014620KOSDAQ

Sung Kwang Bend

28,700

-700 (-2.38%)

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

Sung Kwang Bend was established in 1980 and is headquartered in Busan. The company is listed on the KOSDAQ market and operates with Hwajin PF as a consolidated subsidiary.

The company manufactures and distributes metal pipe fittings used in petrochemical, shipbuilding, offshore, and power plants. Its primary products include welded pipe fittings such as elbows, which are supplied to various industrial plant sectors.

Business overview as filed

지배회사인 당사와 연결 종속회사인 (주)화진피에프는 당기말 현재 관이음쇠 제조업을 주 업종으로 동일한 사업을 영위하고 있습니다. 아래 사업의 내용은 연결실체의업종이 동일하여 하나의 사업부문으로 구성하였습니다.

가. 사업의 현황(1) 산업의 특성

관이음쇠란 석유ㆍ화학 플랜트, 조선ㆍ해양플랜트, 발전플랜트 등에서 증기, 물, 기름, 공기 등의 배관에 사용되는 배관재로 배관의 방향을 바꾸거나 관경을 변화시킬 때, 주 배관에서 분기하여 배관을 할 때 이용되며, 철판 또는 파이프를 이용 제작하거나 단조판으로 조형물을 기계가공하여 제작하는 것입니다.각종 배관자재 및 철강관이음쇠를 제조하는 산업은 국가기간산업인 조선업, 석유ㆍ화학 플랜트 사업, 원자력공사 등 국가산업의 발전과 연관된 업종으로 국가기간산업과 국내외의 설비산업의 경기변동에 따라 매출규모가 크게 변동하는 특성을 가지고 있습니다. 또한 이 산업은 주문에 의한 생산과 판매가 이루어지는 산업이기 때문에 수요 예측이 곤란하여 시장규모를 비교ㆍ분석하는데 어려움이 있습니다.

(2) 산업의 성장성

철강관이음쇠 산업은 80년 이전의 경우 탄소강 중심의 배관용 자재였으나, 지속적인 소재산업의 발달과 기술개발에 힘입어 수입에 의존하던 품목을 국내기술로 생산, 공급하게 되었습니다. 또한, 국가기간 산업에 있어 철강관이음쇠 부분을 자체 생산 조달하여 외화획득에 크게 기여하고 있고 그 시장이 점차 확대되어 왔습니다. 해외시장또한 국내 건설업체의 현지 공사시 수입에 의존하던 철강관이음쇠를 국내 업체에서 생산하는 제품으로 대체함으로써 철강관이음쇠 산업의 시장이 점차 확대되어 가고 있습니다.석유ㆍ화학플랜트 부문은 코로나 대유행의 3년여을 거치는 동안 글로벌 인플레이션과 긴축, 금리인상 등으로 예정되었던 프로젝트들이 연기 및 취소등이 있었으나 최근 2년동안 고유가의 장기화 및 환경관련 영향 등으로 국가 재정이 양호해진 산유국들이 석유화학 및 LNG관련 가스프로젝트를 발주함으로써 플랜트 시장의 회복기로 들어서고 있습니다.국내에서도 LNG관련시설 및 LNG발전소등에 투자가 이루어지고 있습니다.조선ㆍ해양플랜트 부문은 글로벌 물동량이 증가하는 가운데 방역 강화, 물류 업종 인력이탈, 항만 운영 차질과 맞물리며 운임지수 강세가 나타났고 대규모 신조선 수요로 연결되었습니다. 역대 최대 규모의 LNG운반선 및 컨테이너선 신규 발주 물량으로 국내 대형 조선소들은 최소 3년치의 일감을 보유중인 상황으로 파악되고 있습니다.발전플랜트 부문은 각 국가마다 전력 수급을 계획, 통제하며 장기 개발계획을 수립하여 추진되고 있습니다. 글로벌 에너지의 트렌드는 '탄소 중립 달성'과 '에너지 안보 강화'입니다. 글로벌 흐름에 따라 정부는 원자력발전과 신재생에너지 발전 간의 비중이 향후 국내 장기 전력 수요전망과 경제 발전에 효율적인 방안으로 추진하는 것을 국책 과제로 삼아 추진하고 있고, 세계적인 흐름도 신규 원전 사업에 우호적인 흐름으로 추진되고 있습니다. 이전 정부에서 탈원전 정책으로 원전 생태계가 거의 붕괴상태 지경까지 갔었지만 팀코리아가 아프리카에서 13년만에 처음으로 이룬 이집트 원전 수주와 한국수력원자력이 올해 6월에 체코 두코바니 원전 2기 수주를 확정하였습니다. 신한올 3,4호기는 작년 4분기에 발주됨으로 인해서, 발전플랜트 부분의 수주와 매출도 예전과 같은 여건을 갖추어 나가는 중입니다. 세계적으로 환경문제 등의 대두로 청정에너지인 LNG에 대한 수요가 증가하고 있습니다. 미국은 셰일혁명으로 인해 막대한 천연가스 매장량을 바탕으로 새로운 에너지 패권국으로 부상하려고 하고 있습니다. 이를 수출 함으로써 경제적 이익과 일자리를 창출하고, 미국의 무역적자를 메우는데 큰 이점이 있습니다. 트럼프2기 정부가 시작되면서 새로운 LNG 프로젝트들이 승인되고 있는 중입니다.또한, 중동 및 아시아 지역에서 해외건설 수주 재개 움직임 및 일부 지역의 설비 교체수요 등 각국의 상황 및 재정, 통화정책에 따라 발주 및 프로젝트의 변수가 있을 수 있습니다. 이와 같은 설비투자계획에 따라 철강관이음쇠 산업도 영향을 받을 수 있습니다.

2025년 기말 당사의 연결매출액은 2,457억원으로 전년동기대비 7.9% 증가하였으며 당사의 제품 및 상품매출으로서 용접용 관이음쇠(elbow외) 매출이 98.68%, 부산물매출 및 기타매출이 1.32%입니다.

Company overview

1. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

해당사항 없음

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "주식회사 성광벤드"이며, 영문으로는 SUNG KWANG BEND CO.,LTD.약호는 SKB라 표기합니다.

다. 설립일자

당사는 금속관이음쇠의 제조 및 판매 등을 주요영업으로 영위할 목적으로 1980년 2월 23일에 설립되었습니다. 또한 2001년 1월 9일 한국거래소에 발행주식이 상장승인되어 2001년 1월 11일부터 KRX코스닥 시장에서 매매가 이루어지고 있습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

◎ 주 소 : 부산광역시 강서구 녹산산단262로 26(송정동)◎ 전화번호 : 051-3300-200◎ 홈페이지 : http://www.skbend.com

마. 중소기업 등 해당 여부

당사는 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

바. 주요사업의 내용

당사가 영위하는 목적사업으로는 관 이음쇠의 제조 및 판매업, 수출품 제조업, 부동산 임대업, 기계제조 및 판매업, 태양광 발전에 의한 전기 생산 및 판매업 등이 있습니다.철강관이음쇠 산업은 과거 탄소강 중심의 배관용 자재였으나 지속적인 소재산업의 발달에 힘입어 수입에 의존하던 품목을 국내기술로 생산, 공급하게 되었으며, 2003년도 부터 동일 업종을 영위하는 화진피에프를 연결대상 종속회사로 보유중입니다.

[부문별 주요제품]

연결기준입니다.

당사가 영위하는 목적사업

종속회사가 영위하는 목적사업

⇒ 기타 상세한 내용은 동 공시서류의 Ⅱ.

사. 계열회사(종속회사)에 관한 사항

당사는 사업보고서 제출일 현재, (주)화진피에프(비상장) 1개사를 종속회사로 가지고있습니다. (주)화진피에프(비상장)는 금속관이음쇠의 제조 및 판매업을 주요영업으로 하고 있습니다. 현물출자(64.43%)와 현금취득(35.57%)으로 사업보고서 제출일 현재 지분을 100.00% 소유하고 있습니다.

아. 신용평가에 관한 사항

신용평가전문기관의 신용등급체계

- 'AA'부터 'CCC'까지는 등급내 우열에 따라 '+' 또는 '-'를 부가함

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

4.24%

[2.88%, 6.68%] · 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 52.5% (2026-08-21). 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

0.56

Beta [0.42, 0.71] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.004%[-0.495%, +0.503%]
R squared: 0.20
Observations: 252
Trading-time corrected beta: 0.62[0.37, 0.88]

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 KOSDAQ150 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.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	2,499	2,031	1,457	1,699	2,024	1,808	1,369	2,440	2,547	2,277	2,457	2,471
Revenue growth%	—	-18.74	-28.22	16.58	19.10	-10.68	-24.25	78.22	4.37	-10.60	7.90	—
Operating incomeKRW 100M	228	29	-186	-145	70	11	-81	268	448	420	420	370
Operating income growth%	—	-87.28	-744.16	—	—	-84.01	-822.24	—	67.54	-6.35	-0.08	—
Net incomeKRW 100M	195	46	-163	-83	62	-14	-12	392	392	410	344	368
Net income growth%	—	-76.55	-457.74	—	—	-122.54	—	—	-0.19	4.69	-16.03	—
Attributable to ownersKRW 100M	195	46	-163	-83	62	-14	-12	392	392	410	344	368
Attributable to minoritiesKRW 100M	0	0	0	0	0	0	0	0	0	—	0	0
Operating margin%	9.11	1.43	-12.79	-8.54	3.45	0.62	-5.88	10.97	17.60	18.44	17.08	14.98
Net margin%	7.79	2.25	-11.20	-4.90	3.05	-0.77	-0.89	16.08	15.38	18.01	14.02	14.89
ROE%	4.18	0.97	-3.62	-1.91	1.40	-0.32	-0.28	8.32	7.75	7.91	6.27	6.55
ROA%	3.56	0.86	-3.25	-1.67	1.23	-0.28	-0.25	7.45	7.11	7.28	5.83	6.13
Debt ratio%	17.24	13.46	11.57	14.61	14.29	12.90	13.66	11.74	9.03	8.55	7.42	6.80
Current ratio%	467.88	635.19	617.37	761.32	1,026.39	1,266.83	488.00	634.95	824.40	889.71	1,114.75	1,230.82
Quick ratio%	211.52	338.33	342.43	363.27	482.11	518.80	191.41	295.93	443.58	454.79	612.72	699.63
Reserve ratio%	—	3,272.01	3,144.26	3,047.41	3,066.65	3,052.02	3,033.17	3,293.77	3,529.25	3,702.04	3,783.82	3,871.46
Free cash flowKRW 100M	58	386	102	-286	130	-133	45	205	329	256	334	—
FCF margin%	2.34	19.02	7.00	-16.84	6.43	-7.37	3.30	8.39	12.91	11.23	13.60	—
OCF conversion%	164.61	850.62	—	—	258.56	—	—	54.59	90.75	69.51	110.01	—
Capex to revenue%	10.48	0.09	0.31	3.51	1.45	7.68	2.39	0.39	1.05	1.29	1.82	—
Receivable daysdays	—	125.8	140.3	111.8	91.9	94.4	107.8	58.4	64.9	76.5	68.6	—
Inventory daysdays	—	293.8	308.5	276.9	280.5	310.2	400.2	279.6	288.0	348.2	345.8	—
Payable daysdays	—	50.6	52.8	52.4	52.6	46.8	55.2	44.6	48.1	55.1	51.1	—
Cash conversion cycledays	—	369.1	396.0	336.3	319.7	357.7	452.8	293.4	304.8	369.6	363.2	—
EPSKRW	696	163	-584	-298	221	-50	-44	1,405	1,402	1,494	1,297	1,386
PERx	—	54.36	—	—	46.83	—	—	9.43	8.67	15.56	19.85	20.13
BPSKRW	—	16,401	15,747	15,246	15,359	15,286	15,192	16,495	17,672	18,574	20,691	21,163
PBRx	—	0.54	0.63	0.75	0.67	0.48	0.53	0.80	0.69	1.25	1.24	1.32
Dividend per shareKRW	150	150	100	100	100	100	100	100	150	200	200	—
Payout ratio%	21.55	92.02	—	—	45.25	—	—	7.12	10.70	13.39	15.42	—

Consolidated basis

Profit flowKRW 100M

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

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	5,458	5,322	5,025	4,997	5,020	4,936	4,938	5,271	5,511	5,631	5,903
	2,709	2,719	2,468	2,407	2,433	2,234	2,232	2,734	2,939	3,104	3,312
Cash and cash equivalentsKRW 100M	387	591	375	344	430	328	348	746	755	636	558
InventoriesKRW 100M	1,484	1,271	1,099	1,259	1,290	1,319	1,357	1,460	1,357	1,517	1,491
Trade and other receivablesKRW 100M	777	624	497	543	475	460	349	432	473	481	442
	2,749	2,603	2,557	2,590	2,588	2,582	2,586	2,537	2,572	2,527	2,591
Property, plant and equipmentKRW 100M	2,678	2,523	2,496	2,524	2,535	2,514	2,514	2,496	2,487	2,477	2,480
Intangible assetsKRW 100M	7	8	7	7	7	6	6	6	6	6	20
	802	632	521	637	628	564	593	554	457	443	408
	579	428	400	316	237	176	457	431	356	349	297
Trade and other payablesKRW 100M	262	212	194	252	226	168	201	248	222	233	212
Short-term borrowingsKRW 100M	64	187	191	32	0	0	—	—	20	—	—
Current portion of long-term borrowingsKRW 100M	205	4	2	20	0	0	—	0	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	1	1	1	2	2	2	0
	223	204	121	321	391	388	136	123	100	95	111
Long-term borrowingsKRW 100M	5	2	0	180	200	200	0	0	—	—	—
	4,655	4,691	4,504	4,360	4,393	4,372	4,345	4,717	5,054	5,187	5,495
	4,655	4,691	4,504	4,360	4,393	4,372	4,345	4,717	5,054	5,187	5,495
Issued capitalKRW 100M	Not applicable	143	143	143	143	143	143	143	143	143	143
Capital surplusKRW 100M	40	40	40	40	40	40	40	40	40	40	40
Retained earningsKRW 100M	4,604	4,639	4,457	4,318	4,346	4,324	4,297	4,670	5,007	5,254	5,371
Treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	201	—
Accumulated other comprehensive incomeKRW 100M	—	—	—	-36	-36	-36	-36	-36	-36*	-13	-23
Other equityKRW 100M	-100	-92*	-100	-104	-100	-100	-100	-100	-100	—	0
Non-controlling interestsKRW 100M	0	0	0	0	0	0	0	0	0	Not applicable	0

당기법인세자산As filed	—	—	3	3	0	0	3	0	1	0	0
매각예정자산As filed	—	—	—	—	—	120	120	0	0	—	—
기타금융자산As filed	60	232	492	248	235	125	160	92	345	461	810
기타유동자산As filed	1	1	2	10	2	2	16	5	6	8	11
투자부동산As filed	15	15	15	15	14	21	20	14	14	14	14
이연법인세자산As filed	—	—	—	—	—	—	—	—	7	5	7
순확정급여자산As filed	—	—	—	—	—	—	—	—	14	0	57
기타유동부채As filed	14	15	13	12	5	6	55	33	—	27	22
당기법인세부채As filed	34	11	0	0	5	2	0	89	57	67	43
퇴직급여부채As filed	90	69	—	—	—	—	—	—	—	—	—
기타금융부채As filed	2	2	2	2	2	2	2	2	2	2	8
이연법인세부채As filed	126	130	60	33	53	56	32	61	86	65	68
납입자본As filed	—	143	—	—	—	—	—	—	—	—	—
유동성장기부채As filed	—	—	—	—	—	—	200	—	0	—	—
기타자본As filed	—	-100	—	—	—	—	—	—	—	—	—
기타충당부채As filed	—	—	—	—	—	—	—	59	22	0	0
연결자본조정As filed	-32	-32	-36	—	—	—	—	—	—	-36	-36
자본금As filed	143	—	—	—	—	—	—	—	—	—	—
자본및부채총계As filed	5,458	5,322	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	—	—	59	98	125	118	90	50	0	6	0
기타장기종업원급여As filed	—	—	—	8	10	11	12	10	12	—	34
부채 및 자본총계As filed	—	—	—	—	—	—	—	—	—	5,631	5,903
부채및자본총계As filed	—	—	5,025	4,997	5,020	4,936	4,938	5,271	5,511	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	20	20
기타 유동부채As filed	—	—	—	—	—	—	—	—	33	—	—
기타장기종업원급여부채As filed	—	—	—	—	—	—	—	—	—	21	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	2,499	2,031	1,457	1,699	2,024	1,808	1,369	2,440	2,547	2,277	2,457
Cost of salesKRW 100M	1,941	1,711	1,402	1,554	1,659	1,535	1,220	1,838	1,785	1,507	1,588
Gross profitKRW 100M	558	319	55	145	365	273	149	602	762	770	869
SG&A expensesKRW 100M	331	290	242	290	295	261	230	335	313	350	Not applicable
	228	29	-186	-145	70	11	-81	268	448	420	420
Finance incomeKRW 100M	5	7	11	10	9	5	4	10	35	45	33
Finance costsKRW 100M	12	3	0	5	9	4	3	1	1	1	0
Other incomeKRW 100M	69	71	14	46	46	28	44	280	49	76	27
Other expensesKRW 100M	25	43	82	9	18	50	4	47	26	24	32
	265	61	-243	-103	97	-9	-40	510	507	515	447
Income tax expenseKRW 100M	70	15	80	20	-36	-5	-27	118	115	105	102
	195	46	-163	-83	62	-14	-12	392	392	410	344
Attributable to ownersKRW 100M	195	46	-163	-83	62	-14	-12	392	392	410	344
Attributable to minoritiesKRW 100M	0	0	0	0	0	0	0	0	0	Not applicable	0
Basic earnings per shareKRW	696	163	-584	-298	221	-50	-44	1,405	1,402	1,494	1,297
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,494	1,297
	203	77	-141	-110	55	7	1	400	365	375	361
Other comprehensive incomeKRW 100M	9	32	22	-27	-7	20	13	8	-26	-35	16

비지배지분As filed	0	0	0	0	0	—	0	0	0	—	0
지배기업의 소유주As filed	—	—	—	-110	55	7	1	400	365	375	361
확정급여제도의 재측정요소As filed	9	32	22	-27	-7	20	13	8	-26	-23	27
지배기업의 소유주 지분As filed	203	77	-141	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	22	-27	-7	20	13	8	-26	-35	16
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	0	0	0	—	—	—	—
공정가치측정금융자산평가손익 증감As filed	—	—	—	—	—	—	—	—	—	-13	—
공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	—	-10
판매비와관리비As filed	—	—	—	—	—	—	—	—	—	—	449

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	195	46	-163	-83	62	-14	-12	392	392	410	344
Total adjustments to operating cash flowcomputed	126	342	270	-143	98	19	90	-178	-36	-125	34
	320	388	107	-227	159	6	78	214	355	285	379
Interest receivedKRW 100M	5	4	8	11	9	5	3	9	34	39	31
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Income taxes paidKRW 100M	82	45	15	-0	5	10	6	-2	123	105	128
	-265	-49	-254	179	-4	-66	-34	421	-340	-174	-403
Purchase of property, plant and equipmentKRW 100M	262	2	5	60	29	139	33	10	27	29	45
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	1	0	0	1	0	0	1	0	1
Purchase of intangible assetsKRW 100M	1	2	0	0	0	0	0	0	0	0	10
	-240	-129	-44	6	-64	-34	-34	-232	-11	-245	-49
Dividends paidKRW 100M	42	42	42	28	23	28	28	28	28	42	53
Acquisition of treasury sharesKRW 100M	26	0	0	—	—	—	—	—	—	200	0
Cash at beginning of periodKRW 100M	559	387	591	375	344	430	328	348	746	755	636
	387	591	375	344	430	328	348	746	755	636	558
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-25	11	-5	-7	10	-6	5	14	-4
Net change in cash and cash equivalentsKRW 100M	-185	209	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-133	Not applicable

당기순이익As filed	195	—	—	—	—	—	—	—	—	410	344
당기순이익(손실)As filed	—	46	-163	-83	62	-14	-12	392	392	—	—
영업에서 창출된 현금흐름As filed	—	—	114	-238	156	10	81	204	444	351	476
기타금융부채의 감소As filed	—	—	—	—	—	0	0	0	0	—	—
기타금융부채의 증가As filed	—	—	—	—	0	0	0	—	—	—	6
기타의금융부채의 감소As filed	—	—	—	—	—	—	—	—	—	0	—
현금의 유출입이 없는 수익,비용조정As filed	128	56	—	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	—	—	—	—	—	3	2
유동리스부채의 현금지급As filed	—	—	—	—	3	3	3	3	3	—	—
현금의 유출입이 없는 수익 · 비용 조정As filed	—	—	—	—	—	—	—	-18	148	—	—
현금의 유출입이 없는 수익ㆍ비용 조정As filed	—	—	33	20	111	91	24	—	—	—	—
단기차입금의 차입As filed	131	180	44	124	88	2	0	50	21	20	0
영업활동으로 인한 자산ㆍ부채의 변동As filed	—	—	244	-175	-17	-68	69	—	—	—	—
영업활동으로 인한 자산ㆍ부채의변동As filed	—	—	—	—	—	—	—	-171	-96	—	—
단기차입금의 상환As filed	197	58	38	67	120	2	0	50	1	20	0
배당금의 수취As filed	0	—	—	—	1	0	0	—	—	—	—
이자의 지급As filed	7	4	4	6	7	4	3	1	0	1	0
기타금융자산(유동)의 감소As filed	127	103	540	1,069	306	273	255	591	125	378	610
유동성장기부채의 상환As filed	134	205	4	17	-20	0	0	200	0	0	—
기타금융자산(유동)의 증가As filed	92	259	770	804	267	162	283	498	367	485	954
영업활동으로 인한 자산,부채의 변동As filed	74	328	—	—	—	—	—	—	—	—	—
기타금융자산(비유동)의 감소As filed	6	0	3	2	2	0	2	8	0	—	0
기타충당부채의 사용As filed	—	—	—	—	—	—	—	—	-37	22	0
기타금융자산(비유동)의 증가As filed	29	25	23	29	15	11	12	8	35	3	5
복구비의지출As filed	—	—	—	—	—	—	—	—	—	9	0
매각예정자산의 처분As filed	—	146	0	0	—	—	—	342	0	0	—
미지급금 등의 결제As filed	-17	-11	0	0	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	0	0	0	—	—	—	—
매각예정자산 계약금의 수취As filed	—	—	—	—	—	—	38	0	0	—	—
무형자산의 처분As filed	3	0	0	—	—	1	0	0	0	—	—
미지급금등의 결제As filed	—	—	—	—	-1	-29	-1	-4	—	—	—
정부보조금의 수취As filed	—	—	0	0	—	—	—	—	—	—	—
기타금융자산(비유동)의감소As filed	—	—	—	—	—	—	—	—	—	0	—
투자부동산의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
자산취득 미지급금의 결제As filed	—	—	—	—	—	—	—	—	—	3	0
국고보조금의 수취As filed	—	1	—	—	—	—	—	—	—	—	—
자산취득 미지급금등의 결제As filed	—	—	—	—	—	—	—	—	-1	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	-167	-28
종속기업주식의 추가 취득As filed	0	0	—	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	36	0	0	—	200	0	0	—	—	—	—
현금의 유출입이 없는 수익 비용 조정As filed	—	—	—	—	—	—	—	—	—	108	159
현금의 증가(감소)As filed	—	—	-192	-41	91	-95	10	404	4	—	—
장기차입금의 상환As filed	—	—	—	—	180	0	0	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-74
외화 현금및현금성자산의 환율변동효과As filed	13	-5	—	—	—	—	—	—	—	—	—

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.03.19.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 46	서현회계법인	2025-12-31
2024	적정의견Term 45	서현회계법인	2025-12-31
2023	적정의견Term 44	서현회계법인	2025-12-31
2022	연결,별도: 적정Term 43	삼덕회계법인	2022-12-31
2021	연결,별도: 적정Term 42	삼덕회계법인	2022-12-31
2020	연결,별도: 적정Term 41	삼덕회계법인	2022-12-31
2019	적정Term 40	안경회계법인	2019-12-31
2018	적정Term 39	안경회계법인	2019-12-31
2017	적정Term 38	안경회계법인	2019-12-31
2016	적정Term 37	한영회계법인	2016-12-31
2015	적정Term 36	한영회계법인	2016-12-31
2014	적정Term 35	한영회계법인	2016-12-31

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 5Y0.49

Equity risk premium%

Terminal growth%

Cost of equity6.84%

Weighted average cost of capital—

Initial growth5.3%

Effective tax rate22.9%

Base fiscal year2025

Current priceKRW28,700

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

Model	Model priceKRW	Versus current price
Gordon growth model	4,216	-85.3%
Dividend discount model DDM	4,550	-84.1%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	28,622	-0.3%
Residual income model RIM	17,945	-37.5%

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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.49 × 5.00% = 6.84%

Initial growth

g_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(6.27% × (1 − 15.42%), 0) = 5.30%

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

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 200 × (1 + 2.00%) / (6.84% − 2.00%) = 204 / 0.0484 = 4,216 KRW

Dividend discount model DDM

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 = 200, g_1 = 5.30%, g_T = 2.00%, r = 6.84%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	5.30%	211	0.9360	197
2	4.47%	220	0.8761	193
3	3.65%	228	0.8200	187
4	2.82%	234	0.7675	180
5	2.00%	239	0.7184	172
Terminal value	2.00%	5,042	0.7184	3,622
Total				4,550

P_0 = 4,550 KRW

Residual income model RIM

P_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 = 20,691 KRW, ROE = 6.27%, payout ratio = 15.42%, r = 6.84%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	20,691	1,297	1,415	-119	0.9360	-111
2	21,788	1,365	1,490	-125	0.8761	-109
3	22,942	1,438	1,569	-131	0.8200	-108
4	24,158	1,514	1,652	-138	0.7675	-106
5	25,439	1,594	1,740	-146	0.7184	-105
Terminal value				-3,072	0.7184	-2,207

P_0 = 20,691 + -539 + -2,207 = 17,945 KRW

Discounted cash flow FCFE

\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 = 378.8 − 44.7 + 0.0 (net borrowing) = 334.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	5.30%	351.8	0.9360	329.3
2	4.47%	367.5	0.8761	322.0
3	3.65%	380.9	0.8200	312.4
4	2.82%	391.7	0.7675	300.6
5	2.00%	399.5	0.7184	287.0
Terminal value	2.00%	8,421.7	0.7184	6,049.9
Total				7,601.2

P_0 = 7,601.2 KRW hundred million ÷ 26,557,364 (shares) = 28,622 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.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

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