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KREDKRED
010130KOSPI

Korea Zinc

1,063,000
-46,000 (-4.15%)

Price chart

  • MA5
  • MA20
  • MA60
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

Korea Zinc is a non-ferrous metal smelting company established on August 1, 1974. The company is listed on the KOSPI market and is headquartered in Seoul.

The company produces and distributes zinc and lead, while recovering gold, silver, copper, and sulfuric acid as by-products. Through its subsidiaries, it also operates in non-ferrous metal import and export, resource circulation, secondary battery materials, and renewable energy and hydrogen development.

Business overview as filed

지배회사인 고려아연㈜는 비철금속제련회사로서 아연과 연의 생산 및 판매를 주업종으로 영위하고 있으며, 기타 금, 은, 동, 황산 등은 아연과 연의 제련과정에서 회수하는 유가금속을 부산물의 일종으로 생산하고 있습니다.지배회사인 고려아연㈜의 연결대상 종속회사는 84개사이며, K-IFRS 양적기준(직전사업연도 별도재무제표상 자산총액이 지배회사 별도재무제표상 자산총액의 10% 이상이거나 750억원 이상인 영업부문은 반드시 포함)에 따라, 이 기준에 부합하는 주요종속회사를 사업부문으로 묶어 작성하였습니다. 사업부문별로 지배회사와 동일한 비철금속제조 및 판매업(Sun Metals Corporation Pty Ltd), 지배회사 제품에 대한 해외 수출을 하는 비철금속 수출입업(케이지트레이딩㈜), 광산개발업(KZ Minerals Holdings Pte Ltd, ICM Pachapaqui S.A.C.) 등이 있으며, 그 외에 당사는 핵심사업인 제련업을 기반으로 한 자원순환 사업(스틸싸이클㈜, Zinc Oxide Corporation Vietnam LLC, Pedalpoint Holdings, LLC), 신재생에너지 및 수소개발 사업(Ark Energy Corporation Pty Ltd), 2차전지 소재 사업(켐코㈜, 케이잼㈜) 등의 사업을 추진하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 고려아연 주식회사이고, 영문으로는 Korea Zinc Company, Ltd.라 표기합니다. 단, 약식으로 표기할 경우에는 고려아연㈜ 또는 Korea Zinc Co., Ltd.라고 표기합니다.

다. 설립일자

당사는 종합비철금속 제련회사로서 1974년 8월 1일에 설립되었으며, 1990년 7월 28일 기업공개를 실시하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 서울시 종로구 종로 33- 전화번호 : 02-6947-2114- 홈페이지 주소 : http://www.koreazinc.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용지배회사인 고려아연㈜는 아연, 연, 금, 은, 동 등을 제조 및 판매하는 종합비철금속제련회사로 비철금속을 제련하는 사업을 영위하고 있습니다. 종속회사를 통하여 국내에서 비철금속 수출입업(케이지트레이딩㈜), 제강분진을 활용한 자원순환 사업(스틸싸이클㈜), 2차전지 핵심소재인 전해동박 생산업(케이잼㈜)을 추진하고 있으며, 해외에서도 지배회사와 같은 비철금속제조 및 판매업(Sun Metals Corporation Pty Ltd), 전자폐기물 재활용을 통해 금속을 추출하고 조달하는 자원순환 사업(Pedalpoint Holdings, LLC), 신재생에너지 및 수소개발 사업(Ark Energy Corporation Pty Ltd)을 영위하고 있습니다. 또한 종속회사(Crucible Metals Holdings, LLC 및 Crucible Metals, LLC)를 통해 미국 내 통합 비철금속 제련소 건설을 추진하고 있습니다.

사. 신용평가에 관한 사항

(1) 신용평가 내용

(2) 등급체계 및 부여 의미- 기업신용평가(Issuer Rating) 신용등급별 정의

- 회사채 신용등급별 정의

- 기업어음 신용등급별 정의

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.01), 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

4.16%
[2.62%, 7.59%] · As of 2026-10-01
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 56.4% (2026-07-29). 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

0.52
Beta [0.37, 0.68] · KOSPI200 · As of 2026-10-07
Intercept
-0.044%[-0.634%, +0.546%]
R squared
0.15
Observations
252
Trading-time corrected beta
0.60[0.37, 0.82]
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 100M47,71458,47565,96768,83366,94875,81999,768112,19497,045120,529165,879213,743
Revenue growth%—22.5512.814.35-2.7413.2531.5912.45-13.5024.2037.63—
Operating incomeKRW 100M6,7227,6478,9487,6478,0538,97410,9619,1926,5997,23512,31920,351
Operating income growth%—13.7617.01-14.535.3111.4322.15-16.15-28.209.6370.28—
Net incomeKRW 100M5,1405,9466,3405,3486,3865,7488,1117,9835,3341,9487,7029,836
Net income growth%—15.686.63-15.6519.41-9.9941.10-1.58-33.18-63.48295.44—
Attributable to ownersKRW 100M5,0945,924——————5,2731,9097,7509,846
Attributable to minoritiesKRW 100M4622——————6139-48-10
Operating margin%14.0913.0813.5611.1112.0311.8410.998.196.806.007.439.52
Net margin%10.7710.179.617.779.547.588.137.125.501.624.644.60
ROE%10.0310.74——————5.622.607.098.68
ROA%8.709.179.017.408.146.768.146.604.431.323.784.33
Debt ratio%13.1914.4815.2713.3614.6619.9328.8331.0524.9394.7582.3695.98
Current ratio%650.69539.25605.05736.56652.86439.27321.32261.78292.81118.86196.97133.23
Quick ratio%390.40314.95381.61497.35431.96238.09157.01139.95154.1959.4895.4547.53
Reserve ratio%5,217.005,678.256,187.406,565.057,046.397,415.218,029.379,101.549,053.758,819.299,503.659,023.06
Free cash flowKRW 100M4,6504,9622,9985,7223,345-2,0561,4314,1174,023-5,974-15,178—
FCF margin%9.748.494.558.315.00-2.711.433.674.15-4.96-9.15—
OCF conversion%183.83114.48125.67166.10108.4679.4274.8298.30153.90264.82-81.56—
Capex to revenue%10.063.167.534.595.358.734.653.324.319.245.36—
Receivable daysdays—21.4——16.120.019.420.623.722.622.3—
Inventory daysdays——84.580.790.4106.1108.0104.1114.0107.3123.4—
Payable daysdays——26.324.927.435.841.241.545.648.955.4—
Cash conversion cycledays————79.090.486.183.392.181.090.4—
EPSKRW28,82033,51935,59129,84135,81132,41845,64842,96726,1399,48842,56647,173
PERx—14.1713.8514.4911.8712.3911.1913.1319.05106.0330.9222.89
BPSKRW—292,340315,862331,214355,878369,358403,163455,251449,109354,226586,058543,433
PBRx—1.621.561.311.191.091.271.241.112.842.251.99
Dividend per shareKRW—8,50010,00011,00014,00015,00020,00020,00015,00017,50020,000—
Payout ratio%—25.3628.1036.8639.0946.2743.8146.5557.39184.4446.99—

Consolidated basis

Profit flowKRW 100M

Revenue
165,879
Cost of sales
147,863
Gross profit
18,015
Operating income
12,319
SG&A expenses
5,696
Profit before tax
10,290
Non-operating expenses
2,030
Net income
7,702
Income tax expense
2,587

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
59,07964,82670,38172,25978,40684,99699,640120,979120,461147,923203,957
6,8868,1999,3258,51410,02214,12622,29828,66224,04171,96992,115
52,19456,62761,05763,74568,38470,87077,34292,31796,42075,954111,842

Income statement

20152016201720182019202020212022202320242025
47,71458,47565,96768,83366,94875,81999,768112,19497,045120,529165,879
6,7227,6478,9487,6478,0538,97410,9619,1926,5997,23512,319
6,8458,0179,2577,6878,7248,12411,3918,8157,2812,92510,290
5,1405,9466,3405,3486,3865,7488,1117,9835,3341,9487,702
Basic earnings per shareKRW28,82033,51935,59129,84135,81132,41845,64842,96726,1399,48842,566
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
5,5275,8836,0154,4856,5965,0399,0767,3354,6003,9408,822

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement5,1405,9466,3405,3486,3865,7488,1117,9835,3341,9487,702
Total adjustments to operating cash flowcomputed4,3098611,6283,535540-1,183-2,042-1362,8753,210-13,985
9,4496,8077,9688,8836,9274,5656,0697,847*8,2095,158-6,282
-6,508-4,590-3,237-6,497-4,739-5,476-5,777-17,968*-6,225-13,550-4,411
-2,363-1,565-1,725-1,829-1,909-1,7141712,963-3,15610,98136,747
Cash at beginning of periodKRW 100M1,7542,3953,0935,9696,5616,8954,2564,6657,8106,7688,938
2,3953,0935,9696,5616,8954,2564,6657,8106,7688,93834,511
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable3,006556279-2,6253082,842Not applicableNot 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 2026.06.01.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 52삼일회계법인2025-12-31
2024적정의견Term 51삼일회계법인2025-12-31
2023적정의견Term 50삼일회계법인2025-12-31
2022적정의견Term 49삼정회계법인2022-12-31
2021적정의견Term 48삼정회계법인2022-12-31
2020적정의견Term 47삼정회계법인2022-12-31
2019적정의견Term 46삼정회계법인2019-12-31
2018적정의견Term 45삼정회계법인2019-12-31
2017적정의견Term 44삼정회계법인2019-12-31
2016적정의견Term 43삼정회계법인2016-12-31
2015적정의견Term 42삼정회계법인2016-12-31
2014적정의견Term 41삼정회계법인2016-12-31

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.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

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 5Y0.57
%
%
Cost of equity7.24%
Weighted average cost of capital—
Initial growth3.8%
Effective tax rate25.1%
Base fiscal year2025
Current priceKRW1,063,000

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 model389,096-63.4%
Dividend discount model DDM405,279-61.9%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE432,523-59.3%
Residual income model RIM567,391-46.6%
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% + 0.57 × 5.00% = 7.24%

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(7.09% × (1 − 46.99%), 0) = 3.76%

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

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 20,000 × (1 + 2.00%) / (7.24% − 2.00%) = 20,400 / 0.0524 = 389,096 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 20,000, g_1 = 3.76%, g_T = 2.00%, r = 7.24%

YearGrowthDividend KRWDiscount factorPresent value KRW
13.76%20,7510.932519,350
23.32%21,4400.869518,642
32.88%22,0570.810817,883
42.44%22,5950.756017,082
52.00%23,0470.704916,247
Terminal value2.00%448,3680.7049316,076
Total405,279

P_0 = 405,279 KRW

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 = 586,058 KRW, ROE = 7.09%, payout ratio = 46.99%, r = 7.24%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1586,05841,52642,448-9210.9325-859
2608,07243,08644,042-9560.8695-831
3630,91444,70545,697-9920.8108-804
4654,61446,38447,413-1,0290.7560-778
5679,20448,12749,194-1,0680.7049-753
Terminal value-20,7700.7049-14,642

P_0 = 586,058 + -4,025 + -14,642 = 567,391 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = -6,282.1 − 8,895.8 + 19,161.5 (net borrowing) = 3,983.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.76%4,133.20.93253,854.1
23.32%4,270.30.86953,713.0
32.88%4,393.20.81083,561.9
42.44%4,500.40.75603,402.3
52.00%4,590.40.70493,236.0
Terminal value2.00%89,305.30.704962,955.6
Total80,722.8

P_0 = 80,722.8 KRW hundred million ÷ 18,663,253 (shares) = 432,523 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