# Kumho Tire (073240.KO)

Canonical: https://gigainvestors.com/s/073240.KO

Analysis as of: 2026-10-16T07:43:04.026Z. Financial observations: FY2004–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 5,980.00 per share; close as of 2026-10-15.

Estimated value: low KRW 15,068.47 per share, central KRW 20,509.34 per share, high KRW 23,677.57 per share. Buy at or below the central value KRW 20,509.34 per share. Valuation as of 2026-10-16T07:43:04.026Z; scenarios are not confidence intervals.

Expected annual return: 34.7% at the stated quote. About 34.7% 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: fail

- 4 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: 4

- Years with a net loss: 6

- Operating margin variation: 1.74×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.06×

- FY2018: -0.04×

- FY2019: 0.02×

- FY2020: -0.00×

- FY2021: -0.02×

- FY2022: 0.01×

- FY2023: 0.10×

- FY2024: 0.13×

- FY2025: 0.12×

- LTM to Jun 2026: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.0%

- ROIC, second-lowest year: -2.6%

- Typical minus recent gross margin: -8.4 pp

- Typical gross margin (annual median): 22.1%

- Recent gross margin (lower of latest and 3-year median): 30.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.7%

- FY2017: -4.2%

- FY2018: -2.6%

- FY2019: 1.5%

- FY2020: -0.1%

- FY2021: -1.2%

- FY2022: 0.6%

- FY2023: 9.8%

- FY2024: 13.5%

- FY2025: 14.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 762B

- Net income, five-year total: KRW 680B

- Return on incremental invested capital: 65.6%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 32.6%

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

- FY2021: 0.60×

- FY2022: 1.13×

- FY2023: 1.44×

- FY2024: 1.06×

- FY2025: 0.93×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -2.6% vs 13.5%

- Per-share earnings: -639.61 to 1131.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW 344B

- Cumulative retained earnings: KRW 131B

- 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 2K

- Per-share value, starting three-year median: KRW -639.61

- Per-share value, ending three-year median: KRW 1K

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.9B

- Cumulative net income, 10 years: KRW 208B

- ROIC, first three-year median: -2.6%

- ROIC, last three-year median: 13.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -228.17

- FY2017: KRW -796.22

- FY2018: KRW -639.61

- FY2019: KRW -105.06

- FY2020: KRW -288.73

- FY2021: KRW -247.68

- FY2022: KRW -275.00

- FY2023: KRW 549.00

- FY2024: KRW 1K

- FY2025: KRW 1K

### accounting: pass

- Sloan accruals: -10.3%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -4.0%

- FY2018: -6.6%

- FY2019: -4.8%

- FY2020: -8.0%

- FY2021: -3.5%

- FY2022: 2.2%

- FY2023: -7.2%

- FY2024: -3.6%

- FY2025: -10.3%

## Holders

## Price story

Price needs cash profits to shrink 14.1% a year for ten years · sales +1.6%

Story as of 2026-10-16T10:00:12.582Z; price observation 2026-10-15.

Price needs cash profits to shrink 14.1% a year for ten years

### Sales · FY2025–2026

sales +1.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.88T 

- FY2018: KRW 2.56T 

- FY2019: KRW 2.37T 

- FY2020: KRW 2.17T 

- FY2021: KRW 2.60T 

- FY2022: KRW 3.56T 

- FY2023: KRW 4.04T 

- FY2024: KRW 4.53T 

- FY2025: KRW 4.70T 

- FY2026: KRW 4.77T 

### Gross margin · FY2025

gross margin 30.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 25.3% 

- FY2017: 15.8% 

- FY2018: 14.4% 

- FY2019: 22.5% 

- FY2020: 21.8% 

- FY2021: 17.8% 

- FY2022: 17.0% 

- FY2023: 27.5% 

- FY2024: 30.5% 

- FY2025: 30.9% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are KRW 4.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2025: revenue 4701282075490; grossProfit 1453028472420; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 073240.KO: Kumho Tire Co., Inc., engages in the manufacture and sale of tires in South Korea, Europe, North America, Central and South America, Asia, and internationally. It offers tires for passenger cars, SUV and van, and truck and bus, as well as specialty, winter, competition, and Zetum tires. The company was founded in 1960 and is headquartered in Gwangju-si, South Korea.

### Why customers stay

Margins ranged from 27.5% to 30.9% during 2023–25; it earns 1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2023: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2024: grossProfit / revenue = 30.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2025: grossProfit / revenue = 30.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); 10-year return on capital observations [[2016,0.026969871340588435],[2017,-0.04175452727540482],[2018,-0.02633904922661689],[2019,0.015021112054673465],[2020,-0.0008114651063862239],[2021,-0.0116518058801179],[2022,0.0056063419401946955],[2023,0.09837550104302549],[2024,0.1346706153559386],[2025,0.14277432215753713]]; median 0.01031372699743408. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.7% of cash earnings on expansion; earns 65.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2019: growth capex 0; upkeep 89507921990; owner earnings 110454540304. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2020: growth capex 0; upkeep 90753214380; owner earnings 54677896276. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2023: growth capex 0; upkeep 192844489070; owner earnings 227092919730. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2024: growth capex 0; upkeep 248390293740; owner earnings 344107947558. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); FY2025: growth capex 8578700470; upkeep 304763000000; owner earnings 322265018526. Growth capex / owner earnings = 0.026620017615433117.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); Incremental return on capital 0.6556863623883644, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); Dividend observations: [[2016,3911275900],[2017,2842689010],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 073240.KO SharesStats.PercentInsiders = 46.800999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 14.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.026Z); Ten-year compound average after fade. Initial solved rate -0.20795295979079548. Price 5980; 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 10,250.00 per share

- 2016-11: KRW 8,360.00 per share

- 2016-12: KRW 8,480.00 per share

- 2017-01: KRW 8,160.00 per share

- 2017-02: KRW 8,120.00 per share

- 2017-03: KRW 8,540.00 per share

- 2017-04: KRW 8,050.00 per share

- 2017-05: KRW 7,210.00 per share

- 2017-06: KRW 7,510.00 per share

- 2017-07: KRW 7,550.00 per share

- 2017-08: KRW 6,720.00 per share

- 2017-09: KRW 5,980.00 per share

- 2017-10: KRW 6,550.00 per share

- 2017-11: KRW 6,950.00 per share

- 2017-12: KRW 4,425.00 per share

- 2018-01: KRW 5,950.00 per share

- 2018-02: KRW 5,600.00 per share

- 2018-03: KRW 4,615.00 per share

- 2018-04: KRW 6,220.00 per share

- 2018-05: KRW 6,090.00 per share

- 2018-06: KRW 6,310.00 per share

- 2018-07: KRW 6,240.00 per share

- 2018-08: KRW 5,450.00 per share

- 2018-09: KRW 5,300.00 per share

- 2018-10: KRW 5,020.00 per share

- 2018-11: KRW 5,190.00 per share

- 2018-12: KRW 5,310.00 per share

- 2019-01: KRW 5,080.00 per share

- 2019-02: KRW 5,110.00 per share

- 2019-03: KRW 4,370.00 per share

- 2019-04: KRW 4,520.00 per share

- 2019-05: KRW 3,830.00 per share

- 2019-06: KRW 3,970.00 per share

- 2019-07: KRW 4,005.00 per share

- 2019-08: KRW 4,100.00 per share

- 2019-09: KRW 4,300.00 per share

- 2019-10: KRW 4,230.00 per share

- 2019-11: KRW 4,245.00 per share

- 2019-12: KRW 4,195.00 per share

- 2020-01: KRW 3,820.00 per share

- 2020-02: KRW 3,665.00 per share

- 2020-03: KRW 3,060.00 per share

- 2020-04: KRW 3,060.00 per share

- 2020-05: KRW 2,945.00 per share

- 2020-06: KRW 3,015.00 per share

- 2020-07: KRW 2,890.00 per share

- 2020-08: KRW 3,650.00 per share

- 2020-09: KRW 3,675.00 per share

- 2020-10: KRW 3,560.00 per share

- 2020-11: KRW 3,865.00 per share

- 2020-12: KRW 3,785.00 per share

- 2021-01: KRW 3,775.00 per share

- 2021-02: KRW 3,975.00 per share

- 2021-03: KRW 3,810.00 per share

- 2021-04: KRW 4,040.00 per share

- 2021-05: KRW 5,120.00 per share

- 2021-06: KRW 8,020.00 per share

- 2021-07: KRW 6,700.00 per share

- 2021-08: KRW 5,910.00 per share

- 2021-09: KRW 5,510.00 per share

- 2021-10: KRW 5,350.00 per share

- 2021-11: KRW 3,940.00 per share

- 2021-12: KRW 4,610.00 per share

- 2022-01: KRW 4,105.00 per share

- 2022-02: KRW 3,915.00 per share

- 2022-03: KRW 4,220.00 per share

- 2022-04: KRW 4,310.00 per share

- 2022-05: KRW 4,290.00 per share

- 2022-06: KRW 3,480.00 per share

- 2022-07: KRW 3,555.00 per share

- 2022-08: KRW 3,475.00 per share

- 2022-09: KRW 3,335.00 per share

- 2022-10: KRW 3,085.00 per share

- 2022-11: KRW 3,010.00 per share

- 2022-12: KRW 2,780.00 per share

- 2023-01: KRW 2,980.00 per share

- 2023-02: KRW 3,320.00 per share

- 2023-03: KRW 3,740.00 per share

- 2023-04: KRW 4,500.00 per share

- 2023-05: KRW 4,705.00 per share

- 2023-06: KRW 4,750.00 per share

- 2023-07: KRW 4,535.00 per share

- 2023-08: KRW 4,945.00 per share

- 2023-09: KRW 4,605.00 per share

- 2023-10: KRW 4,205.00 per share

- 2023-11: KRW 5,560.00 per share

- 2023-12: KRW 5,390.00 per share

- 2024-01: KRW 5,890.00 per share

- 2024-02: KRW 6,310.00 per share

- 2024-03: KRW 5,890.00 per share

- 2024-04: KRW 7,040.00 per share

- 2024-05: KRW 7,160.00 per share

- 2024-06: KRW 6,540.00 per share

- 2024-07: KRW 5,110.00 per share

- 2024-08: KRW 4,630.00 per share

- 2024-09: KRW 4,530.00 per share

- 2024-10: KRW 4,435.00 per share

- 2024-11: KRW 4,800.00 per share

- 2024-12: KRW 4,775.00 per share

- 2025-01: KRW 5,250.00 per share

- 2025-02: KRW 4,900.00 per share

- 2025-03: KRW 4,735.00 per share

- 2025-04: KRW 4,820.00 per share

- 2025-05: KRW 4,445.00 per share

- 2025-06: KRW 4,505.00 per share

- 2025-07: KRW 4,655.00 per share

- 2025-08: KRW 4,960.00 per share

- 2025-09: KRW 4,725.00 per share

- 2025-10: KRW 4,720.00 per share

- 2025-11: KRW 5,860.00 per share

- 2025-12: KRW 5,860.00 per share

- 2026-01: KRW 6,020.00 per share

- 2026-02: KRW 6,980.00 per share

- 2026-03: KRW 5,950.00 per share

- 2026-04: KRW 5,820.00 per share

- 2026-05: KRW 4,700.00 per share

- 2026-06: KRW 4,880.00 per share

- 2026-07: KRW 7,290.00 per share

- 2026-08: KRW 7,360.00 per share

- 2026-09: KRW 6,670.00 per share

- 2026-10: KRW 6,560.00 per share

## Annual estimated value (KRW per share)

- FY2023: low KRW 5,706.35 per share, central KRW 7,770.03 per share, high KRW 8,971.72 per share

- FY2024: low KRW 5,872.76 per share, central KRW 8,188.17 per share, high KRW 9,536.43 per share

- FY2025: low KRW 14,246.37 per share, central KRW 19,602.46 per share, high KRW 22,721.32 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 2026-10-15T06:48:32.088Z 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.

Kumho Tire

073240 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 5,980.00
Buy up to: KRW 20,509.34
Expected / yr: 34.7% 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

6 loss years were recorded (limit 2), and margins varied 174.1% around their average (limit 35%).

Operating margin

10y median: 1.5%
Worst year: -5.7%
Latest · LTM: 12.2%

Capital return excluding acquisitions: median 1% (minimum 15%), and the second-worst year -2.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 1.0%
Worst year: -4.2%
Latest · 2025: 14.3%

Each $1 of profit left $1.12 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.12×
Annual median: 1.06×
Latest · 2025: 0.93×

Per-share value rose from -639.61 to 1131, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW -237.92
Worst year: KRW -796.22
Latest · 2025: KRW 1K

Profits were backed by cash: accruals were -10.3% of assets (limit 10%).

Sloan accruals

10y median: -4.8%
Worst year: 2.2%
Latest · 2025: -10.3%

Profit record · fail 7 loss years in 10 (at most 2), mean operating margin 3.1%, three-year average owner earnings per share 1,036.57 KRW. 7 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 10250.00; 2016-11 · Price KRW 8360.00; 2016-12 · Price KRW 8480.00; 2017-01 · Price KRW 8160.00; 2017-02 · Price KRW 8120.00; 2017-03 · Price KRW 8540.00; 2017-04 · Price KRW 8050.00; 2017-05 · Price KRW 7210.00; 2017-06 · Price KRW 7510.00; 2017-07 · Price KRW 7550.00; 2017-08 · Price KRW 6720.00; 2017-09 · Price KRW 5980.00; 2017-10 · Price KRW 6550.00; 2017-11 · Price KRW 6950.00; 2017-12 · Price KRW 4425.00; 2018-01 · Price KRW 5950.00; 2018-02 · Price KRW 5600.00; 2018-03 · Price KRW 4615.00; 2018-04 · Price KRW 6220.00; 2018-05 · Price KRW 6090.00; 2018-06 · Price KRW 6310.00; 2018-07 · Price KRW 6240.00; 2018-08 · Price KRW 5450.00; 2018-09 · Price KRW 5300.00; 2018-10 · Price KRW 5020.00; 2018-11 · Price KRW 5190.00; 2018-12 · Price KRW 5310.00; 2019-01 · Price KRW 5080.00; 2019-02 · Price KRW 5110.00; 2019-03 · Price KRW 4370.00; 2019-04 · Price KRW 4520.00; 2019-05 · Price KRW 3830.00; 2019-06 · Price KRW 3970.00; 2019-07 · Price KRW 4005.00; 2019-08 · Price KRW 4100.00; 2019-09 · Price KRW 4300.00; 2019-10 · Price KRW 4230.00; 2019-11 · Price KRW 4245.00; 2019-12 · Price KRW 4195.00; 2020-01 · Price KRW 3820.00; 2020-02 · Price KRW 3665.00; 2020-03 · Price KRW 3060.00; 2020-04 · Price KRW 3060.00; 2020-05 · Price KRW 2945.00; 2020-06 · Price KRW 3015.00; 2020-07 · Price KRW 2890.00; 2020-08 · Price KRW 3650.00; 2020-09 · Price KRW 3675.00; 2020-10 · Price KRW 3560.00; 2020-11 · Price KRW 3865.00; 2020-12 · Price KRW 3785.00; 2021-01 · Price KRW 3775.00; 2021-02 · Price KRW 3975.00; 2021-03 · Price KRW 3810.00; 2021-04 · Price KRW 4040.00; 2021-05 · Price KRW 5120.00; 2021-06 · Price KRW 8020.00; 2021-07 · Price KRW 6700.00; 2021-08 · Price KRW 5910.00; 2021-09 · Price KRW 5510.00; 2021-10 · Price KRW 5350.00; 2021-11 · Price KRW 3940.00; 2021-12 · Price KRW 4610.00; 2022-01 · Price KRW 4105.00; 2022-02 · Price KRW 3915.00; 2022-03 · Price KRW 4220.00; 2022-04 · Price KRW 4310.00; 2022-05 · Price KRW 4290.00; 2022-06 · Price KRW 3480.00; 2022-07 · Price KRW 3555.00; 2022-08 · Price KRW 3475.00; 2022-09 · Price KRW 3335.00; 2022-10 · Price KRW 3085.00; 2022-11 · Price KRW 3010.00; 2022-12 · Price KRW 2780.00; 2023-01 · Price KRW 2980.00 · Value 7770.03 · Buy at or below 7770.03; 2023-02 · Price KRW 3320.00 · Value 7770.03 · Buy at or below 7770.03; 2023-03 · Price KRW 3740.00 · Value 7770.03 · Buy at or below 7770.03; 2023-04 · Price KRW 4500.00 · Value 7770.03 · Buy at or below 7770.03; 2023-05 · Price KRW 4705.00 · Value 7770.03 · Buy at or below 7770.03; 2023-06 · Price KRW 4750.00 · Value 7770.03 · Buy at or below 7770.03; 2023-07 · Price KRW 4535.00 · Value 7770.03 · Buy at or below 7770.03; 2023-08 · Price KRW 4945.00 · Value 7770.03 · Buy at or below 7770.03; 2023-09 · Price KRW 4605.00 · Value 7770.03 · Buy at or below 7770.03; 2023-10 · Price KRW 4205.00 · Value 7770.03 · Buy at or below 7770.03; 2023-11 · Price KRW 5560.00 · Value 7770.03 · Buy at or below 7770.03; 2023-12 · Price KRW 5390.00 · Value 7770.03 · Buy at or below 7770.03; 2024-01 · Price KRW 5890.00 · Value 7770.03 · Buy at or below 7770.03; 2024-02 · Price KRW 6310.00 · Value 8188.17 · Buy at or below 8188.17; 2024-03 · Price KRW 5890.00 · Value 8188.17 · Buy at or below 8188.17; 2024-04 · Price KRW 7040.00 · Value 8188.17 · Buy at or below 8188.17; 2024-05 · Price KRW 7160.00 · Value 8188.17 · Buy at or below 8188.17; 2024-06 · Price KRW 6540.00 · Value 8188.17 · Buy at or below 8188.17; 2024-07 · Price KRW 5110.00 · Value 8188.17 · Buy at or below 8188.17; 2024-08 · Price KRW 4630.00 · Value 8188.17 · Buy at or below 8188.17; 2024-09 · Price KRW 4530.00 · Value 8188.17 · Buy at or below 8188.17; 2024-10 · Price KRW 4435.00 · Value 8188.17 · Buy at or below 8188.17; 2024-11 · Price KRW 4800.00 · Value 8188.17 · Buy at or below 8188.17; 2024-12 · Price KRW 4775.00 · Value 8188.17 · Buy at or below 8188.17; 2025-01 · Price KRW 5250.00 · Value 8188.17 · Buy at or below 8188.17; 2025-02 · Price KRW 4900.00 · Value 19602.46 · Buy at or below 19602.46; 2025-03 · Price KRW 4735.00 · Value 19602.46 · Buy at or below 19602.46; 2025-04 · Price KRW 4820.00 · Value 19602.46 · Buy at or below 19602.46; 2025-05 · Price KRW 4445.00 · Value 19602.46 · Buy at or below 19602.46; 2025-06 · Price KRW 4505.00 · Value 19602.46 · Buy at or below 19602.46; 2025-07 · Price KRW 4655.00 · Value 19602.46 · Buy at or below 19602.46; 2025-08 · Price KRW 4960.00 · Value 19602.46 · Buy at or below 19602.46; 2025-09 · Price KRW 4725.00 · Value 19602.46 · Buy at or below 19602.46; 2025-10 · Price KRW 4720.00 · Value 19602.46 · Buy at or below 19602.46; 2025-11 · Price KRW 5860.00 · Value 19602.46 · Buy at or below 19602.46; 2025-12 · Price KRW 5860.00 · Value 19602.46 · Buy at or below 19602.46; 2026-01 · Price KRW 6020.00 · Value 19602.46 · Buy at or below 19602.46; 2026-02 · Price KRW 6980.00 · Value 20509.34 · Buy at or below 20509.34; 2026-03 · Price KRW 5950.00 · Value 20509.34 · Buy at or below 20509.34; 2026-04 · Price KRW 5820.00 · Value 20509.34 · Buy at or below 20509.34; 2026-05 · Price KRW 4700.00 · Value 20509.34 · Buy at or below 20509.34; 2026-06 · Price KRW 4880.00 · Value 20509.34 · Buy at or below 20509.34; 2026-07 · Price KRW 7290.00 · Value 20509.34 · Buy at or below 20509.34; 2026-08 · Price KRW 7360.00 · Value 20509.34 · Buy at or below 20509.34; 2026-09 · Price KRW 6670.00 · Value 20509.34 · Buy at or below 20509.34; 2026-10 · Price KRW 6560.00 · Value 20509.34 · Buy at or below 20509.34; 2026-10 · Price KRW 5980.00 · Value 20509.34 · Buy at or below 20509.34

KRW per share · annual estimates

Price & return math
Value range	KRW 15,068.47 – KRW 23,677.57
Buy at or below	Central value KRW 20,509.34
Discount to value	1 − 5980.00 / 20509.34 = 70.8%
Return / year	About 34.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 933.93/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 2371.72/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 4.77T

Revenue

Owner earningsKRW 322B

Owner earnings

Operating margin12.2%

Operating margin

Net cash / debtKRW -1.15T

Net cash / debt

Diluted shares287M

Diluted shares

Prices 15 Oct 2026 · FY2025