# BNK Financial Group (138930.KO)

Canonical: https://gigainvestors.com/s/138930.KO

Analysis as of: 2026-10-16T07:38:50.894Z. Financial observations: FY2016–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 14,240.00 per share; close as of 2026-10-15.

Estimated value: low KRW 11,965.27 per share, central KRW 14,300.37 per share, high KRW 17,767.88 per share. Buy at or below the central value KRW 14,300.37 per share. Valuation as of 2026-10-16T07:38:50.894Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.13×

Chart: Net income; fiscal year observations.

- FY2016: KRW 502B

- FY2017: KRW 403B

- FY2018: KRW 481B

- FY2019: KRW 537B

- FY2020: KRW 486B

- FY2021: KRW 760B

- FY2022: KRW 780B

- FY2023: KRW 640B

- FY2024: KRW 729B

- FY2025: KRW 815B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 6.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.8%

- FY2017: 6.0%

- FY2018: 6.5%

- FY2019: 6.7%

- FY2020: 5.8%

- FY2021: 8.4%

- FY2022: 8.1%

- FY2023: 6.4%

- FY2024: 7.0%

- FY2025: 7.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.8%

- Book return interval: 9 years

- Starting book value per share: KRW 18K

- Ending book value per share: KRW 32K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 18.0%

- FY2018: 23.4%

- FY2019: -16.9%

- FY2020: 25.2%

- FY2021: 9.0%

- FY2022: 5.0%

- FY2023: 7.3%

- FY2024: 7.5%

- FY2025: 6.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.8%

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

- Share growth excluding flagged crisis recapitalisations: -0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.25×

- Book value created per share: KRW 14K

- Earnings retained per share after dividends and buybacks: KRW 11K

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 90

- FY2018: 81

- FY2019: 108

- FY2020: 93

- FY2021: 93

- FY2022: 96

- FY2023: 96

- FY2024: 96

- FY2025: 93

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 29% since Feb 2026 · net income +11.9%

Story as of 2026-10-16T10:00:10.299Z; price observation 2026-10-15.

The price assumes profits grow 4.9% a year forever

### Net income · FY2025

net income +11.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 502B 

- FY2017: KRW 403B 

- FY2018: KRW 481B 

- FY2019: KRW 537B 

- FY2020: KRW 486B 

- FY2021: KRW 760B 

- FY2022: KRW 780B 

- FY2023: KRW 640B 

- FY2024: KRW 729B 

- FY2025: KRW 815B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are KRW 4 trillion.

- Source: https://eodhd.com/api/fundamentals/138930.KO.json#2025-12-31 (filed 2026-10-16T07:38:50.894Z); FY2025: revenue 4025508394770.

### Why customers stay

It earns 6.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.894Z); 10-year return on tangible equity observations [[2016,0.07767666950531177],[2017,0.05976466685157005],[2018,0.06533975562153982],[2019,0.06694601246130923],[2020,0.05757049554021579],[2021,0.08409608604593147],[2022,0.08121954773950224],[2023,0.06425288548955119],[2024,0.0698529562192656],[2025,0.07772972936012841]]; median 0.06839948434028742. 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 100 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.894Z); Dividend observations: [[2016,66753508650],[2017,108388473260],[2018,95915402260],[2019,160626910280],[2020,193405509000],[2021,178453560000],[2022,260039748000],[2023,299781148550],[2024,250147143780],[2025,301911305740]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/138930.KO.json#2025-12-31 (filed 2026-10-16T07:38:50.894Z); FY2025: cash repurchases 99999911450 KRW.

### Are managers owners

Insiders own 27.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 138930.KO SharesStats.PercentInsiders = 27.095999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 4.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.894Z); Price 14240; FX 1; original perpetual distributable cash 732.7639980005749; discount 0.1; growth 0.048541854072993336. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 9,290.00 per share

- 2016-11: KRW 8,960.00 per share

- 2016-12: KRW 8,680.00 per share

- 2017-01: KRW 8,530.00 per share

- 2017-02: KRW 8,680.00 per share

- 2017-03: KRW 9,180.00 per share

- 2017-04: KRW 9,560.00 per share

- 2017-05: KRW 10,000.00 per share

- 2017-06: KRW 10,950.00 per share

- 2017-07: KRW 11,300.00 per share

- 2017-08: KRW 9,860.00 per share

- 2017-09: KRW 10,000.00 per share

- 2017-10: KRW 9,940.00 per share

- 2017-11: KRW 9,510.00 per share

- 2017-12: KRW 9,420.00 per share

- 2018-01: KRW 10,600.00 per share

- 2018-02: KRW 11,200.00 per share

- 2018-03: KRW 10,400.00 per share

- 2018-04: KRW 10,450.00 per share

- 2018-05: KRW 9,530.00 per share

- 2018-06: KRW 9,350.00 per share

- 2018-07: KRW 8,970.00 per share

- 2018-08: KRW 8,340.00 per share

- 2018-09: KRW 8,600.00 per share

- 2018-10: KRW 7,590.00 per share

- 2018-11: KRW 7,670.00 per share

- 2018-12: KRW 7,330.00 per share

- 2019-01: KRW 7,350.00 per share

- 2019-02: KRW 7,090.00 per share

- 2019-03: KRW 6,680.00 per share

- 2019-04: KRW 7,010.00 per share

- 2019-05: KRW 6,900.00 per share

- 2019-06: KRW 7,490.00 per share

- 2019-07: KRW 7,000.00 per share

- 2019-08: KRW 6,700.00 per share

- 2019-09: KRW 7,190.00 per share

- 2019-10: KRW 6,950.00 per share

- 2019-11: KRW 6,960.00 per share

- 2019-12: KRW 7,660.00 per share

- 2020-01: KRW 6,750.00 per share

- 2020-02: KRW 6,170.00 per share

- 2020-03: KRW 4,435.00 per share

- 2020-04: KRW 5,050.00 per share

- 2020-05: KRW 5,080.00 per share

- 2020-06: KRW 5,000.00 per share

- 2020-07: KRW 5,140.00 per share

- 2020-08: KRW 5,080.00 per share

- 2020-09: KRW 5,060.00 per share

- 2020-10: KRW 5,510.00 per share

- 2020-11: KRW 5,630.00 per share

- 2020-12: KRW 5,680.00 per share

- 2021-01: KRW 5,510.00 per share

- 2021-02: KRW 5,900.00 per share

- 2021-03: KRW 6,790.00 per share

- 2021-04: KRW 7,670.00 per share

- 2021-05: KRW 7,950.00 per share

- 2021-06: KRW 7,730.00 per share

- 2021-07: KRW 7,750.00 per share

- 2021-08: KRW 7,760.00 per share

- 2021-09: KRW 8,840.00 per share

- 2021-10: KRW 8,800.00 per share

- 2021-11: KRW 8,000.00 per share

- 2021-12: KRW 8,400.00 per share

- 2022-01: KRW 8,040.00 per share

- 2022-02: KRW 7,880.00 per share

- 2022-03: KRW 7,960.00 per share

- 2022-04: KRW 7,880.00 per share

- 2022-05: KRW 7,890.00 per share

- 2022-06: KRW 6,710.00 per share

- 2022-07: KRW 6,790.00 per share

- 2022-08: KRW 6,710.00 per share

- 2022-09: KRW 6,020.00 per share

- 2022-10: KRW 6,410.00 per share

- 2022-11: KRW 7,390.00 per share

- 2022-12: KRW 6,500.00 per share

- 2023-01: KRW 7,080.00 per share

- 2023-02: KRW 6,700.00 per share

- 2023-03: KRW 6,510.00 per share

- 2023-04: KRW 6,640.00 per share

- 2023-05: KRW 6,710.00 per share

- 2023-06: KRW 6,930.00 per share

- 2023-07: KRW 6,760.00 per share

- 2023-08: KRW 6,820.00 per share

- 2023-09: KRW 6,850.00 per share

- 2023-10: KRW 6,780.00 per share

- 2023-11: KRW 7,170.00 per share

- 2023-12: KRW 7,140.00 per share

- 2024-01: KRW 7,530.00 per share

- 2024-02: KRW 7,500.00 per share

- 2024-03: KRW 7,770.00 per share

- 2024-04: KRW 8,390.00 per share

- 2024-05: KRW 8,450.00 per share

- 2024-06: KRW 8,470.00 per share

- 2024-07: KRW 9,520.00 per share

- 2024-08: KRW 10,160.00 per share

- 2024-09: KRW 9,040.00 per share

- 2024-10: KRW 9,440.00 per share

- 2024-11: KRW 10,560.00 per share

- 2024-12: KRW 10,340.00 per share

- 2025-01: KRW 12,160.00 per share

- 2025-02: KRW 11,160.00 per share

- 2025-03: KRW 10,250.00 per share

- 2025-04: KRW 10,350.00 per share

- 2025-05: KRW 11,060.00 per share

- 2025-06: KRW 12,450.00 per share

- 2025-07: KRW 14,590.00 per share

- 2025-08: KRW 14,400.00 per share

- 2025-09: KRW 14,590.00 per share

- 2025-10: KRW 13,810.00 per share

- 2025-11: KRW 15,050.00 per share

- 2025-12: KRW 15,870.00 per share

- 2026-01: KRW 16,610.00 per share

- 2026-02: KRW 19,930.00 per share

- 2026-03: KRW 17,890.00 per share

- 2026-04: KRW 18,730.00 per share

- 2026-05: KRW 16,820.00 per share

- 2026-06: KRW 17,050.00 per share

- 2026-07: KRW 15,170.00 per share

- 2026-08: KRW 15,200.00 per share

- 2026-09: KRW 15,920.00 per share

- 2026-10: KRW 15,210.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 22,729.17 per share, central KRW 25,002.09 per share, high KRW 27,780.10 per share

- FY2018: low KRW 24,723.25 per share, central KRW 27,195.58 per share, high KRW 30,217.31 per share

- FY2019: low KRW 12,748.36 per share, central KRW 15,935.45 per share, high KRW 21,247.27 per share

- FY2020: low KRW 12,556.71 per share, central KRW 15,695.89 per share, high KRW 20,927.85 per share

- FY2021: low KRW 13,309.41 per share, central KRW 16,636.77 per share, high KRW 22,182.36 per share

- FY2022: low KRW 12,695.27 per share, central KRW 15,869.08 per share, high KRW 21,158.78 per share

- FY2023: low KRW 10,318.51 per share, central KRW 12,695.59 per share, high KRW 16,495.70 per share

- FY2024: low KRW 10,165.49 per share, central KRW 12,222.53 per share, high KRW 15,323.27 per share

- FY2025: low KRW 11,203.41 per share, central KRW 13,389.83 per share, high KRW 16,636.56 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 2026-10-15T06:44:41.231Z 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.

BNK Financial Group

138930 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 14,240.00
Buy up to: KRW 14,300.37
Expected / yr: 10.0% 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

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: KRW 588B
Worst year: KRW 403B
Latest · 2025: KRW 815B

Earned a median 6.8% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 6.8%
Worst year: 5.8%
Latest · 2025: 7.8%

Book value plus dividends grew 8.8% a year (minimum 7%).

Annual book + dividend return

9y median: 7.5%
Worst year: -16.9%
Latest · 2025: 6.8%

Ordinary share growth was -0.8% over the full period and 0% over five years (either must be at most 2% a year).

Shares (first year = 100)

10y median: 94
Worst year: 108
Latest · 2025: 93

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 2,197 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 9290.00; 2016-11 · Price KRW 8960.00; 2016-12 · Price KRW 8680.00; 2017-01 · Price KRW 8530.00 · Value 25002.09 · Buy at or below 25002.09; 2017-02 · Price KRW 8680.00 · Value 25002.09 · Buy at or below 25002.09; 2017-03 · Price KRW 9180.00 · Value 25002.09 · Buy at or below 25002.09; 2017-04 · Price KRW 9560.00 · Value 25002.09 · Buy at or below 25002.09; 2017-05 · Price KRW 10000.00 · Value 25002.09 · Buy at or below 25002.09; 2017-06 · Price KRW 10950.00 · Value 25002.09 · Buy at or below 25002.09; 2017-07 · Price KRW 11300.00 · Value 25002.09 · Buy at or below 25002.09; 2017-08 · Price KRW 9860.00 · Value 25002.09 · Buy at or below 25002.09; 2017-09 · Price KRW 10000.00 · Value 25002.09 · Buy at or below 25002.09; 2017-10 · Price KRW 9940.00 · Value 25002.09 · Buy at or below 25002.09; 2017-11 · Price KRW 9510.00 · Value 25002.09 · Buy at or below 25002.09; 2017-12 · Price KRW 9420.00 · Value 25002.09 · Buy at or below 25002.09; 2018-01 · Price KRW 10600.00 · Value 25002.09 · Buy at or below 25002.09; 2018-02 · Price KRW 11200.00 · Value 27195.58 · Buy at or below 27195.58; 2018-03 · Price KRW 10400.00 · Value 27195.58 · Buy at or below 27195.58; 2018-04 · Price KRW 10450.00 · Value 27195.58 · Buy at or below 27195.58; 2018-05 · Price KRW 9530.00 · Value 27195.58 · Buy at or below 27195.58; 2018-06 · Price KRW 9350.00 · Value 27195.58 · Buy at or below 27195.58; 2018-07 · Price KRW 8970.00 · Value 27195.58 · Buy at or below 27195.58; 2018-08 · Price KRW 8340.00 · Value 27195.58 · Buy at or below 27195.58; 2018-09 · Price KRW 8600.00 · Value 27195.58 · Buy at or below 27195.58; 2018-10 · Price KRW 7590.00 · Value 27195.58 · Buy at or below 27195.58; 2018-11 · Price KRW 7670.00 · Value 27195.58 · Buy at or below 27195.58; 2018-12 · Price KRW 7330.00 · Value 27195.58 · Buy at or below 27195.58; 2019-01 · Price KRW 7350.00 · Value 27195.58 · Buy at or below 27195.58; 2019-02 · Price KRW 7090.00 · Value 15935.45 · Buy at or below 15935.45; 2019-03 · Price KRW 6680.00 · Value 15935.45 · Buy at or below 15935.45; 2019-04 · Price KRW 7010.00 · Value 15935.45 · Buy at or below 15935.45; 2019-05 · Price KRW 6900.00 · Value 15935.45 · Buy at or below 15935.45; 2019-06 · Price KRW 7490.00 · Value 15935.45 · Buy at or below 15935.45; 2019-07 · Price KRW 7000.00 · Value 15935.45 · Buy at or below 15935.45; 2019-08 · Price KRW 6700.00 · Value 15935.45 · Buy at or below 15935.45; 2019-09 · Price KRW 7190.00 · Value 15935.45 · Buy at or below 15935.45; 2019-10 · Price KRW 6950.00 · Value 15935.45 · Buy at or below 15935.45; 2019-11 · Price KRW 6960.00 · Value 15935.45 · Buy at or below 15935.45; 2019-12 · Price KRW 7660.00 · Value 15935.45 · Buy at or below 15935.45; 2020-01 · Price KRW 6750.00 · Value 15935.45 · Buy at or below 15935.45; 2020-02 · Price KRW 6170.00 · Value 15695.89 · Buy at or below 15695.89; 2020-03 · Price KRW 4435.00 · Value 15695.89 · Buy at or below 15695.89; 2020-04 · Price KRW 5050.00 · Value 15695.89 · Buy at or below 15695.89; 2020-05 · Price KRW 5080.00 · Value 15695.89 · Buy at or below 15695.89; 2020-06 · Price KRW 5000.00 · Value 15695.89 · Buy at or below 15695.89; 2020-07 · Price KRW 5140.00 · Value 15695.89 · Buy at or below 15695.89; 2020-08 · Price KRW 5080.00 · Value 15695.89 · Buy at or below 15695.89; 2020-09 · Price KRW 5060.00 · Value 15695.89 · Buy at or below 15695.89; 2020-10 · Price KRW 5510.00 · Value 15695.89 · Buy at or below 15695.89; 2020-11 · Price KRW 5630.00 · Value 15695.89 · Buy at or below 15695.89; 2020-12 · Price KRW 5680.00 · Value 15695.89 · Buy at or below 15695.89; 2021-01 · Price KRW 5510.00 · Value 15695.89 · Buy at or below 15695.89; 2021-02 · Price KRW 5900.00 · Value 16636.77 · Buy at or below 16636.77; 2021-03 · Price KRW 6790.00 · Value 16636.77 · Buy at or below 16636.77; 2021-04 · Price KRW 7670.00 · Value 16636.77 · Buy at or below 16636.77; 2021-05 · Price KRW 7950.00 · Value 16636.77 · Buy at or below 16636.77; 2021-06 · Price KRW 7730.00 · Value 16636.77 · Buy at or below 16636.77; 2021-07 · Price KRW 7750.00 · Value 16636.77 · Buy at or below 16636.77; 2021-08 · Price KRW 7760.00 · Value 16636.77 · Buy at or below 16636.77; 2021-09 · Price KRW 8840.00 · Value 16636.77 · Buy at or below 16636.77; 2021-10 · Price KRW 8800.00 · Value 16636.77 · Buy at or below 16636.77; 2021-11 · Price KRW 8000.00 · Value 16636.77 · Buy at or below 16636.77; 2021-12 · Price KRW 8400.00 · Value 16636.77 · Buy at or below 16636.77; 2022-01 · Price KRW 8040.00 · Value 16636.77 · Buy at or below 16636.77; 2022-02 · Price KRW 7880.00 · Value 15869.08 · Buy at or below 15869.08; 2022-03 · Price KRW 7960.00 · Value 15869.08 · Buy at or below 15869.08; 2022-04 · Price KRW 7880.00 · Value 15869.08 · Buy at or below 15869.08; 2022-05 · Price KRW 7890.00 · Value 15869.08 · Buy at or below 15869.08; 2022-06 · Price KRW 6710.00 · Value 15869.08 · Buy at or below 15869.08; 2022-07 · Price KRW 6790.00 · Value 15869.08 · Buy at or below 15869.08; 2022-08 · Price KRW 6710.00 · Value 15869.08 · Buy at or below 15869.08; 2022-09 · Price KRW 6020.00 · Value 15869.08 · Buy at or below 15869.08; 2022-10 · Price KRW 6410.00 · Value 15869.08 · Buy at or below 15869.08; 2022-11 · Price KRW 7390.00 · Value 15869.08 · Buy at or below 15869.08; 2022-12 · Price KRW 6500.00 · Value 15869.08 · Buy at or below 15869.08; 2023-01 · Price KRW 7080.00 · Value 15869.08 · Buy at or below 15869.08; 2023-02 · Price KRW 6700.00 · Value 12695.59 · Buy at or below 12695.59; 2023-03 · Price KRW 6510.00 · Value 12695.59 · Buy at or below 12695.59; 2023-04 · Price KRW 6640.00 · Value 12695.59 · Buy at or below 12695.59; 2023-05 · Price KRW 6710.00 · Value 12695.59 · Buy at or below 12695.59; 2023-06 · Price KRW 6930.00 · Value 12695.59 · Buy at or below 12695.59; 2023-07 · Price KRW 6760.00 · Value 12695.59 · Buy at or below 12695.59; 2023-08 · Price KRW 6820.00 · Value 12695.59 · Buy at or below 12695.59; 2023-09 · Price KRW 6850.00 · Value 12695.59 · Buy at or below 12695.59; 2023-10 · Price KRW 6780.00 · Value 12695.59 · Buy at or below 12695.59; 2023-11 · Price KRW 7170.00 · Value 12695.59 · Buy at or below 12695.59; 2023-12 · Price KRW 7140.00 · Value 12695.59 · Buy at or below 12695.59; 2024-01 · Price KRW 7530.00 · Value 12695.59 · Buy at or below 12695.59; 2024-02 · Price KRW 7500.00 · Value 12222.53 · Buy at or below 12222.53; 2024-03 · Price KRW 7770.00 · Value 12222.53 · Buy at or below 12222.53; 2024-04 · Price KRW 8390.00 · Value 12222.53 · Buy at or below 12222.53; 2024-05 · Price KRW 8450.00 · Value 12222.53 · Buy at or below 12222.53; 2024-06 · Price KRW 8470.00 · Value 12222.53 · Buy at or below 12222.53; 2024-07 · Price KRW 9520.00 · Value 12222.53 · Buy at or below 12222.53; 2024-08 · Price KRW 10160.00 · Value 12222.53 · Buy at or below 12222.53; 2024-09 · Price KRW 9040.00 · Value 12222.53 · Buy at or below 12222.53; 2024-10 · Price KRW 9440.00 · Value 12222.53 · Buy at or below 12222.53; 2024-11 · Price KRW 10560.00 · Value 12222.53 · Buy at or below 12222.53; 2024-12 · Price KRW 10340.00 · Value 12222.53 · Buy at or below 12222.53; 2025-01 · Price KRW 12160.00 · Value 12222.53 · Buy at or below 12222.53; 2025-02 · Price KRW 11160.00 · Value 13389.83 · Buy at or below 13389.83; 2025-03 · Price KRW 10250.00 · Value 13389.83 · Buy at or below 13389.83; 2025-04 · Price KRW 10350.00 · Value 13389.83 · Buy at or below 13389.83; 2025-05 · Price KRW 11060.00 · Value 13389.83 · Buy at or below 13389.83; 2025-06 · Price KRW 12450.00 · Value 13389.83 · Buy at or below 13389.83; 2025-07 · Price KRW 14590.00 · Value 13389.83 · Buy at or below 13389.83; 2025-08 · Price KRW 14400.00 · Value 13389.83 · Buy at or below 13389.83; 2025-09 · Price KRW 14590.00 · Value 13389.83 · Buy at or below 13389.83; 2025-10 · Price KRW 13810.00 · Value 13389.83 · Buy at or below 13389.83; 2025-11 · Price KRW 15050.00 · Value 13389.83 · Buy at or below 13389.83; 2025-12 · Price KRW 15870.00 · Value 13389.83 · Buy at or below 13389.83; 2026-01 · Price KRW 16610.00 · Value 13389.83 · Buy at or below 13389.83; 2026-02 · Price KRW 19930.00 · Value 14300.37 · Buy at or below 14300.37; 2026-03 · Price KRW 17890.00 · Value 14300.37 · Buy at or below 14300.37; 2026-04 · Price KRW 18730.00 · Value 14300.37 · Buy at or below 14300.37; 2026-05 · Price KRW 16820.00 · Value 14300.37 · Buy at or below 14300.37; 2026-06 · Price KRW 17050.00 · Value 14300.37 · Buy at or below 14300.37; 2026-07 · Price KRW 15170.00 · Value 14300.37 · Buy at or below 14300.37; 2026-08 · Price KRW 15200.00 · Value 14300.37 · Buy at or below 14300.37; 2026-09 · Price KRW 15920.00 · Value 14300.37 · Buy at or below 14300.37; 2026-10 · Price KRW 15210.00 · Value 14300.37 · Buy at or below 14300.37; 2026-10 · Price KRW 14240.00 · Value 14300.37 · Buy at or below 14300.37

KRW per share · annual estimates

Price & return math
Value range	KRW 11,965.27 – KRW 17,767.88
Buy at or below	Central value KRW 14,300.37
Discount to value	1 − 14240.00 / 14300.37 = 0.4%
Return / year	About 10.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 34514.75/share; ROE 7.0%; first payout KRW 732.76/share, growing 4.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 815B

Net income

Book / shareKRW 32K

Book / share

Dividend / shareKRW 930.55

Dividend / share

Return on tangible equity7.8%

Return on tangible equity

Diluted shares324M

Diluted shares

Prices 15 Oct 2026 · FY2025