# Hanilcmt (300720.KO)

Canonical: https://gigainvestors.com/s/300720.KO

Analysis as of: 2026-10-16T07:44:19.268Z. 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 16,820.00 per share; close as of 2026-10-15.

Estimated value: low KRW 13,970.99 per share, central KRW 15,332.13 per share, high KRW 17,144.08 per share. Buy at or below the central value KRW 15,332.13 per share. Valuation as of 2026-10-16T07:44:19.268Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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

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

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.11×

- FY2019: 0.06×

- FY2020: 0.14×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.14×

- FY2024: 0.16×

- FY2025: 0.09×

- LTM to Jun 2026: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.4%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 23.0%

- Recent gross margin (lower of latest and 3-year median): 22.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.1%

- ROIC including acquisitions, ten-year median: 4.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 4.0%

- FY2019: 4.6%

- FY2020: 7.7%

- FY2021: 6.6%

- FY2022: 6.1%

- FY2023: 11.7%

- FY2024: 12.5%

- FY2025: 4.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 364B

- Net income, five-year total: KRW 586B

- Return on incremental invested capital: 12.5%

- Working capital / revenue, annual change: -1.8 pp

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

- FY2021: 0.86×

- FY2022: 0.86×

- FY2023: 0.94×

- FY2024: 0.40×

- FY2025: -0.08×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.6% vs 11.7%

- Per-share earnings: 1296.19 to 2457.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: KRW 770B

- Cumulative retained earnings: KRW 866B

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.6%

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW 1K

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

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.8%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 4.6%

- ROIC, last three-year median: 11.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: KRW 1K

- FY2019: KRW 977.20

- FY2020: KRW 1K

- FY2021: KRW 1K

- FY2022: KRW 1K

- FY2023: KRW 2K

- FY2024: KRW 3K

- FY2025: KRW 1K

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -4.2%

- FY2019: -5.8%

- FY2020: -2.2%

- FY2021: -1.1%

- FY2022: 3.2%

- FY2023: -2.7%

- FY2024: -2.0%

- FY2025: -2.8%

## Holders

## Price story

Down 20% since Mar 2022 · sales -2.9%

Story as of 2026-10-16T10:00:13.009Z; price observation 2026-10-15.

Price needs cash profits to grow 2.5% a year for ten years

### Sales · FY2025–2026

sales -2.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: KRW 512B 

- FY2019: KRW 946B 

- FY2020: KRW 974B 

- FY2021: KRW 1.27T 

- FY2022: KRW 1.49T 

- FY2023: KRW 1.80T 

- FY2024: KRW 1.74T 

- FY2025: KRW 1.42T 

- FY2026: KRW 1.38T 

### Gross margin · FY2025

gross margin 22.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 23.3% 

- FY2019: 18.1% 

- FY2020: 26.0% 

- FY2021: 22.8% 

- FY2022: 20.7% 

- FY2023: 25.3% 

- FY2024: 27.4% 

- FY2025: 22.5% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are KRW 1.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2025: revenue 1423859619110; grossProfit 320782509200; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300720.KO: Hanil Cement Co., Ltd. operates as a cement company in South Korea. The company manufactures and sells cement and ready-mix concrete. It also engages in construction; Remicon business; building materials field under the Remitar brand. The company was founded in 1961 and is headquartered in Seoul, South Korea. Hanil Cement Co., Ltd. operates as a subsidiary of Hanil Holdings Co., Ltd.

### Why customers stay

Margins ranged from 22.5% to 27.4% during 2023–25; it earns 6.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2023: grossProfit / revenue = 25.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2024: grossProfit / revenue = 27.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2025: grossProfit / revenue = 22.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); 8-year return on capital observations [[2018,0.03977514101853023],[2019,0.045713716317661704],[2020,0.0773922486459804],[2021,0.06646394283434534],[2022,0.06073141102282288],[2023,0.1167913417056795],[2024,0.1254333197000529],[2025,0.04730164222978786]]; median 0.06359767692858412. 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 58 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2018: growth capex 0; upkeep 14366507280; owner earnings 60266290390. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2019: growth capex 0; upkeep 31337667270; owner earnings 46337682910. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2020: growth capex 0; upkeep 39344972200; owner earnings 94752338286. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2021: growth capex 757205590; upkeep 58616026000; owner earnings 67987941476. Growth capex / owner earnings = 0.011137351323797565.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2022: growth capex 51929044240; upkeep 58828501000; owner earnings 67987856080. Growth capex / owner earnings = 0.7637988198788928.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2023: growth capex 150942499510; upkeep 60577919000; owner earnings 159901196174. Growth capex / owner earnings = 0.9439735481762663.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2024: growth capex 0; upkeep 173114148010; owner earnings 74253246436. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); Dividend observations: [[2018,18650738410],[2019,18650738410],[2020,19479655310],[2021,36921697510],[2022,40330969260],[2023,43263907170],[2024,59017978830],[2025,73124918540]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); FY2025: cash repurchases 58015200 KRW.

### Are managers owners

Insiders own 71.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300720.KO SharesStats.PercentInsiders = 71.33699999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.268Z); Ten-year compound average after fade. Initial solved rate 0.022178208419604162. Price 16820; 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)

- 2018-09: KRW 14,850.00 per share

- 2018-10: KRW 11,750.00 per share

- 2018-11: KRW 13,200.00 per share

- 2018-12: KRW 11,750.00 per share

- 2019-01: KRW 14,200.00 per share

- 2019-02: KRW 14,300.00 per share

- 2019-03: KRW 14,450.00 per share

- 2019-04: KRW 14,700.00 per share

- 2019-05: KRW 13,250.00 per share

- 2019-06: KRW 12,750.00 per share

- 2019-07: KRW 10,550.00 per share

- 2019-08: KRW 10,100.00 per share

- 2019-09: KRW 9,950.00 per share

- 2019-10: KRW 9,820.00 per share

- 2019-11: KRW 9,670.00 per share

- 2019-12: KRW 9,340.00 per share

- 2020-01: KRW 7,750.00 per share

- 2020-02: KRW 7,260.00 per share

- 2020-03: KRW 6,140.00 per share

- 2020-04: KRW 8,590.00 per share

- 2020-05: KRW 8,100.00 per share

- 2020-06: KRW 8,160.00 per share

- 2020-07: KRW 8,490.00 per share

- 2020-08: KRW 7,900.00 per share

- 2020-09: KRW 8,200.00 per share

- 2020-10: KRW 7,970.00 per share

- 2020-11: KRW 9,220.00 per share

- 2020-12: KRW 10,500.00 per share

- 2021-01: KRW 10,450.00 per share

- 2021-02: KRW 11,600.00 per share

- 2021-03: KRW 16,800.00 per share

- 2021-04: KRW 14,850.00 per share

- 2021-05: KRW 16,550.00 per share

- 2021-06: KRW 15,950.00 per share

- 2021-07: KRW 17,500.00 per share

- 2021-08: KRW 23,600.00 per share

- 2021-09: KRW 17,800.00 per share

- 2021-10: KRW 19,300.00 per share

- 2021-11: KRW 19,150.00 per share

- 2021-12: KRW 21,000.00 per share

- 2022-01: KRW 18,500.00 per share

- 2022-02: KRW 17,700.00 per share

- 2022-03: KRW 21,100.00 per share

- 2022-04: KRW 20,650.00 per share

- 2022-05: KRW 19,500.00 per share

- 2022-06: KRW 13,350.00 per share

- 2022-07: KRW 14,250.00 per share

- 2022-08: KRW 15,300.00 per share

- 2022-09: KRW 11,350.00 per share

- 2022-10: KRW 11,300.00 per share

- 2022-11: KRW 12,300.00 per share

- 2022-12: KRW 11,650.00 per share

- 2023-01: KRW 11,910.00 per share

- 2023-02: KRW 11,930.00 per share

- 2023-03: KRW 12,950.00 per share

- 2023-04: KRW 12,480.00 per share

- 2023-05: KRW 12,870.00 per share

- 2023-06: KRW 12,350.00 per share

- 2023-07: KRW 12,210.00 per share

- 2023-08: KRW 12,630.00 per share

- 2023-09: KRW 12,010.00 per share

- 2023-10: KRW 12,190.00 per share

- 2023-11: KRW 12,670.00 per share

- 2023-12: KRW 12,790.00 per share

- 2024-01: KRW 12,050.00 per share

- 2024-02: KRW 12,140.00 per share

- 2024-03: KRW 12,300.00 per share

- 2024-04: KRW 13,120.00 per share

- 2024-05: KRW 13,870.00 per share

- 2024-06: KRW 13,400.00 per share

- 2024-07: KRW 14,550.00 per share

- 2024-08: KRW 14,780.00 per share

- 2024-09: KRW 13,770.00 per share

- 2024-10: KRW 14,190.00 per share

- 2024-11: KRW 14,390.00 per share

- 2024-12: KRW 14,520.00 per share

- 2025-01: KRW 15,390.00 per share

- 2025-02: KRW 15,660.00 per share

- 2025-03: KRW 15,870.00 per share

- 2025-04: KRW 18,000.00 per share

- 2025-05: KRW 18,390.00 per share

- 2025-06: KRW 18,610.00 per share

- 2025-07: KRW 20,800.00 per share

- 2025-08: KRW 19,340.00 per share

- 2025-09: KRW 19,150.00 per share

- 2025-10: KRW 17,650.00 per share

- 2025-11: KRW 17,550.00 per share

- 2025-12: KRW 17,970.00 per share

- 2026-01: KRW 17,130.00 per share

- 2026-02: KRW 18,210.00 per share

- 2026-03: KRW 16,060.00 per share

- 2026-04: KRW 17,450.00 per share

- 2026-05: KRW 14,470.00 per share

- 2026-06: KRW 13,610.00 per share

- 2026-07: KRW 13,900.00 per share

- 2026-08: KRW 17,010.00 per share

- 2026-09: KRW 16,190.00 per share

- 2026-10: KRW 16,950.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 14,229.21 per share, central KRW 15,960.03 per share, high KRW 18,264.11 per share

- FY2023: low KRW 18,209.26 per share, central KRW 20,302.57 per share, high KRW 23,089.21 per share

- FY2024: low KRW 18,704.41 per share, central KRW 20,729.93 per share, high KRW 23,426.33 per share

- FY2025: low KRW 14,250.54 per share, central KRW 15,652.88 per share, high KRW 17,519.70 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.

Hanilcmt

300720 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 16,820.00
Buy up to: KRW 15,332.13
Expected / yr: 9.2% 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

Margins varied 26.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

9y median: 10.6%
Worst year: 6.2%
Latest · LTM: 10.6%

Capital return excluding acquisitions: median 6.4% (minimum 15%), and the second-worst year 4.6% (minimum 10%).

ROIC excluding acquisitions

8y median: 6.4%
Worst year: 4.0%
Latest · 2025: 4.7%

Each $1 of profit left $0.62 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.62×
Annual median: 0.86×
Latest · 2025: -0.08×

Per-share value rose from 1296.19 to 2457, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

8y median: KRW 1K
Worst year: KRW 977.20
Latest · 2025: KRW 1K

Profits were backed by cash: accruals were -2.8% of assets (limit 10%).

Sloan accruals

8y median: -2.4%
Worst year: 3.2%
Latest · 2025: -2.8%

Profit record · pass 0 loss years in 8 (at most 2), mean operating margin 10.9%, three-year average owner earnings per share 1,096.94 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2018-09 · Price KRW 14850.00; 2018-10 · Price KRW 11750.00; 2018-11 · Price KRW 13200.00; 2018-12 · Price KRW 11750.00; 2019-01 · Price KRW 14200.00; 2019-02 · Price KRW 14300.00; 2019-03 · Price KRW 14450.00; 2019-04 · Price KRW 14700.00; 2019-05 · Price KRW 13250.00; 2019-06 · Price KRW 12750.00; 2019-07 · Price KRW 10550.00; 2019-08 · Price KRW 10100.00; 2019-09 · Price KRW 9950.00; 2019-10 · Price KRW 9820.00; 2019-11 · Price KRW 9670.00; 2019-12 · Price KRW 9340.00; 2020-01 · Price KRW 7750.00; 2020-02 · Price KRW 7260.00; 2020-03 · Price KRW 6140.00; 2020-04 · Price KRW 8590.00; 2020-05 · Price KRW 8100.00; 2020-06 · Price KRW 8160.00; 2020-07 · Price KRW 8490.00; 2020-08 · Price KRW 7900.00; 2020-09 · Price KRW 8200.00; 2020-10 · Price KRW 7970.00; 2020-11 · Price KRW 9220.00; 2020-12 · Price KRW 10500.00; 2021-01 · Price KRW 10450.00; 2021-02 · Price KRW 11600.00; 2021-03 · Price KRW 16800.00; 2021-04 · Price KRW 14850.00; 2021-05 · Price KRW 16550.00; 2021-06 · Price KRW 15950.00; 2021-07 · Price KRW 17500.00; 2021-08 · Price KRW 23600.00; 2021-09 · Price KRW 17800.00; 2021-10 · Price KRW 19300.00; 2021-11 · Price KRW 19150.00; 2021-12 · Price KRW 21000.00; 2022-01 · Price KRW 18500.00 · Value 15960.03 · Buy at or below 15960.03; 2022-02 · Price KRW 17700.00 · Value 15960.03 · Buy at or below 15960.03; 2022-03 · Price KRW 21100.00 · Value 15960.03 · Buy at or below 15960.03; 2022-04 · Price KRW 20650.00 · Value 15960.03 · Buy at or below 15960.03; 2022-05 · Price KRW 19500.00 · Value 15960.03 · Buy at or below 15960.03; 2022-06 · Price KRW 13350.00 · Value 15960.03 · Buy at or below 15960.03; 2022-07 · Price KRW 14250.00 · Value 15960.03 · Buy at or below 15960.03; 2022-08 · Price KRW 15300.00 · Value 15960.03 · Buy at or below 15960.03; 2022-09 · Price KRW 11350.00 · Value 15960.03 · Buy at or below 15960.03; 2022-10 · Price KRW 11300.00 · Value 15960.03 · Buy at or below 15960.03; 2022-11 · Price KRW 12300.00 · Value 15960.03 · Buy at or below 15960.03; 2022-12 · Price KRW 11650.00 · Value 15960.03 · Buy at or below 15960.03; 2023-01 · Price KRW 11910.00 · Value 15960.03 · Buy at or below 15960.03; 2023-02 · Price KRW 11930.00 · Value 20302.57 · Buy at or below 20302.57; 2023-03 · Price KRW 12950.00 · Value 20302.57 · Buy at or below 20302.57; 2023-04 · Price KRW 12480.00 · Value 20302.57 · Buy at or below 20302.57; 2023-05 · Price KRW 12870.00 · Value 20302.57 · Buy at or below 20302.57; 2023-06 · Price KRW 12350.00 · Value 20302.57 · Buy at or below 20302.57; 2023-07 · Price KRW 12210.00 · Value 20302.57 · Buy at or below 20302.57; 2023-08 · Price KRW 12630.00 · Value 20302.57 · Buy at or below 20302.57; 2023-09 · Price KRW 12010.00 · Value 20302.57 · Buy at or below 20302.57; 2023-10 · Price KRW 12190.00 · Value 20302.57 · Buy at or below 20302.57; 2023-11 · Price KRW 12670.00 · Value 20302.57 · Buy at or below 20302.57; 2023-12 · Price KRW 12790.00 · Value 20302.57 · Buy at or below 20302.57; 2024-01 · Price KRW 12050.00 · Value 20302.57 · Buy at or below 20302.57; 2024-02 · Price KRW 12140.00 · Value 20729.93 · Buy at or below 20729.93; 2024-03 · Price KRW 12300.00 · Value 20729.93 · Buy at or below 20729.93; 2024-04 · Price KRW 13120.00 · Value 20729.93 · Buy at or below 20729.93; 2024-05 · Price KRW 13870.00 · Value 20729.93 · Buy at or below 20729.93; 2024-06 · Price KRW 13400.00 · Value 20729.93 · Buy at or below 20729.93; 2024-07 · Price KRW 14550.00 · Value 20729.93 · Buy at or below 20729.93; 2024-08 · Price KRW 14780.00 · Value 20729.93 · Buy at or below 20729.93; 2024-09 · Price KRW 13770.00 · Value 20729.93 · Buy at or below 20729.93; 2024-10 · Price KRW 14190.00 · Value 20729.93 · Buy at or below 20729.93; 2024-11 · Price KRW 14390.00 · Value 20729.93 · Buy at or below 20729.93; 2024-12 · Price KRW 14520.00 · Value 20729.93 · Buy at or below 20729.93; 2025-01 · Price KRW 15390.00 · Value 20729.93 · Buy at or below 20729.93; 2025-02 · Price KRW 15660.00 · Value 15652.88 · Buy at or below 15652.88; 2025-03 · Price KRW 15870.00 · Value 15652.88 · Buy at or below 15652.88; 2025-04 · Price KRW 18000.00 · Value 15652.88 · Buy at or below 15652.88; 2025-05 · Price KRW 18390.00 · Value 15652.88 · Buy at or below 15652.88; 2025-06 · Price KRW 18610.00 · Value 15652.88 · Buy at or below 15652.88; 2025-07 · Price KRW 20800.00 · Value 15652.88 · Buy at or below 15652.88; 2025-08 · Price KRW 19340.00 · Value 15652.88 · Buy at or below 15652.88; 2025-09 · Price KRW 19150.00 · Value 15652.88 · Buy at or below 15652.88; 2025-10 · Price KRW 17650.00 · Value 15652.88 · Buy at or below 15652.88; 2025-11 · Price KRW 17550.00 · Value 15652.88 · Buy at or below 15652.88; 2025-12 · Price KRW 17970.00 · Value 15652.88 · Buy at or below 15652.88; 2026-01 · Price KRW 17130.00 · Value 15652.88 · Buy at or below 15652.88; 2026-02 · Price KRW 18210.00 · Value 15332.13 · Buy at or below 15332.13; 2026-03 · Price KRW 16060.00 · Value 15332.13 · Buy at or below 15332.13; 2026-04 · Price KRW 17450.00 · Value 15332.13 · Buy at or below 15332.13; 2026-05 · Price KRW 14470.00 · Value 15332.13 · Buy at or below 15332.13; 2026-06 · Price KRW 13610.00 · Value 15332.13 · Buy at or below 15332.13; 2026-07 · Price KRW 13900.00 · Value 15332.13 · Buy at or below 15332.13; 2026-08 · Price KRW 17010.00 · Value 15332.13 · Buy at or below 15332.13; 2026-09 · Price KRW 16190.00 · Value 15332.13 · Buy at or below 15332.13; 2026-10 · Price KRW 16950.00 · Value 15332.13 · Buy at or below 15332.13; 2026-10 · Price KRW 16820.00 · Value 15332.13 · Buy at or below 15332.13

KRW per share · annual estimates

Price & return math
Value range	KRW 13,970.99 – KRW 17,144.08
Buy at or below	Central value KRW 15,332.13
Discount to value	1 − 16820.00 / 15332.13 = -9.7%
Return / year	About 9.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 903.18/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 4099.01/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 1.38T

Revenue

Owner earningsKRW -6.3B

Owner earnings

Operating margin10.6%

Operating margin

Net cash / debtKRW -441B

Net cash / debt

Diluted shares70M

Diluted shares

Prices 15 Oct 2026 · FY2025