# Hanmi Semicon (042700.KO)

Canonical: https://gigainvestors.com/s/042700.KO

Analysis as of: 2026-10-16T07:35:14.482Z. Financial observations: FY2006–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 192,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 22,894.39 per share, central KRW 32,350.31 per share, high KRW 37,856.51 per share. Buy at or below the central value KRW 32,350.31 per share. Valuation as of 2026-10-16T07:35:14.482Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% 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

- 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: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.26×

- FY2018: 0.26×

- FY2019: 0.11×

- FY2020: 0.26×

- FY2021: 0.33×

- FY2022: 0.34×

- FY2023: 0.22×

- FY2024: 0.46×

- FY2025: 0.44×

- LTM to Jun 2026: 0.42×

### moat: fail

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

- ROIC, median of available years: 25.8%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: -9.6 pp

- Typical gross margin (annual median): 46.6%

- Recent gross margin (lower of latest and 3-year median): 56.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.2%

- ROIC including acquisitions, ten-year median: 29.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.4%

- FY2017: 20.9%

- FY2018: 23.7%

- FY2019: 6.3%

- FY2020: 28.9%

- FY2021: 31.5%

- FY2022: 28.0%

- FY2023: 6.9%

- FY2024: 45.9%

- FY2025: 47.8%

### economics: fail

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

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 735B

- Net income, five-year total: KRW 830B

- Return on incremental invested capital: 54.6%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 11.7 pp

- Working capital / revenue, final three-year average: 50.5%

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

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.93×

- FY2024: 1.00×

- FY2025: 0.65×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.9% vs 45.9%

- Per-share earnings: 274.59 to 2256.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: KRW 11.20T

- Cumulative retained earnings: KRW 434B

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 35.1%

- Per-share value change: KRW 2K

- Per-share value, starting three-year median: KRW 274.59

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): 0.23

- Average buyback yield: 2.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 22B

- Cumulative net income, 10 years: KRW 990B

- ROIC, first three-year median: 20.9%

- ROIC, last three-year median: 45.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 274.59

- FY2017: KRW 93.54

- FY2018: KRW 489.96

- FY2019: KRW 191.70

- FY2020: KRW 509.69

- FY2021: KRW 1K

- FY2022: KRW 947.81

- FY2023: KRW 3K

- FY2024: KRW 2K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -1.8%

- Receivables to sales index (DSRI): 0.41×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -9.3%

- FY2018: 1.5%

- FY2019: -3.1%

- FY2020: 3.9%

- FY2021: 12.2%

- FY2022: -3.8%

- FY2023: 30.7%

- FY2024: 1.6%

- FY2025: -1.8%

## Holders

## Price story

Down 48% since Apr 2026 · sales -4.4%

Story as of 2026-10-16T10:00:04.182Z; price observation 2026-10-15.

Price needs cash profits to grow 30.2% a year for ten years

### Sales · FY2025–2026

sales -4.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 197B 

- FY2018: KRW 217B 

- FY2019: KRW 120B 

- FY2020: KRW 257B 

- FY2021: KRW 373B 

- FY2022: KRW 328B 

- FY2023: KRW 159B 

- FY2024: KRW 559B 

- FY2025: KRW 577B 

- FY2026: KRW 551B 

### Gross margin · FY2025

gross margin 57.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.0% 

- FY2017: 44.8% 

- FY2018: 44.6% 

- FY2019: 41.6% 

- FY2020: 43.0% 

- FY2021: 48.3% 

- FY2022: 56.5% 

- FY2023: 49.9% 

- FY2024: 56.3% 

- FY2025: 57.6% 

## Owner memo

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

### How it makes money

Operates in semiconductor equipment & materials; annual sales are KRW 576.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2025: revenue 576684619520; grossProfit 332067565150; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 042700.KO: HANMI Semiconductor Co., Ltd. manufactures and sells semiconductor equipment in South Korea and internationally. The company offers bonder; micro SAW equipment; vision placement equipment; meta grinder; EMI shield vision attach and detach, EMI shield vision placement, EMI shield tape mounter, EMI shield tape laser cutting, EMI shield tape demounter, vision inspection, and converlay attach equipment; laser marking, laser ablation, and laser cutting equipment; and pick and place, strip mounter, and vision inspection equipment. HANMI Semiconductor Co., Ltd. was founded in 1980 and is based in Incheon, South Korea.

### Why customers stay

Margins ranged from 49.9% to 57.6% during 2023–25; it earns 25.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2023: grossProfit / revenue = 49.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2024: grossProfit / revenue = 56.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2025: grossProfit / revenue = 57.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); 10-year return on capital observations [[2016,0.17419993051775534],[2017,0.2089526976481765],[2018,0.23662532079471388],[2019,0.06251483095147232],[2020,0.2888301940321897],[2021,0.31512945722330254],[2022,0.27965833915286936],[2023,0.06949855629641186],[2024,0.4592970095809735],[2025,0.47778588353115886]]; median 0.25814182997379165. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.5% of cash earnings on expansion; earns 54.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2016: growth capex 0; upkeep 9700871220; owner earnings 28399696850. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2017: growth capex 0; upkeep 9924629190; owner earnings 26091362210. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2018: growth capex 0; upkeep 24225055210; owner earnings 21401922800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2019: growth capex 0; upkeep 20896367010; owner earnings 4773257798. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2020: growth capex 1308867770; upkeep 6132876920; owner earnings 50075168338. Growth capex / owner earnings = 0.026138060308960633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2021: growth capex 18810510050; upkeep 6473197150; owner earnings 104311248220. Growth capex / owner earnings = 0.18033060068773474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2022: growth capex 0; upkeep 9090926920; owner earnings 91482159640. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2023: growth capex 0; upkeep 27615344950; owner earnings 247977716046. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2024: growth capex 44014971050; upkeep 9772007630; owner earnings 152032690826. Growth capex / owner earnings = 0.2895099127093312.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2025: growth capex 7656305557.527634; upkeep 86078722862.47237; owner earnings 138972154519.52765. Growth capex / owner earnings = 0.05509237144662537.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); Incremental return on capital 0.5463816181579833, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); Dividend observations: [[2016,10963438500],[2017,10804876000],[2018,12641825520],[2019,12570633500],[2020,5024063400],[2021,19671513600],[2022,29675926200],[2023,19467860400],[2024,40521474840],[2025,68294161440]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); FY2025: cash repurchases 7788213000 KRW.

### Are managers owners

Insiders own 55.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 042700.KO SharesStats.PercentInsiders = 55.81700000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 30.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.482Z); Ten-year compound average after fade. Initial solved rate 0.4306963005449753. Price 192200; 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 6,925.00 per share

- 2016-11: KRW 6,550.00 per share

- 2016-12: KRW 7,725.00 per share

- 2017-01: KRW 7,925.00 per share

- 2017-02: KRW 7,900.00 per share

- 2017-03: KRW 8,425.00 per share

- 2017-04: KRW 9,350.00 per share

- 2017-05: KRW 3,925.00 per share

- 2017-06: KRW 4,205.00 per share

- 2017-07: KRW 4,225.00 per share

- 2017-08: KRW 3,995.00 per share

- 2017-09: KRW 4,420.00 per share

- 2017-10: KRW 5,025.00 per share

- 2017-11: KRW 5,925.00 per share

- 2017-12: KRW 5,925.00 per share

- 2018-01: KRW 5,925.00 per share

- 2018-02: KRW 5,900.00 per share

- 2018-03: KRW 5,625.00 per share

- 2018-04: KRW 5,250.00 per share

- 2018-05: KRW 4,720.00 per share

- 2018-06: KRW 4,220.00 per share

- 2018-07: KRW 5,325.00 per share

- 2018-08: KRW 6,100.00 per share

- 2018-09: KRW 5,175.00 per share

- 2018-10: KRW 4,595.00 per share

- 2018-11: KRW 4,110.00 per share

- 2018-12: KRW 3,890.00 per share

- 2019-01: KRW 3,990.00 per share

- 2019-02: KRW 4,140.00 per share

- 2019-03: KRW 4,005.00 per share

- 2019-04: KRW 4,630.00 per share

- 2019-05: KRW 3,525.00 per share

- 2019-06: KRW 3,780.00 per share

- 2019-07: KRW 3,280.00 per share

- 2019-08: KRW 2,870.00 per share

- 2019-09: KRW 3,305.00 per share

- 2019-10: KRW 3,405.00 per share

- 2019-11: KRW 3,120.00 per share

- 2019-12: KRW 4,050.00 per share

- 2020-01: KRW 4,350.00 per share

- 2020-02: KRW 4,330.00 per share

- 2020-03: KRW 3,435.00 per share

- 2020-04: KRW 3,915.00 per share

- 2020-05: KRW 4,615.00 per share

- 2020-06: KRW 3,735.00 per share

- 2020-07: KRW 5,925.00 per share

- 2020-08: KRW 5,050.00 per share

- 2020-09: KRW 5,225.00 per share

- 2020-10: KRW 5,425.00 per share

- 2020-11: KRW 6,100.00 per share

- 2020-12: KRW 9,050.00 per share

- 2021-01: KRW 9,450.00 per share

- 2021-02: KRW 11,075.00 per share

- 2021-03: KRW 12,200.00 per share

- 2021-04: KRW 17,225.00 per share

- 2021-05: KRW 16,300.00 per share

- 2021-06: KRW 16,925.00 per share

- 2021-07: KRW 18,325.00 per share

- 2021-08: KRW 17,275.00 per share

- 2021-09: KRW 15,550.00 per share

- 2021-10: KRW 16,075.00 per share

- 2021-11: KRW 16,300.00 per share

- 2021-12: KRW 18,925.00 per share

- 2022-01: KRW 18,450.00 per share

- 2022-02: KRW 16,700.00 per share

- 2022-03: KRW 17,500.00 per share

- 2022-04: KRW 15,300.00 per share

- 2022-05: KRW 14,400.00 per share

- 2022-06: KRW 12,550.00 per share

- 2022-07: KRW 13,500.00 per share

- 2022-08: KRW 12,050.00 per share

- 2022-09: KRW 10,800.00 per share

- 2022-10: KRW 11,800.00 per share

- 2022-11: KRW 13,400.00 per share

- 2022-12: KRW 11,500.00 per share

- 2023-01: KRW 14,210.00 per share

- 2023-02: KRW 15,960.00 per share

- 2023-03: KRW 20,700.00 per share

- 2023-04: KRW 20,550.00 per share

- 2023-05: KRW 26,550.00 per share

- 2023-06: KRW 30,150.00 per share

- 2023-07: KRW 48,500.00 per share

- 2023-08: KRW 59,800.00 per share

- 2023-09: KRW 52,700.00 per share

- 2023-10: KRW 52,500.00 per share

- 2023-11: KRW 63,600.00 per share

- 2023-12: KRW 61,700.00 per share

- 2024-01: KRW 58,700.00 per share

- 2024-02: KRW 84,800.00 per share

- 2024-03: KRW 133,700.00 per share

- 2024-04: KRW 135,000.00 per share

- 2024-05: KRW 161,700.00 per share

- 2024-06: KRW 172,300.00 per share

- 2024-07: KRW 131,200.00 per share

- 2024-08: KRW 114,500.00 per share

- 2024-09: KRW 108,300.00 per share

- 2024-10: KRW 92,000.00 per share

- 2024-11: KRW 74,600.00 per share

- 2024-12: KRW 82,500.00 per share

- 2025-01: KRW 113,200.00 per share

- 2025-02: KRW 93,500.00 per share

- 2025-03: KRW 68,200.00 per share

- 2025-04: KRW 76,100.00 per share

- 2025-05: KRW 80,400.00 per share

- 2025-06: KRW 102,000.00 per share

- 2025-07: KRW 91,900.00 per share

- 2025-08: KRW 87,000.00 per share

- 2025-09: KRW 96,500.00 per share

- 2025-10: KRW 143,700.00 per share

- 2025-11: KRW 123,600.00 per share

- 2025-12: KRW 127,400.00 per share

- 2026-01: KRW 211,000.00 per share

- 2026-02: KRW 323,500.00 per share

- 2026-03: KRW 251,000.00 per share

- 2026-04: KRW 368,000.00 per share

- 2026-05: KRW 282,000.00 per share

- 2026-06: KRW 256,500.00 per share

- 2026-07: KRW 214,500.00 per share

- 2026-08: KRW 220,500.00 per share

- 2026-09: KRW 256,500.00 per share

- 2026-10: KRW 248,500.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 3,339.79 per share, central KRW 3,688.55 per share, high KRW 4,152.81 per share

- FY2017: low KRW 3,492.75 per share, central KRW 3,879.93 per share, high KRW 4,395.36 per share

- FY2018: low KRW 3,324.71 per share, central KRW 3,754.99 per share, high KRW 4,327.78 per share

- FY2019: low KRW 2,183.46 per share, central KRW 2,422.21 per share, high KRW 2,740.05 per share

- FY2020: low KRW 4,555.24 per share, central KRW 5,076.76 per share, high KRW 5,771.01 per share

- FY2021: low KRW 5,879.60 per share, central KRW 6,631.42 per share, high KRW 7,632.26 per share

- FY2022: low KRW 9,898.89 per share, central KRW 13,713.40 per share, high KRW 15,934.59 per share

- FY2023: low KRW 6,803.05 per share, central KRW 7,490.53 per share, high KRW 8,405.71 per share

- FY2024: low KRW 23,134.29 per share, central KRW 32,630.19 per share, high KRW 38,159.67 per share

- FY2025: low KRW 25,882.83 per share, central KRW 35,773.96 per share, high KRW 41,533.58 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 2026-10-15T06:41:02.005Z 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.

Hanmi Semicon

042700 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 192,200.00
Buy up to: KRW 32,350.31
Expected / yr: 4.2% 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 33.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 29.5%
Worst year: 11.4%
Latest · LTM: 42.5%

The second-worst year 6.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 25.8%
Worst year: 6.3%
Latest · 2025: 47.8%

Working capital rose 11.7% of sales (limit 10%) to 50.5% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.88×
Annual median: 0.99×
Latest · 2025: 0.65×

Per-share value rose from 274.59 to 2256.2, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 728.75
Worst year: KRW 93.54
Latest · 2025: KRW 2K

Profits were backed by cash: accruals were -1.8% of assets (limit 10%).

Sloan accruals

10y median: -0.2%
Worst year: 30.7%
Latest · 2025: -1.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 29.1%, three-year average owner earnings per share 1,866.8 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 6925.00 · Value 3688.55 · Buy at or below 3688.55; 2016-11 · Price KRW 6550.00 · Value 3688.55 · Buy at or below 3688.55; 2016-12 · Price KRW 7725.00 · Value 3688.55 · Buy at or below 3688.55; 2017-01 · Price KRW 7925.00 · Value 3688.55 · Buy at or below 3688.55; 2017-02 · Price KRW 7900.00 · Value 3879.93 · Buy at or below 3879.93; 2017-03 · Price KRW 8425.00 · Value 3879.93 · Buy at or below 3879.93; 2017-04 · Price KRW 9350.00 · Value 3879.93 · Buy at or below 3879.93; 2017-05 · Price KRW 3925.00 · Value 3879.93 · Buy at or below 3879.93; 2017-06 · Price KRW 4205.00 · Value 3879.93 · Buy at or below 3879.93; 2017-07 · Price KRW 4225.00 · Value 3879.93 · Buy at or below 3879.93; 2017-08 · Price KRW 3995.00 · Value 3879.93 · Buy at or below 3879.93; 2017-09 · Price KRW 4420.00 · Value 3879.93 · Buy at or below 3879.93; 2017-10 · Price KRW 5025.00 · Value 3879.93 · Buy at or below 3879.93; 2017-11 · Price KRW 5925.00 · Value 3879.93 · Buy at or below 3879.93; 2017-12 · Price KRW 5925.00 · Value 3879.93 · Buy at or below 3879.93; 2018-01 · Price KRW 5925.00 · Value 3879.93 · Buy at or below 3879.93; 2018-02 · Price KRW 5900.00 · Value 3754.99 · Buy at or below 3754.99; 2018-03 · Price KRW 5625.00 · Value 3754.99 · Buy at or below 3754.99; 2018-04 · Price KRW 5250.00 · Value 3754.99 · Buy at or below 3754.99; 2018-05 · Price KRW 4720.00 · Value 3754.99 · Buy at or below 3754.99; 2018-06 · Price KRW 4220.00 · Value 3754.99 · Buy at or below 3754.99; 2018-07 · Price KRW 5325.00 · Value 3754.99 · Buy at or below 3754.99; 2018-08 · Price KRW 6100.00 · Value 3754.99 · Buy at or below 3754.99; 2018-09 · Price KRW 5175.00 · Value 3754.99 · Buy at or below 3754.99; 2018-10 · Price KRW 4595.00 · Value 3754.99 · Buy at or below 3754.99; 2018-11 · Price KRW 4110.00 · Value 3754.99 · Buy at or below 3754.99; 2018-12 · Price KRW 3890.00 · Value 3754.99 · Buy at or below 3754.99; 2019-01 · Price KRW 3990.00 · Value 3754.99 · Buy at or below 3754.99; 2019-02 · Price KRW 4140.00 · Value 2422.21 · Buy at or below 2422.21; 2019-03 · Price KRW 4005.00 · Value 2422.21 · Buy at or below 2422.21; 2019-04 · Price KRW 4630.00 · Value 2422.21 · Buy at or below 2422.21; 2019-05 · Price KRW 3525.00 · Value 2422.21 · Buy at or below 2422.21; 2019-06 · Price KRW 3780.00 · Value 2422.21 · Buy at or below 2422.21; 2019-07 · Price KRW 3280.00 · Value 2422.21 · Buy at or below 2422.21; 2019-08 · Price KRW 2870.00 · Value 2422.21 · Buy at or below 2422.21; 2019-09 · Price KRW 3305.00 · Value 2422.21 · Buy at or below 2422.21; 2019-10 · Price KRW 3405.00 · Value 2422.21 · Buy at or below 2422.21; 2019-11 · Price KRW 3120.00 · Value 2422.21 · Buy at or below 2422.21; 2019-12 · Price KRW 4050.00 · Value 2422.21 · Buy at or below 2422.21; 2020-01 · Price KRW 4350.00 · Value 2422.21 · Buy at or below 2422.21; 2020-02 · Price KRW 4330.00 · Value 5076.76 · Buy at or below 5076.76; 2020-03 · Price KRW 3435.00 · Value 5076.76 · Buy at or below 5076.76; 2020-04 · Price KRW 3915.00 · Value 5076.76 · Buy at or below 5076.76; 2020-05 · Price KRW 4615.00 · Value 5076.76 · Buy at or below 5076.76; 2020-06 · Price KRW 3735.00 · Value 5076.76 · Buy at or below 5076.76; 2020-07 · Price KRW 5925.00 · Value 5076.76 · Buy at or below 5076.76; 2020-08 · Price KRW 5050.00 · Value 5076.76 · Buy at or below 5076.76; 2020-09 · Price KRW 5225.00 · Value 5076.76 · Buy at or below 5076.76; 2020-10 · Price KRW 5425.00 · Value 5076.76 · Buy at or below 5076.76; 2020-11 · Price KRW 6100.00 · Value 5076.76 · Buy at or below 5076.76; 2020-12 · Price KRW 9050.00 · Value 5076.76 · Buy at or below 5076.76; 2021-01 · Price KRW 9450.00 · Value 5076.76 · Buy at or below 5076.76; 2021-02 · Price KRW 11075.00 · Value 6631.42 · Buy at or below 6631.42; 2021-03 · Price KRW 12200.00 · Value 6631.42 · Buy at or below 6631.42; 2021-04 · Price KRW 17225.00 · Value 6631.42 · Buy at or below 6631.42; 2021-05 · Price KRW 16300.00 · Value 6631.42 · Buy at or below 6631.42; 2021-06 · Price KRW 16925.00 · Value 6631.42 · Buy at or below 6631.42; 2021-07 · Price KRW 18325.00 · Value 6631.42 · Buy at or below 6631.42; 2021-08 · Price KRW 17275.00 · Value 6631.42 · Buy at or below 6631.42; 2021-09 · Price KRW 15550.00 · Value 6631.42 · Buy at or below 6631.42; 2021-10 · Price KRW 16075.00 · Value 6631.42 · Buy at or below 6631.42; 2021-11 · Price KRW 16300.00 · Value 6631.42 · Buy at or below 6631.42; 2021-12 · Price KRW 18925.00 · Value 6631.42 · Buy at or below 6631.42; 2022-01 · Price KRW 18450.00 · Value 6631.42 · Buy at or below 6631.42; 2022-02 · Price KRW 16700.00 · Value 13713.40 · Buy at or below 13713.40; 2022-03 · Price KRW 17500.00 · Value 13713.40 · Buy at or below 13713.40; 2022-04 · Price KRW 15300.00 · Value 13713.40 · Buy at or below 13713.40; 2022-05 · Price KRW 14400.00 · Value 13713.40 · Buy at or below 13713.40; 2022-06 · Price KRW 12550.00 · Value 13713.40 · Buy at or below 13713.40; 2022-07 · Price KRW 13500.00 · Value 13713.40 · Buy at or below 13713.40; 2022-08 · Price KRW 12050.00 · Value 13713.40 · Buy at or below 13713.40; 2022-09 · Price KRW 10800.00 · Value 13713.40 · Buy at or below 13713.40; 2022-10 · Price KRW 11800.00 · Value 13713.40 · Buy at or below 13713.40; 2022-11 · Price KRW 13400.00 · Value 13713.40 · Buy at or below 13713.40; 2022-12 · Price KRW 11500.00 · Value 13713.40 · Buy at or below 13713.40; 2023-01 · Price KRW 14210.00 · Value 13713.40 · Buy at or below 13713.40; 2023-02 · Price KRW 15960.00 · Value 7490.53 · Buy at or below 7490.53; 2023-03 · Price KRW 20700.00 · Value 7490.53 · Buy at or below 7490.53; 2023-04 · Price KRW 20550.00 · Value 7490.53 · Buy at or below 7490.53; 2023-05 · Price KRW 26550.00 · Value 7490.53 · Buy at or below 7490.53; 2023-06 · Price KRW 30150.00 · Value 7490.53 · Buy at or below 7490.53; 2023-07 · Price KRW 48500.00 · Value 7490.53 · Buy at or below 7490.53; 2023-08 · Price KRW 59800.00 · Value 7490.53 · Buy at or below 7490.53; 2023-09 · Price KRW 52700.00 · Value 7490.53 · Buy at or below 7490.53; 2023-10 · Price KRW 52500.00 · Value 7490.53 · Buy at or below 7490.53; 2023-11 · Price KRW 63600.00 · Value 7490.53 · Buy at or below 7490.53; 2023-12 · Price KRW 61700.00 · Value 7490.53 · Buy at or below 7490.53; 2024-01 · Price KRW 58700.00 · Value 7490.53 · Buy at or below 7490.53; 2024-02 · Price KRW 84800.00 · Value 32630.19 · Buy at or below 32630.19; 2024-03 · Price KRW 133700.00 · Value 32630.19 · Buy at or below 32630.19; 2024-04 · Price KRW 135000.00 · Value 32630.19 · Buy at or below 32630.19; 2024-05 · Price KRW 161700.00 · Value 32630.19 · Buy at or below 32630.19; 2024-06 · Price KRW 172300.00 · Value 32630.19 · Buy at or below 32630.19; 2024-07 · Price KRW 131200.00 · Value 32630.19 · Buy at or below 32630.19; 2024-08 · Price KRW 114500.00 · Value 32630.19 · Buy at or below 32630.19; 2024-09 · Price KRW 108300.00 · Value 32630.19 · Buy at or below 32630.19; 2024-10 · Price KRW 92000.00 · Value 32630.19 · Buy at or below 32630.19; 2024-11 · Price KRW 74600.00 · Value 32630.19 · Buy at or below 32630.19; 2024-12 · Price KRW 82500.00 · Value 32630.19 · Buy at or below 32630.19; 2025-01 · Price KRW 113200.00 · Value 32630.19 · Buy at or below 32630.19; 2025-02 · Price KRW 93500.00 · Value 35773.96 · Buy at or below 35773.96; 2025-03 · Price KRW 68200.00 · Value 35773.96 · Buy at or below 35773.96; 2025-04 · Price KRW 76100.00 · Value 35773.96 · Buy at or below 35773.96; 2025-05 · Price KRW 80400.00 · Value 35773.96 · Buy at or below 35773.96; 2025-06 · Price KRW 102000.00 · Value 35773.96 · Buy at or below 35773.96; 2025-07 · Price KRW 91900.00 · Value 35773.96 · Buy at or below 35773.96; 2025-08 · Price KRW 87000.00 · Value 35773.96 · Buy at or below 35773.96; 2025-09 · Price KRW 96500.00 · Value 35773.96 · Buy at or below 35773.96; 2025-10 · Price KRW 143700.00 · Value 35773.96 · Buy at or below 35773.96; 2025-11 · Price KRW 123600.00 · Value 35773.96 · Buy at or below 35773.96; 2025-12 · Price KRW 127400.00 · Value 35773.96 · Buy at or below 35773.96; 2026-01 · Price KRW 211000.00 · Value 35773.96 · Buy at or below 35773.96; 2026-02 · Price KRW 323500.00 · Value 32350.31 · Buy at or below 32350.31; 2026-03 · Price KRW 251000.00 · Value 32350.31 · Buy at or below 32350.31; 2026-04 · Price KRW 368000.00 · Value 32350.31 · Buy at or below 32350.31; 2026-05 · Price KRW 282000.00 · Value 32350.31 · Buy at or below 32350.31; 2026-06 · Price KRW 256500.00 · Value 32350.31 · Buy at or below 32350.31; 2026-07 · Price KRW 214500.00 · Value 32350.31 · Buy at or below 32350.31; 2026-08 · Price KRW 220500.00 · Value 32350.31 · Buy at or below 32350.31; 2026-09 · Price KRW 256500.00 · Value 32350.31 · Buy at or below 32350.31; 2026-10 · Price KRW 248500.00 · Value 32350.31 · Buy at or below 32350.31; 2026-10 · Price KRW 192200.00 · Value 32350.31 · Buy at or below 32350.31

KRW per share · annual estimates

Price & return math
Value range	KRW 22,894.39 – KRW 37,856.51
Buy at or below	Central value KRW 32,350.31
Discount to value	1 − 192200.00 / 32350.31 = -494.1%
Return / year	About 4.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 1623.11/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 828.16/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 551B

Revenue

Owner earningsKRW 139B

Owner earnings

Operating margin42.5%

Operating margin

Net cash / debtKRW 277B

Net cash / debt

Diluted shares95M

Diluted shares

Prices 15 Oct 2026 · FY2025