# Asia Cement (183190.KO)

Canonical: https://gigainvestors.com/s/183190.KO

Analysis as of: 2026-10-16T07:49:46.912Z. Financial observations: FY2013–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 9,760.00 per share; close as of 2026-10-15.

Estimated value: low KRW 15,847.30 per share, central KRW 17,662.72 per share, high KRW 20,079.43 per share. Buy at or below the central value KRW 17,662.72 per share. Valuation as of 2026-10-16T07:49:46.912Z; scenarios are not confidence intervals.

Expected annual return: 18.3% at the stated quote. About 18.3% 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

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.09×

- FY2021: 0.14×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.08×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 22.6%

- Recent gross margin (lower of latest and 3-year median): 18.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.1%

- ROIC including acquisitions, ten-year median: 3.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.4%

- FY2017: 7.0%

- FY2018: 4.6%

- FY2019: 5.5%

- FY2020: 4.9%

- FY2021: 8.4%

- FY2022: 6.9%

- FY2023: 8.6%

- FY2024: 7.4%

- FY2025: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 157B

- Net income, five-year total: KRW 346B

- Return on incremental invested capital: 2.4%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 20.3%

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

- FY2021: 0.85×

- FY2022: 0.69×

- FY2023: 0.82×

- FY2024: 0.08×

- FY2025: -2.79×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.0% vs 7.4%

- Per-share earnings: 715.90 to 2187.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: KRW 76B

- Cumulative retained earnings: KRW 399B

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.5%

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW 715.90

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 2.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 498B

- Cumulative net income, 10 years: KRW 510B

- ROIC, first three-year median: 7.0%

- ROIC, last three-year median: 7.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 2K

- FY2018: KRW 393.06

- FY2019: KRW 715.90

- FY2020: KRW 609.53

- FY2021: KRW 2K

- FY2022: KRW 2K

- FY2023: KRW 2K

- FY2024: KRW 2K

- FY2025: KRW 463.00

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.7%

- FY2017: -0.2%

- FY2018: -3.8%

- FY2019: -4.3%

- FY2020: -3.0%

- FY2021: -0.4%

- FY2022: -1.1%

- FY2023: -5.1%

- FY2024: -4.0%

- FY2025: -3.5%

## Holders

## Price story

Down 43% since Mar 2022 · sales +1.3%

Story as of 2026-10-16T10:00:13.821Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.6% a year for ten years

### Sales · FY2025–2026

sales +1.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 461B 

- FY2018: KRW 844B 

- FY2019: KRW 837B 

- FY2020: KRW 788B 

- FY2021: KRW 893B 

- FY2022: KRW 1.04T 

- FY2023: KRW 1.20T 

- FY2024: KRW 1.11T 

- FY2025: KRW 1.02T 

- FY2026: KRW 1.04T 

### Gross margin · FY2025

gross margin 18.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.7% 

- FY2017: 24.0% 

- FY2018: 20.4% 

- FY2019: 21.1% 

- FY2020: 21.8% 

- FY2021: 26.5% 

- FY2022: 22.7% 

- FY2023: 22.5% 

- FY2024: 23.4% 

- FY2025: 18.8% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are KRW 1 trillion.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2025-12-31 (filed 2026-10-16T07:49:46.912Z); FY2025: revenue 1022789744000; grossProfit 191888716000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 183190.KO: Asia Cement Co.,Ltd. engages in the manufacture and sale of cement and ready-mixed concrete in South Korea. Its products include Portland cement, dry mortar, special cement, and aggregates. The company is also involved in the investment in small and medium sized start-ups, and early-stage and emerging companies; cultivation and sale of edible crops, including rice and beans, as well as perennial crops, such as astragalus, barnacles, and cucumbers; and operation of amusement parks. The company was founded in 1965 and is headquartered in Seoul, South Korea. Asia Cement Co.,Ltd. is a subsidiary of Asia Holdings Co., Ltd.

### Why customers stay

Margins ranged from 18.8% to 23.4% during 2023–25; it earns 6.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2023-12-31 (filed 2026-10-16T07:49:46.912Z); FY2023: grossProfit / revenue = 22.5%.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2024-12-31 (filed 2026-10-16T07:49:46.912Z); FY2024: grossProfit / revenue = 23.4%.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2025-12-31 (filed 2026-10-16T07:49:46.912Z); FY2025: grossProfit / revenue = 18.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:46.912Z); 10-year return on capital observations [[2016,0.08434925589629233],[2017,0.06994694671234436],[2018,0.04562111150435096],[2019,0.05516929372486146],[2020,0.048580411062576635],[2021,0.08413884956722763],[2022,0.06896490915853092],[2023,0.0860143980773375],[2024,0.07437477442805263],[2025,0.03382093200776808]]; median 0.06945592793543764. 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 10.6 billion of shares.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2016-12-31 (filed 2026-10-16T07:49:46.912Z); FY2016: growth capex 0; upkeep 45460538150; owner earnings 26914423180. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2017-12-31 (filed 2026-10-16T07:49:46.912Z); FY2017: growth capex 0; upkeep 38146316660; owner earnings 18665073390. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2018-12-31 (filed 2026-10-16T07:49:46.912Z); FY2018: growth capex 0; upkeep 57844884600; owner earnings 31474692180. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2019-12-31 (filed 2026-10-16T07:49:46.912Z); FY2019: growth capex 0; upkeep 34048014390; owner earnings 58286614550. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2020-12-31 (filed 2026-10-16T07:49:46.912Z); FY2020: growth capex 0; upkeep 49467996410; owner earnings 28763988370. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2021-12-31 (filed 2026-10-16T07:49:46.912Z); FY2021: growth capex 0; upkeep 66583666710; owner earnings 80051376980. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2022-12-31 (filed 2026-10-16T07:49:46.912Z); FY2022: growth capex 8191479270; upkeep 73823313000; owner earnings 44115210620. Growth capex / owner earnings = 0.18568378468278976.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2023-12-31 (filed 2026-10-16T07:49:46.912Z); FY2023: growth capex 70120645000; upkeep 78542091000; owner earnings 73102715600. Growth capex / owner earnings = 0.9592071159665647.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2024-12-31 (filed 2026-10-16T07:49:46.912Z); FY2024: growth capex 0; upkeep 136397744000; owner earnings 6851296600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:46.912Z); Dividend observations: [[2016,4937572500],[2017,4939451000],[2018,4938661500],[2019,5838736500],[2020,5838456000],[2021,4927704870],[2022,8762584500],[2023,9910336000],[2024,9967209000],[2025,10157776000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/183190.KO.json#2025-12-31 (filed 2026-10-16T07:49:46.912Z); FY2025: cash repurchases 10637007000 KRW.

### Are managers owners

Insiders own 66.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 183190.KO SharesStats.PercentInsiders = 66.305 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:46.912Z); Ten-year compound average after fade. Initial solved rate -0.13273762479870582. Price 9760; 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 7,336.30 per share

- 2016-11: KRW 7,256.56 per share

- 2016-12: KRW 7,246.59 per share

- 2017-01: KRW 7,316.37 per share

- 2017-02: KRW 7,685.17 per share

- 2017-03: KRW 7,894.50 per share

- 2017-04: KRW 8,083.89 per share

- 2017-05: KRW 8,452.69 per share

- 2017-06: KRW 8,362.98 per share

- 2017-07: KRW 8,662.02 per share

- 2017-08: KRW 8,532.44 per share

- 2017-09: KRW 8,392.89 per share

- 2017-10: KRW 8,602.21 per share

- 2017-11: KRW 12,509.59 per share

- 2017-12: KRW 11,000.00 per share

- 2018-01: KRW 12,950.00 per share

- 2018-02: KRW 10,850.00 per share

- 2018-03: KRW 9,980.00 per share

- 2018-04: KRW 14,800.00 per share

- 2018-05: KRW 18,800.00 per share

- 2018-06: KRW 14,350.00 per share

- 2018-07: KRW 13,500.00 per share

- 2018-08: KRW 12,450.00 per share

- 2018-09: KRW 14,400.00 per share

- 2018-10: KRW 11,100.00 per share

- 2018-11: KRW 10,350.00 per share

- 2018-12: KRW 10,350.00 per share

- 2019-01: KRW 12,750.00 per share

- 2019-02: KRW 12,400.00 per share

- 2019-03: KRW 11,800.00 per share

- 2019-04: KRW 10,150.00 per share

- 2019-05: KRW 9,040.00 per share

- 2019-06: KRW 9,560.00 per share

- 2019-07: KRW 8,130.00 per share

- 2019-08: KRW 8,670.00 per share

- 2019-09: KRW 9,280.00 per share

- 2019-10: KRW 8,380.00 per share

- 2019-11: KRW 7,600.00 per share

- 2019-12: KRW 7,600.00 per share

- 2020-01: KRW 6,700.00 per share

- 2020-02: KRW 6,250.00 per share

- 2020-03: KRW 4,710.00 per share

- 2020-04: KRW 6,790.00 per share

- 2020-05: KRW 5,950.00 per share

- 2020-06: KRW 5,420.00 per share

- 2020-07: KRW 5,920.00 per share

- 2020-08: KRW 5,470.00 per share

- 2020-09: KRW 5,820.00 per share

- 2020-10: KRW 5,560.00 per share

- 2020-11: KRW 6,570.00 per share

- 2020-12: KRW 7,250.00 per share

- 2021-01: KRW 8,520.00 per share

- 2021-02: KRW 8,920.00 per share

- 2021-03: KRW 11,650.00 per share

- 2021-04: KRW 12,050.00 per share

- 2021-05: KRW 13,950.00 per share

- 2021-06: KRW 12,800.00 per share

- 2021-07: KRW 11,850.00 per share

- 2021-08: KRW 13,700.00 per share

- 2021-09: KRW 13,200.00 per share

- 2021-10: KRW 13,600.00 per share

- 2021-11: KRW 11,150.00 per share

- 2021-12: KRW 12,200.00 per share

- 2022-01: KRW 13,900.00 per share

- 2022-02: KRW 14,800.00 per share

- 2022-03: KRW 17,250.00 per share

- 2022-04: KRW 15,300.00 per share

- 2022-05: KRW 12,300.00 per share

- 2022-06: KRW 10,150.00 per share

- 2022-07: KRW 11,700.00 per share

- 2022-08: KRW 12,650.00 per share

- 2022-09: KRW 9,180.00 per share

- 2022-10: KRW 9,270.00 per share

- 2022-11: KRW 10,100.00 per share

- 2022-12: KRW 9,260.00 per share

- 2023-01: KRW 9,470.00 per share

- 2023-02: KRW 9,450.00 per share

- 2023-03: KRW 10,130.00 per share

- 2023-04: KRW 10,680.00 per share

- 2023-05: KRW 10,790.00 per share

- 2023-06: KRW 9,080.00 per share

- 2023-07: KRW 9,740.00 per share

- 2023-08: KRW 10,010.00 per share

- 2023-09: KRW 10,050.00 per share

- 2023-10: KRW 10,350.00 per share

- 2023-11: KRW 10,590.00 per share

- 2023-12: KRW 10,490.00 per share

- 2024-01: KRW 10,560.00 per share

- 2024-02: KRW 11,180.00 per share

- 2024-03: KRW 10,420.00 per share

- 2024-04: KRW 10,130.00 per share

- 2024-05: KRW 10,320.00 per share

- 2024-06: KRW 10,640.00 per share

- 2024-07: KRW 11,580.00 per share

- 2024-08: KRW 11,300.00 per share

- 2024-09: KRW 10,840.00 per share

- 2024-10: KRW 10,740.00 per share

- 2024-11: KRW 10,670.00 per share

- 2024-12: KRW 10,280.00 per share

- 2025-01: KRW 10,540.00 per share

- 2025-02: KRW 10,140.00 per share

- 2025-03: KRW 10,010.00 per share

- 2025-04: KRW 11,000.00 per share

- 2025-05: KRW 11,390.00 per share

- 2025-06: KRW 12,590.00 per share

- 2025-07: KRW 14,280.00 per share

- 2025-08: KRW 13,730.00 per share

- 2025-09: KRW 12,270.00 per share

- 2025-10: KRW 12,200.00 per share

- 2025-11: KRW 11,960.00 per share

- 2025-12: KRW 12,020.00 per share

- 2026-01: KRW 12,520.00 per share

- 2026-02: KRW 12,680.00 per share

- 2026-03: KRW 10,380.00 per share

- 2026-04: KRW 11,730.00 per share

- 2026-05: KRW 9,960.00 per share

- 2026-06: KRW 9,230.00 per share

- 2026-07: KRW 8,900.00 per share

- 2026-08: KRW 11,430.00 per share

- 2026-09: KRW 10,270.00 per share

- 2026-10: KRW 9,760.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 14,195.65 per share, central KRW 15,588.62 per share, high KRW 17,442.96 per share

- FY2018: low KRW 17,230.46 per share, central KRW 19,158.77 per share, high KRW 21,725.76 per share

- FY2019: low KRW 16,742.92 per share, central KRW 18,655.34 per share, high KRW 21,201.18 per share

- FY2020: low KRW 10,863.96 per share, central KRW 12,097.42 per share, high KRW 13,739.41 per share

- FY2021: low KRW 13,785.54 per share, central KRW 15,183.49 per share, high KRW 17,044.44 per share

- FY2022: low KRW 14,826.49 per share, central KRW 16,533.48 per share, high KRW 18,805.85 per share

- FY2023: low KRW 29,050.01 per share, central KRW 40,172.31 per share, high KRW 46,648.84 per share

- FY2024: low KRW 20,466.61 per share, central KRW 27,837.72 per share, high KRW 32,129.93 per share

- FY2025: low KRW 15,548.18 per share, central KRW 17,339.97 per share, high KRW 19,725.22 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 2026-10-15T06:55:52.173Z 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.

Asia Cement

183190 · KO

KOSPI 200

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: KRW 9,760.00
Buy up to: KRW 17,662.72
Expected / yr: 18.3% 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 23% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.5%
Worst year: 5.9%
Latest · LTM: 5.9%

Capital return excluding acquisitions: median 6.9% (minimum 15%), and the second-worst year 4.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 6.9%
Worst year: 3.4%
Latest · 2025: 3.4%

Each $1 of profit left $0.45 for owners over five years (minimum $0.80), and new investment earned 2.4% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.45×
Annual median: 0.69×
Latest · 2025: -2.79×

Per-share value rose from 715.9 to 2187, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: KRW 2K
Worst year: KRW 393.06
Latest · 2025: KRW 463.00

Profits were backed by cash: accruals were -3.5% of assets (limit 10%).

Sloan accruals

10y median: -3.6%
Worst year: -0.2%
Latest · 2025: -3.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 11.1%, three-year average owner earnings per share 267.21 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 7336.30; 2016-11 · Price KRW 7256.56; 2016-12 · Price KRW 7246.59; 2017-01 · Price KRW 7316.37 · Value 15588.62 · Buy at or below 15588.62; 2017-02 · Price KRW 7685.17 · Value 15588.62 · Buy at or below 15588.62; 2017-03 · Price KRW 7894.50 · Value 15588.62 · Buy at or below 15588.62; 2017-04 · Price KRW 8083.89 · Value 15588.62 · Buy at or below 15588.62; 2017-05 · Price KRW 8452.69 · Value 15588.62 · Buy at or below 15588.62; 2017-06 · Price KRW 8362.98 · Value 15588.62 · Buy at or below 15588.62; 2017-07 · Price KRW 8662.02 · Value 15588.62 · Buy at or below 15588.62; 2017-08 · Price KRW 8532.44 · Value 15588.62 · Buy at or below 15588.62; 2017-09 · Price KRW 8392.89 · Value 15588.62 · Buy at or below 15588.62; 2017-10 · Price KRW 8602.21 · Value 15588.62 · Buy at or below 15588.62; 2017-11 · Price KRW 12509.59 · Value 15588.62 · Buy at or below 15588.62; 2017-12 · Price KRW 11000.00 · Value 15588.62 · Buy at or below 15588.62; 2018-01 · Price KRW 12950.00 · Value 15588.62 · Buy at or below 15588.62; 2018-02 · Price KRW 10850.00 · Value 19158.77 · Buy at or below 19158.77; 2018-03 · Price KRW 9980.00 · Value 19158.77 · Buy at or below 19158.77; 2018-04 · Price KRW 14800.00 · Value 19158.77 · Buy at or below 19158.77; 2018-05 · Price KRW 18800.00 · Value 19158.77 · Buy at or below 19158.77; 2018-06 · Price KRW 14350.00 · Value 19158.77 · Buy at or below 19158.77; 2018-07 · Price KRW 13500.00 · Value 19158.77 · Buy at or below 19158.77; 2018-08 · Price KRW 12450.00 · Value 19158.77 · Buy at or below 19158.77; 2018-09 · Price KRW 14400.00 · Value 19158.77 · Buy at or below 19158.77; 2018-10 · Price KRW 11100.00 · Value 19158.77 · Buy at or below 19158.77; 2018-11 · Price KRW 10350.00 · Value 19158.77 · Buy at or below 19158.77; 2018-12 · Price KRW 10350.00 · Value 19158.77 · Buy at or below 19158.77; 2019-01 · Price KRW 12750.00 · Value 19158.77 · Buy at or below 19158.77; 2019-02 · Price KRW 12400.00 · Value 18655.34 · Buy at or below 18655.34; 2019-03 · Price KRW 11800.00 · Value 18655.34 · Buy at or below 18655.34; 2019-04 · Price KRW 10150.00 · Value 18655.34 · Buy at or below 18655.34; 2019-05 · Price KRW 9040.00 · Value 18655.34 · Buy at or below 18655.34; 2019-06 · Price KRW 9560.00 · Value 18655.34 · Buy at or below 18655.34; 2019-07 · Price KRW 8130.00 · Value 18655.34 · Buy at or below 18655.34; 2019-08 · Price KRW 8670.00 · Value 18655.34 · Buy at or below 18655.34; 2019-09 · Price KRW 9280.00 · Value 18655.34 · Buy at or below 18655.34; 2019-10 · Price KRW 8380.00 · Value 18655.34 · Buy at or below 18655.34; 2019-11 · Price KRW 7600.00 · Value 18655.34 · Buy at or below 18655.34; 2019-12 · Price KRW 7600.00 · Value 18655.34 · Buy at or below 18655.34; 2020-01 · Price KRW 6700.00 · Value 18655.34 · Buy at or below 18655.34; 2020-02 · Price KRW 6250.00 · Value 12097.42 · Buy at or below 12097.42; 2020-03 · Price KRW 4710.00 · Value 12097.42 · Buy at or below 12097.42; 2020-04 · Price KRW 6790.00 · Value 12097.42 · Buy at or below 12097.42; 2020-05 · Price KRW 5950.00 · Value 12097.42 · Buy at or below 12097.42; 2020-06 · Price KRW 5420.00 · Value 12097.42 · Buy at or below 12097.42; 2020-07 · Price KRW 5920.00 · Value 12097.42 · Buy at or below 12097.42; 2020-08 · Price KRW 5470.00 · Value 12097.42 · Buy at or below 12097.42; 2020-09 · Price KRW 5820.00 · Value 12097.42 · Buy at or below 12097.42; 2020-10 · Price KRW 5560.00 · Value 12097.42 · Buy at or below 12097.42; 2020-11 · Price KRW 6570.00 · Value 12097.42 · Buy at or below 12097.42; 2020-12 · Price KRW 7250.00 · Value 12097.42 · Buy at or below 12097.42; 2021-01 · Price KRW 8520.00 · Value 12097.42 · Buy at or below 12097.42; 2021-02 · Price KRW 8920.00 · Value 15183.49 · Buy at or below 15183.49; 2021-03 · Price KRW 11650.00 · Value 15183.49 · Buy at or below 15183.49; 2021-04 · Price KRW 12050.00 · Value 15183.49 · Buy at or below 15183.49; 2021-05 · Price KRW 13950.00 · Value 15183.49 · Buy at or below 15183.49; 2021-06 · Price KRW 12800.00 · Value 15183.49 · Buy at or below 15183.49; 2021-07 · Price KRW 11850.00 · Value 15183.49 · Buy at or below 15183.49; 2021-08 · Price KRW 13700.00 · Value 15183.49 · Buy at or below 15183.49; 2021-09 · Price KRW 13200.00 · Value 15183.49 · Buy at or below 15183.49; 2021-10 · Price KRW 13600.00 · Value 15183.49 · Buy at or below 15183.49; 2021-11 · Price KRW 11150.00 · Value 15183.49 · Buy at or below 15183.49; 2021-12 · Price KRW 12200.00 · Value 15183.49 · Buy at or below 15183.49; 2022-01 · Price KRW 13900.00 · Value 15183.49 · Buy at or below 15183.49; 2022-02 · Price KRW 14800.00 · Value 16533.48 · Buy at or below 16533.48; 2022-03 · Price KRW 17250.00 · Value 16533.48 · Buy at or below 16533.48; 2022-04 · Price KRW 15300.00 · Value 16533.48 · Buy at or below 16533.48; 2022-05 · Price KRW 12300.00 · Value 16533.48 · Buy at or below 16533.48; 2022-06 · Price KRW 10150.00 · Value 16533.48 · Buy at or below 16533.48; 2022-07 · Price KRW 11700.00 · Value 16533.48 · Buy at or below 16533.48; 2022-08 · Price KRW 12650.00 · Value 16533.48 · Buy at or below 16533.48; 2022-09 · Price KRW 9180.00 · Value 16533.48 · Buy at or below 16533.48; 2022-10 · Price KRW 9270.00 · Value 16533.48 · Buy at or below 16533.48; 2022-11 · Price KRW 10100.00 · Value 16533.48 · Buy at or below 16533.48; 2022-12 · Price KRW 9260.00 · Value 16533.48 · Buy at or below 16533.48; 2023-01 · Price KRW 9470.00 · Value 16533.48 · Buy at or below 16533.48; 2023-02 · Price KRW 9450.00 · Value 40172.31 · Buy at or below 40172.31; 2023-03 · Price KRW 10130.00 · Value 40172.31 · Buy at or below 40172.31; 2023-04 · Price KRW 10680.00 · Value 40172.31 · Buy at or below 40172.31; 2023-05 · Price KRW 10790.00 · Value 40172.31 · Buy at or below 40172.31; 2023-06 · Price KRW 9080.00 · Value 40172.31 · Buy at or below 40172.31; 2023-07 · Price KRW 9740.00 · Value 40172.31 · Buy at or below 40172.31; 2023-08 · Price KRW 10010.00 · Value 40172.31 · Buy at or below 40172.31; 2023-09 · Price KRW 10050.00 · Value 40172.31 · Buy at or below 40172.31; 2023-10 · Price KRW 10350.00 · Value 40172.31 · Buy at or below 40172.31; 2023-11 · Price KRW 10590.00 · Value 40172.31 · Buy at or below 40172.31; 2023-12 · Price KRW 10490.00 · Value 40172.31 · Buy at or below 40172.31; 2024-01 · Price KRW 10560.00 · Value 40172.31 · Buy at or below 40172.31; 2024-02 · Price KRW 11180.00 · Value 27837.72 · Buy at or below 27837.72; 2024-03 · Price KRW 10420.00 · Value 27837.72 · Buy at or below 27837.72; 2024-04 · Price KRW 10130.00 · Value 27837.72 · Buy at or below 27837.72; 2024-05 · Price KRW 10320.00 · Value 27837.72 · Buy at or below 27837.72; 2024-06 · Price KRW 10640.00 · Value 27837.72 · Buy at or below 27837.72; 2024-07 · Price KRW 11580.00 · Value 27837.72 · Buy at or below 27837.72; 2024-08 · Price KRW 11300.00 · Value 27837.72 · Buy at or below 27837.72; 2024-09 · Price KRW 10840.00 · Value 27837.72 · Buy at or below 27837.72; 2024-10 · Price KRW 10740.00 · Value 27837.72 · Buy at or below 27837.72; 2024-11 · Price KRW 10670.00 · Value 27837.72 · Buy at or below 27837.72; 2024-12 · Price KRW 10280.00 · Value 27837.72 · Buy at or below 27837.72; 2025-01 · Price KRW 10540.00 · Value 27837.72 · Buy at or below 27837.72; 2025-02 · Price KRW 10140.00 · Value 17339.97 · Buy at or below 17339.97; 2025-03 · Price KRW 10010.00 · Value 17339.97 · Buy at or below 17339.97; 2025-04 · Price KRW 11000.00 · Value 17339.97 · Buy at or below 17339.97; 2025-05 · Price KRW 11390.00 · Value 17339.97 · Buy at or below 17339.97; 2025-06 · Price KRW 12590.00 · Value 17339.97 · Buy at or below 17339.97; 2025-07 · Price KRW 14280.00 · Value 17339.97 · Buy at or below 17339.97; 2025-08 · Price KRW 13730.00 · Value 17339.97 · Buy at or below 17339.97; 2025-09 · Price KRW 12270.00 · Value 17339.97 · Buy at or below 17339.97; 2025-10 · Price KRW 12200.00 · Value 17339.97 · Buy at or below 17339.97; 2025-11 · Price KRW 11960.00 · Value 17339.97 · Buy at or below 17339.97; 2025-12 · Price KRW 12020.00 · Value 17339.97 · Buy at or below 17339.97; 2026-01 · Price KRW 12520.00 · Value 17339.97 · Buy at or below 17339.97; 2026-02 · Price KRW 12680.00 · Value 17662.72 · Buy at or below 17662.72; 2026-03 · Price KRW 10380.00 · Value 17662.72 · Buy at or below 17662.72; 2026-04 · Price KRW 11730.00 · Value 17662.72 · Buy at or below 17662.72; 2026-05 · Price KRW 9960.00 · Value 17662.72 · Buy at or below 17662.72; 2026-06 · Price KRW 9230.00 · Value 17662.72 · Buy at or below 17662.72; 2026-07 · Price KRW 8900.00 · Value 17662.72 · Buy at or below 17662.72; 2026-08 · Price KRW 11430.00 · Value 17662.72 · Buy at or below 17662.72; 2026-09 · Price KRW 10270.00 · Value 17662.72 · Buy at or below 17662.72; 2026-10 · Price KRW 9760.00 · Value 17662.72 · Buy at or below 17662.72; 2026-10 · Price KRW 9760.00 · Value 17662.72 · Buy at or below 17662.72

KRW per share · annual estimates

Price & return math
Value range	KRW 15,847.30 – KRW 20,079.43
Buy at or below	Central value KRW 17,662.72
Discount to value	1 − 9760.00 / 17662.72 = 44.7%
Return / year	About 18.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 1204.62/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 2680.47/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 1.04T

Revenue

Owner earningsKRW -47B

Owner earnings

Operating margin5.9%

Operating margin

Net cash / debtKRW -513B

Net cash / debt

Diluted shares36M

Diluted shares

Prices 15 Oct 2026 · FY2025