# Pan Ocean (028670.KO)

Canonical: https://gigainvestors.com/s/028670.KO

Analysis as of: 2026-10-16T07:39:40.086Z. Financial observations: FY2017–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 6,680.00 per share; close as of 2026-10-15.

Estimated value: low KRW 2,354.30 per share, central KRW 2,373.03 per share, high KRW 2,397.96 per share. Buy at or below the central value KRW 2,373.03 per share. Valuation as of 2026-10-16T07:39:40.086Z; scenarios are not confidence intervals.

Expected annual return: 3.2% at the stated quote. About 3.2% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.09×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 11.5%

- Recent gross margin (lower of latest and 3-year median): 11.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 0.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.8%

- FY2018: 5.8%

- FY2019: 5.3%

- FY2020: 5.5%

- FY2021: 10.8%

- FY2022: 13.2%

- FY2023: 6.2%

- FY2024: 5.4%

- FY2025: 5.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 156B

- Net income, five-year total: KRW 2.04T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.4 pp

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

- FY2021: 0.11×

- FY2022: 0.98×

- FY2023: 0.02×

- FY2024: -1.31×

- FY2025: -0.73×

### 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: 5.8% vs 5.4%

- Per-share earnings: 282.74 to 502.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW -760B

- Cumulative retained earnings: KRW 2.10T

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.0%

- Per-share value change: KRW 219.26

- Per-share value, starting three-year median: KRW 282.74

- Per-share value, ending three-year median: KRW 502.00

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 267.63

- FY2018: KRW 285.11

- FY2019: KRW 282.74

- FY2020: KRW 173.09

- FY2021: KRW 1K

- FY2022: KRW 1K

- FY2023: KRW 458.39

- FY2024: KRW 502.00

- FY2025: KRW 564.00

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.7%

- FY2018: 3.7%

- FY2019: 3.4%

- FY2020: 2.0%

- FY2021: -3.4%

- FY2022: -9.7%

- FY2023: -6.4%

- FY2024: -4.0%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to grow 46.4% a year for ten years · sales +13.5%

Story as of 2026-10-16T10:00:10.981Z; price observation 2026-10-15.

Price needs cash profits to grow 46.4% a year for ten years

### Sales · FY2025–2026

sales +13.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.34T 

- FY2018: KRW 2.67T 

- FY2019: KRW 2.47T 

- FY2020: KRW 2.50T 

- FY2021: KRW 4.62T 

- FY2022: KRW 6.42T 

- FY2023: KRW 4.36T 

- FY2024: KRW 5.16T 

- FY2025: KRW 5.43T 

- FY2026: KRW 6.17T 

### Gross margin · FY2025

gross margin 11.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 11.3% 

- FY2018: 10.4% 

- FY2019: 11.7% 

- FY2020: 12.2% 

- FY2021: 14.4% 

- FY2022: 14.0% 

- FY2023: 11.5% 

- FY2024: 11.3% 

- FY2025: 11.3% 

## Owner memo

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

### How it makes money

Operates in marine shipping; annual sales are KRW 5.4 trillion.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2025-12-31 (filed 2026-10-16T07:39:40.086Z); FY2025: revenue 5432888000000; grossProfit 613274000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 028670.KO: Pan Ocean Co., Ltd., together with its subsidiaries, provides marine transportation and other related services worldwide. The company offers break bulk liner services for steel, coal, wood, equipment, and machinery cargoes; tramper services for dry bulk cargo shipping, such as iron ore, coal, grain, sugar, logs, minerals, fertilizers, and scrap metal; and large bulker services for transporting dry bulk cargo comprising coal and iron ore, as well as container services. It also provides tanker services for transporting crude oil, gasoline, gas oil, and jet oil; oil and fats; and petrochemicals, which comprise benzene, toluene, xylene, base oil, and caustic soda. In addition, the company provides liquefied natural gas carrier services; heavy lifter services for offshore wind components, machinery, and modules; and tug boats, drill ships, barges, ocean platforms, etc. Further, it is involved in the trading and logistics of agriculture products, such as corn, soybean, wheat, and soybean meal. The company was formerly known as STX Pan Ocean Co., Ltd. and changed its name to Pan Ocean Co., Ltd. in January 2014. The company was founded in 1966 and is headquartered in Seoul, South Korea. Pan Ocean Co., Ltd. is a subsidiary of Harim Holdings Co., Ltd.

### Why customers stay

Margins ranged from 11.3% to 11.5% during 2023–25; it earns 5.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2023-12-31 (filed 2026-10-16T07:39:40.086Z); FY2023: grossProfit / revenue = 11.5%.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2024-12-31 (filed 2026-10-16T07:39:40.086Z); FY2024: grossProfit / revenue = 11.3%.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2025-12-31 (filed 2026-10-16T07:39:40.086Z); FY2025: grossProfit / revenue = 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.086Z); 9-year return on capital observations [[2017,0.05809068540840101],[2018,0.057676532122478606],[2019,0.053400923684781096],[2020,0.05526068229396507],[2021,0.10777809110894643],[2022,0.13248116644086141],[2023,0.06161935285346552],[2024,0.053938917050987245],[2025,0.05018435613932411]]; median 0.057676532122478606. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 9 years.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2017-12-31 (filed 2026-10-16T07:39:40.086Z); FY2017: growth capex 0; upkeep 94142000; owner earnings 137152000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2018-12-31 (filed 2026-10-16T07:39:40.086Z); FY2018: growth capex 0; upkeep 150376000; owner earnings 93279000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2021-12-31 (filed 2026-10-16T07:39:40.086Z); FY2021: growth capex 0; upkeep 333650000000; owner earnings 60654000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2022-12-31 (filed 2026-10-16T07:39:40.086Z); FY2022: growth capex 0; upkeep 344680000000; cash acquisitions 0; owner earnings 664661600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/028670.KO.json#2023-12-31 (filed 2026-10-16T07:39:40.086Z); FY2023: growth capex 0; upkeep 316598000000; cash acquisitions 768000000; owner earnings 4695400000. Growth capex plus acquisitions / owner earnings = 0.1635643395663841.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.086Z); Dividend observations: [[2017,0],[2018,24054000],[2019,26727000000],[2020,26727000000],[2021,26727000000],[2022,53454000000],[2023,80179000000],[2024,45434000000],[2025,64139000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 54.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 028670.KO SharesStats.PercentInsiders = 54.928999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 46.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.086Z); Ten-year compound average after fade. Initial solved rate 0.6796910001548582. Price 6680; 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 3,605.00 per share

- 2016-11: KRW 3,930.00 per share

- 2016-12: KRW 3,985.00 per share

- 2017-01: KRW 3,850.00 per share

- 2017-02: KRW 5,170.00 per share

- 2017-03: KRW 5,500.00 per share

- 2017-04: KRW 5,210.00 per share

- 2017-05: KRW 5,500.00 per share

- 2017-06: KRW 5,280.00 per share

- 2017-07: KRW 5,830.00 per share

- 2017-08: KRW 6,430.00 per share

- 2017-09: KRW 5,390.00 per share

- 2017-10: KRW 5,260.00 per share

- 2017-11: KRW 5,500.00 per share

- 2017-12: KRW 5,270.00 per share

- 2018-01: KRW 6,020.00 per share

- 2018-02: KRW 5,930.00 per share

- 2018-03: KRW 5,200.00 per share

- 2018-04: KRW 5,500.00 per share

- 2018-05: KRW 5,060.00 per share

- 2018-06: KRW 4,885.00 per share

- 2018-07: KRW 5,150.00 per share

- 2018-08: KRW 5,160.00 per share

- 2018-09: KRW 5,240.00 per share

- 2018-10: KRW 4,770.00 per share

- 2018-11: KRW 4,580.00 per share

- 2018-12: KRW 4,445.00 per share

- 2019-01: KRW 4,525.00 per share

- 2019-02: KRW 4,325.00 per share

- 2019-03: KRW 4,110.00 per share

- 2019-04: KRW 4,765.00 per share

- 2019-05: KRW 4,335.00 per share

- 2019-06: KRW 4,640.00 per share

- 2019-07: KRW 4,815.00 per share

- 2019-08: KRW 4,860.00 per share

- 2019-09: KRW 4,570.00 per share

- 2019-10: KRW 4,395.00 per share

- 2019-11: KRW 4,200.00 per share

- 2019-12: KRW 4,545.00 per share

- 2020-01: KRW 3,980.00 per share

- 2020-02: KRW 3,735.00 per share

- 2020-03: KRW 2,955.00 per share

- 2020-04: KRW 3,445.00 per share

- 2020-05: KRW 3,575.00 per share

- 2020-06: KRW 3,820.00 per share

- 2020-07: KRW 3,515.00 per share

- 2020-08: KRW 3,395.00 per share

- 2020-09: KRW 3,420.00 per share

- 2020-10: KRW 3,585.00 per share

- 2020-11: KRW 4,250.00 per share

- 2020-12: KRW 5,020.00 per share

- 2021-01: KRW 4,550.00 per share

- 2021-02: KRW 5,720.00 per share

- 2021-03: KRW 6,170.00 per share

- 2021-04: KRW 7,340.00 per share

- 2021-05: KRW 6,810.00 per share

- 2021-06: KRW 8,540.00 per share

- 2021-07: KRW 7,550.00 per share

- 2021-08: KRW 8,310.00 per share

- 2021-09: KRW 7,550.00 per share

- 2021-10: KRW 6,020.00 per share

- 2021-11: KRW 5,170.00 per share

- 2021-12: KRW 5,410.00 per share

- 2022-01: KRW 4,760.00 per share

- 2022-02: KRW 6,330.00 per share

- 2022-03: KRW 6,990.00 per share

- 2022-04: KRW 6,660.00 per share

- 2022-05: KRW 7,600.00 per share

- 2022-06: KRW 5,940.00 per share

- 2022-07: KRW 5,650.00 per share

- 2022-08: KRW 5,150.00 per share

- 2022-09: KRW 4,500.00 per share

- 2022-10: KRW 4,300.00 per share

- 2022-11: KRW 5,390.00 per share

- 2022-12: KRW 5,730.00 per share

- 2023-01: KRW 6,040.00 per share

- 2023-02: KRW 6,330.00 per share

- 2023-03: KRW 5,810.00 per share

- 2023-04: KRW 5,440.00 per share

- 2023-05: KRW 4,710.00 per share

- 2023-06: KRW 5,180.00 per share

- 2023-07: KRW 4,780.00 per share

- 2023-08: KRW 4,460.00 per share

- 2023-09: KRW 4,960.00 per share

- 2023-10: KRW 4,300.00 per share

- 2023-11: KRW 4,525.00 per share

- 2023-12: KRW 3,735.00 per share

- 2024-01: KRW 3,655.00 per share

- 2024-02: KRW 4,865.00 per share

- 2024-03: KRW 4,135.00 per share

- 2024-04: KRW 4,110.00 per share

- 2024-05: KRW 4,305.00 per share

- 2024-06: KRW 4,285.00 per share

- 2024-07: KRW 3,875.00 per share

- 2024-08: KRW 3,705.00 per share

- 2024-09: KRW 3,995.00 per share

- 2024-10: KRW 3,555.00 per share

- 2024-11: KRW 3,455.00 per share

- 2024-12: KRW 3,300.00 per share

- 2025-01: KRW 3,325.00 per share

- 2025-02: KRW 3,780.00 per share

- 2025-03: KRW 3,375.00 per share

- 2025-04: KRW 3,335.00 per share

- 2025-05: KRW 3,705.00 per share

- 2025-06: KRW 3,715.00 per share

- 2025-07: KRW 4,210.00 per share

- 2025-08: KRW 3,895.00 per share

- 2025-09: KRW 3,860.00 per share

- 2025-10: KRW 3,830.00 per share

- 2025-11: KRW 3,770.00 per share

- 2025-12: KRW 3,850.00 per share

- 2026-01: KRW 4,700.00 per share

- 2026-02: KRW 5,280.00 per share

- 2026-03: KRW 4,895.00 per share

- 2026-04: KRW 5,540.00 per share

- 2026-05: KRW 5,490.00 per share

- 2026-06: KRW 4,735.00 per share

- 2026-07: KRW 5,470.00 per share

- 2026-08: KRW 5,670.00 per share

- 2026-09: KRW 5,770.00 per share

- 2026-10: KRW 6,550.00 per share

## Annual estimated value (KRW per share)

- FY2021: low KRW 863.76 per share, central KRW 864.21 per share, high KRW 864.82 per share

- FY2022: low KRW 1,696.58 per share, central KRW 1,697.22 per share, high KRW 1,698.06 per share

- FY2023: low KRW 1,869.76 per share, central KRW 1,883.00 per share, high KRW 1,900.62 per share

- FY2024: low KRW 2,024.39 per share, central KRW 2,040.07 per share, high KRW 2,060.94 per share

- FY2025: low KRW 1,857.82 per share, central KRW 1,874.32 per share, high KRW 1,896.27 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

## 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.

## Reported holder observations