# Shinhan Financial Group (055550.KO)

Canonical: https://gigainvestors.com/s/055550.KO

Analysis as of: 2026-10-16T07:34:15.276Z. Financial observations: FY2016–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 94,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 99,027.54 per share, central KRW 108,930.29 per share, high KRW 121,033.66 per share. Buy at or below the central value KRW 108,930.29 per share. Valuation as of 2026-10-16T07:34:15.276Z; scenarios are not confidence intervals.

Expected annual return: 11.6% at the stated quote. About 11.6% 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): 0.06×

Chart: Net income; fiscal year observations.

- FY2016: KRW 2.72T

- FY2017: KRW 2.90T

- FY2018: KRW 3.12T

- FY2019: KRW 3.34T

- FY2020: KRW 3.33T

- FY2021: KRW 3.90T

- FY2022: KRW 4.49T

- FY2023: KRW 4.37T

- FY2024: KRW 4.45T

- FY2025: KRW 4.97T

### 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: 9.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.9%

- Years with reported combined ratio: 0

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

- FY2016: 10.2%

- FY2017: 10.3%

- FY2018: 9.9%

- FY2019: 9.9%

- FY2020: 8.6%

- FY2021: 9.4%

- FY2022: 10.5%

- FY2023: 9.2%

- FY2024: 8.9%

- FY2025: 9.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.5%

- Book return interval: 9 years

- Starting book value per share: KRW 55K

- Ending book value per share: KRW 107K

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

- FY2017: 7.1%

- FY2018: 13.5%

- FY2019: 15.6%

- FY2020: 5.7%

- FY2021: 10.9%

- FY2022: 7.7%

- FY2023: 12.4%

- FY2024: 10.5%

- FY2025: 11.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -1.2%

- Share growth excluding flagged crisis recapitalisations: 0.2%

- Five-year share growth excluding flagged crisis recapitalisations: -1.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.20×

- Book value created per share: KRW 52K

- Earnings retained per share after dividends and buybacks: KRW 43K

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

- FY2016: 100

- FY2017: 102

- FY2018: 102

- FY2019: 97

- FY2020: 108

- FY2021: 108

- FY2022: 106

- FY2023: 108

- FY2024: 106

- FY2025: 101

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): 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 shrink 1.6% a year forever · net income +11.7%

Story as of 2026-10-16T09:59:59.882Z; price observation 2026-10-15.

The price assumes profits shrink 1.6% a year forever

### Net income · FY2025

net income +11.7%; source https://www.sec.gov/Archives/edgar/data/1263043/000119312526168235/d75079d20f.htm; observed 2026-04-22.

- FY2016: KRW 2.72T 

- FY2017: KRW 2.90T 

- FY2018: KRW 3.12T 

- FY2019: KRW 3.34T 

- FY2020: KRW 3.33T 

- FY2021: KRW 3.90T 

- FY2022: KRW 4.49T 

- FY2023: KRW 4.37T 

- FY2024: KRW 4.45T 

- FY2025: KRW 4.97T 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are KRW 64.7 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/1263043/000119312526168235/d75079d20f.htm#000119312526168235 (filed 2026-04-22); FY2025: revenue 64681960000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 055550.KO: Shinhan Financial Group Co., Ltd. provides financial products and services in South Korea and overseas. It offers credit, lending and receiving deposits; credit cards, short-term and long-term card loan services, installment financing, and leases; securities trading, consignment trading, and underwriting; life and non-life insurance business; facility rental and new technology business financing; and real estate trust, investment advisory services, venture business investment, and other businesses. Shinhan Financial Group Co., Ltd. was founded in 1982 and is based in Seoul, South Korea.

### Why customers stay

It earns 9.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); 10-year return on tangible equity observations [[2016,0.10221495019886219],[2017,0.10261119087868457],[2018,0.09922994039481822],[2019,0.09939263335938192],[2020,0.08627516873484087],[2021,0.09371443867566075],[2022,0.10522926226933675],[2023,0.09195361575119133],[2024,0.08912185282449864],[2025,0.09548553978889225]]; median 0.09735774009185524. 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 1.3 trillion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); Dividend observations: [[2016,669103000000],[2017,706565000000],[2018,714705000000],[2019,830772000000],[2020,968847000000],[2021,1218761000000],[2022,1540871000000],[2023,1395371000000],[2024,1267146000000],[2025,1293828000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/055550.KO.json#2025-12-31 (filed 2026-04-22); FY2025: cash repurchases 1250070000000 KRW.

### Are managers owners

Insiders own 4.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 055550.KO SharesStats.PercentInsiders = 4.7669999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 1.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); Price 94200; FX 1; original perpetual distributable cash 10893.029070991959; discount 0.1; growth -0.01563725128441569. 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 43,850.00 per share

- 2016-11: KRW 44,100.00 per share

- 2016-12: KRW 45,250.00 per share

- 2017-01: KRW 45,900.00 per share

- 2017-02: KRW 46,700.00 per share

- 2017-03: KRW 46,600.00 per share

- 2017-04: KRW 47,550.00 per share

- 2017-05: KRW 49,450.00 per share

- 2017-06: KRW 49,300.00 per share

- 2017-07: KRW 53,200.00 per share

- 2017-08: KRW 52,000.00 per share

- 2017-09: KRW 50,300.00 per share

- 2017-10: KRW 50,200.00 per share

- 2017-11: KRW 48,400.00 per share

- 2017-12: KRW 49,400.00 per share

- 2018-01: KRW 53,300.00 per share

- 2018-02: KRW 47,400.00 per share

- 2018-03: KRW 45,700.00 per share

- 2018-04: KRW 47,650.00 per share

- 2018-05: KRW 43,750.00 per share

- 2018-06: KRW 43,300.00 per share

- 2018-07: KRW 43,550.00 per share

- 2018-08: KRW 43,600.00 per share

- 2018-09: KRW 45,000.00 per share

- 2018-10: KRW 42,550.00 per share

- 2018-11: KRW 41,200.00 per share

- 2018-12: KRW 39,600.00 per share

- 2019-01: KRW 43,200.00 per share

- 2019-02: KRW 43,650.00 per share

- 2019-03: KRW 42,000.00 per share

- 2019-04: KRW 44,100.00 per share

- 2019-05: KRW 44,450.00 per share

- 2019-06: KRW 44,900.00 per share

- 2019-07: KRW 43,500.00 per share

- 2019-08: KRW 40,750.00 per share

- 2019-09: KRW 41,800.00 per share

- 2019-10: KRW 42,500.00 per share

- 2019-11: KRW 43,550.00 per share

- 2019-12: KRW 43,350.00 per share

- 2020-01: KRW 39,150.00 per share

- 2020-02: KRW 32,300.00 per share

- 2020-03: KRW 28,600.00 per share

- 2020-04: KRW 30,550.00 per share

- 2020-05: KRW 30,150.00 per share

- 2020-06: KRW 28,750.00 per share

- 2020-07: KRW 30,100.00 per share

- 2020-08: KRW 29,650.00 per share

- 2020-09: KRW 27,600.00 per share

- 2020-10: KRW 30,350.00 per share

- 2020-11: KRW 32,200.00 per share

- 2020-12: KRW 32,050.00 per share

- 2021-01: KRW 30,650.00 per share

- 2021-02: KRW 32,950.00 per share

- 2021-03: KRW 37,450.00 per share

- 2021-04: KRW 40,000.00 per share

- 2021-05: KRW 42,450.00 per share

- 2021-06: KRW 40,600.00 per share

- 2021-07: KRW 39,150.00 per share

- 2021-08: KRW 38,850.00 per share

- 2021-09: KRW 40,400.00 per share

- 2021-10: KRW 38,250.00 per share

- 2021-11: KRW 34,650.00 per share

- 2021-12: KRW 36,800.00 per share

- 2022-01: KRW 38,150.00 per share

- 2022-02: KRW 38,950.00 per share

- 2022-03: KRW 41,500.00 per share

- 2022-04: KRW 42,150.00 per share

- 2022-05: KRW 43,050.00 per share

- 2022-06: KRW 37,050.00 per share

- 2022-07: KRW 35,700.00 per share

- 2022-08: KRW 36,600.00 per share

- 2022-09: KRW 33,500.00 per share

- 2022-10: KRW 36,300.00 per share

- 2022-11: KRW 38,100.00 per share

- 2022-12: KRW 35,200.00 per share

- 2023-01: KRW 43,250.00 per share

- 2023-02: KRW 38,850.00 per share

- 2023-03: KRW 35,350.00 per share

- 2023-04: KRW 34,950.00 per share

- 2023-05: KRW 35,050.00 per share

- 2023-06: KRW 34,000.00 per share

- 2023-07: KRW 35,050.00 per share

- 2023-08: KRW 35,550.00 per share

- 2023-09: KRW 35,600.00 per share

- 2023-10: KRW 34,750.00 per share

- 2023-11: KRW 36,900.00 per share

- 2023-12: KRW 40,150.00 per share

- 2024-01: KRW 40,850.00 per share

- 2024-02: KRW 43,550.00 per share

- 2024-03: KRW 46,000.00 per share

- 2024-04: KRW 46,650.00 per share

- 2024-05: KRW 47,150.00 per share

- 2024-06: KRW 48,150.00 per share

- 2024-07: KRW 59,800.00 per share

- 2024-08: KRW 56,100.00 per share

- 2024-09: KRW 55,500.00 per share

- 2024-10: KRW 51,300.00 per share

- 2024-11: KRW 53,000.00 per share

- 2024-12: KRW 47,650.00 per share

- 2025-01: KRW 51,100.00 per share

- 2025-02: KRW 45,850.00 per share

- 2025-03: KRW 47,050.00 per share

- 2025-04: KRW 51,400.00 per share

- 2025-05: KRW 58,100.00 per share

- 2025-06: KRW 61,400.00 per share

- 2025-07: KRW 68,000.00 per share

- 2025-08: KRW 65,300.00 per share

- 2025-09: KRW 70,800.00 per share

- 2025-10: KRW 73,300.00 per share

- 2025-11: KRW 78,000.00 per share

- 2025-12: KRW 76,900.00 per share

- 2026-01: KRW 84,300.00 per share

- 2026-02: KRW 96,900.00 per share

- 2026-03: KRW 87,700.00 per share

- 2026-04: KRW 99,900.00 per share

- 2026-05: KRW 93,600.00 per share

- 2026-06: KRW 95,800.00 per share

- 2026-07: KRW 100,700.00 per share

- 2026-08: KRW 108,900.00 per share

- 2026-09: KRW 106,100.00 per share

- 2026-10: KRW 99,700.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 49,963.06 per share, central KRW 62,453.83 per share, high KRW 83,271.77 per share

- FY2018: low KRW 53,191.15 per share, central KRW 66,488.94 per share, high KRW 88,651.92 per share

- FY2019: low KRW 60,507.77 per share, central KRW 75,634.71 per share, high KRW 100,846.28 per share

- FY2020: low KRW 61,150.21 per share, central KRW 76,437.77 per share, high KRW 101,917.02 per share

- FY2021: low KRW 62,094.76 per share, central KRW 77,618.45 per share, high KRW 103,491.27 per share

- FY2022: low KRW 64,538.96 per share, central KRW 80,673.70 per share, high KRW 107,564.93 per share

- FY2023: low KRW 70,469.74 per share, central KRW 88,087.17 per share, high KRW 117,449.56 per share

- FY2024: low KRW 75,974.94 per share, central KRW 94,968.67 per share, high KRW 126,624.90 per share

- FY2025: low KRW 82,435.20 per share, central KRW 103,044.00 per share, high KRW 137,392.00 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 2026-10-15T06:39:59.839Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1263043/000119312526168235/d75079d20f.htm); period 2025-12-31, filed 2026-04-22.

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.

Shinhan Financial Group

055550 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 94,200.00
Buy up to: KRW 108,930.29
Expected / yr: 11.6% 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 3.62T
Worst year: KRW 2.72T
Latest · 2025: KRW 4.97T

Earned a median 9.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.7%
Worst year: 8.6%
Latest · 2025: 9.5%

Book value plus dividends grew 10.5% a year (minimum 7%).

Annual book + dividend return

9y median: 10.9%
Worst year: 5.7%
Latest · 2025: 11.2%

Ordinary share growth was 0.2% over the full period and -1.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

10y median: 104
Worst year: 108
Latest · 2025: 101

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 9,141.01 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 43850.00; 2016-11 · Price KRW 44100.00; 2016-12 · Price KRW 45250.00; 2017-01 · Price KRW 45900.00 · Value 62453.83 · Buy at or below 62453.83; 2017-02 · Price KRW 46700.00 · Value 62453.83 · Buy at or below 62453.83; 2017-03 · Price KRW 46600.00 · Value 62453.83 · Buy at or below 62453.83; 2017-04 · Price KRW 47550.00 · Value 62453.83 · Buy at or below 62453.83; 2017-05 · Price KRW 49450.00 · Value 62453.83 · Buy at or below 62453.83; 2017-06 · Price KRW 49300.00 · Value 62453.83 · Buy at or below 62453.83; 2017-07 · Price KRW 53200.00 · Value 62453.83 · Buy at or below 62453.83; 2017-08 · Price KRW 52000.00 · Value 62453.83 · Buy at or below 62453.83; 2017-09 · Price KRW 50300.00 · Value 62453.83 · Buy at or below 62453.83; 2017-10 · Price KRW 50200.00 · Value 62453.83 · Buy at or below 62453.83; 2017-11 · Price KRW 48400.00 · Value 62453.83 · Buy at or below 62453.83; 2017-12 · Price KRW 49400.00 · Value 62453.83 · Buy at or below 62453.83; 2018-01 · Price KRW 53300.00 · Value 62453.83 · Buy at or below 62453.83; 2018-02 · Price KRW 47400.00 · Value 66488.94 · Buy at or below 66488.94; 2018-03 · Price KRW 45700.00 · Value 66488.94 · Buy at or below 66488.94; 2018-04 · Price KRW 47650.00 · Value 66488.94 · Buy at or below 66488.94; 2018-05 · Price KRW 43750.00 · Value 66488.94 · Buy at or below 66488.94; 2018-06 · Price KRW 43300.00 · Value 66488.94 · Buy at or below 66488.94; 2018-07 · Price KRW 43550.00 · Value 66488.94 · Buy at or below 66488.94; 2018-08 · Price KRW 43600.00 · Value 66488.94 · Buy at or below 66488.94; 2018-09 · Price KRW 45000.00 · Value 66488.94 · Buy at or below 66488.94; 2018-10 · Price KRW 42550.00 · Value 66488.94 · Buy at or below 66488.94; 2018-11 · Price KRW 41200.00 · Value 66488.94 · Buy at or below 66488.94; 2018-12 · Price KRW 39600.00 · Value 66488.94 · Buy at or below 66488.94; 2019-01 · Price KRW 43200.00 · Value 66488.94 · Buy at or below 66488.94; 2019-02 · Price KRW 43650.00 · Value 75634.71 · Buy at or below 75634.71; 2019-03 · Price KRW 42000.00 · Value 75634.71 · Buy at or below 75634.71; 2019-04 · Price KRW 44100.00 · Value 75634.71 · Buy at or below 75634.71; 2019-05 · Price KRW 44450.00 · Value 75634.71 · Buy at or below 75634.71; 2019-06 · Price KRW 44900.00 · Value 75634.71 · Buy at or below 75634.71; 2019-07 · Price KRW 43500.00 · Value 75634.71 · Buy at or below 75634.71; 2019-08 · Price KRW 40750.00 · Value 75634.71 · Buy at or below 75634.71; 2019-09 · Price KRW 41800.00 · Value 75634.71 · Buy at or below 75634.71; 2019-10 · Price KRW 42500.00 · Value 75634.71 · Buy at or below 75634.71; 2019-11 · Price KRW 43550.00 · Value 75634.71 · Buy at or below 75634.71; 2019-12 · Price KRW 43350.00 · Value 75634.71 · Buy at or below 75634.71; 2020-01 · Price KRW 39150.00 · Value 75634.71 · Buy at or below 75634.71; 2020-02 · Price KRW 32300.00 · Value 76437.77 · Buy at or below 76437.77; 2020-03 · Price KRW 28600.00 · Value 76437.77 · Buy at or below 76437.77; 2020-04 · Price KRW 30550.00 · Value 76437.77 · Buy at or below 76437.77; 2020-05 · Price KRW 30150.00 · Value 76437.77 · Buy at or below 76437.77; 2020-06 · Price KRW 28750.00 · Value 76437.77 · Buy at or below 76437.77; 2020-07 · Price KRW 30100.00 · Value 76437.77 · Buy at or below 76437.77; 2020-08 · Price KRW 29650.00 · Value 76437.77 · Buy at or below 76437.77; 2020-09 · Price KRW 27600.00 · Value 76437.77 · Buy at or below 76437.77; 2020-10 · Price KRW 30350.00 · Value 76437.77 · Buy at or below 76437.77; 2020-11 · Price KRW 32200.00 · Value 76437.77 · Buy at or below 76437.77; 2020-12 · Price KRW 32050.00 · Value 76437.77 · Buy at or below 76437.77; 2021-01 · Price KRW 30650.00 · Value 76437.77 · Buy at or below 76437.77; 2021-02 · Price KRW 32950.00 · Value 77618.45 · Buy at or below 77618.45; 2021-03 · Price KRW 37450.00 · Value 77618.45 · Buy at or below 77618.45; 2021-04 · Price KRW 40000.00 · Value 77618.45 · Buy at or below 77618.45; 2021-05 · Price KRW 42450.00 · Value 77618.45 · Buy at or below 77618.45; 2021-06 · Price KRW 40600.00 · Value 77618.45 · Buy at or below 77618.45; 2021-07 · Price KRW 39150.00 · Value 77618.45 · Buy at or below 77618.45; 2021-08 · Price KRW 38850.00 · Value 77618.45 · Buy at or below 77618.45; 2021-09 · Price KRW 40400.00 · Value 77618.45 · Buy at or below 77618.45; 2021-10 · Price KRW 38250.00 · Value 77618.45 · Buy at or below 77618.45; 2021-11 · Price KRW 34650.00 · Value 77618.45 · Buy at or below 77618.45; 2021-12 · Price KRW 36800.00 · Value 77618.45 · Buy at or below 77618.45; 2022-01 · Price KRW 38150.00 · Value 77618.45 · Buy at or below 77618.45; 2022-02 · Price KRW 38950.00 · Value 80673.70 · Buy at or below 80673.70; 2022-03 · Price KRW 41500.00 · Value 80673.70 · Buy at or below 80673.70; 2022-04 · Price KRW 42150.00 · Value 80673.70 · Buy at or below 80673.70; 2022-05 · Price KRW 43050.00 · Value 80673.70 · Buy at or below 80673.70; 2022-06 · Price KRW 37050.00 · Value 80673.70 · Buy at or below 80673.70; 2022-07 · Price KRW 35700.00 · Value 80673.70 · Buy at or below 80673.70; 2022-08 · Price KRW 36600.00 · Value 80673.70 · Buy at or below 80673.70; 2022-09 · Price KRW 33500.00 · Value 80673.70 · Buy at or below 80673.70; 2022-10 · Price KRW 36300.00 · Value 80673.70 · Buy at or below 80673.70; 2022-11 · Price KRW 38100.00 · Value 80673.70 · Buy at or below 80673.70; 2022-12 · Price KRW 35200.00 · Value 80673.70 · Buy at or below 80673.70; 2023-01 · Price KRW 43250.00 · Value 80673.70 · Buy at or below 80673.70; 2023-02 · Price KRW 38850.00 · Value 88087.17 · Buy at or below 88087.17; 2023-03 · Price KRW 35350.00 · Value 88087.17 · Buy at or below 88087.17; 2023-04 · Price KRW 34950.00 · Value 88087.17 · Buy at or below 88087.17; 2023-05 · Price KRW 35050.00 · Value 88087.17 · Buy at or below 88087.17; 2023-06 · Price KRW 34000.00 · Value 88087.17 · Buy at or below 88087.17; 2023-07 · Price KRW 35050.00 · Value 88087.17 · Buy at or below 88087.17; 2023-08 · Price KRW 35550.00 · Value 88087.17 · Buy at or below 88087.17; 2023-09 · Price KRW 35600.00 · Value 88087.17 · Buy at or below 88087.17; 2023-10 · Price KRW 34750.00 · Value 88087.17 · Buy at or below 88087.17; 2023-11 · Price KRW 36900.00 · Value 88087.17 · Buy at or below 88087.17; 2023-12 · Price KRW 40150.00 · Value 88087.17 · Buy at or below 88087.17; 2024-01 · Price KRW 40850.00 · Value 88087.17 · Buy at or below 88087.17; 2024-02 · Price KRW 43550.00 · Value 94968.67 · Buy at or below 94968.67; 2024-03 · Price KRW 46000.00 · Value 94968.67 · Buy at or below 94968.67; 2024-04 · Price KRW 46650.00 · Value 94968.67 · Buy at or below 94968.67; 2024-05 · Price KRW 47150.00 · Value 94968.67 · Buy at or below 94968.67; 2024-06 · Price KRW 48150.00 · Value 94968.67 · Buy at or below 94968.67; 2024-07 · Price KRW 59800.00 · Value 94968.67 · Buy at or below 94968.67; 2024-08 · Price KRW 56100.00 · Value 94968.67 · Buy at or below 94968.67; 2024-09 · Price KRW 55500.00 · Value 94968.67 · Buy at or below 94968.67; 2024-10 · Price KRW 51300.00 · Value 94968.67 · Buy at or below 94968.67; 2024-11 · Price KRW 53000.00 · Value 94968.67 · Buy at or below 94968.67; 2024-12 · Price KRW 47650.00 · Value 94968.67 · Buy at or below 94968.67; 2025-01 · Price KRW 51100.00 · Value 94968.67 · Buy at or below 94968.67; 2025-02 · Price KRW 45850.00 · Value 103044.00 · Buy at or below 103044.00; 2025-03 · Price KRW 47050.00 · Value 103044.00 · Buy at or below 103044.00; 2025-04 · Price KRW 51400.00 · Value 103044.00 · Buy at or below 103044.00; 2025-05 · Price KRW 58100.00 · Value 103044.00 · Buy at or below 103044.00; 2025-06 · Price KRW 61400.00 · Value 103044.00 · Buy at or below 103044.00; 2025-07 · Price KRW 68000.00 · Value 103044.00 · Buy at or below 103044.00; 2025-08 · Price KRW 65300.00 · Value 103044.00 · Buy at or below 103044.00; 2025-09 · Price KRW 70800.00 · Value 103044.00 · Buy at or below 103044.00; 2025-10 · Price KRW 73300.00 · Value 103044.00 · Buy at or below 103044.00; 2025-11 · Price KRW 78000.00 · Value 103044.00 · Buy at or below 103044.00; 2025-12 · Price KRW 76900.00 · Value 103044.00 · Buy at or below 103044.00; 2026-01 · Price KRW 84300.00 · Value 103044.00 · Buy at or below 103044.00; 2026-02 · Price KRW 96900.00 · Value 108930.29 · Buy at or below 108930.29; 2026-03 · Price KRW 87700.00 · Value 108930.29 · Buy at or below 108930.29; 2026-04 · Price KRW 99900.00 · Value 108930.29 · Buy at or below 108930.29; 2026-05 · Price KRW 93600.00 · Value 108930.29 · Buy at or below 108930.29; 2026-06 · Price KRW 95800.00 · Value 108930.29 · Buy at or below 108930.29; 2026-07 · Price KRW 100700.00 · Value 108930.29 · Buy at or below 108930.29; 2026-08 · Price KRW 108900.00 · Value 108930.29 · Buy at or below 108930.29; 2026-09 · Price KRW 106100.00 · Value 108930.29 · Buy at or below 108930.29; 2026-10 · Price KRW 99700.00 · Value 108930.29 · Buy at or below 108930.29; 2026-10 · Price KRW 94200.00 · Value 108930.29 · Buy at or below 108930.29

KRW per share · annual estimates

Price & return math
Value range	KRW 99,027.54 – KRW 121,033.66
Buy at or below	Central value KRW 108,930.29
Discount to value	1 − 94200.00 / 108930.29 = 13.5%
Return / year	About 11.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 110575.61/share; ROE 9.9%; first payout KRW 10893.03/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 4.97T

Net income

Book / shareKRW 107K

Book / share

Dividend / shareKRW 3K

Dividend / share

Return on tangible equity9.5%

Return on tangible equity

Diluted shares486M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·