# 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.

## Reported holder observations