# KB Financial Group (105560.KO)

Canonical: https://gigainvestors.com/s/105560.KO

Analysis as of: 2026-10-16T07:34:04.718Z. Financial observations: FY2015–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 156,700.00 per share; close as of 2026-10-15.

Estimated value: low KRW 105,478.82 per share, central KRW 131,848.53 per share, high KRW 175,798.04 per share. Buy at or below the central value KRW 131,848.53 per share. Valuation as of 2026-10-16T07:34:04.718Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% 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): 0.09×

Chart: Net income; fiscal year observations.

- FY2016: KRW 2.14T

- FY2017: KRW 3.31T

- FY2018: KRW 3.06T

- FY2019: KRW 3.31T

- FY2020: KRW 3.45T

- FY2021: KRW 4.34T

- FY2022: KRW 4.27T

- FY2023: KRW 4.63T

- FY2024: KRW 5.08T

- FY2025: KRW 5.83T

### 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: 9.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

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

- FY2016: 7.1%

- FY2017: 10.6%

- FY2018: 9.3%

- FY2019: 9.2%

- FY2020: 8.8%

- FY2021: 9.8%

- FY2022: 9.5%

- FY2023: 8.4%

- FY2024: 9.1%

- FY2025: 10.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.2%

- Book return interval: 10 years

- Starting book value per share: KRW 73K

- Ending book value per share: KRW 156K

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

- FY2016: 6.0%

- FY2017: 4.0%

- FY2018: 8.8%

- FY2019: 12.8%

- FY2020: 11.8%

- FY2021: 15.4%

- FY2022: 0.1%

- FY2023: 29.7%

- FY2024: 7.1%

- FY2025: 9.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.1%

- Share growth excluding flagged crisis recapitalisations: -0.5%

- Five-year share growth excluding flagged crisis recapitalisations: -1.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.33×

- Book value created per share: KRW 83K

- Earnings retained per share after dividends and buybacks: KRW 62K

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

- FY2015: 100

- FY2016: 103

- FY2017: 103

- FY2018: 103

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 106

- FY2023: 102

- FY2024: 99

- FY2025: 96

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.6% a year forever · net income +14.9%

Story as of 2026-10-16T09:59:58.980Z; price observation 2026-10-15.

The price assumes profits grow 6.6% a year forever

### Net income · FY2025

net income +14.9%; source https://www.sec.gov/Archives/edgar/data/1445930/000119312526183398/d79770d20f.htm; observed 2026-04-28.

- FY2016: KRW 2.14T 

- FY2017: KRW 3.31T 

- FY2018: KRW 3.06T 

- FY2019: KRW 3.31T 

- FY2020: KRW 3.45T 

- FY2021: KRW 4.34T 

- FY2022: KRW 4.27T 

- FY2023: KRW 4.63T 

- FY2024: KRW 5.08T 

- FY2025: KRW 5.83T 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are KRW 21.2 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/1445930/000119312526183398/d79770d20f.htm (filed 2026-04-28); FY2025: revenue 21231552000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 105560.KO: KB Financial Group Inc. provides financial products and services in South Korea, the United States, New Zealand, China, Cambodia, the United Kingdom, Indonesia, and internationally. The company offers deposit products, such as demand and time deposits, certificates of deposit, foreign currency deposits, and savings deposits for housing subscription; loan products, including mortgage loans to finance home purchases, construction, improvements, or rentals; and home equity loans, overdraft loans, and other consumer loans. It also provides debit and credit cards; working capital loans and facility loans; mortgage loans to home builders or developers; securities underwriting; financing and financial advisory services for mergers and acquisitions; project finance and financial advisory services for social overhead capital projects such as highway, port, power, water, and sewage projects; financing and financial advisory services for real estate development projects; and structured finance. In addition, the company offers brokerage services for stocks, futures, options, equity, derivative-linked securities, and debt instruments; foreign exchange services and derivatives dealing; import and export-related services; offshore lending, syndicated loans, and foreign currency securities investment; and trust account management services. Further, it provides long-term insurance products, automobile insurance products, and general property and casualty insurance products; life insurance comprising annuities, savings insurance, variable life insurance, whole life insurance, term life insurance, and health insurance; bancassurance; consumer finance services; and mortgage financing and construction loans. Additionally, the company is involved in real estate trust management; capital investment; and software advisory, development, and supply. KB Financial Group Inc. was founded in 1963 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 9.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); 10-year return on tangible equity observations [[2016,0.07064401289038115],[2017,0.1064920869093321],[2018,0.09290939186144477],[2019,0.0923372947978558],[2020,0.08800420703196725],[2021,0.09815774572356456],[2022,0.09451283803192713],[2023,0.08424919604679217],[2024,0.09080856501012145],[2025,0.10155441312963728]]; median 0.09262334332965028. 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 1.5 trillion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Dividend observations: [[2016,378625000000],[2017,497969000000],[2018,766728000000],[2019,766249000000],[2020,883952000000],[2021,981879000000],[2022,1437750000000],[2023,1151900000000],[2024,1486978000000],[2025,1302291000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1445930/000119312526183398/d79770d20f.htm (filed 2026-04-28); FY2025: cash repurchases 1480000000000 KRW.

### Are managers owners

Insiders own 2.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 105560.KO SharesStats.PercentInsiders = 2.672 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Price 156700; FX 1; original perpetual distributable cash 5273.941163373549; discount 0.1; growth 0.06634370667917328. 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 42,300.00 per share

- 2016-11: KRW 42,100.00 per share

- 2016-12: KRW 42,800.00 per share

- 2017-01: KRW 47,000.00 per share

- 2017-02: KRW 46,900.00 per share

- 2017-03: KRW 49,000.00 per share

- 2017-04: KRW 50,100.00 per share

- 2017-05: KRW 53,600.00 per share

- 2017-06: KRW 57,700.00 per share

- 2017-07: KRW 59,400.00 per share

- 2017-08: KRW 55,400.00 per share

- 2017-09: KRW 56,100.00 per share

- 2017-10: KRW 58,400.00 per share

- 2017-11: KRW 59,900.00 per share

- 2017-12: KRW 63,400.00 per share

- 2018-01: KRW 67,300.00 per share

- 2018-02: KRW 64,000.00 per share

- 2018-03: KRW 60,700.00 per share

- 2018-04: KRW 61,200.00 per share

- 2018-05: KRW 51,800.00 per share

- 2018-06: KRW 52,800.00 per share

- 2018-07: KRW 53,600.00 per share

- 2018-08: KRW 51,700.00 per share

- 2018-09: KRW 54,200.00 per share

- 2018-10: KRW 47,400.00 per share

- 2018-11: KRW 47,200.00 per share

- 2018-12: KRW 46,500.00 per share

- 2019-01: KRW 48,050.00 per share

- 2019-02: KRW 44,350.00 per share

- 2019-03: KRW 41,850.00 per share

- 2019-04: KRW 46,200.00 per share

- 2019-05: KRW 43,800.00 per share

- 2019-06: KRW 45,850.00 per share

- 2019-07: KRW 43,400.00 per share

- 2019-08: KRW 39,700.00 per share

- 2019-09: KRW 42,700.00 per share

- 2019-10: KRW 41,950.00 per share

- 2019-11: KRW 46,050.00 per share

- 2019-12: KRW 47,650.00 per share

- 2020-01: KRW 43,950.00 per share

- 2020-02: KRW 38,900.00 per share

- 2020-03: KRW 34,550.00 per share

- 2020-04: KRW 34,750.00 per share

- 2020-05: KRW 34,000.00 per share

- 2020-06: KRW 33,950.00 per share

- 2020-07: KRW 35,250.00 per share

- 2020-08: KRW 36,850.00 per share

- 2020-09: KRW 37,550.00 per share

- 2020-10: KRW 40,100.00 per share

- 2020-11: KRW 45,350.00 per share

- 2020-12: KRW 43,400.00 per share

- 2021-01: KRW 40,300.00 per share

- 2021-02: KRW 43,800.00 per share

- 2021-03: KRW 56,200.00 per share

- 2021-04: KRW 54,700.00 per share

- 2021-05: KRW 58,800.00 per share

- 2021-06: KRW 55,800.00 per share

- 2021-07: KRW 51,300.00 per share

- 2021-08: KRW 52,900.00 per share

- 2021-09: KRW 55,300.00 per share

- 2021-10: KRW 56,600.00 per share

- 2021-11: KRW 52,800.00 per share

- 2021-12: KRW 55,000.00 per share

- 2022-01: KRW 59,500.00 per share

- 2022-02: KRW 59,700.00 per share

- 2022-03: KRW 61,300.00 per share

- 2022-04: KRW 58,500.00 per share

- 2022-05: KRW 60,400.00 per share

- 2022-06: KRW 48,150.00 per share

- 2022-07: KRW 48,450.00 per share

- 2022-08: KRW 49,450.00 per share

- 2022-09: KRW 43,700.00 per share

- 2022-10: KRW 48,050.00 per share

- 2022-11: KRW 52,500.00 per share

- 2022-12: KRW 48,500.00 per share

- 2023-01: KRW 55,900.00 per share

- 2023-02: KRW 51,300.00 per share

- 2023-03: KRW 47,650.00 per share

- 2023-04: KRW 49,500.00 per share

- 2023-05: KRW 48,000.00 per share

- 2023-06: KRW 47,750.00 per share

- 2023-07: KRW 51,000.00 per share

- 2023-08: KRW 54,100.00 per share

- 2023-09: KRW 55,300.00 per share

- 2023-10: KRW 51,500.00 per share

- 2023-11: KRW 52,400.00 per share

- 2023-12: KRW 54,100.00 per share

- 2024-01: KRW 56,600.00 per share

- 2024-02: KRW 63,500.00 per share

- 2024-03: KRW 69,500.00 per share

- 2024-04: KRW 75,600.00 per share

- 2024-05: KRW 79,400.00 per share

- 2024-06: KRW 78,500.00 per share

- 2024-07: KRW 87,900.00 per share

- 2024-08: KRW 85,900.00 per share

- 2024-09: KRW 80,900.00 per share

- 2024-10: KRW 90,300.00 per share

- 2024-11: KRW 96,200.00 per share

- 2024-12: KRW 82,900.00 per share

- 2025-01: KRW 91,700.00 per share

- 2025-02: KRW 78,300.00 per share

- 2025-03: KRW 79,000.00 per share

- 2025-04: KRW 90,200.00 per share

- 2025-05: KRW 104,300.00 per share

- 2025-06: KRW 110,900.00 per share

- 2025-07: KRW 110,900.00 per share

- 2025-08: KRW 108,200.00 per share

- 2025-09: KRW 115,500.00 per share

- 2025-10: KRW 116,600.00 per share

- 2025-11: KRW 124,800.00 per share

- 2025-12: KRW 124,700.00 per share

- 2026-01: KRW 135,200.00 per share

- 2026-02: KRW 159,000.00 per share

- 2026-03: KRW 141,900.00 per share

- 2026-04: KRW 160,500.00 per share

- 2026-05: KRW 150,600.00 per share

- 2026-06: KRW 159,000.00 per share

- 2026-07: KRW 168,500.00 per share

- 2026-08: KRW 173,300.00 per share

- 2026-09: KRW 168,800.00 per share

- 2026-10: KRW 162,400.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 15,764.52 per share, central KRW 19,179.57 per share, high KRW 24,483.38 per share

- FY2017: low KRW 15,618.90 per share, central KRW 19,036.53 per share, high KRW 24,368.75 per share

- FY2018: low KRW 16,600.95 per share, central KRW 20,233.46 per share, high KRW 25,900.94 per share

- FY2019: low KRW 22,248.19 per share, central KRW 27,577.63 per share, high KRW 36,264.64 per share

- FY2020: low KRW 39,706.50 per share, central KRW 49,633.13 per share, high KRW 66,177.50 per share

- FY2021: low KRW 44,819.52 per share, central KRW 56,024.40 per share, high KRW 74,699.19 per share

- FY2022: low KRW 66,603.83 per share, central KRW 83,254.79 per share, high KRW 111,006.38 per share

- FY2023: low KRW 114,710.10 per share, central KRW 126,181.11 per share, high KRW 140,201.24 per share

- FY2024: low KRW 91,556.51 per share, central KRW 114,445.64 per share, high KRW 152,594.18 per share

- FY2025: low KRW 100,371.31 per share, central KRW 125,464.14 per share, high KRW 167,285.51 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 2026-10-15T06:39:49.895Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1445930/000119312526183398/d79770d20f.htm); period 2025-12-31, filed 2026-04-28.

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.

KB Financial Group

105560 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 156,700.00
Buy up to: KRW 131,848.53
Expected / yr: 9.4% 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 3.86T
Worst year: KRW 2.14T
Latest · 2025: KRW 5.83T

Earned a median 9.3% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.3%
Worst year: 7.1%
Latest · 2025: 10.2%

Book value plus dividends grew 10.2% a year (minimum 7%).

Annual book + dividend return

10y median: 8.9%
Worst year: 0.1%
Latest · 2025: 9.1%

Ordinary share growth was -0.5% over the full period and -1.1% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 101
Worst year: 106
Latest · 2025: 96

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 13,610.58 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 42300.00 · Value 19179.57 · Buy at or below 19179.57; 2016-11 · Price KRW 42100.00 · Value 19179.57 · Buy at or below 19179.57; 2016-12 · Price KRW 42800.00 · Value 19179.57 · Buy at or below 19179.57; 2017-01 · Price KRW 47000.00 · Value 19179.57 · Buy at or below 19179.57; 2017-02 · Price KRW 46900.00 · Value 19036.53 · Buy at or below 19036.53; 2017-03 · Price KRW 49000.00 · Value 19036.53 · Buy at or below 19036.53; 2017-04 · Price KRW 50100.00 · Value 19036.53 · Buy at or below 19036.53; 2017-05 · Price KRW 53600.00 · Value 19036.53 · Buy at or below 19036.53; 2017-06 · Price KRW 57700.00 · Value 19036.53 · Buy at or below 19036.53; 2017-07 · Price KRW 59400.00 · Value 19036.53 · Buy at or below 19036.53; 2017-08 · Price KRW 55400.00 · Value 19036.53 · Buy at or below 19036.53; 2017-09 · Price KRW 56100.00 · Value 19036.53 · Buy at or below 19036.53; 2017-10 · Price KRW 58400.00 · Value 19036.53 · Buy at or below 19036.53; 2017-11 · Price KRW 59900.00 · Value 19036.53 · Buy at or below 19036.53; 2017-12 · Price KRW 63400.00 · Value 19036.53 · Buy at or below 19036.53; 2018-01 · Price KRW 67300.00 · Value 19036.53 · Buy at or below 19036.53; 2018-02 · Price KRW 64000.00 · Value 20233.46 · Buy at or below 20233.46; 2018-03 · Price KRW 60700.00 · Value 20233.46 · Buy at or below 20233.46; 2018-04 · Price KRW 61200.00 · Value 20233.46 · Buy at or below 20233.46; 2018-05 · Price KRW 51800.00 · Value 20233.46 · Buy at or below 20233.46; 2018-06 · Price KRW 52800.00 · Value 20233.46 · Buy at or below 20233.46; 2018-07 · Price KRW 53600.00 · Value 20233.46 · Buy at or below 20233.46; 2018-08 · Price KRW 51700.00 · Value 20233.46 · Buy at or below 20233.46; 2018-09 · Price KRW 54200.00 · Value 20233.46 · Buy at or below 20233.46; 2018-10 · Price KRW 47400.00 · Value 20233.46 · Buy at or below 20233.46; 2018-11 · Price KRW 47200.00 · Value 20233.46 · Buy at or below 20233.46; 2018-12 · Price KRW 46500.00 · Value 20233.46 · Buy at or below 20233.46; 2019-01 · Price KRW 48050.00 · Value 20233.46 · Buy at or below 20233.46; 2019-02 · Price KRW 44350.00 · Value 27577.63 · Buy at or below 27577.63; 2019-03 · Price KRW 41850.00 · Value 27577.63 · Buy at or below 27577.63; 2019-04 · Price KRW 46200.00 · Value 27577.63 · Buy at or below 27577.63; 2019-05 · Price KRW 43800.00 · Value 27577.63 · Buy at or below 27577.63; 2019-06 · Price KRW 45850.00 · Value 27577.63 · Buy at or below 27577.63; 2019-07 · Price KRW 43400.00 · Value 27577.63 · Buy at or below 27577.63; 2019-08 · Price KRW 39700.00 · Value 27577.63 · Buy at or below 27577.63; 2019-09 · Price KRW 42700.00 · Value 27577.63 · Buy at or below 27577.63; 2019-10 · Price KRW 41950.00 · Value 27577.63 · Buy at or below 27577.63; 2019-11 · Price KRW 46050.00 · Value 27577.63 · Buy at or below 27577.63; 2019-12 · Price KRW 47650.00 · Value 27577.63 · Buy at or below 27577.63; 2020-01 · Price KRW 43950.00 · Value 27577.63 · Buy at or below 27577.63; 2020-02 · Price KRW 38900.00 · Value 49633.13 · Buy at or below 49633.13; 2020-03 · Price KRW 34550.00 · Value 49633.13 · Buy at or below 49633.13; 2020-04 · Price KRW 34750.00 · Value 49633.13 · Buy at or below 49633.13; 2020-05 · Price KRW 34000.00 · Value 49633.13 · Buy at or below 49633.13; 2020-06 · Price KRW 33950.00 · Value 49633.13 · Buy at or below 49633.13; 2020-07 · Price KRW 35250.00 · Value 49633.13 · Buy at or below 49633.13; 2020-08 · Price KRW 36850.00 · Value 49633.13 · Buy at or below 49633.13; 2020-09 · Price KRW 37550.00 · Value 49633.13 · Buy at or below 49633.13; 2020-10 · Price KRW 40100.00 · Value 49633.13 · Buy at or below 49633.13; 2020-11 · Price KRW 45350.00 · Value 49633.13 · Buy at or below 49633.13; 2020-12 · Price KRW 43400.00 · Value 49633.13 · Buy at or below 49633.13; 2021-01 · Price KRW 40300.00 · Value 49633.13 · Buy at or below 49633.13; 2021-02 · Price KRW 43800.00 · Value 56024.40 · Buy at or below 56024.40; 2021-03 · Price KRW 56200.00 · Value 56024.40 · Buy at or below 56024.40; 2021-04 · Price KRW 54700.00 · Value 56024.40 · Buy at or below 56024.40; 2021-05 · Price KRW 58800.00 · Value 56024.40 · Buy at or below 56024.40; 2021-06 · Price KRW 55800.00 · Value 56024.40 · Buy at or below 56024.40; 2021-07 · Price KRW 51300.00 · Value 56024.40 · Buy at or below 56024.40; 2021-08 · Price KRW 52900.00 · Value 56024.40 · Buy at or below 56024.40; 2021-09 · Price KRW 55300.00 · Value 56024.40 · Buy at or below 56024.40; 2021-10 · Price KRW 56600.00 · Value 56024.40 · Buy at or below 56024.40; 2021-11 · Price KRW 52800.00 · Value 56024.40 · Buy at or below 56024.40; 2021-12 · Price KRW 55000.00 · Value 56024.40 · Buy at or below 56024.40; 2022-01 · Price KRW 59500.00 · Value 56024.40 · Buy at or below 56024.40; 2022-02 · Price KRW 59700.00 · Value 83254.79 · Buy at or below 83254.79; 2022-03 · Price KRW 61300.00 · Value 83254.79 · Buy at or below 83254.79; 2022-04 · Price KRW 58500.00 · Value 83254.79 · Buy at or below 83254.79; 2022-05 · Price KRW 60400.00 · Value 83254.79 · Buy at or below 83254.79; 2022-06 · Price KRW 48150.00 · Value 83254.79 · Buy at or below 83254.79; 2022-07 · Price KRW 48450.00 · Value 83254.79 · Buy at or below 83254.79; 2022-08 · Price KRW 49450.00 · Value 83254.79 · Buy at or below 83254.79; 2022-09 · Price KRW 43700.00 · Value 83254.79 · Buy at or below 83254.79; 2022-10 · Price KRW 48050.00 · Value 83254.79 · Buy at or below 83254.79; 2022-11 · Price KRW 52500.00 · Value 83254.79 · Buy at or below 83254.79; 2022-12 · Price KRW 48500.00 · Value 83254.79 · Buy at or below 83254.79; 2023-01 · Price KRW 55900.00 · Value 83254.79 · Buy at or below 83254.79; 2023-02 · Price KRW 51300.00 · Value 126181.11 · Buy at or below 126181.11; 2023-03 · Price KRW 47650.00 · Value 126181.11 · Buy at or below 126181.11; 2023-04 · Price KRW 49500.00 · Value 126181.11 · Buy at or below 126181.11; 2023-05 · Price KRW 48000.00 · Value 126181.11 · Buy at or below 126181.11; 2023-06 · Price KRW 47750.00 · Value 126181.11 · Buy at or below 126181.11; 2023-07 · Price KRW 51000.00 · Value 126181.11 · Buy at or below 126181.11; 2023-08 · Price KRW 54100.00 · Value 126181.11 · Buy at or below 126181.11; 2023-09 · Price KRW 55300.00 · Value 126181.11 · Buy at or below 126181.11; 2023-10 · Price KRW 51500.00 · Value 126181.11 · Buy at or below 126181.11; 2023-11 · Price KRW 52400.00 · Value 126181.11 · Buy at or below 126181.11; 2023-12 · Price KRW 54100.00 · Value 126181.11 · Buy at or below 126181.11; 2024-01 · Price KRW 56600.00 · Value 126181.11 · Buy at or below 126181.11; 2024-02 · Price KRW 63500.00 · Value 114445.64 · Buy at or below 114445.64; 2024-03 · Price KRW 69500.00 · Value 114445.64 · Buy at or below 114445.64; 2024-04 · Price KRW 75600.00 · Value 114445.64 · Buy at or below 114445.64; 2024-05 · Price KRW 79400.00 · Value 114445.64 · Buy at or below 114445.64; 2024-06 · Price KRW 78500.00 · Value 114445.64 · Buy at or below 114445.64; 2024-07 · Price KRW 87900.00 · Value 114445.64 · Buy at or below 114445.64; 2024-08 · Price KRW 85900.00 · Value 114445.64 · Buy at or below 114445.64; 2024-09 · Price KRW 80900.00 · Value 114445.64 · Buy at or below 114445.64; 2024-10 · Price KRW 90300.00 · Value 114445.64 · Buy at or below 114445.64; 2024-11 · Price KRW 96200.00 · Value 114445.64 · Buy at or below 114445.64; 2024-12 · Price KRW 82900.00 · Value 114445.64 · Buy at or below 114445.64; 2025-01 · Price KRW 91700.00 · Value 114445.64 · Buy at or below 114445.64; 2025-02 · Price KRW 78300.00 · Value 125464.14 · Buy at or below 125464.14; 2025-03 · Price KRW 79000.00 · Value 125464.14 · Buy at or below 125464.14; 2025-04 · Price KRW 90200.00 · Value 125464.14 · Buy at or below 125464.14; 2025-05 · Price KRW 104300.00 · Value 125464.14 · Buy at or below 125464.14; 2025-06 · Price KRW 110900.00 · Value 125464.14 · Buy at or below 125464.14; 2025-07 · Price KRW 110900.00 · Value 125464.14 · Buy at or below 125464.14; 2025-08 · Price KRW 108200.00 · Value 125464.14 · Buy at or below 125464.14; 2025-09 · Price KRW 115500.00 · Value 125464.14 · Buy at or below 125464.14; 2025-10 · Price KRW 116600.00 · Value 125464.14 · Buy at or below 125464.14; 2025-11 · Price KRW 124800.00 · Value 125464.14 · Buy at or below 125464.14; 2025-12 · Price KRW 124700.00 · Value 125464.14 · Buy at or below 125464.14; 2026-01 · Price KRW 135200.00 · Value 125464.14 · Buy at or below 125464.14; 2026-02 · Price KRW 159000.00 · Value 131848.53 · Buy at or below 131848.53; 2026-03 · Price KRW 141900.00 · Value 131848.53 · Buy at or below 131848.53; 2026-04 · Price KRW 160500.00 · Value 131848.53 · Buy at or below 131848.53; 2026-05 · Price KRW 150600.00 · Value 131848.53 · Buy at or below 131848.53; 2026-06 · Price KRW 159000.00 · Value 131848.53 · Buy at or below 131848.53; 2026-07 · Price KRW 168500.00 · Value 131848.53 · Buy at or below 131848.53; 2026-08 · Price KRW 173300.00 · Value 131848.53 · Buy at or below 131848.53; 2026-09 · Price KRW 168800.00 · Value 131848.53 · Buy at or below 131848.53; 2026-10 · Price KRW 162400.00 · Value 131848.53 · Buy at or below 131848.53; 2026-10 · Price KRW 156700.00 · Value 131848.53 · Buy at or below 131848.53

KRW per share · annual estimates

Price & return math
Value range	KRW 105,478.82 – KRW 175,798.04
Buy at or below	Central value KRW 131,848.53
Discount to value	1 − 156700.00 / 131848.53 = -18.8%
Return / year	About 9.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 163593.80/share; ROE 9.2%; first payout KRW 5273.94/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 5.83T

Net income

Book / shareKRW 156K

Book / share

Dividend / shareKRW 4K

Dividend / share

Return on tangible equity10.2%

Return on tangible equity

Diluted shares369M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·