# Hyundai Rotem (064350.KO)

Canonical: https://gigainvestors.com/s/064350.KO

Analysis as of: 2026-10-16T07:36:31.937Z. Financial observations: FY2013–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 91,800.00 per share; close as of 2026-10-15.

Estimated value: low KRW 73,024.82 per share, central KRW 94,562.33 per share, high KRW 107,103.66 per share. Buy at or below the central value KRW 94,562.33 per share. Valuation as of 2026-10-16T07:36:31.937Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 2.07×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: -0.08×

- FY2019: -0.11×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.10×

- FY2025: 0.17×

- LTM to Jun 2026: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.1%

- ROIC, second-lowest year: -7.7%

- Typical minus recent gross margin: -9.7 pp

- Typical gross margin (annual median): 9.2%

- Recent gross margin (lower of latest and 3-year median): 18.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 2.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.1%

- FY2017: 1.6%

- FY2018: -7.7%

- FY2019: -11.6%

- FY2020: 4.1%

- FY2021: 3.6%

- FY2022: 8.3%

- FY2023: 14.2%

- FY2024: 22.0%

- FY2025: 39.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.59T

- Net income, five-year total: KRW 1.60T

- Return on incremental invested capital: 98.7%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -13.5 pp

- Working capital / revenue, final three-year average: 25.7%

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

- FY2021: 0.98×

- FY2022: 1.02×

- FY2023: 0.98×

- FY2024: 0.99×

- FY2025: 0.99×

### 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: 1.6% vs 22.0%

- Per-share earnings: -557.12 to 3728.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 18.96T

- Cumulative retained earnings: KRW 875B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW -557.12

- 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 154B

- Cumulative net income, 10 years: KRW 953B

- ROIC, first three-year median: 1.6%

- ROIC, last three-year median: 22.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 256.87

- FY2017: KRW -557.12

- FY2018: KRW -4K

- FY2019: KRW -4K

- FY2020: KRW 284.23

- FY2021: KRW 609.37

- FY2022: KRW 2K

- FY2023: KRW 1K

- FY2024: KRW 4K

- FY2025: KRW 7K

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 2.80×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.2%

- FY2017: -6.5%

- FY2018: -7.2%

- FY2019: -3.8%

- FY2020: -0.6%

- FY2021: 3.1%

- FY2022: -10.7%

- FY2023: -10.9%

- FY2024: 5.0%

- FY2025: -1.4%

## Holders

## Price story

Down 66% since Apr 2026 · sales +8%

Story as of 2026-10-16T10:00:07.649Z; price observation 2026-10-15.

Price needs cash profits to grow 6% a year for ten years

### Sales · FY2025–2026

sales +8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.73T 

- FY2018: KRW 2.41T 

- FY2019: KRW 2.46T 

- FY2020: KRW 2.79T 

- FY2021: KRW 2.87T 

- FY2022: KRW 3.16T 

- FY2023: KRW 3.59T 

- FY2024: KRW 4.38T 

- FY2025: KRW 5.84T 

- FY2026: KRW 6.31T 

### Gross margin · FY2025

gross margin 23.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 9.6% 

- FY2017: 6.7% 

- FY2020: 8.8% 

- FY2021: 8.8% 

- FY2022: 11.6% 

- FY2023: 12.9% 

- FY2024: 18.9% 

- FY2025: 23.8% 

## Owner memo

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

### How it makes money

Operates in railroads; annual sales are KRW 5.8 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2025: revenue 5839031553000; grossProfit 1392016013000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 064350.KO: Hyundai Rotem Company manufactures and sells railway vehicles, defense systems, and plants and machinery in South Korea and internationally. The company provides railway solutions, such as high-speed trains, regional and intercity, commuter trains and metros, tram and LRVs, locomotives, and passengers cars; power mechanical, inspection, and system engineering; operation and maintenance; signaling; and hydrogen mobility services. It also offers defense solutions, including tanks, wheeled armored vehicles, and future weapon systems. In addition, the company provides logistic automation system, automotive conveyor system, port AGV, and boarding bridge and cargo handling system; hydrogen infrastructure solutions; press equipment, such as servo, mechanical, and stamping press; and steel plant, that includes blast furnace, and cranes, as well as iron making, steel making, rolling mill, and environment and supplement facilities. Hyundai Rotem Company was founded in 1977 and is headquartered in Uiwang-si, South Korea.

### Why customers stay

Margins ranged from 12.9% to 23.8% during 2023–25; it earns 4.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2023: grossProfit / revenue = 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2024: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2025: grossProfit / revenue = 23.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); 10-year return on capital observations [[2016,0.04135589321962756],[2017,0.01587624568284533],[2018,-0.07657790868103843],[2019,-0.11622054305273816],[2020,0.04124316087536628],[2021,0.03642193359855536],[2022,0.0829321263583112],[2023,0.14192779382687534],[2024,0.2199111358514674],[2025,0.3985273178659678]]; median 0.04129952704749692. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 12.7% of cash earnings on expansion; earns 98.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2016: growth capex 0; upkeep 29938813000; owner earnings 68583475000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2017: growth capex 0; upkeep 27962544000; owner earnings 5792043000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2020: growth capex 0; upkeep 30547713000; owner earnings 43051009200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2021: growth capex 9077682000; upkeep 35073306000; owner earnings 65194754600. Growth capex / owner earnings = 0.13923945347590894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2022: growth capex 0; upkeep 32470963000; owner earnings 202318424200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2023: growth capex 36824725000; upkeep 39930622000; owner earnings 158319909800. Growth capex / owner earnings = 0.2325969301430211.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2024: growth capex 68018000000; upkeep 47008172000; owner earnings 401663621000. Growth capex / owner earnings = 0.1693407031253149.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2025: growth capex 96889341000; upkeep 59582150000; owner earnings 765444191400. Growth capex / owner earnings = 0.1265792360678694.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); Incremental return on capital 0.9868214191449727, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); Dividend observations: [[2016,4954527000],[2017,2110107000],[2018,4120215000],[2019,3833057000],[2020,10528059000],[2021,6795000000],[2022,0],[2024,10914229000],[2025,21828459000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); FY2025: cash repurchases 1553282850 KRW.

### Are managers owners

Insiders own 33.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 064350.KO SharesStats.PercentInsiders = 33.769 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.937Z); Ten-year compound average after fade. Initial solved rate 0.07288922417782084. Price 91800; 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 18,700.00 per share

- 2016-11: KRW 18,750.00 per share

- 2016-12: KRW 18,150.00 per share

- 2017-01: KRW 18,950.00 per share

- 2017-02: KRW 20,600.00 per share

- 2017-03: KRW 20,950.00 per share

- 2017-04: KRW 20,950.00 per share

- 2017-05: KRW 21,900.00 per share

- 2017-06: KRW 20,650.00 per share

- 2017-07: KRW 18,750.00 per share

- 2017-08: KRW 18,500.00 per share

- 2017-09: KRW 17,700.00 per share

- 2017-10: KRW 19,600.00 per share

- 2017-11: KRW 18,850.00 per share

- 2017-12: KRW 18,750.00 per share

- 2018-01: KRW 17,150.00 per share

- 2018-02: KRW 15,450.00 per share

- 2018-03: KRW 15,800.00 per share

- 2018-04: KRW 26,700.00 per share

- 2018-05: KRW 38,650.00 per share

- 2018-06: KRW 28,050.00 per share

- 2018-07: KRW 27,200.00 per share

- 2018-08: KRW 27,250.00 per share

- 2018-09: KRW 30,500.00 per share

- 2018-10: KRW 21,850.00 per share

- 2018-11: KRW 27,100.00 per share

- 2018-12: KRW 27,850.00 per share

- 2019-01: KRW 26,450.00 per share

- 2019-02: KRW 25,900.00 per share

- 2019-03: KRW 23,250.00 per share

- 2019-04: KRW 21,700.00 per share

- 2019-05: KRW 19,200.00 per share

- 2019-06: KRW 21,050.00 per share

- 2019-07: KRW 16,600.00 per share

- 2019-08: KRW 17,150.00 per share

- 2019-09: KRW 19,500.00 per share

- 2019-10: KRW 16,100.00 per share

- 2019-11: KRW 15,150.00 per share

- 2019-12: KRW 15,600.00 per share

- 2020-01: KRW 14,250.00 per share

- 2020-02: KRW 13,200.00 per share

- 2020-03: KRW 12,450.00 per share

- 2020-04: KRW 18,000.00 per share

- 2020-05: KRW 15,750.00 per share

- 2020-06: KRW 15,350.00 per share

- 2020-07: KRW 18,050.00 per share

- 2020-08: KRW 15,150.00 per share

- 2020-09: KRW 15,950.00 per share

- 2020-10: KRW 14,900.00 per share

- 2020-11: KRW 15,800.00 per share

- 2020-12: KRW 17,200.00 per share

- 2021-01: KRW 19,250.00 per share

- 2021-02: KRW 19,600.00 per share

- 2021-03: KRW 20,350.00 per share

- 2021-04: KRW 20,150.00 per share

- 2021-05: KRW 21,200.00 per share

- 2021-06: KRW 24,250.00 per share

- 2021-07: KRW 24,850.00 per share

- 2021-08: KRW 26,600.00 per share

- 2021-09: KRW 24,200.00 per share

- 2021-10: KRW 22,500.00 per share

- 2021-11: KRW 18,900.00 per share

- 2021-12: KRW 20,800.00 per share

- 2022-01: KRW 18,600.00 per share

- 2022-02: KRW 19,800.00 per share

- 2022-03: KRW 20,350.00 per share

- 2022-04: KRW 19,050.00 per share

- 2022-05: KRW 19,350.00 per share

- 2022-06: KRW 20,800.00 per share

- 2022-07: KRW 26,550.00 per share

- 2022-08: KRW 30,300.00 per share

- 2022-09: KRW 25,300.00 per share

- 2022-10: KRW 24,350.00 per share

- 2022-11: KRW 31,850.00 per share

- 2022-12: KRW 28,400.00 per share

- 2023-01: KRW 27,600.00 per share

- 2023-02: KRW 24,950.00 per share

- 2023-03: KRW 25,800.00 per share

- 2023-04: KRW 32,900.00 per share

- 2023-05: KRW 30,950.00 per share

- 2023-06: KRW 36,550.00 per share

- 2023-07: KRW 31,350.00 per share

- 2023-08: KRW 30,750.00 per share

- 2023-09: KRW 27,750.00 per share

- 2023-10: KRW 23,250.00 per share

- 2023-11: KRW 26,550.00 per share

- 2023-12: KRW 26,600.00 per share

- 2024-01: KRW 28,350.00 per share

- 2024-02: KRW 33,450.00 per share

- 2024-03: KRW 36,800.00 per share

- 2024-04: KRW 37,300.00 per share

- 2024-05: KRW 35,950.00 per share

- 2024-06: KRW 40,800.00 per share

- 2024-07: KRW 48,900.00 per share

- 2024-08: KRW 54,000.00 per share

- 2024-09: KRW 53,600.00 per share

- 2024-10: KRW 62,400.00 per share

- 2024-11: KRW 50,600.00 per share

- 2024-12: KRW 49,700.00 per share

- 2025-01: KRW 59,200.00 per share

- 2025-02: KRW 78,200.00 per share

- 2025-03: KRW 105,000.00 per share

- 2025-04: KRW 112,200.00 per share

- 2025-05: KRW 146,400.00 per share

- 2025-06: KRW 196,500.00 per share

- 2025-07: KRW 202,000.00 per share

- 2025-08: KRW 192,100.00 per share

- 2025-09: KRW 219,000.00 per share

- 2025-10: KRW 230,500.00 per share

- 2025-11: KRW 175,700.00 per share

- 2025-12: KRW 187,900.00 per share

- 2026-01: KRW 230,500.00 per share

- 2026-02: KRW 230,500.00 per share

- 2026-03: KRW 169,500.00 per share

- 2026-04: KRW 268,500.00 per share

- 2026-05: KRW 200,500.00 per share

- 2026-06: KRW 173,000.00 per share

- 2026-07: KRW 133,700.00 per share

- 2026-08: KRW 136,200.00 per share

- 2026-09: KRW 111,600.00 per share

- 2026-10: KRW 97,700.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 7,019.79 per share, central KRW 7,280.63 per share, high KRW 7,627.86 per share

- FY2018: low KRW 4,942.45 per share, central KRW 5,033.32 per share, high KRW 5,154.29 per share

- FY2020: low KRW 5,058.05 per share, central KRW 5,139.78 per share, high KRW 5,248.58 per share

- FY2021: low KRW 3,114.05 per share, central KRW 3,198.34 per share, high KRW 3,310.54 per share

- FY2022: low KRW 12,536.53 per share, central KRW 13,211.55 per share, high KRW 14,110.14 per share

- FY2023: low KRW 16,578.80 per share, central KRW 17,702.74 per share, high KRW 19,198.95 per share

- FY2024: low KRW 25,365.64 per share, central KRW 28,032.61 per share, high KRW 31,582.90 per share

- FY2025: low KRW 57,137.71 per share, central KRW 77,072.94 per share, high KRW 88,681.26 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 2026-10-15T06:42:08.608Z 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.

Hyundai Rotem

064350 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 91,800.00
Buy up to: KRW 94,562.33
Expected / yr: 10.3% 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

3 loss years were recorded (limit 2), and margins varied 206.9% around their average (limit 35%).

Operating margin

10y median: 3.8%
Worst year: -11.4%
Latest · LTM: 15.9%

Capital return excluding acquisitions: median 4.1% (minimum 15%), and the second-worst year -7.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 4.1%
Worst year: -11.6%
Latest · 2025: 39.9%

Each $1 of profit left $0.99 for owners over five years (minimum $0.80).

Annual owner cash / profit

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

Per-share value rose from -557.12 to 3728, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 446.80
Worst year: KRW -4K
Latest · 2025: KRW 7K

Profits were backed by cash: accruals were -1.4% of assets (limit 10%).

Sloan accruals

10y median: -5.1%
Worst year: 5.0%
Latest · 2025: -1.4%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 3.0%, three-year average owner earnings per share 4,048.01 KRW. 3 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 18700.00; 2016-11 · Price KRW 18750.00; 2016-12 · Price KRW 18150.00; 2017-01 · Price KRW 18950.00 · Value 7280.63 · Buy at or below 7280.63; 2017-02 · Price KRW 20600.00 · Value 7280.63 · Buy at or below 7280.63; 2017-03 · Price KRW 20950.00 · Value 7280.63 · Buy at or below 7280.63; 2017-04 · Price KRW 20950.00 · Value 7280.63 · Buy at or below 7280.63; 2017-05 · Price KRW 21900.00 · Value 7280.63 · Buy at or below 7280.63; 2017-06 · Price KRW 20650.00 · Value 7280.63 · Buy at or below 7280.63; 2017-07 · Price KRW 18750.00 · Value 7280.63 · Buy at or below 7280.63; 2017-08 · Price KRW 18500.00 · Value 7280.63 · Buy at or below 7280.63; 2017-09 · Price KRW 17700.00 · Value 7280.63 · Buy at or below 7280.63; 2017-10 · Price KRW 19600.00 · Value 7280.63 · Buy at or below 7280.63; 2017-11 · Price KRW 18850.00 · Value 7280.63 · Buy at or below 7280.63; 2017-12 · Price KRW 18750.00 · Value 7280.63 · Buy at or below 7280.63; 2018-01 · Price KRW 17150.00 · Value 7280.63 · Buy at or below 7280.63; 2018-02 · Price KRW 15450.00 · Value 5033.32 · Buy at or below 5033.32; 2018-03 · Price KRW 15800.00 · Value 5033.32 · Buy at or below 5033.32; 2018-04 · Price KRW 26700.00 · Value 5033.32 · Buy at or below 5033.32; 2018-05 · Price KRW 38650.00 · Value 5033.32 · Buy at or below 5033.32; 2018-06 · Price KRW 28050.00 · Value 5033.32 · Buy at or below 5033.32; 2018-07 · Price KRW 27200.00 · Value 5033.32 · Buy at or below 5033.32; 2018-08 · Price KRW 27250.00 · Value 5033.32 · Buy at or below 5033.32; 2018-09 · Price KRW 30500.00 · Value 5033.32 · Buy at or below 5033.32; 2018-10 · Price KRW 21850.00 · Value 5033.32 · Buy at or below 5033.32; 2018-11 · Price KRW 27100.00 · Value 5033.32 · Buy at or below 5033.32; 2018-12 · Price KRW 27850.00 · Value 5033.32 · Buy at or below 5033.32; 2019-01 · Price KRW 26450.00 · Value 5033.32 · Buy at or below 5033.32; 2019-02 · Price KRW 25900.00; 2019-03 · Price KRW 23250.00; 2019-04 · Price KRW 21700.00; 2019-05 · Price KRW 19200.00; 2019-06 · Price KRW 21050.00; 2019-07 · Price KRW 16600.00; 2019-08 · Price KRW 17150.00; 2019-09 · Price KRW 19500.00; 2019-10 · Price KRW 16100.00; 2019-11 · Price KRW 15150.00; 2019-12 · Price KRW 15600.00; 2020-01 · Price KRW 14250.00 · Value 5139.78 · Buy at or below 5139.78; 2020-02 · Price KRW 13200.00 · Value 5139.78 · Buy at or below 5139.78; 2020-03 · Price KRW 12450.00 · Value 5139.78 · Buy at or below 5139.78; 2020-04 · Price KRW 18000.00 · Value 5139.78 · Buy at or below 5139.78; 2020-05 · Price KRW 15750.00 · Value 5139.78 · Buy at or below 5139.78; 2020-06 · Price KRW 15350.00 · Value 5139.78 · Buy at or below 5139.78; 2020-07 · Price KRW 18050.00 · Value 5139.78 · Buy at or below 5139.78; 2020-08 · Price KRW 15150.00 · Value 5139.78 · Buy at or below 5139.78; 2020-09 · Price KRW 15950.00 · Value 5139.78 · Buy at or below 5139.78; 2020-10 · Price KRW 14900.00 · Value 5139.78 · Buy at or below 5139.78; 2020-11 · Price KRW 15800.00 · Value 5139.78 · Buy at or below 5139.78; 2020-12 · Price KRW 17200.00 · Value 5139.78 · Buy at or below 5139.78; 2021-01 · Price KRW 19250.00 · Value 5139.78 · Buy at or below 5139.78; 2021-02 · Price KRW 19600.00 · Value 3198.34 · Buy at or below 3198.34; 2021-03 · Price KRW 20350.00 · Value 3198.34 · Buy at or below 3198.34; 2021-04 · Price KRW 20150.00 · Value 3198.34 · Buy at or below 3198.34; 2021-05 · Price KRW 21200.00 · Value 3198.34 · Buy at or below 3198.34; 2021-06 · Price KRW 24250.00 · Value 3198.34 · Buy at or below 3198.34; 2021-07 · Price KRW 24850.00 · Value 3198.34 · Buy at or below 3198.34; 2021-08 · Price KRW 26600.00 · Value 3198.34 · Buy at or below 3198.34; 2021-09 · Price KRW 24200.00 · Value 3198.34 · Buy at or below 3198.34; 2021-10 · Price KRW 22500.00 · Value 3198.34 · Buy at or below 3198.34; 2021-11 · Price KRW 18900.00 · Value 3198.34 · Buy at or below 3198.34; 2021-12 · Price KRW 20800.00 · Value 3198.34 · Buy at or below 3198.34; 2022-01 · Price KRW 18600.00 · Value 3198.34 · Buy at or below 3198.34; 2022-02 · Price KRW 19800.00 · Value 13211.55 · Buy at or below 13211.55; 2022-03 · Price KRW 20350.00 · Value 13211.55 · Buy at or below 13211.55; 2022-04 · Price KRW 19050.00 · Value 13211.55 · Buy at or below 13211.55; 2022-05 · Price KRW 19350.00 · Value 13211.55 · Buy at or below 13211.55; 2022-06 · Price KRW 20800.00 · Value 13211.55 · Buy at or below 13211.55; 2022-07 · Price KRW 26550.00 · Value 13211.55 · Buy at or below 13211.55; 2022-08 · Price KRW 30300.00 · Value 13211.55 · Buy at or below 13211.55; 2022-09 · Price KRW 25300.00 · Value 13211.55 · Buy at or below 13211.55; 2022-10 · Price KRW 24350.00 · Value 13211.55 · Buy at or below 13211.55; 2022-11 · Price KRW 31850.00 · Value 13211.55 · Buy at or below 13211.55; 2022-12 · Price KRW 28400.00 · Value 13211.55 · Buy at or below 13211.55; 2023-01 · Price KRW 27600.00 · Value 13211.55 · Buy at or below 13211.55; 2023-02 · Price KRW 24950.00 · Value 17702.74 · Buy at or below 17702.74; 2023-03 · Price KRW 25800.00 · Value 17702.74 · Buy at or below 17702.74; 2023-04 · Price KRW 32900.00 · Value 17702.74 · Buy at or below 17702.74; 2023-05 · Price KRW 30950.00 · Value 17702.74 · Buy at or below 17702.74; 2023-06 · Price KRW 36550.00 · Value 17702.74 · Buy at or below 17702.74; 2023-07 · Price KRW 31350.00 · Value 17702.74 · Buy at or below 17702.74; 2023-08 · Price KRW 30750.00 · Value 17702.74 · Buy at or below 17702.74; 2023-09 · Price KRW 27750.00 · Value 17702.74 · Buy at or below 17702.74; 2023-10 · Price KRW 23250.00 · Value 17702.74 · Buy at or below 17702.74; 2023-11 · Price KRW 26550.00 · Value 17702.74 · Buy at or below 17702.74; 2023-12 · Price KRW 26600.00 · Value 17702.74 · Buy at or below 17702.74; 2024-01 · Price KRW 28350.00 · Value 17702.74 · Buy at or below 17702.74; 2024-02 · Price KRW 33450.00 · Value 28032.61 · Buy at or below 28032.61; 2024-03 · Price KRW 36800.00 · Value 28032.61 · Buy at or below 28032.61; 2024-04 · Price KRW 37300.00 · Value 28032.61 · Buy at or below 28032.61; 2024-05 · Price KRW 35950.00 · Value 28032.61 · Buy at or below 28032.61; 2024-06 · Price KRW 40800.00 · Value 28032.61 · Buy at or below 28032.61; 2024-07 · Price KRW 48900.00 · Value 28032.61 · Buy at or below 28032.61; 2024-08 · Price KRW 54000.00 · Value 28032.61 · Buy at or below 28032.61; 2024-09 · Price KRW 53600.00 · Value 28032.61 · Buy at or below 28032.61; 2024-10 · Price KRW 62400.00 · Value 28032.61 · Buy at or below 28032.61; 2024-11 · Price KRW 50600.00 · Value 28032.61 · Buy at or below 28032.61; 2024-12 · Price KRW 49700.00 · Value 28032.61 · Buy at or below 28032.61; 2025-01 · Price KRW 59200.00 · Value 28032.61 · Buy at or below 28032.61; 2025-02 · Price KRW 78200.00 · Value 77072.94 · Buy at or below 77072.94; 2025-03 · Price KRW 105000.00 · Value 77072.94 · Buy at or below 77072.94; 2025-04 · Price KRW 112200.00 · Value 77072.94 · Buy at or below 77072.94; 2025-05 · Price KRW 146400.00 · Value 77072.94 · Buy at or below 77072.94; 2025-06 · Price KRW 196500.00 · Value 77072.94 · Buy at or below 77072.94; 2025-07 · Price KRW 202000.00 · Value 77072.94 · Buy at or below 77072.94; 2025-08 · Price KRW 192100.00 · Value 77072.94 · Buy at or below 77072.94; 2025-09 · Price KRW 219000.00 · Value 77072.94 · Buy at or below 77072.94; 2025-10 · Price KRW 230500.00 · Value 77072.94 · Buy at or below 77072.94; 2025-11 · Price KRW 175700.00 · Value 77072.94 · Buy at or below 77072.94; 2025-12 · Price KRW 187900.00 · Value 77072.94 · Buy at or below 77072.94; 2026-01 · Price KRW 230500.00 · Value 77072.94 · Buy at or below 77072.94; 2026-02 · Price KRW 230500.00 · Value 94562.33 · Buy at or below 94562.33; 2026-03 · Price KRW 169500.00 · Value 94562.33 · Buy at or below 94562.33; 2026-04 · Price KRW 268500.00 · Value 94562.33 · Buy at or below 94562.33; 2026-05 · Price KRW 200500.00 · Value 94562.33 · Buy at or below 94562.33; 2026-06 · Price KRW 173000.00 · Value 94562.33 · Buy at or below 94562.33; 2026-07 · Price KRW 133700.00 · Value 94562.33 · Buy at or below 94562.33; 2026-08 · Price KRW 136200.00 · Value 94562.33 · Buy at or below 94562.33; 2026-09 · Price KRW 111600.00 · Value 94562.33 · Buy at or below 94562.33; 2026-10 · Price KRW 97700.00 · Value 94562.33 · Buy at or below 94562.33; 2026-10 · Price KRW 91800.00 · Value 94562.33 · Buy at or below 94562.33

KRW per share · annual estimates

Price & return math
Value range	KRW 73,024.82 – KRW 107,103.66
Buy at or below	Central value KRW 94,562.33
Discount to value	1 − 91800.00 / 94562.33 = 2.9%
Return / year	About 10.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 3696.92/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 22765.15/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 6.31T

Revenue

Owner earningsKRW 765B

Owner earnings

Operating margin15.9%

Operating margin

Net cash / debtKRW 1.17T

Net cash / debt

Diluted shares109M

Diluted shares

Prices 15 Oct 2026 · FY2025