# Korea Investment Holdings (071050.KO)

Canonical: https://gigainvestors.com/s/071050.KO

Analysis as of: 2026-10-16T07:36:49.098Z. Financial observations: FY2003–FY2025.

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 145,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 492,323.48 per share, central KRW 560,204.13 per share, high KRW 650,567.67 per share. Buy at or below the central value KRW 560,204.13 per share. Valuation as of 2026-10-16T07:36:49.098Z; scenarios are not confidence intervals.

Expected annual return: 31.7% at the stated quote. About 31.7% 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: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.64×

- FY2017: 0.65×

- FY2018: 0.81×

- FY2019: 0.57×

- FY2020: 0.87×

- FY2021: 0.99×

- FY2022: 0.90×

- FY2023: 1.13×

- FY2024: 1.29×

- FY2025: 1.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 8.9%

- ROIC, second-lowest year: 3.0%

- Years with nonpositive capital: 2

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.0%

- FY2017: 3.0%

- FY2018: 16.4%

- FY2019: 3.4%

- FY2020: 22.1%

- FY2021: 29.0%

- FY2022: 7.7%

- FY2023: 8.9%

- FY2024: 8.9%

- FY2025: 9.6%

### 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 6.46T

- Net income, five-year total: KRW 6.17T

- Return on incremental invested capital: 11.9%

- Working capital / revenue, annual change: 19.0 pp

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

- FY2021: 1.03×

- FY2022: 1.10×

- FY2023: 1.06×

- FY2024: 1.05×

- FY2025: 1.04×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.0% vs 8.9%

- Per-share earnings: 8730.88 to 17799.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: KRW 7.00T

- Cumulative retained earnings: KRW 7.99T

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.7%

- Per-share value change: KRW 9K

- Per-share value, starting three-year median: KRW 9K

- Per-share value, ending three-year median: KRW 18K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 274B

- Cumulative net income, 10 years: KRW 9.20T

- ROIC, first three-year median: 3.0%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 5K

- FY2017: KRW 9K

- FY2018: KRW 9K

- FY2019: KRW 14K

- FY2020: KRW 16K

- FY2021: KRW 33K

- FY2022: KRW 11K

- FY2023: KRW 12K

- FY2024: KRW 18K

- FY2025: KRW 35K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 7.1%

- Receivables to sales index (DSRI): 0.96×

- Earnings backed by cash: No

- Operating cash / earnings: -3.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.2%

- FY2017: 11.5%

- FY2018: 15.7%

- FY2019: 15.2%

- FY2020: 13.6%

- FY2021: 9.3%

- FY2022: 5.1%

- FY2023: 3.4%

- FY2024: 8.1%

- FY2025: 7.1%

## Holders

## Price story

Down 44% since Feb 2026 · sales +64%

Story as of 2026-10-16T10:00:08.131Z; price observation 2026-10-15.

Price needs cash profits to shrink 16.5% a year for ten years

### Sales · FY2024–2025

sales +64%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 1.05T 

- FY2017: KRW 1.47T 

- FY2018: KRW 1.57T 

- FY2019: KRW 1.89T 

- FY2020: KRW 1.97T 

- FY2021: KRW 2.97T 

- FY2022: KRW 2.05T 

- FY2023: KRW 2.82T 

- FY2024: KRW 3.01T 

- FY2025: KRW 4.94T 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are KRW 4.9 trillion.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2025-12-31 (filed 2026-10-16T07:36:49.098Z); FY2025: revenue 4935933000000; operatingIncome 5168048000000; margin = operatingIncome / revenue.

### Why customers stay

It earns 8.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.098Z); FY2023: operatingIncome / revenue = 112.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.098Z); FY2024: operatingIncome / revenue = 128.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.098Z); FY2025: operatingIncome / revenue = 104.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.098Z); 10-year return on capital observations [[2016,0.029587636639794926],[2017,0.03003037110817413],[2018,0.16381416068271745],[2019,0.033955200874032136],[2020,0.22082232620516934],[2021,0.28985653187242433],[2022,0.07707612798448919],[2023,0.08867908740619394],[2024,0.08913279843396224],[2025,0.09631836838061908]]; median 0.08890594292007808. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 986.7 million of shares.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2016-12-31 (filed 2026-10-16T07:36:49.098Z); FY2016: growth capex 0; upkeep 34284233840; owner earnings 277269818160. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2019-12-31 (filed 2026-10-16T07:36:49.098Z); FY2019: growth capex 0; upkeep 41815146970; owner earnings 870928098200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2020-12-31 (filed 2026-10-16T07:36:49.098Z); FY2020: growth capex 0; upkeep 22580088270; owner earnings 908230683810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2021-12-31 (filed 2026-10-16T07:36:49.098Z); FY2021: growth capex 0; upkeep 20104052330; owner earnings 1818193085810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2022-12-31 (filed 2026-10-16T07:36:49.098Z); FY2022: growth capex 0; upkeep 24287425210; owner earnings 697594253690. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2023-12-31 (filed 2026-10-16T07:36:49.098Z); FY2023: growth capex 0; upkeep 49985828310; owner earnings 750466811460. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2024-12-31 (filed 2026-10-16T07:36:49.098Z); FY2024: growth capex 0; upkeep 52698726350; owner earnings 1090270273650. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/071050.KO.json#2025-12-31 (filed 2026-10-16T07:36:49.098Z); FY2025: growth capex 0; upkeep 33411000000; owner earnings 2108418000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.098Z); Dividend observations: [[2016,58737349760],[2017,47061671770],[2018,93782804190],[2019,105462156860],[2020,169680444080],[2021,175519432400],[2022,359449332860],[2023,127380508410],[2024,155082769470],[2025,238240000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.098Z); FY2025: cash repurchases 986669625 KRW.

### Are managers owners

Insiders own 21.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 071050.KO SharesStats.PercentInsiders = 21.303 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 16.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.098Z); Ten-year compound average after fade. Initial solved rate -0.24124688549106033. Price 145100; 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 41,100.00 per share

- 2016-11: KRW 40,050.00 per share

- 2016-12: KRW 41,900.00 per share

- 2017-01: KRW 46,500.00 per share

- 2017-02: KRW 47,400.00 per share

- 2017-03: KRW 47,100.00 per share

- 2017-04: KRW 51,300.00 per share

- 2017-05: KRW 61,200.00 per share

- 2017-06: KRW 70,100.00 per share

- 2017-07: KRW 71,200.00 per share

- 2017-08: KRW 65,700.00 per share

- 2017-09: KRW 61,200.00 per share

- 2017-10: KRW 63,300.00 per share

- 2017-11: KRW 68,200.00 per share

- 2017-12: KRW 69,000.00 per share

- 2018-01: KRW 87,400.00 per share

- 2018-02: KRW 78,500.00 per share

- 2018-03: KRW 82,700.00 per share

- 2018-04: KRW 91,100.00 per share

- 2018-05: KRW 93,900.00 per share

- 2018-06: KRW 84,100.00 per share

- 2018-07: KRW 71,400.00 per share

- 2018-08: KRW 71,300.00 per share

- 2018-09: KRW 76,100.00 per share

- 2018-10: KRW 59,300.00 per share

- 2018-11: KRW 67,700.00 per share

- 2018-12: KRW 59,500.00 per share

- 2019-01: KRW 64,300.00 per share

- 2019-02: KRW 64,500.00 per share

- 2019-03: KRW 62,100.00 per share

- 2019-04: KRW 68,400.00 per share

- 2019-05: KRW 72,400.00 per share

- 2019-06: KRW 80,700.00 per share

- 2019-07: KRW 74,500.00 per share

- 2019-08: KRW 72,300.00 per share

- 2019-09: KRW 75,300.00 per share

- 2019-10: KRW 67,800.00 per share

- 2019-11: KRW 71,700.00 per share

- 2019-12: KRW 72,400.00 per share

- 2020-01: KRW 66,500.00 per share

- 2020-02: KRW 62,800.00 per share

- 2020-03: KRW 49,750.00 per share

- 2020-04: KRW 50,100.00 per share

- 2020-05: KRW 52,700.00 per share

- 2020-06: KRW 44,500.00 per share

- 2020-07: KRW 48,700.00 per share

- 2020-08: KRW 60,900.00 per share

- 2020-09: KRW 72,500.00 per share

- 2020-10: KRW 68,600.00 per share

- 2020-11: KRW 74,100.00 per share

- 2020-12: KRW 79,000.00 per share

- 2021-01: KRW 81,300.00 per share

- 2021-02: KRW 87,300.00 per share

- 2021-03: KRW 85,600.00 per share

- 2021-04: KRW 112,000.00 per share

- 2021-05: KRW 104,000.00 per share

- 2021-06: KRW 103,000.00 per share

- 2021-07: KRW 95,900.00 per share

- 2021-08: KRW 95,300.00 per share

- 2021-09: KRW 86,300.00 per share

- 2021-10: KRW 87,000.00 per share

- 2021-11: KRW 75,300.00 per share

- 2021-12: KRW 80,700.00 per share

- 2022-01: KRW 72,500.00 per share

- 2022-02: KRW 78,300.00 per share

- 2022-03: KRW 78,400.00 per share

- 2022-04: KRW 70,600.00 per share

- 2022-05: KRW 71,600.00 per share

- 2022-06: KRW 61,700.00 per share

- 2022-07: KRW 63,100.00 per share

- 2022-08: KRW 56,800.00 per share

- 2022-09: KRW 47,500.00 per share

- 2022-10: KRW 49,550.00 per share

- 2022-11: KRW 57,700.00 per share

- 2022-12: KRW 53,300.00 per share

- 2023-01: KRW 62,500.00 per share

- 2023-02: KRW 62,000.00 per share

- 2023-03: KRW 55,000.00 per share

- 2023-04: KRW 55,100.00 per share

- 2023-05: KRW 55,400.00 per share

- 2023-06: KRW 51,600.00 per share

- 2023-07: KRW 48,850.00 per share

- 2023-08: KRW 52,000.00 per share

- 2023-09: KRW 53,100.00 per share

- 2023-10: KRW 50,300.00 per share

- 2023-11: KRW 59,900.00 per share

- 2023-12: KRW 61,300.00 per share

- 2024-01: KRW 61,400.00 per share

- 2024-02: KRW 71,000.00 per share

- 2024-03: KRW 66,600.00 per share

- 2024-04: KRW 67,400.00 per share

- 2024-05: KRW 65,200.00 per share

- 2024-06: KRW 70,000.00 per share

- 2024-07: KRW 73,200.00 per share

- 2024-08: KRW 72,800.00 per share

- 2024-09: KRW 73,400.00 per share

- 2024-10: KRW 77,100.00 per share

- 2024-11: KRW 74,700.00 per share

- 2024-12: KRW 71,300.00 per share

- 2025-01: KRW 79,500.00 per share

- 2025-02: KRW 79,600.00 per share

- 2025-03: KRW 73,000.00 per share

- 2025-04: KRW 83,000.00 per share

- 2025-05: KRW 108,000.00 per share

- 2025-06: KRW 139,600.00 per share

- 2025-07: KRW 143,000.00 per share

- 2025-08: KRW 134,400.00 per share

- 2025-09: KRW 145,000.00 per share

- 2025-10: KRW 182,300.00 per share

- 2025-11: KRW 160,400.00 per share

- 2025-12: KRW 161,700.00 per share

- 2026-01: KRW 215,500.00 per share

- 2026-02: KRW 258,500.00 per share

- 2026-03: KRW 202,500.00 per share

- 2026-04: KRW 240,000.00 per share

- 2026-05: KRW 237,500.00 per share

- 2026-06: KRW 221,000.00 per share

- 2026-07: KRW 206,500.00 per share

- 2026-08: KRW 192,200.00 per share

- 2026-09: KRW 177,000.00 per share

- 2026-10: KRW 161,600.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 16,867.06 per share, central KRW 19,192.66 per share, high KRW 22,288.52 per share

- FY2020: low KRW 108,109.05 per share, central KRW 123,014.92 per share, high KRW 142,857.80 per share

- FY2021: low KRW 283,070.92 per share, central KRW 322,100.21 per share, high KRW 374,056.48 per share

- FY2022: low KRW 176,585.45 per share, central KRW 200,932.72 per share, high KRW 233,344.11 per share

- FY2023: low KRW 242,592.91 per share, central KRW 276,041.17 per share, high KRW 320,567.90 per share

- FY2024: low KRW 204,002.68 per share, central KRW 232,130.19 per share, high KRW 269,573.88 per share

- FY2025: low KRW 334,711.27 per share, central KRW 380,860.64 per share, high KRW 442,295.24 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 2026-10-15T06:42:39.322Z 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.

Korea Investment Holdings

071050 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 145,100.00
Buy up to: KRW 560,204.13
Expected / yr: 31.7% 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 24.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 88.9%
Worst year: 57.1%
Latest · 2025: 104.7%

Capital return excluding acquisitions: median 8.9% (minimum 15%), and the second-worst year 3% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.9%
Worst year: 3.0%
Latest · 2025: 9.6%

New investment earned 11.9% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.05×
Annual median: 1.05×
Latest · 2025: 1.04×

Per-share value rose from 8730.88 to 17799, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 13K
Worst year: KRW 5K
Latest · 2025: KRW 35K

Profits lacked the required cash backing.

Sloan accruals

10y median: 8.7%
Worst year: 15.7%
Latest · 2025: 7.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 89.0%, three-year average owner earnings per share 22,535.61 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 41100.00; 2016-11 · Price KRW 40050.00; 2016-12 · Price KRW 41900.00; 2017-01 · Price KRW 46500.00 · Value 19192.66 · Buy at or below 19192.66; 2017-02 · Price KRW 47400.00 · Value 19192.66 · Buy at or below 19192.66; 2017-03 · Price KRW 47100.00 · Value 19192.66 · Buy at or below 19192.66; 2017-04 · Price KRW 51300.00 · Value 19192.66 · Buy at or below 19192.66; 2017-05 · Price KRW 61200.00 · Value 19192.66 · Buy at or below 19192.66; 2017-06 · Price KRW 70100.00 · Value 19192.66 · Buy at or below 19192.66; 2017-07 · Price KRW 71200.00 · Value 19192.66 · Buy at or below 19192.66; 2017-08 · Price KRW 65700.00 · Value 19192.66 · Buy at or below 19192.66; 2017-09 · Price KRW 61200.00 · Value 19192.66 · Buy at or below 19192.66; 2017-10 · Price KRW 63300.00 · Value 19192.66 · Buy at or below 19192.66; 2017-11 · Price KRW 68200.00 · Value 19192.66 · Buy at or below 19192.66; 2017-12 · Price KRW 69000.00 · Value 19192.66 · Buy at or below 19192.66; 2018-01 · Price KRW 87400.00 · Value 19192.66 · Buy at or below 19192.66; 2018-02 · Price KRW 78500.00; 2018-03 · Price KRW 82700.00; 2018-04 · Price KRW 91100.00; 2018-05 · Price KRW 93900.00; 2018-06 · Price KRW 84100.00; 2018-07 · Price KRW 71400.00; 2018-08 · Price KRW 71300.00; 2018-09 · Price KRW 76100.00; 2018-10 · Price KRW 59300.00; 2018-11 · Price KRW 67700.00; 2018-12 · Price KRW 59500.00; 2019-01 · Price KRW 64300.00; 2019-02 · Price KRW 64500.00; 2019-03 · Price KRW 62100.00; 2019-04 · Price KRW 68400.00; 2019-05 · Price KRW 72400.00; 2019-06 · Price KRW 80700.00; 2019-07 · Price KRW 74500.00; 2019-08 · Price KRW 72300.00; 2019-09 · Price KRW 75300.00; 2019-10 · Price KRW 67800.00; 2019-11 · Price KRW 71700.00; 2019-12 · Price KRW 72400.00; 2020-01 · Price KRW 66500.00 · Value 123014.92 · Buy at or below 123014.92; 2020-02 · Price KRW 62800.00 · Value 123014.92 · Buy at or below 123014.92; 2020-03 · Price KRW 49750.00 · Value 123014.92 · Buy at or below 123014.92; 2020-04 · Price KRW 50100.00 · Value 123014.92 · Buy at or below 123014.92; 2020-05 · Price KRW 52700.00 · Value 123014.92 · Buy at or below 123014.92; 2020-06 · Price KRW 44500.00 · Value 123014.92 · Buy at or below 123014.92; 2020-07 · Price KRW 48700.00 · Value 123014.92 · Buy at or below 123014.92; 2020-08 · Price KRW 60900.00 · Value 123014.92 · Buy at or below 123014.92; 2020-09 · Price KRW 72500.00 · Value 123014.92 · Buy at or below 123014.92; 2020-10 · Price KRW 68600.00 · Value 123014.92 · Buy at or below 123014.92; 2020-11 · Price KRW 74100.00 · Value 123014.92 · Buy at or below 123014.92; 2020-12 · Price KRW 79000.00 · Value 123014.92 · Buy at or below 123014.92; 2021-01 · Price KRW 81300.00 · Value 123014.92 · Buy at or below 123014.92; 2021-02 · Price KRW 87300.00 · Value 322100.21 · Buy at or below 322100.21; 2021-03 · Price KRW 85600.00 · Value 322100.21 · Buy at or below 322100.21; 2021-04 · Price KRW 112000.00 · Value 322100.21 · Buy at or below 322100.21; 2021-05 · Price KRW 104000.00 · Value 322100.21 · Buy at or below 322100.21; 2021-06 · Price KRW 103000.00 · Value 322100.21 · Buy at or below 322100.21; 2021-07 · Price KRW 95900.00 · Value 322100.21 · Buy at or below 322100.21; 2021-08 · Price KRW 95300.00 · Value 322100.21 · Buy at or below 322100.21; 2021-09 · Price KRW 86300.00 · Value 322100.21 · Buy at or below 322100.21; 2021-10 · Price KRW 87000.00 · Value 322100.21 · Buy at or below 322100.21; 2021-11 · Price KRW 75300.00 · Value 322100.21 · Buy at or below 322100.21; 2021-12 · Price KRW 80700.00 · Value 322100.21 · Buy at or below 322100.21; 2022-01 · Price KRW 72500.00 · Value 322100.21 · Buy at or below 322100.21; 2022-02 · Price KRW 78300.00 · Value 200932.72 · Buy at or below 200932.72; 2022-03 · Price KRW 78400.00 · Value 200932.72 · Buy at or below 200932.72; 2022-04 · Price KRW 70600.00 · Value 200932.72 · Buy at or below 200932.72; 2022-05 · Price KRW 71600.00 · Value 200932.72 · Buy at or below 200932.72; 2022-06 · Price KRW 61700.00 · Value 200932.72 · Buy at or below 200932.72; 2022-07 · Price KRW 63100.00 · Value 200932.72 · Buy at or below 200932.72; 2022-08 · Price KRW 56800.00 · Value 200932.72 · Buy at or below 200932.72; 2022-09 · Price KRW 47500.00 · Value 200932.72 · Buy at or below 200932.72; 2022-10 · Price KRW 49550.00 · Value 200932.72 · Buy at or below 200932.72; 2022-11 · Price KRW 57700.00 · Value 200932.72 · Buy at or below 200932.72; 2022-12 · Price KRW 53300.00 · Value 200932.72 · Buy at or below 200932.72; 2023-01 · Price KRW 62500.00 · Value 200932.72 · Buy at or below 200932.72; 2023-02 · Price KRW 62000.00 · Value 276041.17 · Buy at or below 276041.17; 2023-03 · Price KRW 55000.00 · Value 276041.17 · Buy at or below 276041.17; 2023-04 · Price KRW 55100.00 · Value 276041.17 · Buy at or below 276041.17; 2023-05 · Price KRW 55400.00 · Value 276041.17 · Buy at or below 276041.17; 2023-06 · Price KRW 51600.00 · Value 276041.17 · Buy at or below 276041.17; 2023-07 · Price KRW 48850.00 · Value 276041.17 · Buy at or below 276041.17; 2023-08 · Price KRW 52000.00 · Value 276041.17 · Buy at or below 276041.17; 2023-09 · Price KRW 53100.00 · Value 276041.17 · Buy at or below 276041.17; 2023-10 · Price KRW 50300.00 · Value 276041.17 · Buy at or below 276041.17; 2023-11 · Price KRW 59900.00 · Value 276041.17 · Buy at or below 276041.17; 2023-12 · Price KRW 61300.00 · Value 276041.17 · Buy at or below 276041.17; 2024-01 · Price KRW 61400.00 · Value 276041.17 · Buy at or below 276041.17; 2024-02 · Price KRW 71000.00 · Value 232130.19 · Buy at or below 232130.19; 2024-03 · Price KRW 66600.00 · Value 232130.19 · Buy at or below 232130.19; 2024-04 · Price KRW 67400.00 · Value 232130.19 · Buy at or below 232130.19; 2024-05 · Price KRW 65200.00 · Value 232130.19 · Buy at or below 232130.19; 2024-06 · Price KRW 70000.00 · Value 232130.19 · Buy at or below 232130.19; 2024-07 · Price KRW 73200.00 · Value 232130.19 · Buy at or below 232130.19; 2024-08 · Price KRW 72800.00 · Value 232130.19 · Buy at or below 232130.19; 2024-09 · Price KRW 73400.00 · Value 232130.19 · Buy at or below 232130.19; 2024-10 · Price KRW 77100.00 · Value 232130.19 · Buy at or below 232130.19; 2024-11 · Price KRW 74700.00 · Value 232130.19 · Buy at or below 232130.19; 2024-12 · Price KRW 71300.00 · Value 232130.19 · Buy at or below 232130.19; 2025-01 · Price KRW 79500.00 · Value 232130.19 · Buy at or below 232130.19; 2025-02 · Price KRW 79600.00 · Value 380860.64 · Buy at or below 380860.64; 2025-03 · Price KRW 73000.00 · Value 380860.64 · Buy at or below 380860.64; 2025-04 · Price KRW 83000.00 · Value 380860.64 · Buy at or below 380860.64; 2025-05 · Price KRW 108000.00 · Value 380860.64 · Buy at or below 380860.64; 2025-06 · Price KRW 139600.00 · Value 380860.64 · Buy at or below 380860.64; 2025-07 · Price KRW 143000.00 · Value 380860.64 · Buy at or below 380860.64; 2025-08 · Price KRW 134400.00 · Value 380860.64 · Buy at or below 380860.64; 2025-09 · Price KRW 145000.00 · Value 380860.64 · Buy at or below 380860.64; 2025-10 · Price KRW 182300.00 · Value 380860.64 · Buy at or below 380860.64; 2025-11 · Price KRW 160400.00 · Value 380860.64 · Buy at or below 380860.64; 2025-12 · Price KRW 161700.00 · Value 380860.64 · Buy at or below 380860.64; 2026-01 · Price KRW 215500.00 · Value 380860.64 · Buy at or below 380860.64; 2026-02 · Price KRW 258500.00 · Value 560204.13 · Buy at or below 560204.13; 2026-03 · Price KRW 202500.00 · Value 560204.13 · Buy at or below 560204.13; 2026-04 · Price KRW 240000.00 · Value 560204.13 · Buy at or below 560204.13; 2026-05 · Price KRW 237500.00 · Value 560204.13 · Buy at or below 560204.13; 2026-06 · Price KRW 221000.00 · Value 560204.13 · Buy at or below 560204.13; 2026-07 · Price KRW 206500.00 · Value 560204.13 · Buy at or below 560204.13; 2026-08 · Price KRW 192200.00 · Value 560204.13 · Buy at or below 560204.13; 2026-09 · Price KRW 177000.00 · Value 560204.13 · Buy at or below 560204.13; 2026-10 · Price KRW 161600.00 · Value 560204.13 · Buy at or below 560204.13; 2026-10 · Price KRW 145100.00 · Value 560204.13 · Buy at or below 560204.13

KRW per share · annual estimates

Price & return math
Value range	KRW 492,323.48 – KRW 650,567.67
Buy at or below	Central value KRW 560,204.13
Discount to value	1 − 145100.00 / 560204.13 = 74.1%
Return / year	About 31.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 45042.30/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 0.00/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 4.94T

Revenue

Owner earningsKRW 2.11T

Owner earnings

Operating margin104.7%

Operating margin

Net cash / debtKRW -27.99T

Net cash / debt

Diluted shares58M

Diluted shares

Prices 15 Oct 2026 · FY2025