# Youngone (111770.KO)

Canonical: https://gigainvestors.com/s/111770.KO

Analysis as of: 2026-10-16T07:40:10.336Z. Financial observations: FY2009–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 75,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 185,043.36 per share, central KRW 251,496.60 per share, high KRW 290,287.44 per share. Buy at or below the central value KRW 251,496.60 per share. Valuation as of 2026-10-16T07:40:10.336Z; scenarios are not confidence intervals.

Expected annual return: 33.7% at the stated quote. About 33.7% 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: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.11×

- FY2021: 0.16×

- FY2022: 0.21×

- FY2023: 0.18×

- FY2024: 0.09×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.7%

- ROIC, second-lowest year: 8.9%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 26.9%

- Recent gross margin (lower of latest and 3-year median): 27.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 11.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.0%

- FY2017: 11.3%

- FY2018: 8.9%

- FY2019: 10.0%

- FY2020: 13.2%

- FY2021: 18.8%

- FY2022: 31.3%

- FY2023: 19.6%

- FY2024: 8.5%

- FY2025: 12.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 2.18T

- Net income, five-year total: KRW 2.41T

- Return on incremental invested capital: 16.0%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 5.4 pp

- Working capital / revenue, final three-year average: 37.4%

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

- FY2021: 0.92×

- FY2022: 0.97×

- FY2023: 0.79×

- FY2024: 0.90×

- FY2025: 0.94×

### 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: 11.0% vs 12.2%

- Per-share earnings: 2501.69 to 11558.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: KRW 2.14T

- Cumulative retained earnings: KRW 2.70T

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.4%

- Per-share value change: KRW 9K

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

- Per-share value, ending three-year median: KRW 12K

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.7%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 71B

- Cumulative net income, 10 years: KRW 3.05T

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 12.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 2K

- FY2018: KRW 3K

- FY2019: KRW 4K

- FY2020: KRW 3K

- FY2021: KRW 7K

- FY2022: KRW 15K

- FY2023: KRW 12K

- FY2024: KRW 10K

- FY2025: KRW 12K

### accounting: pass

- Sloan accruals: 2.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.3%

- FY2017: -2.2%

- FY2018: -2.7%

- FY2019: -2.1%

- FY2020: -6.5%

- FY2021: 0.3%

- FY2022: 4.8%

- FY2023: -0.2%

- FY2024: -3.6%

- FY2025: 2.1%

## Holders

## Price story

Down 22% since Feb 2026 · sales +15.5%

Story as of 2026-10-16T10:00:11.276Z; price observation 2026-10-15.

Price needs cash profits to shrink 13.6% a year for ten years

### Sales · FY2024–2025

sales +15.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 2.00T 

- FY2017: KRW 2.01T 

- FY2018: KRW 2.10T 

- FY2019: KRW 2.39T 

- FY2020: KRW 2.47T 

- FY2021: KRW 2.79T 

- FY2022: KRW 3.91T 

- FY2023: KRW 3.60T 

- FY2024: KRW 3.52T 

- FY2025: KRW 4.06T 

### Gross margin · FY2025

gross margin 27.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 26.3% 

- FY2017: 26.7% 

- FY2018: 27.1% 

- FY2019: 25.4% 

- FY2020: 25.5% 

- FY2021: 29.6% 

- FY2022: 33.7% 

- FY2023: 32.0% 

- FY2024: 25.5% 

- FY2025: 27.5% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are KRW 4.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2025: revenue 4063584122630; grossProfit 1117470915790; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 111770.KO: Youngone Corporation engages in the manufacture and sale of clothing, shoes, and supplies market worldwide. The company offers technical outdoor clothing and sportswear, knitwear, sweaters, and casual wear; sports, casual, sneakers, winter boots, military boots, and safety boots; and hiking, travel, casual, and business bags, as well as camping supplies. In addition, it produces nylon and polyester products. Youngone Corporation was founded in 1974 and is based in Seoul, South Korea. Youngone Corporation is a subsidiary of Youngone Holdings Co., Ltd.

### Why customers stay

Margins ranged from 25.5% to 32% during 2023–25; it earns 11.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2023: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2024: grossProfit / revenue = 25.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2025: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); 10-year return on capital observations [[2016,0.1104147434974309],[2017,0.1125606663084166],[2018,0.08899624576444415],[2019,0.10034444054771877],[2020,0.1315946333426059],[2021,0.187947910494201],[2022,0.31274767066977577],[2023,0.19620075113128255],[2024,0.08526770187431984],[2025,0.12187763281080174]]; median 0.11721914955960917. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 25.1% of cash earnings on expansion; earns 16% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2016: growth capex 0; upkeep 73025047830; owner earnings 28870052570. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2017: growth capex 0; upkeep 145935369540; owner earnings 13207930800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2018: growth capex 0; upkeep 127052400410; owner earnings 56889392520. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2019: growth capex 44236450830; upkeep 82404905000; owner earnings 150083423444. Growth capex / owner earnings = 0.29474574749759597.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2020: growth capex 14253257230; upkeep 83843919000; owner earnings 131252643252. Growth capex / owner earnings = 0.10859405857933312.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2021: growth capex 45730199750; upkeep 86589428000; owner earnings 273144743056. Growth capex / owner earnings = 0.1674211234613599.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2022: growth capex 61257001200; upkeep 93049961000; owner earnings 651833157574. Growth capex / owner earnings = 0.09397650378508973.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2023: growth capex 0; upkeep 181416590030; owner earnings 405142431324. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2024: growth capex 0; upkeep 124227902730; owner earnings 382529010892. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2025: growth capex 116216374480; upkeep 113319459000; owner earnings 462721899560. Growth capex / owner earnings = 0.25115814615757237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); Incremental return on capital 0.15960757778701187, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); Dividend observations: [[2016,8862235800],[2017,10990681250],[2018,13159818300],[2019,15353121350],[2020,17546424400],[2021,21933030500],[2022,43866061000],[2023,67115073330],[2024,57021232060],[2025,89634796930]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); FY2025: cash repurchases 8932520150 KRW.

### Are managers owners

Insiders own 50.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 111770.KO SharesStats.PercentInsiders = 50.754999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 13.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:10.336Z); Ten-year compound average after fade. Initial solved rate -0.20208211359896994. Price 75100; 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 32,150.00 per share

- 2016-11: KRW 27,550.00 per share

- 2016-12: KRW 30,650.00 per share

- 2017-01: KRW 26,700.00 per share

- 2017-02: KRW 32,100.00 per share

- 2017-03: KRW 33,300.00 per share

- 2017-04: KRW 33,900.00 per share

- 2017-05: KRW 36,800.00 per share

- 2017-06: KRW 34,100.00 per share

- 2017-07: KRW 32,800.00 per share

- 2017-08: KRW 33,800.00 per share

- 2017-09: KRW 32,600.00 per share

- 2017-10: KRW 34,400.00 per share

- 2017-11: KRW 34,100.00 per share

- 2017-12: KRW 31,500.00 per share

- 2018-01: KRW 31,900.00 per share

- 2018-02: KRW 29,250.00 per share

- 2018-03: KRW 28,050.00 per share

- 2018-04: KRW 29,900.00 per share

- 2018-05: KRW 31,850.00 per share

- 2018-06: KRW 33,500.00 per share

- 2018-07: KRW 30,200.00 per share

- 2018-08: KRW 34,650.00 per share

- 2018-09: KRW 39,500.00 per share

- 2018-10: KRW 35,750.00 per share

- 2018-11: KRW 39,350.00 per share

- 2018-12: KRW 38,350.00 per share

- 2019-01: KRW 34,700.00 per share

- 2019-02: KRW 35,100.00 per share

- 2019-03: KRW 32,600.00 per share

- 2019-04: KRW 36,950.00 per share

- 2019-05: KRW 38,600.00 per share

- 2019-06: KRW 37,300.00 per share

- 2019-07: KRW 33,650.00 per share

- 2019-08: KRW 35,200.00 per share

- 2019-09: KRW 35,700.00 per share

- 2019-10: KRW 34,750.00 per share

- 2019-11: KRW 35,550.00 per share

- 2019-12: KRW 34,250.00 per share

- 2020-01: KRW 30,900.00 per share

- 2020-02: KRW 31,500.00 per share

- 2020-03: KRW 22,350.00 per share

- 2020-04: KRW 27,150.00 per share

- 2020-05: KRW 30,650.00 per share

- 2020-06: KRW 25,400.00 per share

- 2020-07: KRW 24,150.00 per share

- 2020-08: KRW 31,400.00 per share

- 2020-09: KRW 27,700.00 per share

- 2020-10: KRW 28,400.00 per share

- 2020-11: KRW 29,900.00 per share

- 2020-12: KRW 31,700.00 per share

- 2021-01: KRW 35,400.00 per share

- 2021-02: KRW 42,000.00 per share

- 2021-03: KRW 40,000.00 per share

- 2021-04: KRW 43,900.00 per share

- 2021-05: KRW 47,300.00 per share

- 2021-06: KRW 44,400.00 per share

- 2021-07: KRW 39,850.00 per share

- 2021-08: KRW 41,650.00 per share

- 2021-09: KRW 44,150.00 per share

- 2021-10: KRW 44,650.00 per share

- 2021-11: KRW 38,750.00 per share

- 2021-12: KRW 43,650.00 per share

- 2022-01: KRW 46,500.00 per share

- 2022-02: KRW 42,500.00 per share

- 2022-03: KRW 47,600.00 per share

- 2022-04: KRW 48,000.00 per share

- 2022-05: KRW 46,500.00 per share

- 2022-06: KRW 38,400.00 per share

- 2022-07: KRW 40,350.00 per share

- 2022-08: KRW 44,600.00 per share

- 2022-09: KRW 44,600.00 per share

- 2022-10: KRW 47,300.00 per share

- 2022-11: KRW 47,500.00 per share

- 2022-12: KRW 46,950.00 per share

- 2023-01: KRW 43,600.00 per share

- 2023-02: KRW 42,650.00 per share

- 2023-03: KRW 45,650.00 per share

- 2023-04: KRW 44,150.00 per share

- 2023-05: KRW 44,950.00 per share

- 2023-06: KRW 64,500.00 per share

- 2023-07: KRW 57,800.00 per share

- 2023-08: KRW 53,700.00 per share

- 2023-09: KRW 48,350.00 per share

- 2023-10: KRW 54,300.00 per share

- 2023-11: KRW 43,700.00 per share

- 2023-12: KRW 45,600.00 per share

- 2024-01: KRW 47,900.00 per share

- 2024-02: KRW 44,000.00 per share

- 2024-03: KRW 40,450.00 per share

- 2024-04: KRW 38,400.00 per share

- 2024-05: KRW 33,950.00 per share

- 2024-06: KRW 34,850.00 per share

- 2024-07: KRW 38,850.00 per share

- 2024-08: KRW 37,950.00 per share

- 2024-09: KRW 40,400.00 per share

- 2024-10: KRW 42,300.00 per share

- 2024-11: KRW 40,950.00 per share

- 2024-12: KRW 42,400.00 per share

- 2025-01: KRW 43,950.00 per share

- 2025-02: KRW 47,650.00 per share

- 2025-03: KRW 49,000.00 per share

- 2025-04: KRW 47,350.00 per share

- 2025-05: KRW 60,700.00 per share

- 2025-06: KRW 63,200.00 per share

- 2025-07: KRW 60,500.00 per share

- 2025-08: KRW 58,700.00 per share

- 2025-09: KRW 64,900.00 per share

- 2025-10: KRW 57,800.00 per share

- 2025-11: KRW 87,500.00 per share

- 2025-12: KRW 81,800.00 per share

- 2026-01: KRW 90,900.00 per share

- 2026-02: KRW 96,900.00 per share

- 2026-03: KRW 78,500.00 per share

- 2026-04: KRW 82,900.00 per share

- 2026-05: KRW 79,500.00 per share

- 2026-06: KRW 72,600.00 per share

- 2026-07: KRW 89,400.00 per share

- 2026-08: KRW 72,300.00 per share

- 2026-09: KRW 68,800.00 per share

- 2026-10: KRW 73,500.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 19,432.07 per share, central KRW 20,569.47 per share, high KRW 22,083.58 per share

- FY2017: low KRW 17,132.42 per share, central KRW 18,126.18 per share, high KRW 19,449.07 per share

- FY2018: low KRW 23,077.14 per share, central KRW 25,031.60 per share, high KRW 27,633.42 per share

- FY2019: low KRW 26,963.53 per share, central KRW 29,184.95 per share, high KRW 32,142.12 per share

- FY2020: low KRW 32,744.71 per share, central KRW 35,038.77 per share, high KRW 38,092.66 per share

- FY2021: low KRW 54,278.86 per share, central KRW 59,384.40 per share, high KRW 66,180.97 per share

- FY2022: low KRW 99,112.78 per share, central KRW 131,754.00 per share, high KRW 150,761.04 per share

- FY2023: low KRW 138,961.44 per share, central KRW 185,783.25 per share, high KRW 213,047.67 per share

- FY2024: low KRW 137,044.96 per share, central KRW 162,878.41 per share, high KRW 184,733.03 per share

- FY2025: low KRW 179,485.37 per share, central KRW 241,638.57 per share, high KRW 277,919.35 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 2026-10-15T06:45:56.291Z 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.

Youngone

111770 · KO

KOSPI 200

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: KRW 75,100.00
Buy up to: KRW 251,496.60
Expected / yr: 33.7% 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 33% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.2%
Worst year: 9.0%
Latest · 2025: 12.7%

Capital return excluding acquisitions: median 11.7% (minimum 15%), and the second-worst year 8.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 11.7%
Worst year: 8.5%
Latest · 2025: 12.2%

Each $1 of profit left $0.90 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.90×
Annual median: 0.92×
Latest · 2025: 0.94×

Per-share value rose from 2501.69 to 11558, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 5K
Worst year: KRW 2K
Latest · 2025: KRW 12K

Profits were backed by cash: accruals were 2.1% of assets (limit 10%).

Sloan accruals

10y median: -1.1%
Worst year: 4.8%
Latest · 2025: 2.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 12.4%, three-year average owner earnings per share 9,639.86 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 32150.00 · Value 20569.47 · Buy at or below 20569.47; 2016-11 · Price KRW 27550.00 · Value 20569.47 · Buy at or below 20569.47; 2016-12 · Price KRW 30650.00 · Value 20569.47 · Buy at or below 20569.47; 2017-01 · Price KRW 26700.00 · Value 20569.47 · Buy at or below 20569.47; 2017-02 · Price KRW 32100.00 · Value 18126.18 · Buy at or below 18126.18; 2017-03 · Price KRW 33300.00 · Value 18126.18 · Buy at or below 18126.18; 2017-04 · Price KRW 33900.00 · Value 18126.18 · Buy at or below 18126.18; 2017-05 · Price KRW 36800.00 · Value 18126.18 · Buy at or below 18126.18; 2017-06 · Price KRW 34100.00 · Value 18126.18 · Buy at or below 18126.18; 2017-07 · Price KRW 32800.00 · Value 18126.18 · Buy at or below 18126.18; 2017-08 · Price KRW 33800.00 · Value 18126.18 · Buy at or below 18126.18; 2017-09 · Price KRW 32600.00 · Value 18126.18 · Buy at or below 18126.18; 2017-10 · Price KRW 34400.00 · Value 18126.18 · Buy at or below 18126.18; 2017-11 · Price KRW 34100.00 · Value 18126.18 · Buy at or below 18126.18; 2017-12 · Price KRW 31500.00 · Value 18126.18 · Buy at or below 18126.18; 2018-01 · Price KRW 31900.00 · Value 18126.18 · Buy at or below 18126.18; 2018-02 · Price KRW 29250.00 · Value 25031.60 · Buy at or below 25031.60; 2018-03 · Price KRW 28050.00 · Value 25031.60 · Buy at or below 25031.60; 2018-04 · Price KRW 29900.00 · Value 25031.60 · Buy at or below 25031.60; 2018-05 · Price KRW 31850.00 · Value 25031.60 · Buy at or below 25031.60; 2018-06 · Price KRW 33500.00 · Value 25031.60 · Buy at or below 25031.60; 2018-07 · Price KRW 30200.00 · Value 25031.60 · Buy at or below 25031.60; 2018-08 · Price KRW 34650.00 · Value 25031.60 · Buy at or below 25031.60; 2018-09 · Price KRW 39500.00 · Value 25031.60 · Buy at or below 25031.60; 2018-10 · Price KRW 35750.00 · Value 25031.60 · Buy at or below 25031.60; 2018-11 · Price KRW 39350.00 · Value 25031.60 · Buy at or below 25031.60; 2018-12 · Price KRW 38350.00 · Value 25031.60 · Buy at or below 25031.60; 2019-01 · Price KRW 34700.00 · Value 25031.60 · Buy at or below 25031.60; 2019-02 · Price KRW 35100.00 · Value 29184.95 · Buy at or below 29184.95; 2019-03 · Price KRW 32600.00 · Value 29184.95 · Buy at or below 29184.95; 2019-04 · Price KRW 36950.00 · Value 29184.95 · Buy at or below 29184.95; 2019-05 · Price KRW 38600.00 · Value 29184.95 · Buy at or below 29184.95; 2019-06 · Price KRW 37300.00 · Value 29184.95 · Buy at or below 29184.95; 2019-07 · Price KRW 33650.00 · Value 29184.95 · Buy at or below 29184.95; 2019-08 · Price KRW 35200.00 · Value 29184.95 · Buy at or below 29184.95; 2019-09 · Price KRW 35700.00 · Value 29184.95 · Buy at or below 29184.95; 2019-10 · Price KRW 34750.00 · Value 29184.95 · Buy at or below 29184.95; 2019-11 · Price KRW 35550.00 · Value 29184.95 · Buy at or below 29184.95; 2019-12 · Price KRW 34250.00 · Value 29184.95 · Buy at or below 29184.95; 2020-01 · Price KRW 30900.00 · Value 29184.95 · Buy at or below 29184.95; 2020-02 · Price KRW 31500.00 · Value 35038.77 · Buy at or below 35038.77; 2020-03 · Price KRW 22350.00 · Value 35038.77 · Buy at or below 35038.77; 2020-04 · Price KRW 27150.00 · Value 35038.77 · Buy at or below 35038.77; 2020-05 · Price KRW 30650.00 · Value 35038.77 · Buy at or below 35038.77; 2020-06 · Price KRW 25400.00 · Value 35038.77 · Buy at or below 35038.77; 2020-07 · Price KRW 24150.00 · Value 35038.77 · Buy at or below 35038.77; 2020-08 · Price KRW 31400.00 · Value 35038.77 · Buy at or below 35038.77; 2020-09 · Price KRW 27700.00 · Value 35038.77 · Buy at or below 35038.77; 2020-10 · Price KRW 28400.00 · Value 35038.77 · Buy at or below 35038.77; 2020-11 · Price KRW 29900.00 · Value 35038.77 · Buy at or below 35038.77; 2020-12 · Price KRW 31700.00 · Value 35038.77 · Buy at or below 35038.77; 2021-01 · Price KRW 35400.00 · Value 35038.77 · Buy at or below 35038.77; 2021-02 · Price KRW 42000.00 · Value 59384.40 · Buy at or below 59384.40; 2021-03 · Price KRW 40000.00 · Value 59384.40 · Buy at or below 59384.40; 2021-04 · Price KRW 43900.00 · Value 59384.40 · Buy at or below 59384.40; 2021-05 · Price KRW 47300.00 · Value 59384.40 · Buy at or below 59384.40; 2021-06 · Price KRW 44400.00 · Value 59384.40 · Buy at or below 59384.40; 2021-07 · Price KRW 39850.00 · Value 59384.40 · Buy at or below 59384.40; 2021-08 · Price KRW 41650.00 · Value 59384.40 · Buy at or below 59384.40; 2021-09 · Price KRW 44150.00 · Value 59384.40 · Buy at or below 59384.40; 2021-10 · Price KRW 44650.00 · Value 59384.40 · Buy at or below 59384.40; 2021-11 · Price KRW 38750.00 · Value 59384.40 · Buy at or below 59384.40; 2021-12 · Price KRW 43650.00 · Value 59384.40 · Buy at or below 59384.40; 2022-01 · Price KRW 46500.00 · Value 59384.40 · Buy at or below 59384.40; 2022-02 · Price KRW 42500.00 · Value 131754.00 · Buy at or below 131754.00; 2022-03 · Price KRW 47600.00 · Value 131754.00 · Buy at or below 131754.00; 2022-04 · Price KRW 48000.00 · Value 131754.00 · Buy at or below 131754.00; 2022-05 · Price KRW 46500.00 · Value 131754.00 · Buy at or below 131754.00; 2022-06 · Price KRW 38400.00 · Value 131754.00 · Buy at or below 131754.00; 2022-07 · Price KRW 40350.00 · Value 131754.00 · Buy at or below 131754.00; 2022-08 · Price KRW 44600.00 · Value 131754.00 · Buy at or below 131754.00; 2022-09 · Price KRW 44600.00 · Value 131754.00 · Buy at or below 131754.00; 2022-10 · Price KRW 47300.00 · Value 131754.00 · Buy at or below 131754.00; 2022-11 · Price KRW 47500.00 · Value 131754.00 · Buy at or below 131754.00; 2022-12 · Price KRW 46950.00 · Value 131754.00 · Buy at or below 131754.00; 2023-01 · Price KRW 43600.00 · Value 131754.00 · Buy at or below 131754.00; 2023-02 · Price KRW 42650.00 · Value 185783.25 · Buy at or below 185783.25; 2023-03 · Price KRW 45650.00 · Value 185783.25 · Buy at or below 185783.25; 2023-04 · Price KRW 44150.00 · Value 185783.25 · Buy at or below 185783.25; 2023-05 · Price KRW 44950.00 · Value 185783.25 · Buy at or below 185783.25; 2023-06 · Price KRW 64500.00 · Value 185783.25 · Buy at or below 185783.25; 2023-07 · Price KRW 57800.00 · Value 185783.25 · Buy at or below 185783.25; 2023-08 · Price KRW 53700.00 · Value 185783.25 · Buy at or below 185783.25; 2023-09 · Price KRW 48350.00 · Value 185783.25 · Buy at or below 185783.25; 2023-10 · Price KRW 54300.00 · Value 185783.25 · Buy at or below 185783.25; 2023-11 · Price KRW 43700.00 · Value 185783.25 · Buy at or below 185783.25; 2023-12 · Price KRW 45600.00 · Value 185783.25 · Buy at or below 185783.25; 2024-01 · Price KRW 47900.00 · Value 185783.25 · Buy at or below 185783.25; 2024-02 · Price KRW 44000.00 · Value 162878.41 · Buy at or below 162878.41; 2024-03 · Price KRW 40450.00 · Value 162878.41 · Buy at or below 162878.41; 2024-04 · Price KRW 38400.00 · Value 162878.41 · Buy at or below 162878.41; 2024-05 · Price KRW 33950.00 · Value 162878.41 · Buy at or below 162878.41; 2024-06 · Price KRW 34850.00 · Value 162878.41 · Buy at or below 162878.41; 2024-07 · Price KRW 38850.00 · Value 162878.41 · Buy at or below 162878.41; 2024-08 · Price KRW 37950.00 · Value 162878.41 · Buy at or below 162878.41; 2024-09 · Price KRW 40400.00 · Value 162878.41 · Buy at or below 162878.41; 2024-10 · Price KRW 42300.00 · Value 162878.41 · Buy at or below 162878.41; 2024-11 · Price KRW 40950.00 · Value 162878.41 · Buy at or below 162878.41; 2024-12 · Price KRW 42400.00 · Value 162878.41 · Buy at or below 162878.41; 2025-01 · Price KRW 43950.00 · Value 162878.41 · Buy at or below 162878.41; 2025-02 · Price KRW 47650.00 · Value 241638.57 · Buy at or below 241638.57; 2025-03 · Price KRW 49000.00 · Value 241638.57 · Buy at or below 241638.57; 2025-04 · Price KRW 47350.00 · Value 241638.57 · Buy at or below 241638.57; 2025-05 · Price KRW 60700.00 · Value 241638.57 · Buy at or below 241638.57; 2025-06 · Price KRW 63200.00 · Value 241638.57 · Buy at or below 241638.57; 2025-07 · Price KRW 60500.00 · Value 241638.57 · Buy at or below 241638.57; 2025-08 · Price KRW 58700.00 · Value 241638.57 · Buy at or below 241638.57; 2025-09 · Price KRW 64900.00 · Value 241638.57 · Buy at or below 241638.57; 2025-10 · Price KRW 57800.00 · Value 241638.57 · Buy at or below 241638.57; 2025-11 · Price KRW 87500.00 · Value 241638.57 · Buy at or below 241638.57; 2025-12 · Price KRW 81800.00 · Value 241638.57 · Buy at or below 241638.57; 2026-01 · Price KRW 90900.00 · Value 241638.57 · Buy at or below 241638.57; 2026-02 · Price KRW 96900.00 · Value 251496.60 · Buy at or below 251496.60; 2026-03 · Price KRW 78500.00 · Value 251496.60 · Buy at or below 251496.60; 2026-04 · Price KRW 82900.00 · Value 251496.60 · Buy at or below 251496.60; 2026-05 · Price KRW 79500.00 · Value 251496.60 · Buy at or below 251496.60; 2026-06 · Price KRW 72600.00 · Value 251496.60 · Buy at or below 251496.60; 2026-07 · Price KRW 89400.00 · Value 251496.60 · Buy at or below 251496.60; 2026-08 · Price KRW 72300.00 · Value 251496.60 · Buy at or below 251496.60; 2026-09 · Price KRW 68800.00 · Value 251496.60 · Buy at or below 251496.60; 2026-10 · Price KRW 73500.00 · Value 251496.60 · Buy at or below 251496.60; 2026-10 · Price KRW 75100.00 · Value 251496.60 · Buy at or below 251496.60

KRW per share · annual estimates

Price & return math
Value range	KRW 185,043.36 – KRW 290,287.44
Buy at or below	Central value KRW 251,496.60
Discount to value	1 − 75100.00 / 251496.60 = 70.1%
Return / year	About 33.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 11466.21/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 29342.95/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 4.06T

Revenue

Owner earningsKRW 463B

Owner earnings

Operating margin12.7%

Operating margin

Net cash / debtKRW 1.13T

Net cash / debt

Diluted shares43M

Diluted shares

Prices 15 Oct 2026 · FY2025