# Dgb Financial (139130.KO)

Canonical: https://gigainvestors.com/s/139130.KO

Analysis as of: 2026-10-01T19:03:17.031Z. Financial observations: FY2016–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: KRW 16,800.00 per share; close as of 2026-10-15.

Estimated value: low KRW 12,900.68 per share, central KRW 16,029.04 per share, high KRW 21,160.33 per share. Buy at or below the central value KRW 16,029.04 per share. Valuation as of 2026-10-01T19:03:17.031Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.4% + 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): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: KRW 288B

- FY2017: KRW 302B

- FY2018: KRW 375B

- FY2019: KRW 301B

- FY2020: KRW 333B

- FY2021: KRW 503B

- FY2022: KRW 402B

- FY2023: KRW 388B

- FY2024: KRW 215B

- FY2025: KRW 444B

### 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: 7.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.8%

- Years with reported combined ratio: 0

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

- FY2016: 8.1%

- FY2017: 8.0%

- FY2018: 9.1%

- FY2019: 6.8%

- FY2020: 7.0%

- FY2021: 9.6%

- FY2022: 7.9%

- FY2023: 6.8%

- FY2024: 3.8%

- FY2025: 7.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.6%

- Book return interval: 9 years

- Starting book value per share: KRW 21K

- Ending book value per share: KRW 37K

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

- FY2017: 7.6%

- FY2018: 10.2%

- FY2019: 8.5%

- FY2020: 11.6%

- FY2021: 11.2%

- FY2022: -0.1%

- FY2023: 15.9%

- FY2024: 3.0%

- FY2025: 10.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.6%

- Share growth excluding flagged crisis recapitalisations: -0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.18×

- Book value created per share: KRW 16K

- Earnings retained per share after dividends and buybacks: KRW 14K

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

- FY2016: 100

- FY2017: 100

- FY2018: 102

- FY2019: 102

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 98

- FY2024: 98

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.5% a year forever · net income +106.6%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

The price assumes profits grow 6.5% a year forever

### Net income · FY2025

net income +106.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: KRW 288B 

- FY2017: KRW 302B 

- FY2018: KRW 375B 

- FY2019: KRW 301B 

- FY2020: KRW 333B 

- FY2021: KRW 503B 

- FY2022: KRW 402B 

- FY2023: KRW 388B 

- FY2024: KRW 215B 

- FY2025: KRW 444B 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in regional banking; annual sales are KRW 2.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); FY2025: revenue 2288518000000.

### Why customers stay

It earns 7.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); 10-year return on tangible equity observations [[2016,0.08109010707321682],[2017,0.08043336266318946],[2018,0.09055967444416488],[2019,0.06800531099854515],[2020,0.06958099429074585],[2021,0.09615236619068888],[2022,0.07881284124968657],[2023,0.06835637434617187],[2024,0.03754317554294736],[2025,0.07424982094188749]]; median 0.07653133109578703. 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 60 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); Dividend observations: [[2016,61395683120],[2017,64776746000],[2018,62538333220],[2019,67597499880],[2020,83085369450],[2021,84202267900],[2022,131821842370],[2023,135948912380],[2024,119912389850],[2025,122630000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); FY2025: cash repurchases 60000000000 KRW.

### Are managers owners

Insiders own 14.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 139130.KO SharesStats.PercentInsiders = 14.135 percentage points; cache date 2026-10-02.

### What the price says

The price assumes profits grow 6.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); Price 18380; FX 1; original perpetual distributable cash 661.0028288014092; discount 0.1; growth 0.06403684282908546. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-01.

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

- 2016-09: KRW 9,030.00 per share

- 2016-10: KRW 9,600.00 per share

- 2016-11: KRW 9,570.00 per share

- 2016-12: KRW 9,770.00 per share

- 2017-01: KRW 9,870.00 per share

- 2017-02: KRW 10,400.00 per share

- 2017-03: KRW 10,850.00 per share

- 2017-04: KRW 11,650.00 per share

- 2017-05: KRW 11,500.00 per share

- 2017-06: KRW 11,800.00 per share

- 2017-07: KRW 11,950.00 per share

- 2017-08: KRW 11,000.00 per share

- 2017-09: KRW 10,500.00 per share

- 2017-10: KRW 10,450.00 per share

- 2017-11: KRW 9,980.00 per share

- 2017-12: KRW 10,550.00 per share

- 2018-01: KRW 12,400.00 per share

- 2018-02: KRW 12,400.00 per share

- 2018-03: KRW 11,650.00 per share

- 2018-04: KRW 12,000.00 per share

- 2018-05: KRW 10,350.00 per share

- 2018-06: KRW 10,250.00 per share

- 2018-07: KRW 9,350.00 per share

- 2018-08: KRW 10,250.00 per share

- 2018-09: KRW 10,150.00 per share

- 2018-10: KRW 9,400.00 per share

- 2018-11: KRW 8,800.00 per share

- 2018-12: KRW 8,310.00 per share

- 2019-01: KRW 8,680.00 per share

- 2019-02: KRW 8,480.00 per share

- 2019-03: KRW 8,170.00 per share

- 2019-04: KRW 8,420.00 per share

- 2019-05: KRW 8,080.00 per share

- 2019-06: KRW 8,150.00 per share

- 2019-07: KRW 7,530.00 per share

- 2019-08: KRW 6,890.00 per share

- 2019-09: KRW 7,450.00 per share

- 2019-10: KRW 7,030.00 per share

- 2019-11: KRW 7,090.00 per share

- 2019-12: KRW 7,120.00 per share

- 2020-01: KRW 6,500.00 per share

- 2020-02: KRW 5,610.00 per share

- 2020-03: KRW 4,590.00 per share

- 2020-04: KRW 5,270.00 per share

- 2020-05: KRW 5,260.00 per share

- 2020-06: KRW 5,110.00 per share

- 2020-07: KRW 5,150.00 per share

- 2020-08: KRW 5,290.00 per share

- 2020-09: KRW 5,490.00 per share

- 2020-10: KRW 6,180.00 per share

- 2020-11: KRW 7,300.00 per share

- 2020-12: KRW 6,790.00 per share

- 2021-01: KRW 6,370.00 per share

- 2021-02: KRW 7,070.00 per share

- 2021-03: KRW 8,440.00 per share

- 2021-04: KRW 8,860.00 per share

- 2021-05: KRW 9,460.00 per share

- 2021-06: KRW 9,300.00 per share

- 2021-07: KRW 9,450.00 per share

- 2021-08: KRW 9,100.00 per share

- 2021-09: KRW 9,930.00 per share

- 2021-10: KRW 10,350.00 per share

- 2021-11: KRW 8,950.00 per share

- 2021-12: KRW 9,380.00 per share

- 2022-01: KRW 9,230.00 per share

- 2022-02: KRW 9,480.00 per share

- 2022-03: KRW 9,340.00 per share

- 2022-04: KRW 8,940.00 per share

- 2022-05: KRW 8,680.00 per share

- 2022-06: KRW 7,610.00 per share

- 2022-07: KRW 7,720.00 per share

- 2022-08: KRW 7,450.00 per share

- 2022-09: KRW 6,970.00 per share

- 2022-10: KRW 6,790.00 per share

- 2022-11: KRW 7,920.00 per share

- 2022-12: KRW 6,990.00 per share

- 2023-01: KRW 7,950.00 per share

- 2023-02: KRW 7,900.00 per share

- 2023-03: KRW 6,900.00 per share

- 2023-04: KRW 6,850.00 per share

- 2023-05: KRW 7,010.00 per share

- 2023-06: KRW 7,270.00 per share

- 2023-07: KRW 7,310.00 per share

- 2023-08: KRW 7,500.00 per share

- 2023-09: KRW 7,870.00 per share

- 2023-10: KRW 7,860.00 per share

- 2023-11: KRW 8,500.00 per share

- 2023-12: KRW 8,490.00 per share

- 2024-01: KRW 9,010.00 per share

- 2024-02: KRW 8,860.00 per share

- 2024-03: KRW 8,550.00 per share

- 2024-04: KRW 8,480.00 per share

- 2024-05: KRW 8,240.00 per share

- 2024-06: KRW 8,020.00 per share

- 2024-07: KRW 8,150.00 per share

- 2024-08: KRW 8,380.00 per share

- 2024-09: KRW 8,090.00 per share

- 2024-10: KRW 8,170.00 per share

- 2024-11: KRW 8,870.00 per share

- 2024-12: KRW 8,180.00 per share

- 2025-01: KRW 9,220.00 per share

- 2025-02: KRW 9,260.00 per share

- 2025-03: KRW 8,980.00 per share

- 2025-04: KRW 10,280.00 per share

- 2025-05: KRW 11,170.00 per share

- 2025-06: KRW 12,570.00 per share

- 2025-07: KRW 13,870.00 per share

- 2025-08: KRW 13,710.00 per share

- 2025-09: KRW 13,760.00 per share

- 2025-10: KRW 13,230.00 per share

- 2025-11: KRW 14,300.00 per share

- 2025-12: KRW 15,550.00 per share

- 2026-01: KRW 15,500.00 per share

- 2026-02: KRW 18,390.00 per share

- 2026-03: KRW 16,710.00 per share

- 2026-04: KRW 19,100.00 per share

- 2026-05: KRW 17,340.00 per share

- 2026-06: KRW 16,810.00 per share

- 2026-07: KRW 16,950.00 per share

- 2026-08: KRW 18,490.00 per share

- 2026-09: KRW 18,860.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 19,100.35 per share, central KRW 21,010.39 per share, high KRW 23,344.88 per share

- FY2018: low KRW 20,150.74 per share, central KRW 22,165.82 per share, high KRW 24,628.69 per share

- FY2019: low KRW 14,996.09 per share, central KRW 18,745.12 per share, high KRW 24,993.49 per share

- FY2020: low KRW 14,688.32 per share, central KRW 18,360.40 per share, high KRW 24,480.53 per share

- FY2021: low KRW 16,079.70 per share, central KRW 20,099.62 per share, high KRW 26,799.50 per share

- FY2022: low KRW 13,968.78 per share, central KRW 17,460.97 per share, high KRW 23,281.29 per share

- FY2023: low KRW 14,225.54 per share, central KRW 17,781.93 per share, high KRW 23,709.24 per share

- FY2024: low KRW 13,499.57 per share, central KRW 16,874.46 per share, high KRW 22,499.28 per share

- FY2025: low KRW 12,900.68 per share, central KRW 16,029.04 per share, high KRW 21,160.33 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

## 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.

Dgb Financial

139130 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 16,800.00
Buy up to: KRW 16,029.04
Expected / yr: 9.8% 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?

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

Net income

10y median: KRW 354B
Worst year: KRW 215B
Latest · 2025: KRW 444B

Earned a median 7.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 7.7%
Worst year: 3.8%
Latest · 2025: 7.4%

Book value plus dividends grew 8.6% a year (minimum 7%).

Annual book + dividend return

9y median: 10.2%
Worst year: -0.1%
Latest · 2025: 10.4%

Ordinary shares shrank 0.6% a year (growth limit 2%).

Shares (first year = 100)

10y median: 100
Worst year: 102
Latest · 2025: 95

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-09 · Price KRW 9030.00; 2016-10 · Price KRW 9600.00; 2016-11 · Price KRW 9570.00; 2016-12 · Price KRW 9770.00; 2017-01 · Price KRW 9870.00 · Value 21010.39 · Buy at or below 13656.75; 2017-02 · Price KRW 10400.00 · Value 21010.39 · Buy at or below 13656.75; 2017-03 · Price KRW 10850.00 · Value 21010.39 · Buy at or below 13656.75; 2017-04 · Price KRW 11650.00 · Value 21010.39 · Buy at or below 13656.75; 2017-05 · Price KRW 11500.00 · Value 21010.39 · Buy at or below 13656.75; 2017-06 · Price KRW 11800.00 · Value 21010.39 · Buy at or below 13656.75; 2017-07 · Price KRW 11950.00 · Value 21010.39 · Buy at or below 13656.75; 2017-08 · Price KRW 11000.00 · Value 21010.39 · Buy at or below 13656.75; 2017-09 · Price KRW 10500.00 · Value 21010.39 · Buy at or below 13656.75; 2017-10 · Price KRW 10450.00 · Value 21010.39 · Buy at or below 13656.75; 2017-11 · Price KRW 9980.00 · Value 21010.39 · Buy at or below 13656.75; 2017-12 · Price KRW 10550.00 · Value 21010.39 · Buy at or below 13656.75; 2018-01 · Price KRW 12400.00 · Value 21010.39 · Buy at or below 13656.75; 2018-02 · Price KRW 12400.00 · Value 22165.82 · Buy at or below 14407.78; 2018-03 · Price KRW 11650.00 · Value 22165.82 · Buy at or below 14407.78; 2018-04 · Price KRW 12000.00 · Value 22165.82 · Buy at or below 14407.78; 2018-05 · Price KRW 10350.00 · Value 22165.82 · Buy at or below 14407.78; 2018-06 · Price KRW 10250.00 · Value 22165.82 · Buy at or below 14407.78; 2018-07 · Price KRW 9350.00 · Value 22165.82 · Buy at or below 14407.78; 2018-08 · Price KRW 10250.00 · Value 22165.82 · Buy at or below 14407.78; 2018-09 · Price KRW 10150.00 · Value 22165.82 · Buy at or below 14407.78; 2018-10 · Price KRW 9400.00 · Value 22165.82 · Buy at or below 14407.78; 2018-11 · Price KRW 8800.00 · Value 22165.82 · Buy at or below 14407.78; 2018-12 · Price KRW 8310.00 · Value 22165.82 · Buy at or below 14407.78; 2019-01 · Price KRW 8680.00 · Value 22165.82 · Buy at or below 14407.78; 2019-02 · Price KRW 8480.00 · Value 18745.12 · Buy at or below 12184.33; 2019-03 · Price KRW 8170.00 · Value 18745.12 · Buy at or below 12184.33; 2019-04 · Price KRW 8420.00 · Value 18745.12 · Buy at or below 12184.33; 2019-05 · Price KRW 8080.00 · Value 18745.12 · Buy at or below 12184.33; 2019-06 · Price KRW 8150.00 · Value 18745.12 · Buy at or below 12184.33; 2019-07 · Price KRW 7530.00 · Value 18745.12 · Buy at or below 12184.33; 2019-08 · Price KRW 6890.00 · Value 18745.12 · Buy at or below 12184.33; 2019-09 · Price KRW 7450.00 · Value 18745.12 · Buy at or below 12184.33; 2019-10 · Price KRW 7030.00 · Value 18745.12 · Buy at or below 12184.33; 2019-11 · Price KRW 7090.00 · Value 18745.12 · Buy at or below 12184.33; 2019-12 · Price KRW 7120.00 · Value 18745.12 · Buy at or below 12184.33; 2020-01 · Price KRW 6500.00 · Value 18745.12 · Buy at or below 12184.33; 2020-02 · Price KRW 5610.00 · Value 18360.40 · Buy at or below 11934.26; 2020-03 · Price KRW 4590.00 · Value 18360.40 · Buy at or below 11934.26; 2020-04 · Price KRW 5270.00 · Value 18360.40 · Buy at or below 11934.26; 2020-05 · Price KRW 5260.00 · Value 18360.40 · Buy at or below 11934.26; 2020-06 · Price KRW 5110.00 · Value 18360.40 · Buy at or below 11934.26; 2020-07 · Price KRW 5150.00 · Value 18360.40 · Buy at or below 11934.26; 2020-08 · Price KRW 5290.00 · Value 18360.40 · Buy at or below 11934.26; 2020-09 · Price KRW 5490.00 · Value 18360.40 · Buy at or below 11934.26; 2020-10 · Price KRW 6180.00 · Value 18360.40 · Buy at or below 11934.26; 2020-11 · Price KRW 7300.00 · Value 18360.40 · Buy at or below 11934.26; 2020-12 · Price KRW 6790.00 · Value 18360.40 · Buy at or below 11934.26; 2021-01 · Price KRW 6370.00 · Value 18360.40 · Buy at or below 11934.26; 2021-02 · Price KRW 7070.00 · Value 20099.62 · Buy at or below 13064.75; 2021-03 · Price KRW 8440.00 · Value 20099.62 · Buy at or below 13064.75; 2021-04 · Price KRW 8860.00 · Value 20099.62 · Buy at or below 13064.75; 2021-05 · Price KRW 9460.00 · Value 20099.62 · Buy at or below 13064.75; 2021-06 · Price KRW 9300.00 · Value 20099.62 · Buy at or below 13064.75; 2021-07 · Price KRW 9450.00 · Value 20099.62 · Buy at or below 13064.75; 2021-08 · Price KRW 9100.00 · Value 20099.62 · Buy at or below 13064.75; 2021-09 · Price KRW 9930.00 · Value 20099.62 · Buy at or below 13064.75; 2021-10 · Price KRW 10350.00 · Value 20099.62 · Buy at or below 13064.75; 2021-11 · Price KRW 8950.00 · Value 20099.62 · Buy at or below 13064.75; 2021-12 · Price KRW 9380.00 · Value 20099.62 · Buy at or below 13064.75; 2022-01 · Price KRW 9230.00 · Value 20099.62 · Buy at or below 13064.75; 2022-02 · Price KRW 9480.00 · Value 17460.97 · Buy at or below 11349.63; 2022-03 · Price KRW 9340.00 · Value 17460.97 · Buy at or below 11349.63; 2022-04 · Price KRW 8940.00 · Value 17460.97 · Buy at or below 11349.63; 2022-05 · Price KRW 8680.00 · Value 17460.97 · Buy at or below 11349.63; 2022-06 · Price KRW 7610.00 · Value 17460.97 · Buy at or below 11349.63; 2022-07 · Price KRW 7720.00 · Value 17460.97 · Buy at or below 11349.63; 2022-08 · Price KRW 7450.00 · Value 17460.97 · Buy at or below 11349.63; 2022-09 · Price KRW 6970.00 · Value 17460.97 · Buy at or below 11349.63; 2022-10 · Price KRW 6790.00 · Value 17460.97 · Buy at or below 11349.63; 2022-11 · Price KRW 7920.00 · Value 17460.97 · Buy at or below 11349.63; 2022-12 · Price KRW 6990.00 · Value 17460.97 · Buy at or below 11349.63; 2023-01 · Price KRW 7950.00 · Value 17460.97 · Buy at or below 11349.63; 2023-02 · Price KRW 7900.00 · Value 17781.93 · Buy at or below 11558.25; 2023-03 · Price KRW 6900.00 · Value 17781.93 · Buy at or below 11558.25; 2023-04 · Price KRW 6850.00 · Value 17781.93 · Buy at or below 11558.25; 2023-05 · Price KRW 7010.00 · Value 17781.93 · Buy at or below 11558.25; 2023-06 · Price KRW 7270.00 · Value 17781.93 · Buy at or below 11558.25; 2023-07 · Price KRW 7310.00 · Value 17781.93 · Buy at or below 11558.25; 2023-08 · Price KRW 7500.00 · Value 17781.93 · Buy at or below 11558.25; 2023-09 · Price KRW 7870.00 · Value 17781.93 · Buy at or below 11558.25; 2023-10 · Price KRW 7860.00 · Value 17781.93 · Buy at or below 11558.25; 2023-11 · Price KRW 8500.00 · Value 17781.93 · Buy at or below 11558.25; 2023-12 · Price KRW 8490.00 · Value 17781.93 · Buy at or below 11558.25; 2024-01 · Price KRW 9010.00 · Value 17781.93 · Buy at or below 11558.25; 2024-02 · Price KRW 8860.00 · Value 16874.46 · Buy at or below 10968.40; 2024-03 · Price KRW 8550.00 · Value 16874.46 · Buy at or below 10968.40; 2024-04 · Price KRW 8480.00 · Value 16874.46 · Buy at or below 10968.40; 2024-05 · Price KRW 8240.00 · Value 16874.46 · Buy at or below 10968.40; 2024-06 · Price KRW 8020.00 · Value 16874.46 · Buy at or below 10968.40; 2024-07 · Price KRW 8150.00 · Value 16874.46 · Buy at or below 10968.40; 2024-08 · Price KRW 8380.00 · Value 16874.46 · Buy at or below 10968.40; 2024-09 · Price KRW 8090.00 · Value 16874.46 · Buy at or below 10968.40; 2024-10 · Price KRW 8170.00 · Value 16874.46 · Buy at or below 10968.40; 2024-11 · Price KRW 8870.00 · Value 16874.46 · Buy at or below 10968.40; 2024-12 · Price KRW 8180.00 · Value 16874.46 · Buy at or below 10968.40; 2025-01 · Price KRW 9220.00 · Value 16874.46 · Buy at or below 10968.40; 2025-02 · Price KRW 9260.00 · Value 16029.04 · Buy at or below 10418.88; 2025-03 · Price KRW 8980.00 · Value 16029.04 · Buy at or below 10418.88; 2025-04 · Price KRW 10280.00 · Value 16029.04 · Buy at or below 10418.88; 2025-05 · Price KRW 11170.00 · Value 16029.04 · Buy at or below 10418.88; 2025-06 · Price KRW 12570.00 · Value 16029.04 · Buy at or below 10418.88; 2025-07 · Price KRW 13870.00 · Value 16029.04 · Buy at or below 10418.88; 2025-08 · Price KRW 13710.00 · Value 16029.04 · Buy at or below 10418.88; 2025-09 · Price KRW 13760.00 · Value 16029.04 · Buy at or below 10418.88; 2025-10 · Price KRW 13230.00 · Value 16029.04 · Buy at or below 10418.88; 2025-11 · Price KRW 14300.00 · Value 16029.04 · Buy at or below 10418.88; 2025-12 · Price KRW 15550.00 · Value 16029.04 · Buy at or below 10418.88; 2026-01 · Price KRW 15500.00 · Value 16029.04 · Buy at or below 10418.88; 2026-02 · Price KRW 18390.00 · Value 16029.04 · Buy at or below 10418.88; 2026-03 · Price KRW 16710.00 · Value 16029.04 · Buy at or below 10418.88; 2026-04 · Price KRW 19100.00 · Value 16029.04 · Buy at or below 10418.88; 2026-05 · Price KRW 17340.00 · Value 16029.04 · Buy at or below 10418.88; 2026-06 · Price KRW 16810.00 · Value 16029.04 · Buy at or below 10418.88; 2026-07 · Price KRW 16950.00 · Value 16029.04 · Buy at or below 10418.88; 2026-08 · Price KRW 18490.00 · Value 16029.04 · Buy at or below 10418.88; 2026-09 · Price KRW 18860.00 · Value 16029.04 · Buy at or below 10418.88; 2026-10 · Price KRW 16800.00 · Value 16029.04 · Buy at or below 10418.88

KRW per share · annual estimates

Price & return math
Value range	KRW 12,900.68 – KRW 21,160.33
Buy at or below	Central value KRW 16,029.04
Discount to value	1 − 16800.00 / 16029.04 = -4.8%
Return / year	About 9.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 37199.45/share; ROE 7.7%; first payout KRW 661.00/share, growing 5.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 444B

Net income

Book / shareKRW 37K

Book / share

Dividend / shareKRW 763.03

Dividend / share

Return on tangible equity7.4%

Return on tangible equity

Diluted shares161M

Diluted shares

Prices 15 Oct 2026 · FY2025