# Jb Financial (175330.KO)

Canonical: https://gigainvestors.com/s/175330.KO

Analysis as of: 2026-10-16T07:38:24.656Z. 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 26,650.00 per share; close as of 2026-10-15.

Estimated value: low KRW 33,003.97 per share, central KRW 41,254.96 per share, high KRW 55,006.61 per share. Buy at or below the central value KRW 41,254.96 per share. Valuation as of 2026-10-16T07:38:24.656Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% 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): 0.22×

Chart: Net income; fiscal year observations.

- FY2016: KRW 143B

- FY2017: KRW 185B

- FY2018: KRW 242B

- FY2019: KRW 319B

- FY2020: KRW 345B

- FY2021: KRW 488B

- FY2022: KRW 582B

- FY2023: KRW 586B

- FY2024: KRW 678B

- FY2025: KRW 710B

### 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: 10.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.2%

- Years with reported combined ratio: 0

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

- FY2016: 6.8%

- FY2017: 8.3%

- FY2018: 8.2%

- FY2019: 9.6%

- FY2020: 9.6%

- FY2021: 12.2%

- FY2022: 13.2%

- FY2023: 12.2%

- FY2024: 12.6%

- FY2025: 12.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 20.1%

- Book return interval: 9 years

- Starting book value per share: KRW 7K

- Ending book value per share: KRW 29K

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

- FY2017: 142.5%

- FY2018: -25.0%

- FY2019: 23.9%

- FY2020: 23.3%

- FY2021: 13.7%

- FY2022: 10.3%

- FY2023: 12.7%

- FY2024: 19.1%

- FY2025: 10.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -4.6%

- Diluted shares, 5-year annual growth: 0.2%

- Share growth excluding flagged crisis recapitalisations: -4.6%

- Five-year share growth excluding flagged crisis recapitalisations: 0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.50×

- Book value created per share: KRW 22K

- Earnings retained per share after dividends and buybacks: KRW 15K

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

- FY2016: 100

- FY2017: 44

- FY2018: 79

- FY2019: 72

- FY2020: 65

- FY2021: 65

- FY2022: 67

- FY2023: 68

- FY2024: 66

- FY2025: 66

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 3.8% a year forever · net income +4.9%

Story as of 2026-10-16T10:00:09.919Z; price observation 2026-10-15.

The price assumes profits grow 3.8% a year forever

### Net income · FY2025

net income +4.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 143B 

- FY2017: KRW 185B 

- FY2018: KRW 242B 

- FY2019: KRW 319B 

- FY2020: KRW 345B 

- FY2021: KRW 488B 

- FY2022: KRW 582B 

- FY2023: KRW 586B 

- FY2024: KRW 678B 

- FY2025: KRW 710B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are KRW 2.5 trillion.

- Source: https://eodhd.com/api/fundamentals/175330.KO.json#2025-12-31 (filed 2026-10-16T07:38:24.656Z); FY2025: revenue 2542637000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 175330.KO: JB Financial Group Co., Ltd., through its subsidiaries, engages in the provision of financial services in South Korea and internationally. It is involved in banking business for smaller enterprises, merchants, and households; and installment financing, rental of facilities business. The company also offers asset management in the energy and resources fund markets; venture investment; finance, microfinance; new technology; and securities business. JB Financial Group Co., Ltd. was founded in 2013 and is based in Jeonju-si, South Korea.

### Why customers stay

It earns 10.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:24.656Z); 10-year return on tangible equity observations [[2016,0.06755345673382233],[2017,0.08250776084947363],[2018,0.08160890529608468],[2019,0.09626710153443281],[2020,0.09556872468134704],[2021,0.12158766476124963],[2022,0.13205573079655825],[2023,0.12192846312511951],[2024,0.12607622665833995],[2025,0.12485846809841938]]; median 0.10892738314784123. 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 106.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:24.656Z); Dividend observations: [[2016,20530000000],[2017,20530000000],[2018,31055000000],[2019,58048000000],[2020,77026000000],[2021,91408000000],[2022,158456000000],[2023,188825000000],[2024,220359000000],[2025,246799000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/175330.KO.json#2025-12-31 (filed 2026-10-16T07:38:24.656Z); FY2025: cash repurchases 106346000000 KRW.

### Are managers owners

Insiders own 28.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 175330.KO SharesStats.PercentInsiders = 28.273 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:24.656Z); Price 26650; FX 1; original perpetual distributable cash 1650.1982797046683; discount 0.1; growth 0.03807886380095054. 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 5,940.00 per share

- 2016-11: KRW 5,720.00 per share

- 2016-12: KRW 5,780.00 per share

- 2017-01: KRW 5,600.00 per share

- 2017-02: KRW 5,680.00 per share

- 2017-03: KRW 5,960.00 per share

- 2017-04: KRW 6,050.00 per share

- 2017-05: KRW 6,190.00 per share

- 2017-06: KRW 6,360.00 per share

- 2017-07: KRW 6,930.00 per share

- 2017-08: KRW 6,220.00 per share

- 2017-09: KRW 6,000.00 per share

- 2017-10: KRW 5,890.00 per share

- 2017-11: KRW 5,970.00 per share

- 2017-12: KRW 6,070.00 per share

- 2018-01: KRW 6,600.00 per share

- 2018-02: KRW 6,350.00 per share

- 2018-03: KRW 6,190.00 per share

- 2018-04: KRW 6,150.00 per share

- 2018-05: KRW 6,060.00 per share

- 2018-06: KRW 5,570.00 per share

- 2018-07: KRW 5,950.00 per share

- 2018-08: KRW 6,210.00 per share

- 2018-09: KRW 6,030.00 per share

- 2018-10: KRW 5,490.00 per share

- 2018-11: KRW 5,700.00 per share

- 2018-12: KRW 5,700.00 per share

- 2019-01: KRW 6,210.00 per share

- 2019-02: KRW 5,940.00 per share

- 2019-03: KRW 5,570.00 per share

- 2019-04: KRW 5,690.00 per share

- 2019-05: KRW 5,580.00 per share

- 2019-06: KRW 5,910.00 per share

- 2019-07: KRW 5,510.00 per share

- 2019-08: KRW 5,490.00 per share

- 2019-09: KRW 5,620.00 per share

- 2019-10: KRW 5,340.00 per share

- 2019-11: KRW 5,400.00 per share

- 2019-12: KRW 5,490.00 per share

- 2020-01: KRW 5,110.00 per share

- 2020-02: KRW 5,010.00 per share

- 2020-03: KRW 4,475.00 per share

- 2020-04: KRW 4,835.00 per share

- 2020-05: KRW 4,750.00 per share

- 2020-06: KRW 4,740.00 per share

- 2020-07: KRW 4,600.00 per share

- 2020-08: KRW 4,290.00 per share

- 2020-09: KRW 4,520.00 per share

- 2020-10: KRW 5,100.00 per share

- 2020-11: KRW 5,470.00 per share

- 2020-12: KRW 5,640.00 per share

- 2021-01: KRW 5,180.00 per share

- 2021-02: KRW 5,830.00 per share

- 2021-03: KRW 6,550.00 per share

- 2021-04: KRW 7,300.00 per share

- 2021-05: KRW 7,690.00 per share

- 2021-06: KRW 7,530.00 per share

- 2021-07: KRW 7,740.00 per share

- 2021-08: KRW 8,290.00 per share

- 2021-09: KRW 8,930.00 per share

- 2021-10: KRW 8,870.00 per share

- 2021-11: KRW 8,030.00 per share

- 2021-12: KRW 8,350.00 per share

- 2022-01: KRW 8,130.00 per share

- 2022-02: KRW 8,220.00 per share

- 2022-03: KRW 8,450.00 per share

- 2022-04: KRW 8,950.00 per share

- 2022-05: KRW 8,940.00 per share

- 2022-06: KRW 7,350.00 per share

- 2022-07: KRW 7,460.00 per share

- 2022-08: KRW 7,590.00 per share

- 2022-09: KRW 6,960.00 per share

- 2022-10: KRW 7,180.00 per share

- 2022-11: KRW 8,420.00 per share

- 2022-12: KRW 7,890.00 per share

- 2023-01: KRW 10,140.00 per share

- 2023-02: KRW 9,250.00 per share

- 2023-03: KRW 8,740.00 per share

- 2023-04: KRW 8,360.00 per share

- 2023-05: KRW 8,500.00 per share

- 2023-06: KRW 8,470.00 per share

- 2023-07: KRW 8,560.00 per share

- 2023-08: KRW 9,710.00 per share

- 2023-09: KRW 9,960.00 per share

- 2023-10: KRW 10,100.00 per share

- 2023-11: KRW 10,390.00 per share

- 2023-12: KRW 11,390.00 per share

- 2024-01: KRW 11,440.00 per share

- 2024-02: KRW 13,160.00 per share

- 2024-03: KRW 13,200.00 per share

- 2024-04: KRW 13,310.00 per share

- 2024-05: KRW 14,620.00 per share

- 2024-06: KRW 14,640.00 per share

- 2024-07: KRW 14,440.00 per share

- 2024-08: KRW 14,160.00 per share

- 2024-09: KRW 15,310.00 per share

- 2024-10: KRW 17,910.00 per share

- 2024-11: KRW 19,680.00 per share

- 2024-12: KRW 16,280.00 per share

- 2025-01: KRW 19,770.00 per share

- 2025-02: KRW 17,240.00 per share

- 2025-03: KRW 17,410.00 per share

- 2025-04: KRW 17,070.00 per share

- 2025-05: KRW 18,870.00 per share

- 2025-06: KRW 20,550.00 per share

- 2025-07: KRW 23,100.00 per share

- 2025-08: KRW 23,500.00 per share

- 2025-09: KRW 22,950.00 per share

- 2025-10: KRW 22,450.00 per share

- 2025-11: KRW 24,100.00 per share

- 2025-12: KRW 25,650.00 per share

- 2026-01: KRW 25,150.00 per share

- 2026-02: KRW 31,750.00 per share

- 2026-03: KRW 29,700.00 per share

- 2026-04: KRW 27,300.00 per share

- 2026-05: KRW 23,900.00 per share

- 2026-06: KRW 24,800.00 per share

- 2026-07: KRW 26,450.00 per share

- 2026-08: KRW 28,350.00 per share

- 2026-09: KRW 29,100.00 per share

- 2026-10: KRW 28,200.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 12,749.03 per share, central KRW 14,023.93 per share, high KRW 15,582.15 per share

- FY2018: low KRW 5,568.25 per share, central KRW 6,960.31 per share, high KRW 9,280.41 per share

- FY2019: low KRW 6,919.82 per share, central KRW 8,649.77 per share, high KRW 11,533.03 per share

- FY2020: low KRW 10,784.83 per share, central KRW 13,481.04 per share, high KRW 17,974.72 per share

- FY2021: low KRW 14,694.43 per share, central KRW 18,368.04 per share, high KRW 24,490.72 per share

- FY2022: low KRW 16,781.45 per share, central KRW 20,976.82 per share, high KRW 27,969.09 per share

- FY2023: low KRW 20,024.54 per share, central KRW 25,030.67 per share, high KRW 33,374.23 per share

- FY2024: low KRW 22,909.81 per share, central KRW 28,637.27 per share, high KRW 38,183.02 per share

- FY2025: low KRW 30,480.22 per share, central KRW 38,100.28 per share, high KRW 50,800.37 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 2026-10-15T06:44:22.259Z 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.

Jb Financial

175330 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 26,650.00
Buy up to: KRW 41,254.96
Expected / yr: 12.2% 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 416B
Worst year: KRW 143B
Latest · 2025: KRW 710B

Earned a median 10.9% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.9%
Worst year: 6.8%
Latest · 2025: 12.5%

Book value plus dividends grew 20.1% a year (minimum 7%).

Annual book + dividend return

9y median: 13.7%
Worst year: -25.0%
Latest · 2025: 10.9%

Ordinary share growth was -4.6% over the full period and 0.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

10y median: 67
Worst year: 100
Latest · 2025: 66

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 3,321.67 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 5940.00; 2016-11 · Price KRW 5720.00; 2016-12 · Price KRW 5780.00; 2017-01 · Price KRW 5600.00 · Value 14023.93 · Buy at or below 14023.93; 2017-02 · Price KRW 5680.00 · Value 14023.93 · Buy at or below 14023.93; 2017-03 · Price KRW 5960.00 · Value 14023.93 · Buy at or below 14023.93; 2017-04 · Price KRW 6050.00 · Value 14023.93 · Buy at or below 14023.93; 2017-05 · Price KRW 6190.00 · Value 14023.93 · Buy at or below 14023.93; 2017-06 · Price KRW 6360.00 · Value 14023.93 · Buy at or below 14023.93; 2017-07 · Price KRW 6930.00 · Value 14023.93 · Buy at or below 14023.93; 2017-08 · Price KRW 6220.00 · Value 14023.93 · Buy at or below 14023.93; 2017-09 · Price KRW 6000.00 · Value 14023.93 · Buy at or below 14023.93; 2017-10 · Price KRW 5890.00 · Value 14023.93 · Buy at or below 14023.93; 2017-11 · Price KRW 5970.00 · Value 14023.93 · Buy at or below 14023.93; 2017-12 · Price KRW 6070.00 · Value 14023.93 · Buy at or below 14023.93; 2018-01 · Price KRW 6600.00 · Value 14023.93 · Buy at or below 14023.93; 2018-02 · Price KRW 6350.00 · Value 6960.31 · Buy at or below 6960.31; 2018-03 · Price KRW 6190.00 · Value 6960.31 · Buy at or below 6960.31; 2018-04 · Price KRW 6150.00 · Value 6960.31 · Buy at or below 6960.31; 2018-05 · Price KRW 6060.00 · Value 6960.31 · Buy at or below 6960.31; 2018-06 · Price KRW 5570.00 · Value 6960.31 · Buy at or below 6960.31; 2018-07 · Price KRW 5950.00 · Value 6960.31 · Buy at or below 6960.31; 2018-08 · Price KRW 6210.00 · Value 6960.31 · Buy at or below 6960.31; 2018-09 · Price KRW 6030.00 · Value 6960.31 · Buy at or below 6960.31; 2018-10 · Price KRW 5490.00 · Value 6960.31 · Buy at or below 6960.31; 2018-11 · Price KRW 5700.00 · Value 6960.31 · Buy at or below 6960.31; 2018-12 · Price KRW 5700.00 · Value 6960.31 · Buy at or below 6960.31; 2019-01 · Price KRW 6210.00 · Value 6960.31 · Buy at or below 6960.31; 2019-02 · Price KRW 5940.00 · Value 8649.77 · Buy at or below 8649.77; 2019-03 · Price KRW 5570.00 · Value 8649.77 · Buy at or below 8649.77; 2019-04 · Price KRW 5690.00 · Value 8649.77 · Buy at or below 8649.77; 2019-05 · Price KRW 5580.00 · Value 8649.77 · Buy at or below 8649.77; 2019-06 · Price KRW 5910.00 · Value 8649.77 · Buy at or below 8649.77; 2019-07 · Price KRW 5510.00 · Value 8649.77 · Buy at or below 8649.77; 2019-08 · Price KRW 5490.00 · Value 8649.77 · Buy at or below 8649.77; 2019-09 · Price KRW 5620.00 · Value 8649.77 · Buy at or below 8649.77; 2019-10 · Price KRW 5340.00 · Value 8649.77 · Buy at or below 8649.77; 2019-11 · Price KRW 5400.00 · Value 8649.77 · Buy at or below 8649.77; 2019-12 · Price KRW 5490.00 · Value 8649.77 · Buy at or below 8649.77; 2020-01 · Price KRW 5110.00 · Value 8649.77 · Buy at or below 8649.77; 2020-02 · Price KRW 5010.00 · Value 13481.04 · Buy at or below 13481.04; 2020-03 · Price KRW 4475.00 · Value 13481.04 · Buy at or below 13481.04; 2020-04 · Price KRW 4835.00 · Value 13481.04 · Buy at or below 13481.04; 2020-05 · Price KRW 4750.00 · Value 13481.04 · Buy at or below 13481.04; 2020-06 · Price KRW 4740.00 · Value 13481.04 · Buy at or below 13481.04; 2020-07 · Price KRW 4600.00 · Value 13481.04 · Buy at or below 13481.04; 2020-08 · Price KRW 4290.00 · Value 13481.04 · Buy at or below 13481.04; 2020-09 · Price KRW 4520.00 · Value 13481.04 · Buy at or below 13481.04; 2020-10 · Price KRW 5100.00 · Value 13481.04 · Buy at or below 13481.04; 2020-11 · Price KRW 5470.00 · Value 13481.04 · Buy at or below 13481.04; 2020-12 · Price KRW 5640.00 · Value 13481.04 · Buy at or below 13481.04; 2021-01 · Price KRW 5180.00 · Value 13481.04 · Buy at or below 13481.04; 2021-02 · Price KRW 5830.00 · Value 18368.04 · Buy at or below 18368.04; 2021-03 · Price KRW 6550.00 · Value 18368.04 · Buy at or below 18368.04; 2021-04 · Price KRW 7300.00 · Value 18368.04 · Buy at or below 18368.04; 2021-05 · Price KRW 7690.00 · Value 18368.04 · Buy at or below 18368.04; 2021-06 · Price KRW 7530.00 · Value 18368.04 · Buy at or below 18368.04; 2021-07 · Price KRW 7740.00 · Value 18368.04 · Buy at or below 18368.04; 2021-08 · Price KRW 8290.00 · Value 18368.04 · Buy at or below 18368.04; 2021-09 · Price KRW 8930.00 · Value 18368.04 · Buy at or below 18368.04; 2021-10 · Price KRW 8870.00 · Value 18368.04 · Buy at or below 18368.04; 2021-11 · Price KRW 8030.00 · Value 18368.04 · Buy at or below 18368.04; 2021-12 · Price KRW 8350.00 · Value 18368.04 · Buy at or below 18368.04; 2022-01 · Price KRW 8130.00 · Value 18368.04 · Buy at or below 18368.04; 2022-02 · Price KRW 8220.00 · Value 20976.82 · Buy at or below 20976.82; 2022-03 · Price KRW 8450.00 · Value 20976.82 · Buy at or below 20976.82; 2022-04 · Price KRW 8950.00 · Value 20976.82 · Buy at or below 20976.82; 2022-05 · Price KRW 8940.00 · Value 20976.82 · Buy at or below 20976.82; 2022-06 · Price KRW 7350.00 · Value 20976.82 · Buy at or below 20976.82; 2022-07 · Price KRW 7460.00 · Value 20976.82 · Buy at or below 20976.82; 2022-08 · Price KRW 7590.00 · Value 20976.82 · Buy at or below 20976.82; 2022-09 · Price KRW 6960.00 · Value 20976.82 · Buy at or below 20976.82; 2022-10 · Price KRW 7180.00 · Value 20976.82 · Buy at or below 20976.82; 2022-11 · Price KRW 8420.00 · Value 20976.82 · Buy at or below 20976.82; 2022-12 · Price KRW 7890.00 · Value 20976.82 · Buy at or below 20976.82; 2023-01 · Price KRW 10140.00 · Value 20976.82 · Buy at or below 20976.82; 2023-02 · Price KRW 9250.00 · Value 25030.67 · Buy at or below 25030.67; 2023-03 · Price KRW 8740.00 · Value 25030.67 · Buy at or below 25030.67; 2023-04 · Price KRW 8360.00 · Value 25030.67 · Buy at or below 25030.67; 2023-05 · Price KRW 8500.00 · Value 25030.67 · Buy at or below 25030.67; 2023-06 · Price KRW 8470.00 · Value 25030.67 · Buy at or below 25030.67; 2023-07 · Price KRW 8560.00 · Value 25030.67 · Buy at or below 25030.67; 2023-08 · Price KRW 9710.00 · Value 25030.67 · Buy at or below 25030.67; 2023-09 · Price KRW 9960.00 · Value 25030.67 · Buy at or below 25030.67; 2023-10 · Price KRW 10100.00 · Value 25030.67 · Buy at or below 25030.67; 2023-11 · Price KRW 10390.00 · Value 25030.67 · Buy at or below 25030.67; 2023-12 · Price KRW 11390.00 · Value 25030.67 · Buy at or below 25030.67; 2024-01 · Price KRW 11440.00 · Value 25030.67 · Buy at or below 25030.67; 2024-02 · Price KRW 13160.00 · Value 28637.27 · Buy at or below 28637.27; 2024-03 · Price KRW 13200.00 · Value 28637.27 · Buy at or below 28637.27; 2024-04 · Price KRW 13310.00 · Value 28637.27 · Buy at or below 28637.27; 2024-05 · Price KRW 14620.00 · Value 28637.27 · Buy at or below 28637.27; 2024-06 · Price KRW 14640.00 · Value 28637.27 · Buy at or below 28637.27; 2024-07 · Price KRW 14440.00 · Value 28637.27 · Buy at or below 28637.27; 2024-08 · Price KRW 14160.00 · Value 28637.27 · Buy at or below 28637.27; 2024-09 · Price KRW 15310.00 · Value 28637.27 · Buy at or below 28637.27; 2024-10 · Price KRW 17910.00 · Value 28637.27 · Buy at or below 28637.27; 2024-11 · Price KRW 19680.00 · Value 28637.27 · Buy at or below 28637.27; 2024-12 · Price KRW 16280.00 · Value 28637.27 · Buy at or below 28637.27; 2025-01 · Price KRW 19770.00 · Value 28637.27 · Buy at or below 28637.27; 2025-02 · Price KRW 17240.00 · Value 38100.28 · Buy at or below 38100.28; 2025-03 · Price KRW 17410.00 · Value 38100.28 · Buy at or below 38100.28; 2025-04 · Price KRW 17070.00 · Value 38100.28 · Buy at or below 38100.28; 2025-05 · Price KRW 18870.00 · Value 38100.28 · Buy at or below 38100.28; 2025-06 · Price KRW 20550.00 · Value 38100.28 · Buy at or below 38100.28; 2025-07 · Price KRW 23100.00 · Value 38100.28 · Buy at or below 38100.28; 2025-08 · Price KRW 23500.00 · Value 38100.28 · Buy at or below 38100.28; 2025-09 · Price KRW 22950.00 · Value 38100.28 · Buy at or below 38100.28; 2025-10 · Price KRW 22450.00 · Value 38100.28 · Buy at or below 38100.28; 2025-11 · Price KRW 24100.00 · Value 38100.28 · Buy at or below 38100.28; 2025-12 · Price KRW 25650.00 · Value 38100.28 · Buy at or below 38100.28; 2026-01 · Price KRW 25150.00 · Value 38100.28 · Buy at or below 38100.28; 2026-02 · Price KRW 31750.00 · Value 41254.96 · Buy at or below 41254.96; 2026-03 · Price KRW 29700.00 · Value 41254.96 · Buy at or below 41254.96; 2026-04 · Price KRW 27300.00 · Value 41254.96 · Buy at or below 41254.96; 2026-05 · Price KRW 23900.00 · Value 41254.96 · Buy at or below 41254.96; 2026-06 · Price KRW 24800.00 · Value 41254.96 · Buy at or below 41254.96; 2026-07 · Price KRW 26450.00 · Value 41254.96 · Buy at or below 41254.96; 2026-08 · Price KRW 28350.00 · Value 41254.96 · Buy at or below 41254.96; 2026-09 · Price KRW 29100.00 · Value 41254.96 · Buy at or below 41254.96; 2026-10 · Price KRW 28200.00 · Value 41254.96 · Buy at or below 41254.96; 2026-10 · Price KRW 26650.00 · Value 41254.96 · Buy at or below 41254.96

KRW per share · annual estimates

Price & return math
Value range	KRW 33,003.97 – KRW 55,006.61
Buy at or below	Central value KRW 41,254.96
Discount to value	1 − 26650.00 / 41254.96 = 35.4%
Return / year	About 12.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 31384.74/share; ROE 11.3%; first payout KRW 1650.20/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 710B

Net income

Book / shareKRW 29K

Book / share

Dividend / shareKRW 1K

Dividend / share

Return on tangible equity12.5%

Return on tangible equity

Diluted shares196M

Diluted shares

Prices 15 Oct 2026 · FY2025