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001440KOSPI

Taihan Cable & Solution

28,100
-1,700 (-5.70%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Taihan Cable & Solution is a comprehensive cable company established in 1941 and listed on the KOSPI market since 1968. The company is headquartered in Anyang, Gyeonggi-do.

The company operates in the cable business segment. It produces and supplies power cables including extra-high voltage cables, materials, and communication cables. It also provides electrical construction services to public entities and private companies in Korea and international markets.

Business overview as filed

당사는 1941년에 세워진 대한민국 최초의 조선전선에서 시작하였으며, 1968년 12월 27일 기업공개를 실시하였습니다. (등기서류상 설립일은 1955년 02월 21일 입니다.)

대한전선 주식회사 및 종속회사는 전선부문 단일 사업부문으로 이루어져 있으며, 회사의 주요 생산 및 판매 품목은 초고압케이블 등 전력선, 소재, 통신케이블 등입니다.이를 기반으로 각종 전기공사까지 케이블 산업 전반에 대한 종합 솔루션을 제공하고 있습니다.[사업부문별 주요 제품]

연결회사의 2025년말 연결기준 제품별 매출비중은 아래와 같습니다.

연결회사의 제품의 경우 전기동 및 알루미늄이 주된 원재료이며, 주요 전기동 산지에서 직수입 하거나 국내 동제련 업체에서 구입하고 있습니다. 주요 생산설비의 경우 국내(당진공장, 전력기기공장)와 해외(베트남, 남아공, 사우디)에 다수 보유하고 있으며, 지속적인 신규생산설비 구축 및 연구개발로 장조장 알루미늄 평할시스케이블, 해저케이블, HVDC케이블 등 다양한 고객의 요구에 부응하고 있습니다.자세한 내용은 "II. 사업의 내용"의 "2. 주요 제품 및 서비스" 부터 "7. 기타 참고사항" 까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

1. 연결대상 종속회사 개황1-1. 연결대상 종속회사 현황(요약)

1-2. 연결대상회사의 변동내용

2. 회사의 법적, 상업적 명칭

당사의 명칭은 대한전선 주식회사이고, 영문명은 Taihan Cable & Solution Co., Ltd. 입니다.

3. 설립일자

당사는 1941년에 세워진 대한민국 최초의 조선전선에서 시작하였으며, 1968년 12월 27일 기업공개를 실시하였습니다. (등기서류상 설립일은 1955년 02월 21일 입니다.)

4. 본사의 주소, 전화번호 및 홈페이지

□ 주소: 경기도 안양시 동안구 시민대로 317 (관양동 1746-2) 대한스마트타워□ 전화번호: 02-316-9114□ 홈페이지: http://www.taihan.com

5. 중소기업 등 해당 여부

6. 주요 사업의 내용

당사는 초고압케이블 등의 전력선과 소재, 통신케이블 등의 제품을 생산 및 판매하고, 각종 전선 관련 공사를 수행하는 종합 전선회사로서, 세계 최고 수준의 초고압케이블 기술과 베트남, 남아공, 사우디의 해외 생산거점을 바탕으로 미국, 유럽, 중동 등 해외시장에서 사업을 확장해나가고 있으며, 국내에서는 한국전력공사를 포함한 공공업체 및 민수업체를 대상으로 사업을 영위하고 있습니다.

7. 신용평가에 관한 내용

7-1. 신용평가에 관한 내용 7-2. 신용등급 체계

(1) 회사채 등급 정의

등급의 정의는 신용평가사별로 차이가 다소 있을 수 있습니다.※ AA부터 B까지는 동일 등급내에서 세분하여 구분할 필요가 있는 경우 "＋" 또는 "－" 의기호를 부여할 수 있습니다.

(2) 기업어음 등급 정의

등급의 정의는 신용평가사별로 차이가 다소 있을 수 있습니다.※ A2부터 B까지는 동일 등급내에서 세분하여 구분할 필요가 있는 경우 "＋" 또는 "－"의기호를 부여할 수 있습니다.

(3) 기업신용등급 등급 정의

등급의 정의는 신용평가사별로 차이가 다소 있을 수 있습니다.※ AA부터 CCC까지는 동일 등급내에서 세분하여 구분할 필요가 있는 경우 "＋" 또는 "－"의 기호를 부여할 수 있습니다.

8. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.16%
[4.06%, 9.20%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 71.2% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.90
Beta [0.73, 1.08] · KOSPI200 · As of 2026-10-08
Intercept
+0.032%[-0.527%, +0.592%]
R squared
0.36
Observations
252
Trading-time corrected beta
1.07[0.78, 1.35]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M16,88713,74015,87616,48815,54715,96819,97724,50528,44032,91336,36041,462
Revenue growth%—-18.6415.553.86-5.712.7125.1022.6716.0515.7310.47—
Operating incomeKRW 100M2814875474953325663954827981,1521,2861,942
Operating income growth%—73.4212.38-9.59-32.8370.50-30.3322.0865.7044.2811.67—
Net incomeKRW 100M-683-159-488-59-12627289218719742899-115
Net income growth%——————978.18-24.56229.233.2221.14—
Attributable to ownersKRW 100M-447-180-434-30-12030279206706704842-154
Attributable to minoritiesKRW 100M-23721-54-29-6-3101213375739
Operating margin%1.663.543.453.002.143.551.981.972.813.503.544.68
Net margin%-4.05-1.16-3.07-0.36-0.810.171.450.892.532.252.47-0.28
ROE%-14.49-5.70-13.38-0.97-4.060.867.482.387.544.785.26-0.82
ROA%-4.40-1.21-3.65-0.50-1.020.222.041.353.832.812.57-0.29
Debt ratio%338.34339.89295.18264.36295.04233.52266.4383.6697.0676.64114.00109.58
Current ratio%109.14128.43153.78172.2981.4690.08123.94234.48185.50192.99143.89149.82
Quick ratio%85.3891.89103.54115.6558.6462.9377.74148.76118.11128.1693.0388.25
Reserve ratio%——-18.332.60-2.07-1.545.20672.66726.17734.64779.77882.39
Free cash flowKRW 100M-1,289-17310537728100-267-599-953-1,222-3,264—
FCF margin%-7.63-1.260.660.224.680.63-1.34-2.45-3.35-3.71-8.98—
OCF conversion%—————620.80-66.75-213.4842.749.10-190.57—
Capex to revenue%0.480.851.350.650.410.420.370.544.433.924.27—
Receivable daysdays—67.4——————————
Inventory daysdays—54.052.351.451.352.155.360.760.463.779.1—
Payable daysdays—46.2——————————
Cash conversion cycledays—75.2——————————
EPSKRW00-51-3-1433317567409453-79
PERx—————396.7854.5890.3917.7627.2650.55—
BPSKRW—3683783563454024366967,5257,9018,5909,601
PBRx—5.042.972.851.783.414.082.151.341.412.673.53
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
36,360
Cost of sales
33,529
Gross profit
2,832
SG&A expenses
1,546
Operating income
1,286
Non-operating expenses
920
Income tax benefit
532
Profit before tax
367
Net income
899

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
15,52813,158*13,356*11,72912,35111,99514,20916,20318,78626,427*34,933
11,98610,1679,976*8,5109,2248,39810,3317,3819,25311,466*18,609
3,5422,991*3,380*3,2193,1263,5963,8788,8229,53314,961*16,323

Income statement

20152016201720182019202020212022202320242025
16,88713,74015,876*16,48815,54715,96819,97724,50528,44032,913*36,360
281487547*4953325663954827981,152*1,286
-639-124-467*-1463-50226314655759*367
-683-159*-488*-59-12627289218719742*899
Basic earnings per shareKRW00*-51*-3Not applicableNot applicableNot applicableNot applicableNot applicable409453
Diluted earnings per shareKRWNot applicableNot applicableNot applicable-3Not applicableNot applicableNot applicableNot applicableNot applicable409453
-835-121*-495*-202-8848330791718832*1,366

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-683-159-488-59-12627289218719742899
Total adjustments to operating cash flowcomputed-524102806202918140-483-684-412-674-2,612
-1,208-56319144792167-193-46630768*-1,713
-1,1201,191-402582-121-125260-856-573-3,871*-1,665
2,821-259-370-699167-699571,9599734,111*4,395
Cash at beginning of periodKRW 100M4809621,5571,0931,1321,9881,3061,4792,1722,893*3,335
9621,5571,0931,1321,9881,3061,4792,1722,8933,335*4,389
Net change in cash and cash equivalentsKRW 100M491880-459Not applicable842-663134647707Not applicableNot applicable

In the latest fiscal year operations and investing consumed cash raised through financing activities.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견삼정회계법인2025-12-31
2024적정의견한영회계법인2025-12-31
2023적정의견한영회계법인2025-12-31
2022적정Term 68한영회계법인2022-12-31
2021적정Term 67한영회계법인2022-12-31
2020적정Term 66한영회계법인2022-12-31
2019적정Term 65한영회계법인2019-12-31
2018적정Term 64한영회계법인2019-12-31
2017적정Term 63삼덕회계법인2019-12-31
2016적정Term 62삼덕회계법인2016-12-31
적정Term 61삼덕회계법인2016-12-31
적정Term 60안진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.98
%
%
Cost of equity9.28%
Weighted average cost of capital—
Initial growth5.3%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW28,100

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM3,310-88.2%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.98 × 5.00% = 9.28%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(5.26% × (1 − 0.00%), 0) = 5.26%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 8,590 KRW, ROE = 5.26%, payout ratio = 0.00%, r = 9.28%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
18,590452797-3450.9151-316
29,042475839-3640.8374-304
39,517500883-3830.7663-293
410,018527930-4030.7012-282
510,545554978-4240.6417-272
Terminal value-5,9410.6417-3,812

P_0 = 8,590 + -1,468 + -3,812 = 3,310 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list