# Hyosung TNC (298020.KO)

Canonical: https://gigainvestors.com/s/298020.KO

Analysis as of: 2026-10-16T07:44:33.768Z. Financial observations: FY2018–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 270,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 359,524.56 per share, central KRW 409,095.14 per share, high KRW 475,084.10 per share. Buy at or below the central value KRW 409,095.14 per share. Valuation as of 2026-10-16T07:44:33.768Z; scenarios are not confidence intervals.

Expected annual return: 13.8% at the stated quote. About 13.8% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.82×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.17×

- FY2022: 0.01×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.03×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: 3.7%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 8.1%

- Recent gross margin (lower of latest and 3-year median): 8.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 3.7%

- FY2019: 9.4%

- FY2020: 11.0%

- FY2021: 41.2%

- FY2022: 3.0%

- FY2023: 7.0%

- FY2024: 8.9%

- FY2025: 5.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.10T

- Net income, five-year total: KRW 1.02T

- Return on incremental invested capital: 19.1%

- Working capital / revenue, annual change: -1.0 pp

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

- FY2021: 1.00×

- FY2022: -5.16×

- FY2023: 3.22×

- FY2024: 0.98×

- FY2025: -3.25×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.4% vs 7.0%

- Per-share earnings: 21569.48 to 21595.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: KRW 158B

- Cumulative retained earnings: KRW 857B

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.0%

- Per-share value change: KRW 25.52

- Per-share value, starting three-year median: KRW 22K

- Per-share value, ending three-year median: KRW 22K

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

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 9.4%

- ROIC, last three-year median: 7.0%

Chart: Earnings per share; fiscal year observations.

- FY2018: KRW 5K

- FY2019: KRW 22K

- FY2020: KRW 32K

- FY2021: KRW 179K

- FY2022: KRW 3K

- FY2023: KRW 22K

- FY2024: KRW 31K

- FY2025: KRW 3K

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 42.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.39×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -5.6%

- FY2019: -8.0%

- FY2020: -15.2%

- FY2021: 2.8%

- FY2022: -6.5%

- FY2023: -4.4%

- FY2024: -11.0%

- FY2025: -7.8%

## Holders

## Price story

Down 55% since Oct 2021 · sales +8.7%

Story as of 2026-10-16T10:00:13.094Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.3% a year for ten years

### Sales · FY2025–2026

sales +8.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: KRW 3.36T 

- FY2019: KRW 5.98T 

- FY2020: KRW 5.16T 

- FY2021: KRW 8.60T 

- FY2022: KRW 8.88T 

- FY2023: KRW 7.53T 

- FY2024: KRW 7.78T 

- FY2025: KRW 7.69T 

- FY2026: KRW 8.36T 

### Gross margin · FY2025

gross margin 8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 7.6% 

- FY2019: 9.4% 

- FY2020: 9.7% 

- FY2021: 19.8% 

- FY2022: 4.9% 

- FY2023: 7.1% 

- FY2024: 8.0% 

- FY2025: 8.2% 

## Owner memo

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

### How it makes money

Operates in textile manufacturing; annual sales are KRW 7.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2025: revenue 7694843720860; grossProfit 629270986130; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 298020.KO: Hyosung TNC Corporation manufactures and sells fiber in South Korea and internationally. It offers spandex, nylon, and polyester. The company also provides general apparel, workwear, and industrial fabrics; and dyed products comprising nylon fabrics, polyester fabrics, nylon/polyester stretch fabrics, and cotton-blend fabrics. In addition, it offers marketing services in the trading sector with steel and chemicals, markets. Further, the company operates Sevit Island, a floating structure built on a floating body on top of the water. Hyosung TNC Corporation was founded in 1957 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 7.1% to 8.2% during 2023–25; it earns 7.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2023: grossProfit / revenue = 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2024: grossProfit / revenue = 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2025: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); 8-year return on capital observations [[2018,0.037139459722021775],[2019,0.09422716719232552],[2020,0.10974313047562],[2021,0.41176063993998335],[2022,0.029715121022461956],[2023,0.0700264174533904],[2024,0.08862183192011867],[2025,0.051486826956615085]]; median 0.07932412468675454. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back KRW 5.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2019: growth capex 6099011560; upkeep 201324781000; owner earnings 90707331280. Growth capex / owner earnings = 0.06723835299677444.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2020: growth capex 0; upkeep 53633752520; owner earnings 290714879622. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2021: growth capex 202722122340; upkeep 198212000000; owner earnings 767344890756. Growth capex / owner earnings = 0.264186449642318.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2023: growth capex 0; upkeep 23366198580; owner earnings 299926846362.5495. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2024: growth capex 44120047240; upkeep 266767000000; owner earnings 131403470108.34557. Growth capex / owner earnings = 0.3357601378686718.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); Dividend observations: [[2018,15438578680],[2019,15438578680],[2020,17189747680],[2021,27376524720],[2022,270168359680],[2023,43156900000],[2024,73491223100],[2025,43156943250]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); FY2025: cash repurchases 5400983790 KRW.

### Are managers owners

Insiders own 42.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 298020.KO SharesStats.PercentInsiders = 42.768 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:33.768Z); Ten-year compound average after fade. Initial solved rate -0.07360154007625369. Price 270000; 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)

- 2018-07: KRW 222,500.00 per share

- 2018-08: KRW 190,000.00 per share

- 2018-09: KRW 186,000.00 per share

- 2018-10: KRW 174,500.00 per share

- 2018-11: KRW 186,500.00 per share

- 2018-12: KRW 185,000.00 per share

- 2019-01: KRW 171,500.00 per share

- 2019-02: KRW 168,000.00 per share

- 2019-03: KRW 173,000.00 per share

- 2019-04: KRW 166,000.00 per share

- 2019-05: KRW 140,500.00 per share

- 2019-06: KRW 142,000.00 per share

- 2019-07: KRW 144,000.00 per share

- 2019-08: KRW 157,000.00 per share

- 2019-09: KRW 158,000.00 per share

- 2019-10: KRW 160,500.00 per share

- 2019-11: KRW 159,000.00 per share

- 2019-12: KRW 154,500.00 per share

- 2020-01: KRW 166,000.00 per share

- 2020-02: KRW 147,500.00 per share

- 2020-03: KRW 110,500.00 per share

- 2020-04: KRW 130,500.00 per share

- 2020-05: KRW 131,500.00 per share

- 2020-06: KRW 112,000.00 per share

- 2020-07: KRW 113,500.00 per share

- 2020-08: KRW 98,100.00 per share

- 2020-09: KRW 128,500.00 per share

- 2020-10: KRW 143,000.00 per share

- 2020-11: KRW 184,500.00 per share

- 2020-12: KRW 211,000.00 per share

- 2021-01: KRW 299,500.00 per share

- 2021-02: KRW 411,000.00 per share

- 2021-03: KRW 573,000.00 per share

- 2021-04: KRW 723,000.00 per share

- 2021-05: KRW 705,000.00 per share

- 2021-06: KRW 900,000.00 per share

- 2021-07: KRW 889,000.00 per share

- 2021-08: KRW 777,000.00 per share

- 2021-09: KRW 645,000.00 per share

- 2021-10: KRW 597,000.00 per share

- 2021-11: KRW 502,000.00 per share

- 2021-12: KRW 521,000.00 per share

- 2022-01: KRW 416,000.00 per share

- 2022-02: KRW 482,000.00 per share

- 2022-03: KRW 465,000.00 per share

- 2022-04: KRW 413,500.00 per share

- 2022-05: KRW 429,000.00 per share

- 2022-06: KRW 343,000.00 per share

- 2022-07: KRW 344,500.00 per share

- 2022-08: KRW 313,500.00 per share

- 2022-09: KRW 259,000.00 per share

- 2022-10: KRW 261,500.00 per share

- 2022-11: KRW 357,000.00 per share

- 2022-12: KRW 350,000.00 per share

- 2023-01: KRW 414,500.00 per share

- 2023-02: KRW 457,500.00 per share

- 2023-03: KRW 443,000.00 per share

- 2023-04: KRW 377,000.00 per share

- 2023-05: KRW 380,500.00 per share

- 2023-06: KRW 381,000.00 per share

- 2023-07: KRW 339,500.00 per share

- 2023-08: KRW 331,000.00 per share

- 2023-09: KRW 352,000.00 per share

- 2023-10: KRW 357,000.00 per share

- 2023-11: KRW 381,500.00 per share

- 2023-12: KRW 365,000.00 per share

- 2024-01: KRW 301,000.00 per share

- 2024-02: KRW 290,000.00 per share

- 2024-03: KRW 324,500.00 per share

- 2024-04: KRW 368,000.00 per share

- 2024-05: KRW 401,500.00 per share

- 2024-06: KRW 345,000.00 per share

- 2024-07: KRW 302,000.00 per share

- 2024-08: KRW 297,000.00 per share

- 2024-09: KRW 317,500.00 per share

- 2024-10: KRW 308,500.00 per share

- 2024-11: KRW 193,600.00 per share

- 2024-12: KRW 239,000.00 per share

- 2025-01: KRW 223,500.00 per share

- 2025-02: KRW 225,500.00 per share

- 2025-03: KRW 217,000.00 per share

- 2025-04: KRW 237,500.00 per share

- 2025-05: KRW 243,000.00 per share

- 2025-06: KRW 250,000.00 per share

- 2025-07: KRW 236,000.00 per share

- 2025-08: KRW 219,000.00 per share

- 2025-09: KRW 214,000.00 per share

- 2025-10: KRW 208,000.00 per share

- 2025-11: KRW 221,500.00 per share

- 2025-12: KRW 222,500.00 per share

- 2026-01: KRW 377,500.00 per share

- 2026-02: KRW 425,500.00 per share

- 2026-03: KRW 379,000.00 per share

- 2026-04: KRW 518,000.00 per share

- 2026-05: KRW 363,500.00 per share

- 2026-06: KRW 272,000.00 per share

- 2026-07: KRW 308,000.00 per share

- 2026-08: KRW 355,500.00 per share

- 2026-09: KRW 279,000.00 per share

- 2026-10: KRW 268,000.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 341,083.84 per share, central KRW 388,111.84 per share, high KRW 450,716.09 per share

- FY2023: low KRW 759,620.41 per share, central KRW 864,355.47 per share, high KRW 1,003,780.04 per share

- FY2024: low KRW 784,760.56 per share, central KRW 892,961.89 per share, high KRW 1,037,000.81 per share

- FY2025: low KRW 330,786.21 per share, central KRW 376,394.40 per share, high KRW 437,108.57 per share

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

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

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

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.