275349.03; 2026-10 · Price KRW 267500.00 · Value 275349.03 · Buy at or below 275349.03

KRW per share · annual estimates

Price & return math
Value range	KRW 205,516.02 – KRW 316,012.92
Buy at or below	Central value KRW 275,349.03
Discount to value	1 − 267500.00 / 275349.03 = 2.9%
Return / year	About 10.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 11986.86/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 42554.52/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 43.44T

Revenue

Owner earningsKRW 1.84T

Owner earnings

Operating margin8.2%

Operating margin

Net cash / debtKRW 2.16T

Net cash / debt

Diluted shares164M

Diluted shares

Prices 15 Oct 2026 · FY2025