# Kepco Plant S& (051600.KO)

Canonical: https://gigainvestors.com/s/051600.KO

Analysis as of: 2026-10-16T07:42:30.636Z. 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 42,050.00 per share; close as of 2026-10-15.

Estimated value: low KRW 37,490.28 per share, central KRW 41,880.99 per share, high KRW 47,725.95 per share. Buy at or below the central value KRW 41,880.99 per share. Valuation as of 2026-10-16T07:42:30.636Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.16×

- FY2019: 0.15×

- FY2020: 0.12×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.09×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.0%

- ROIC, second-lowest year: 10.1%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 17.3%

- Recent gross margin (lower of latest and 3-year median): 15.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 11.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.1%

- FY2017: 18.3%

- FY2018: 18.8%

- FY2019: 18.8%

- FY2020: 14.0%

- FY2021: 10.1%

- FY2022: 9.2%

- FY2023: 12.5%

- FY2024: 17.4%

- FY2025: 11.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 692B

- Net income, five-year total: KRW 658B

- Return on incremental invested capital: -12.0%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 9.0 pp

- Working capital / revenue, final three-year average: 35.6%

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

- FY2021: 1.13×

- FY2022: 1.08×

- FY2023: 1.04×

- FY2024: 1.06×

- FY2025: 0.98×

### 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: 18.3% vs 12.5%

- Per-share earnings: 3021.16 to 3615.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW -214B

- Cumulative retained earnings: KRW 555B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.6%

- Per-share value change: KRW 593.84

- Per-share value, starting three-year median: KRW 3K

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

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 3.2B

- Cumulative net income, 10 years: KRW 1.28T

- ROIC, first three-year median: 18.3%

- ROIC, last three-year median: 12.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 3K

- FY2018: KRW 4K

- FY2019: KRW 3K

- FY2020: KRW 2K

- FY2021: KRW 2K

- FY2022: KRW 2K

- FY2023: KRW 4K

- FY2024: KRW 4K

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: 0.3%

- FY2018: 2.4%

- FY2019: -0.5%

- FY2020: 0.9%

- FY2021: -2.4%

- FY2022: 1.2%

- FY2023: 12.6%

- FY2024: -21.8%

- FY2025: -0.7%

## Holders

## Price story

Down 32% since Apr 2026 · sales +3.1%

Story as of 2026-10-16T10:00:12.376Z; price observation 2026-10-15.

Price needs cash profits to grow 1% a year for ten years

### Sales · FY2025–2026

sales +3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.24T 

- FY2018: KRW 1.24T 

- FY2019: KRW 1.25T 

- FY2020: KRW 1.30T 

- FY2021: KRW 1.38T 

- FY2022: KRW 1.43T 

- FY2023: KRW 1.53T 

- FY2024: KRW 1.56T 

- FY2025: KRW 1.58T 

- FY2026: KRW 1.62T 

### Gross margin · FY2025

gross margin 15.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.8% 

- FY2017: 20.3% 

- FY2018: 21.6% 

- FY2019: 22.1% 

- FY2020: 16.2% 

- FY2021: 15.7% 

- FY2022: 15.8% 

- FY2023: 18.4% 

- FY2024: 19.0% 

- FY2025: 15.1% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are KRW 1.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2025: revenue 1576516811320; grossProfit 237771771470; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 051600.KO: KEPCO Plant Service & Engineering Co.,Ltd. provides maintenance services for electric power-generating facilities in South Korea, Asia, the United States, Africa, and internationally. The company offers planned outage, commissioning, instrument and control system, maintenance of private power systems, and life extension & performance improvement services, as well as routine maintenance, including preventive, predictive, and corrective maintenance services. It also provides maintenance services for transmission sites and substations, such as transmission lines, live lines, and high-voltage direct currency transformers, as well as restoration of overhead transmission lines; and construction, construction supervision, engineering, and safety diagnosis of transmission lines. In addition, the company operates and maintains nuclear and power plant maintenance engineering center; provides NPP maintenance services; and constructs solar energy power plants, as well as offers maintenance of wind power plant facilities. Further, it engages in the development of various technologies, such as maintenance techniques and automation, diagnosis and evaluation of machineries, welding maintenance and related engineering services, ICT convergence, new and renewable energy, robotics, nuclear decommissioning, non-destructive examination, and 3D-printing commercialization technology for power plant components. The company was founded in 1984 and is headquartered in Naju-si, South Korea. KEPCO Plant Service & Engineering Co.,Ltd. is a subsidiary of Korea Electric Power Corporation.

### Why customers stay

Margins ranged from 15.1% to 19% during 2023–25; it earns 14% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2023: grossProfit / revenue = 18.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2024: grossProfit / revenue = 19%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2025: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); 10-year return on capital observations [[2016,0.14052090407757484],[2017,0.18309641283133993],[2018,0.18834034703957486],[2019,0.18755085827325424],[2020,0.13986871018067187],[2021,0.10133888329831851],[2022,0.09225603481032313],[2023,0.12470800242180045],[2024,0.17438005821810162],[2025,0.11174171401054858]]; median 0.14019480712912336. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.1% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2016: growth capex 0; upkeep 62252264730; owner earnings 61120534180. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2017: growth capex 0; upkeep 72170319860; owner earnings 60678150210. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2018: growth capex 0; upkeep 48352432920; owner earnings 81740335230. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2019: growth capex 0; upkeep 28846605110; owner earnings 166820406550. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2020: growth capex 6517705730; upkeep 43017428790; owner earnings 86041460920. Growth capex / owner earnings = 0.07575075620880102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2021: growth capex 0; upkeep 30102496610; owner earnings 111393501840. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2022: growth capex 0; upkeep 37900889460; owner earnings 107989575160. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2023: growth capex 0; upkeep 43846641420; owner earnings 169126049940. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2024: growth capex 0; upkeep 51937031280; owner earnings 182318017680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2025: growth capex 175165120; upkeep 65114507530; owner earnings 121298173980. Growth capex / owner earnings = 0.0014440870315894593.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); Dividend observations: [[2016,76050000000],[2017,30600000000],[2018,66150000000],[2019,80550000000],[2020,86400000000],[2021,51570000000],[2022,53955000000],[2023,58725000000],[2024,97110000000],[2025,111105000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); FY2025: cash repurchases 222667187.5 KRW.

### Are managers owners

Insiders own 52.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 051600.KO SharesStats.PercentInsiders = 52.205999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:30.636Z); Ten-year compound average after fade. Initial solved rate 0.0008280373468346758. Price 42050; 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 54,900.00 per share

- 2016-11: KRW 57,700.00 per share

- 2016-12: KRW 54,200.00 per share

- 2017-01: KRW 54,700.00 per share

- 2017-02: KRW 60,900.00 per share

- 2017-03: KRW 62,400.00 per share

- 2017-04: KRW 57,400.00 per share

- 2017-05: KRW 53,000.00 per share

- 2017-06: KRW 44,150.00 per share

- 2017-07: KRW 45,000.00 per share

- 2017-08: KRW 45,750.00 per share

- 2017-09: KRW 41,450.00 per share

- 2017-10: KRW 41,300.00 per share

- 2017-11: KRW 37,700.00 per share

- 2017-12: KRW 40,600.00 per share

- 2018-01: KRW 41,900.00 per share

- 2018-02: KRW 40,350.00 per share

- 2018-03: KRW 45,500.00 per share

- 2018-04: KRW 50,700.00 per share

- 2018-05: KRW 40,450.00 per share

- 2018-06: KRW 35,650.00 per share

- 2018-07: KRW 34,450.00 per share

- 2018-08: KRW 36,400.00 per share

- 2018-09: KRW 34,000.00 per share

- 2018-10: KRW 27,500.00 per share

- 2018-11: KRW 30,850.00 per share

- 2018-12: KRW 33,200.00 per share

- 2019-01: KRW 33,950.00 per share

- 2019-02: KRW 36,200.00 per share

- 2019-03: KRW 34,800.00 per share

- 2019-04: KRW 36,650.00 per share

- 2019-05: KRW 31,550.00 per share

- 2019-06: KRW 31,250.00 per share

- 2019-07: KRW 31,900.00 per share

- 2019-08: KRW 31,650.00 per share

- 2019-09: KRW 34,550.00 per share

- 2019-10: KRW 32,600.00 per share

- 2019-11: KRW 35,550.00 per share

- 2019-12: KRW 39,150.00 per share

- 2020-01: KRW 37,550.00 per share

- 2020-02: KRW 33,250.00 per share

- 2020-03: KRW 29,050.00 per share

- 2020-04: KRW 32,450.00 per share

- 2020-05: KRW 30,850.00 per share

- 2020-06: KRW 29,050.00 per share

- 2020-07: KRW 29,450.00 per share

- 2020-08: KRW 27,800.00 per share

- 2020-09: KRW 27,050.00 per share

- 2020-10: KRW 27,500.00 per share

- 2020-11: KRW 29,050.00 per share

- 2020-12: KRW 29,700.00 per share

- 2021-01: KRW 27,100.00 per share

- 2021-02: KRW 26,850.00 per share

- 2021-03: KRW 31,500.00 per share

- 2021-04: KRW 33,950.00 per share

- 2021-05: KRW 46,050.00 per share

- 2021-06: KRW 42,850.00 per share

- 2021-07: KRW 42,650.00 per share

- 2021-08: KRW 37,600.00 per share

- 2021-09: KRW 38,400.00 per share

- 2021-10: KRW 41,850.00 per share

- 2021-11: KRW 38,700.00 per share

- 2021-12: KRW 38,550.00 per share

- 2022-01: KRW 32,450.00 per share

- 2022-02: KRW 35,700.00 per share

- 2022-03: KRW 41,800.00 per share

- 2022-04: KRW 38,100.00 per share

- 2022-05: KRW 37,550.00 per share

- 2022-06: KRW 38,400.00 per share

- 2022-07: KRW 38,250.00 per share

- 2022-08: KRW 41,350.00 per share

- 2022-09: KRW 34,700.00 per share

- 2022-10: KRW 31,900.00 per share

- 2022-11: KRW 34,500.00 per share

- 2022-12: KRW 33,200.00 per share

- 2023-01: KRW 34,600.00 per share

- 2023-02: KRW 32,400.00 per share

- 2023-03: KRW 37,800.00 per share

- 2023-04: KRW 35,700.00 per share

- 2023-05: KRW 34,000.00 per share

- 2023-06: KRW 33,350.00 per share

- 2023-07: KRW 33,800.00 per share

- 2023-08: KRW 33,550.00 per share

- 2023-09: KRW 32,800.00 per share

- 2023-10: KRW 32,600.00 per share

- 2023-11: KRW 34,800.00 per share

- 2023-12: KRW 34,050.00 per share

- 2024-01: KRW 33,950.00 per share

- 2024-02: KRW 37,200.00 per share

- 2024-03: KRW 35,650.00 per share

- 2024-04: KRW 35,250.00 per share

- 2024-05: KRW 37,150.00 per share

- 2024-06: KRW 37,950.00 per share

- 2024-07: KRW 39,350.00 per share

- 2024-08: KRW 41,650.00 per share

- 2024-09: KRW 42,100.00 per share

- 2024-10: KRW 44,850.00 per share

- 2024-11: KRW 46,850.00 per share

- 2024-12: KRW 44,100.00 per share

- 2025-01: KRW 46,500.00 per share

- 2025-02: KRW 41,950.00 per share

- 2025-03: KRW 41,800.00 per share

- 2025-04: KRW 44,100.00 per share

- 2025-05: KRW 43,200.00 per share

- 2025-06: KRW 60,100.00 per share

- 2025-07: KRW 52,200.00 per share

- 2025-08: KRW 50,300.00 per share

- 2025-09: KRW 47,650.00 per share

- 2025-10: KRW 50,700.00 per share

- 2025-11: KRW 53,300.00 per share

- 2025-12: KRW 49,450.00 per share

- 2026-01: KRW 56,000.00 per share

- 2026-02: KRW 62,000.00 per share

- 2026-03: KRW 55,500.00 per share

- 2026-04: KRW 62,200.00 per share

- 2026-05: KRW 51,000.00 per share

- 2026-06: KRW 44,300.00 per share

- 2026-07: KRW 44,950.00 per share

- 2026-08: KRW 45,800.00 per share

- 2026-09: KRW 43,700.00 per share

- 2026-10: KRW 43,300.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 24,643.31 per share, central KRW 27,474.42 per share, high KRW 31,243.24 per share

- FY2018: low KRW 22,923.22 per share, central KRW 25,660.69 per share, high KRW 29,304.84 per share

- FY2019: low KRW 25,600.77 per share, central KRW 28,348.15 per share, high KRW 32,005.50 per share

- FY2020: low KRW 24,806.00 per share, central KRW 27,677.32 per share, high KRW 31,499.65 per share

- FY2021: low KRW 26,648.95 per share, central KRW 29,701.50 per share, high KRW 33,765.09 per share

- FY2022: low KRW 29,765.18 per share, central KRW 33,381.31 per share, high KRW 38,195.13 per share

- FY2023: low KRW 31,388.77 per share, central KRW 36,795.63 per share, high KRW 42,738.23 per share

- FY2024: low KRW 39,510.28 per share, central KRW 43,717.88 per share, high KRW 49,319.10 per share

- FY2025: low KRW 38,934.76 per share, central KRW 43,195.31 per share, high KRW 48,867.01 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 2026-10-15T06:48:14.913Z 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.