# Hankook Tire (161390.KO)

Canonical: https://gigainvestors.com/s/161390.KO

Analysis as of: 2026-10-16T07:37:11.091Z. Financial observations: FY2012–FY2026.

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 62,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 212,558.64 per share, central KRW 291,034.39 per share, high KRW 338,166.70 per share. Buy at or below the central value KRW 291,034.39 per share. Valuation as of 2026-10-16T07:37:11.091Z; scenarios are not confidence intervals.

Expected annual return: 43.0% at the stated quote. About 43.0% 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

- 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: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.10×

- FY2019: 0.08×

- FY2020: 0.10×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.15×

- FY2024: 0.19×

- FY2025: 0.09×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 8.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.7%

- ROIC, second-lowest year: 5.8%

- Typical minus recent gross margin: 8.2 pp

- Typical gross margin (annual median): 30.2%

- Recent gross margin (lower of latest and 3-year median): 22.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 8.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.7%

- FY2017: 8.5%

- FY2018: 7.0%

- FY2019: 5.1%

- FY2020: 5.8%

- FY2021: 6.8%

- FY2022: 6.7%

- FY2023: 11.1%

- FY2024: 12.5%

- FY2025: 8.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.93T

- Net income, five-year total: KRW 4.21T

- Return on incremental invested capital: 14.7%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.1 pp

- Working capital / revenue, final three-year average: 34.0%

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

- FY2021: 1.33×

- FY2022: 1.23×

- FY2023: 1.00×

- FY2024: 0.64×

- FY2025: 0.79×

### 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: 8.5% vs 11.1%

- Per-share earnings: 4839.63 to 8931.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: KRW -72B

- Cumulative retained earnings: KRW 5.19T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.1%

- Per-share value change: KRW 4K

- Per-share value, starting three-year median: KRW 5K

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

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 3.71T

- Cumulative net income, 10 years: KRW 7.00T

- ROIC, first three-year median: 8.5%

- ROIC, last three-year median: 11.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 7K

- FY2017: KRW 5K

- FY2018: KRW 4K

- FY2019: KRW 3K

- FY2020: KRW 3K

- FY2021: KRW 5K

- FY2022: KRW 6K

- FY2023: KRW 6K

- FY2024: KRW 9K

- FY2025: KRW 9K

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: -2.7%

- FY2018: -6.1%

- FY2019: -3.4%

- FY2020: -8.6%

- FY2021: -2.1%

- FY2022: 1.5%

- FY2023: -9.8%

- FY2024: -4.9%

- FY2025: -1.9%

## Holders

## Price story

Price needs cash profits to shrink 17.7% a year for ten years · sales +3.1%

Story as of 2026-10-16T10:00:08.800Z; price observation 2026-10-15.

Price needs cash profits to shrink 17.7% a year for ten years

### Sales · FY2025–2026

sales +3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 6.81T 

- FY2018: KRW 6.80T 

- FY2019: KRW 6.88T 

- FY2020: KRW 6.45T 

- FY2021: KRW 7.14T 

- FY2022: KRW 8.39T 

- FY2023: KRW 8.94T 

- FY2024: KRW 9.41T 

- FY2025: KRW 21.20T 

- FY2026: KRW 21.87T 

### Gross margin · FY2025

gross margin 22%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.9% 

- FY2017: 34.1% 

- FY2018: 31.0% 

- FY2019: 27.9% 

- FY2020: 29.5% 

- FY2021: 27.3% 

- FY2022: 25.0% 

- FY2023: 32.4% 

- FY2024: 36.8% 

- FY2025: 22.0% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are KRW 21.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2025: revenue 21202299462810; grossProfit 4664962682000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 161390.KO: Hankook Tire & Technology Co., Ltd. manufactures and sells tires in South Korea and internationally. It offers tires for electric vehicles, passenger cars, SUVs, light trucks, buses, and trucks under the iON, Ventus, Dynapro, Weatherflex, Kinergy, Winter i*cept & Winter i*pike, Vantra, Smart brands. The company was formerly known as Hankook Tire Co., Ltd. and changed its name to Hankook Tire & Technology Co., Ltd. in May 2019. Hankook Tire & Technology Co., Ltd. was founded in 1941 and is headquartered in Seongnam-si, South Korea.

### Why customers stay

Margins ranged from 22% to 36.8% during 2023–25; it earns 7.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2023: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2024: grossProfit / revenue = 36.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2025: grossProfit / revenue = 22%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); 10-year return on capital observations [[2016,0.1165175639592799],[2017,0.0854870253764043],[2018,0.07049224124766368],[2019,0.05078859702233328],[2020,0.05783445316040714],[2021,0.06829672147038934],[2022,0.0674602694896127],[2023,0.11061966528298316],[2024,0.12479908768241059],[2025,0.08386145524763346]]; median 0.07717684824764856. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 14.7% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2016: growth capex 0; upkeep 745560532130; owner earnings 472205853810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2017: growth capex 0; upkeep 472292698570; owner earnings 379438536490. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2018: growth capex 0; upkeep 323635830930; owner earnings 777607884480. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2019: growth capex 0; upkeep 272274350960; owner earnings 717122474350. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2020: growth capex 0; upkeep 312211026640; owner earnings 617822201330. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2021: growth capex 0; upkeep 327532065380; owner earnings 794011419380. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2022: growth capex 0; upkeep 307713165040; owner earnings 846499653280. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2023: growth capex 0; upkeep 428956837440; owner earnings 716787012050. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2024: growth capex 235679446531.35474; upkeep 807139413718.6453; owner earnings 711505861871.3547. Growth capex / owner earnings = 0.33124034412237524.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2025: growth capex 925193652380; upkeep 1382757113000; owner earnings 857968132510. Growth capex / owner earnings = 1.0783543319649072.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); Incremental return on capital 0.14652838856119876, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); Dividend observations: [[2016,49541072400],[2017,53662812400],[2018,56227672400],[2019,60331129020],[2020,73254446840],[2021,84243668030],[2022,85388677290],[2023,98298563950],[2024,158680246100],[2025,343938320360]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); FY2025: cash repurchases 158027158.33333334 KRW.

### Are managers owners

Insiders own 43.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 161390.KO SharesStats.PercentInsiders = 43.19 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 17.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:11.091Z); Ten-year compound average after fade. Initial solved rate -0.25700885697096154. Price 62500; 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 55,200.00 per share

- 2016-11: KRW 54,200.00 per share

- 2016-12: KRW 58,000.00 per share

- 2017-01: KRW 56,600.00 per share

- 2017-02: KRW 59,800.00 per share

- 2017-03: KRW 54,500.00 per share

- 2017-04: KRW 58,900.00 per share

- 2017-05: KRW 60,900.00 per share

- 2017-06: KRW 63,600.00 per share

- 2017-07: KRW 62,500.00 per share

- 2017-08: KRW 59,000.00 per share

- 2017-09: KRW 60,200.00 per share

- 2017-10: KRW 54,000.00 per share

- 2017-11: KRW 53,600.00 per share

- 2017-12: KRW 54,600.00 per share

- 2018-01: KRW 53,500.00 per share

- 2018-02: KRW 59,000.00 per share

- 2018-03: KRW 53,600.00 per share

- 2018-04: KRW 49,450.00 per share

- 2018-05: KRW 42,850.00 per share

- 2018-06: KRW 42,100.00 per share

- 2018-07: KRW 44,400.00 per share

- 2018-08: KRW 46,650.00 per share

- 2018-09: KRW 50,100.00 per share

- 2018-10: KRW 41,400.00 per share

- 2018-11: KRW 42,800.00 per share

- 2018-12: KRW 40,150.00 per share

- 2019-01: KRW 41,800.00 per share

- 2019-02: KRW 42,750.00 per share

- 2019-03: KRW 37,450.00 per share

- 2019-04: KRW 39,750.00 per share

- 2019-05: KRW 35,000.00 per share

- 2019-06: KRW 35,100.00 per share

- 2019-07: KRW 30,900.00 per share

- 2019-08: KRW 29,150.00 per share

- 2019-09: KRW 32,250.00 per share

- 2019-10: KRW 31,050.00 per share

- 2019-11: KRW 33,250.00 per share

- 2019-12: KRW 33,550.00 per share

- 2020-01: KRW 28,700.00 per share

- 2020-02: KRW 25,500.00 per share

- 2020-03: KRW 19,350.00 per share

- 2020-04: KRW 21,250.00 per share

- 2020-05: KRW 23,450.00 per share

- 2020-06: KRW 24,650.00 per share

- 2020-07: KRW 26,050.00 per share

- 2020-08: KRW 29,500.00 per share

- 2020-09: KRW 31,500.00 per share

- 2020-10: KRW 31,650.00 per share

- 2020-11: KRW 32,700.00 per share

- 2020-12: KRW 39,400.00 per share

- 2021-01: KRW 41,150.00 per share

- 2021-02: KRW 47,650.00 per share

- 2021-03: KRW 49,050.00 per share

- 2021-04: KRW 48,100.00 per share

- 2021-05: KRW 48,900.00 per share

- 2021-06: KRW 51,700.00 per share

- 2021-07: KRW 48,350.00 per share

- 2021-08: KRW 46,600.00 per share

- 2021-09: KRW 43,250.00 per share

- 2021-10: KRW 41,350.00 per share

- 2021-11: KRW 38,400.00 per share

- 2021-12: KRW 39,700.00 per share

- 2022-01: KRW 33,650.00 per share

- 2022-02: KRW 35,200.00 per share

- 2022-03: KRW 33,650.00 per share

- 2022-04: KRW 34,850.00 per share

- 2022-05: KRW 35,650.00 per share

- 2022-06: KRW 32,950.00 per share

- 2022-07: KRW 34,800.00 per share

- 2022-08: KRW 37,950.00 per share

- 2022-09: KRW 35,250.00 per share

- 2022-10: KRW 36,550.00 per share

- 2022-11: KRW 34,000.00 per share

- 2022-12: KRW 31,150.00 per share

- 2023-01: KRW 32,450.00 per share

- 2023-02: KRW 37,200.00 per share

- 2023-03: KRW 34,800.00 per share

- 2023-04: KRW 34,500.00 per share

- 2023-05: KRW 34,500.00 per share

- 2023-06: KRW 34,400.00 per share

- 2023-07: KRW 38,700.00 per share

- 2023-08: KRW 38,750.00 per share

- 2023-09: KRW 39,600.00 per share

- 2023-10: KRW 38,200.00 per share

- 2023-11: KRW 45,350.00 per share

- 2023-12: KRW 45,400.00 per share

- 2024-01: KRW 51,300.00 per share

- 2024-02: KRW 54,200.00 per share

- 2024-03: KRW 54,200.00 per share

- 2024-04: KRW 59,100.00 per share

- 2024-05: KRW 43,850.00 per share

- 2024-06: KRW 45,200.00 per share

- 2024-07: KRW 44,650.00 per share

- 2024-08: KRW 43,400.00 per share

- 2024-09: KRW 41,450.00 per share

- 2024-10: KRW 35,300.00 per share

- 2024-11: KRW 37,650.00 per share

- 2024-12: KRW 38,400.00 per share

- 2025-01: KRW 40,950.00 per share

- 2025-02: KRW 37,900.00 per share

- 2025-03: KRW 39,450.00 per share

- 2025-04: KRW 41,400.00 per share

- 2025-05: KRW 38,500.00 per share

- 2025-06: KRW 39,750.00 per share

- 2025-07: KRW 44,450.00 per share

- 2025-08: KRW 40,150.00 per share

- 2025-09: KRW 38,350.00 per share

- 2025-10: KRW 46,350.00 per share

- 2025-11: KRW 61,500.00 per share

- 2025-12: KRW 58,300.00 per share

- 2026-01: KRW 63,500.00 per share

- 2026-02: KRW 72,900.00 per share

- 2026-03: KRW 54,100.00 per share

- 2026-04: KRW 59,200.00 per share

- 2026-05: KRW 66,800.00 per share

- 2026-06: KRW 61,900.00 per share

- 2026-07: KRW 67,600.00 per share

- 2026-08: KRW 66,600.00 per share

- 2026-09: KRW 59,000.00 per share

- 2026-10: KRW 61,400.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 45,690.15 per share, central KRW 51,435.96 per share, high KRW 59,084.86 per share

- FY2017: low KRW 38,103.11 per share, central KRW 42,722.73 per share, high KRW 48,872.42 per share

- FY2018: low KRW 37,661.71 per share, central KRW 42,266.68 per share, high KRW 48,396.88 per share

- FY2019: low KRW 49,700.26 per share, central KRW 55,672.98 per share, high KRW 63,623.94 per share

- FY2020: low KRW 68,321.94 per share, central KRW 75,954.48 per share, high KRW 86,115.01 per share

- FY2021: low KRW 81,927.52 per share, central KRW 91,118.71 per share, high KRW 103,354.13 per share

- FY2022: low KRW 105,774.30 per share, central KRW 135,619.69 per share, high KRW 156,219.24 per share

- FY2023: low KRW 105,415.60 per share, central KRW 121,378.36 per share, high KRW 137,824.25 per share

- FY2024: low KRW 118,370.77 per share, central KRW 157,683.08 per share, high KRW 181,590.77 per share

- FY2025: low KRW 204,740.34 per share, central KRW 280,836.21 per share, high KRW 326,539.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:53.699Z 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.

Hankook Tire

161390 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 62,500.00
Buy up to: KRW 291,034.39
Expected / yr: 43.0% 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

Margins varied 29.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 9.9%
Worst year: 7.9%
Latest · LTM: 10.1%

Capital return excluding acquisitions: median 7.7% (minimum 15%), and the second-worst year 5.8% (minimum 10%), and gross margin fell 8.2 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 7.7%
Worst year: 5.1%
Latest · 2025: 8.4%

Each $1 of profit left $0.93 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.93×
Annual median: 1.00×
Latest · 2025: 0.79×

Per-share value rose from 4839.63 to 8931, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 5K
Worst year: KRW 3K
Latest · 2025: KRW 9K

Profits were backed by cash: accruals were -1.9% of assets (limit 10%).

Sloan accruals

10y median: -3.5%
Worst year: 1.5%
Latest · 2025: -1.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 11.6%, three-year average owner earnings per share 6,247.2 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 55200.00 · Value 51435.96 · Buy at or below 51435.96; 2016-11 · Price KRW 54200.00 · Value 51435.96 · Buy at or below 51435.96; 2016-12 · Price KRW 58000.00 · Value 51435.96 · Buy at or below 51435.96; 2017-01 · Price KRW 56600.00 · Value 51435.96 · Buy at or below 51435.96; 2017-02 · Price KRW 59800.00 · Value 42722.73 · Buy at or below 42722.73; 2017-03 · Price KRW 54500.00 · Value 42722.73 · Buy at or below 42722.73; 2017-04 · Price KRW 58900.00 · Value 42722.73 · Buy at or below 42722.73; 2017-05 · Price KRW 60900.00 · Value 42722.73 · Buy at or below 42722.73; 2017-06 · Price KRW 63600.00 · Value 42722.73 · Buy at or below 42722.73; 2017-07 · Price KRW 62500.00 · Value 42722.73 · Buy at or below 42722.73; 2017-08 · Price KRW 59000.00 · Value 42722.73 · Buy at or below 42722.73; 2017-09 · Price KRW 60200.00 · Value 42722.73 · Buy at or below 42722.73; 2017-10 · Price KRW 54000.00 · Value 42722.73 · Buy at or below 42722.73; 2017-11 · Price KRW 53600.00 · Value 42722.73 · Buy at or below 42722.73; 2017-12 · Price KRW 54600.00 · Value 42722.73 · Buy at or below 42722.73; 2018-01 · Price KRW 53500.00 · Value 42722.73 · Buy at or below 42722.73; 2018-02 · Price KRW 59000.00 · Value 42266.68 · Buy at or below 42266.68; 2018-03 · Price KRW 53600.00 · Value 42266.68 · Buy at or below 42266.68; 2018-04 · Price KRW 49450.00 · Value 42266.68 · Buy at or below 42266.68; 2018-05 · Price KRW 42850.00 · Value 42266.68 · Buy at or below 42266.68; 2018-06 · Price KRW 42100.00 · Value 42266.68 · Buy at or below 42266.68; 2018-07 · Price KRW 44400.00 · Value 42266.68 · Buy at or below 42266.68; 2018-08 · Price KRW 46650.00 · Value 42266.68 · Buy at or below 42266.68; 2018-09 · Price KRW 50100.00 · Value 42266.68 · Buy at or below 42266.68; 2018-10 · Price KRW 41400.00 · Value 42266.68 · Buy at or below 42266.68; 2018-11 · Price KRW 42800.00 · Value 42266.68 · Buy at or below 42266.68; 2018-12 · Price KRW 40150.00 · Value 42266.68 · Buy at or below 42266.68; 2019-01 · Price KRW 41800.00 · Value 42266.68 · Buy at or below 42266.68; 2019-02 · Price KRW 42750.00 · Value 55672.98 · Buy at or below 55672.98; 2019-03 · Price KRW 37450.00 · Value 55672.98 · Buy at or below 55672.98; 2019-04 · Price KRW 39750.00 · Value 55672.98 · Buy at or below 55672.98; 2019-05 · Price KRW 35000.00 · Value 55672.98 · Buy at or below 55672.98; 2019-06 · Price KRW 35100.00 · Value 55672.98 · Buy at or below 55672.98; 2019-07 · Price KRW 30900.00 · Value 55672.98 · Buy at or below 55672.98; 2019-08 · Price KRW 29150.00 · Value 55672.98 · Buy at or below 55672.98; 2019-09 · Price KRW 32250.00 · Value 55672.98 · Buy at or below 55672.98; 2019-10 · Price KRW 31050.00 · Value 55672.98 · Buy at or below 55672.98; 2019-11 · Price KRW 33250.00 · Value 55672.98 · Buy at or below 55672.98; 2019-12 · Price KRW 33550.00 · Value 55672.98 · Buy at or below 55672.98; 2020-01 · Price KRW 28700.00 · Value 55672.98 · Buy at or below 55672.98; 2020-02 · Price KRW 25500.00 · Value 75954.48 · Buy at or below 75954.48; 2020-03 · Price KRW 19350.00 · Value 75954.48 · Buy at or below 75954.48; 2020-04 · Price KRW 21250.00 · Value 75954.48 · Buy at or below 75954.48; 2020-05 · Price KRW 23450.00 · Value 75954.48 · Buy at or below 75954.48; 2020-06 · Price KRW 24650.00 · Value 75954.48 · Buy at or below 75954.48; 2020-07 · Price KRW 26050.00 · Value 75954.48 · Buy at or below 75954.48; 2020-08 · Price KRW 29500.00 · Value 75954.48 · Buy at or below 75954.48; 2020-09 · Price KRW 31500.00 · Value 75954.48 · Buy at or below 75954.48; 2020-10 · Price KRW 31650.00 · Value 75954.48 · Buy at or below 75954.48; 2020-11 · Price KRW 32700.00 · Value 75954.48 · Buy at or below 75954.48; 2020-12 · Price KRW 39400.00 · Value 75954.48 · Buy at or below 75954.48; 2021-01 · Price KRW 41150.00 · Value 75954.48 · Buy at or below 75954.48; 2021-02 · Price KRW 47650.00 · Value 91118.71 · Buy at or below 91118.71; 2021-03 · Price KRW 49050.00 · Value 91118.71 · Buy at or below 91118.71; 2021-04 · Price KRW 48100.00 · Value 91118.71 · Buy at or below 91118.71; 2021-05 · Price KRW 48900.00 · Value 91118.71 · Buy at or below 91118.71; 2021-06 · Price KRW 51700.00 · Value 91118.71 · Buy at or below 91118.71; 2021-07 · Price KRW 48350.00 · Value 91118.71 · Buy at or below 91118.71; 2021-08 · Price KRW 46600.00 · Value 91118.71 · Buy at or below 91118.71; 2021-09 · Price KRW 43250.00 · Value 91118.71 · Buy at or below 91118.71; 2021-10 · Price KRW 41350.00 · Value 91118.71 · Buy at or below 91118.71; 2021-11 · Price KRW 38400.00 · Value 91118.71 · Buy at or below 91118.71; 2021-12 · Price KRW 39700.00 · Value 91118.71 · Buy at or below 91118.71; 2022-01 · Price KRW 33650.00 · Value 91118.71 · Buy at or below 91118.71; 2022-02 · Price KRW 35200.00 · Value 135619.69 · Buy at or below 135619.69; 2022-03 · Price KRW 33650.00 · Value 135619.69 · Buy at or below 135619.69; 2022-04 · Price KRW 34850.00 · Value 135619.69 · Buy at or below 135619.69; 2022-05 · Price KRW 35650.00 · Value 135619.69 · Buy at or below 135619.69; 2022-06 · Price KRW 32950.00 · Value 135619.69 · Buy at or below 135619.69; 2022-07 · Price KRW 34800.00 · Value 135619.69 · Buy at or below 135619.69; 2022-08 · Price KRW 37950.00 · Value 135619.69 · Buy at or below 135619.69; 2022-09 · Price KRW 35250.00 · Value 135619.69 · Buy at or below 135619.69; 2022-10 · Price KRW 36550.00 · Value 135619.69 · Buy at or below 135619.69; 2022-11 · Price KRW 34000.00 · Value 135619.69 · Buy at or below 135619.69; 2022-12 · Price KRW 31150.00 · Value 135619.69 · Buy at or below 135619.69; 2023-01 · Price KRW 32450.00 · Value 135619.69 · Buy at or below 135619.69; 2023-02 · Price KRW 37200.00 · Value 121378.36 · Buy at or below 121378.36; 2023-03 · Price KRW 34800.00 · Value 121378.36 · Buy at or below 121378.36; 2023-04 · Price KRW 34500.00 · Value 121378.36 · Buy at or below 121378.36; 2023-05 · Price KRW 34500.00 · Value 121378.36 · Buy at or below 121378.36; 2023-06 · Price KRW 34400.00 · Value 121378.36 · Buy at or below 121378.36; 2023-07 · Price KRW 38700.00 · Value 121378.36 · Buy at or below 121378.36; 2023-08 · Price KRW 38750.00 · Value 121378.36 · Buy at or below 121378.36; 2023-09 · Price KRW 39600.00 · Value 121378.36 · Buy at or below 121378.36; 2023-10 · Price KRW 38200.00 · Value 121378.36 · Buy at or below 121378.36; 2023-11 · Price KRW 45350.00 · Value 121378.36 · Buy at or below 121378.36; 2023-12 · Price KRW 45400.00 · Value 121378.36 · Buy at or below 121378.36; 2024-01 · Price KRW 51300.00 · Value 121378.36 · Buy at or below 121378.36; 2024-02 · Price KRW 54200.00 · Value 157683.08 · Buy at or below 157683.08; 2024-03 · Price KRW 54200.00 · Value 157683.08 · Buy at or below 157683.08; 2024-04 · Price KRW 59100.00 · Value 157683.08 · Buy at or below 157683.08; 2024-05 · Price KRW 43850.00 · Value 157683.08 · Buy at or below 157683.08; 2024-06 · Price KRW 45200.00 · Value 157683.08 · Buy at or below 157683.08; 2024-07 · Price KRW 44650.00 · Value 157683.08 · Buy at or below 157683.08; 2024-08 · Price KRW 43400.00 · Value 157683.08 · Buy at or below 157683.08; 2024-09 · Price KRW 41450.00 · Value 157683.08 · Buy at or below 157683.08; 2024-10 · Price KRW 35300.00 · Value 157683.08 · Buy at or below 157683.08; 2024-11 · Price KRW 37650.00 · Value 157683.08 · Buy at or below 157683.08; 2024-12 · Price KRW 38400.00 · Value 157683.08 · Buy at or below 157683.08; 2025-01 · Price KRW 40950.00 · Value 157683.08 · Buy at or below 157683.08; 2025-02 · Price KRW 37900.00 · Value 280836.21 · Buy at or below 280836.21; 2025-03 · Price KRW 39450.00 · Value 280836.21 · Buy at or below 280836.21; 2025-04 · Price KRW 41400.00 · Value 280836.21 · Buy at or below 280836.21; 2025-05 · Price KRW 38500.00 · Value 280836.21 · Buy at or below 280836.21; 2025-06 · Price KRW 39750.00 · Value 280836.21 · Buy at or below 280836.21; 2025-07 · Price KRW 44450.00 · Value 280836.21 · Buy at or below 280836.21; 2025-08 · Price KRW 40150.00 · Value 280836.21 · Buy at or below 280836.21; 2025-09 · Price KRW 38350.00 · Value 280836.21 · Buy at or below 280836.21; 2025-10 · Price KRW 46350.00 · Value 280836.21 · Buy at or below 280836.21; 2025-11 · Price KRW 61500.00 · Value 280836.21 · Buy at or below 280836.21; 2025-12 · Price KRW 58300.00 · Value 280836.21 · Buy at or below 280836.21; 2026-01 · Price KRW 63500.00 · Value 280836.21 · Buy at or below 280836.21; 2026-02 · Price KRW 72900.00 · Value 291034.39 · Buy at or below 291034.39; 2026-03 · Price KRW 54100.00 · Value 291034.39 · Buy at or below 291034.39; 2026-04 · Price KRW 59200.00 · Value 291034.39 · Buy at or below 291034.39; 2026-05 · Price KRW 66800.00 · Value 291034.39 · Buy at or below 291034.39; 2026-06 · Price KRW 61900.00 · Value 291034.39 · Buy at or below 291034.39; 2026-07 · Price KRW 67600.00 · Value 291034.39 · Buy at or below 291034.39; 2026-08 · Price KRW 66600.00 · Value 291034.39 · Buy at or below 291034.39; 2026-09 · Price KRW 59000.00 · Value 291034.39 · Buy at or below 291034.39; 2026-10 · Price KRW 61400.00 · Value 291034.39 · Buy at or below 291034.39; 2026-10 · Price KRW 62500.00 · Value 291034.39 · Buy at or below 291034.39

KRW per share · annual estimates

Price & return math
Value range	KRW 212,558.64 – KRW 338,166.70
Buy at or below	Central value KRW 291,034.39
Discount to value	1 − 62500.00 / 291034.39 = 78.5%
Return / year	About 43.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 14371.91/share; 7.5% growth for 5 years, then fades to 3.0%; excess cash KRW 19970.89/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 21.87T

Revenue

Owner earningsKRW 858B

Owner earnings

Operating margin10.1%

Operating margin

Net cash / debtKRW -2.26T

Net cash / debt

Diluted shares122M

Diluted shares

Prices 15 Oct 2026 · FY2025