023160KOSDAQ

T. K.

26,250

-450 (-1.69%)

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

T. K. was established in 1982 and is listed on the KOSDAQ market. The company operates as a corporate entity with subsidiaries including Foundry Seoul and HYTC.

The company manufactures and distributes various industrial piping materials and pipe fittings. Its business is conducted through strategic business units that provide different products and services.

Business overview as filed

- 당사는 1982년 8월 1일에 태광벤드공업주식회사로 설립되었으며, 1994년 9월 7일 기업공개를 실시하고 2001년 3월 지금의 상호로 변경하였습니다.영위하는 목적사업으로는 산업용 각종 배관자재, 관이음쇠류 제조, 판매업 등이며, 종속회사로는 파운드리서울(주)과 (주)에이치와이티씨를 두고 있습니다.당사와 종속회사는 서로 다른 사업과 용역을 제공하는 전략적 사업단위입니다. 각 사업은 서로 다른 제품과 서비스 등을 요구하고 있기 때문에 별도로 운영되고 있으며, 각 사업부문 현황 및 재무현황을 요약하면 아래와 같습니다.

Company overview

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

1-1. 연결대상회사의 변동내용 중소기업 등 해당 여부 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

5.17%

[3.45%, 7.57%] · 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 58.7% (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

0.53

Beta [0.39, 0.68] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.064%[-0.466%, +0.594%]
R squared: 0.15
Observations: 252
Trading-time corrected beta: 0.59[0.33, 0.86]

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

	2015Separate basis	2016Separate basis	2017Separate basis	2018Consolidated basis	2019Consolidated basis	2020Consolidated basis	2021Consolidated basis	2022Consolidated basis	2023Consolidated basis	2024Consolidated basis	2025Consolidated basis	TTMConsolidated basis
RevenueKRW 100M	2,745	2,448	1,842	1,586	1,898	1,884	1,851	2,497	3,121	2,668	2,970	3,280
Revenue growth%	—	-10.82	-24.77	—	19.61	-0.71	-1.73	34.89	24.96	-14.50	11.30	—
Operating incomeKRW 100M	179	37	45	40	29	-31	135	454	577	399	387	402
Operating income growth%	—	-79.51	22.70	—	-28.67	-208.28	—	235.16	27.29	-30.92	-2.85	—
Net incomeKRW 100M	159	79	-162	100	74	-50	185	368	581	461	655	1,397
Net income growth%	—	-50.06	-304.86	—	-26.12	-168.05	—	98.30	58.03	-20.66	42.05	—
Attributable to ownersKRW 100M	—	—	—	101	74	-50	152	358	551	449	639	1,249
Attributable to minoritiesKRW 100M	—	—	—	-0	-0	-0	33	10	31	12	16	148
Operating margin%	6.52	1.50	2.44	2.54	1.52	-1.65	7.31	18.16	18.50	14.94	13.04	12.27
Net margin%	5.78	3.24	-8.81	6.32	3.90	-2.68	10.02	14.73	18.63	17.29	22.06	42.57
ROE%	—	—	—	2.37	1.74	-1.19	3.49	7.45	10.42	7.93	10.23	17.67
ROA%	3.31	1.67	-3.57	2.18	1.55	-1.09	3.67	6.19	9.28	6.98	8.84	16.42
Debt ratio%	11.80	9.06	8.31	7.71	10.29	8.81	11.50	13.31	8.85	8.34	10.63	11.68
Current ratio%	854.18	1,123.79	959.79	1,325.62	968.95	899.49	816.51	595.88	892.22	895.10	787.69	950.86
Quick ratio%	454.73	669.57	550.05	722.77	401.04	442.74	391.21	347.70	526.75	538.16	499.70	684.85
Reserve ratio%	3,237.48	3,285.20	3,163.52	3,209.54	3,239.42	3,195.05	3,288.01	3,619.73	3,989.83	4,274.23	4,714.61	5,279.27
Free cash flowKRW 100M	—	—	—	—	-451	297	274	392	341	459	50	—
FCF margin%	—	—	—	—	-23.77	15.74	14.78	15.68	10.94	17.22	1.69	—
OCF conversion%	122.00	534.02	—	55.75	-410.44	—	222.41	125.89	93.47	128.43	29.56	—
Capex to revenue%	—	—	—	—	7.75	9.80	7.51	2.86	6.48	4.98	4.83	—
Receivable daysdays	—	162.8	184.2	—	157.5	133.7	111.0	95.5	81.3	88.8	85.4	—
Inventory daysdays	—	228.2	277.6	—	318.0	322.6	313.7	262.6	208.8	232.1	237.8	—
Payable daysdays	—	48.1	62.4	—	50.3	55.6	59.2	58.1	45.7	43.8	51.1	—
Cash conversion cycledays	—	342.9	399.4	—	425.1	400.6	365.5	300.0	244.3	277.0	272.1	—
EPSKRW	613	306	-627	388	286	-194	588	1,383	2,129	1,736	2,469	4,828
PERx	—	27.09	—	30.15	35.66	—	18.45	11.64	6.92	10.17	8.79	5.11
BPSKRW	—	—	—	16,001	16,153	15,904	16,458	18,117	19,954	21,360	23,569	27,316
PBRx	—	—	—	0.73	0.63	0.48	0.66	0.89	0.74	0.83	0.92	0.90
Dividend per shareKRW	100	50	50	75	100	50	100	170	170	250	535	—
Payout ratio%	16.31	16.34	—	19.33	34.97	—	17.01	12.29	7.98	14.40	21.67	—

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
	4,798	4,747	4,540	4,610	4,787	4,618	5,052	5,940	6,263	6,603	7,408
	3,201	3,099	2,753	2,768	2,835	2,621	2,346	3,127	3,035	3,088	4,152
Cash and cash equivalentsKRW 100M	360	627	488	555	130	548	421	472	309	321	356
Short-term financial instrumentsKRW 100M	—	—	266	123	200	72	67	288	357	335	203
InventoriesKRW 100M	1,497	1,253	1,175	1,259	1,661	1,331	1,222	1,302	1,243	1,232	1,518
Trade and other receivablesKRW 100M	1,146	1,037*	821	813*	824	556	570	736	653	645	745
	1,597	1,648	1,787	1,842	1,952	1,997	2,706	2,813	3,228	3,515	3,256
Property, plant and equipmentKRW 100M	1,432	1,393	1,375	1,583	1,677	1,764	1,635	1,637	1,774	1,832	1,886
Intangible assetsKRW 100M	11	11	11	11	13	13	427	418	409	Not applicable	Not applicable
	507	394	348	330	447	374	521	698	509	509	712
	375	276	287	209	293	291	287	525	340	345	527
Trade and other payablesKRW 100M	320	259*	287	208*	254	262	220	339	219	248	343
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	—	12	14
	132	119	62	121	154	82	234	173	169	163	185
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	—	16	19
	4,292	4,353	4,192	4,280	4,340	4,244	4,531	5,242	5,754	6,095	6,696
	Not applicable	Not applicable	Not applicable	4,240	4,281	4,215	4,361	4,801	5,288	5,660	6,246
Issued capitalKRW 100M	133	133	133	133	133	133	133	133	133	133	133
Capital surplusKRW 100M	344	344	344	344	344	344	344	443	443	443	273
Retained earningsKRW 100M	3,945	4,009	3,847	3,908	3,948	3,890	4,013	4,353	4,844	5,220	5,974
Accumulated other comprehensive incomeKRW 100M	-18	-20	-20	-33	-32	-39	-15	-15	-18	-14	-12
Other equityKRW 100M	214	212*	-112	-112	-112	-113	-113	-113	-113	-121	-121
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	40	59	29	169	441	466	434	450

기타금융자산As filed	195	178	—	—	—	—	—	—	—	—	—
당기법인세자산As filed	—	—	2	0	0	0	0	1	2	2	2
유동 당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	536	1,304
기타유동금융자산As filed	—	—	—	18	18	11	57	305	459	—	—
기타유동자산As filed	3	3	—	—	1	102	7	22	11	18	25
기타채권As filed	11	24	—	—	—	—	—	—	—	—	—
유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	18	18	11	57	305	—	—	—
장기금융상품As filed	—	—	392	3	7	9	8	58	8	—	—
장기매출채권 및 기타비유동채권As filed	—	—	9	6	44	40	62	112	148	—	—
최초인식시점 또는 그 이후에 지정된 유동 당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	459	—	—
기타비유동금융자산As filed	—	—	—	239	199	159	289	298	606	—	—
퇴직급여운용자산/퇴직연금운용자산As filed	—	—	—	—	—	—	—	1	9	—	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	75	76	66	53	38	—	—	—
장기기타금융자산As filed	—	—	—	—	—	—	—	—	—	57	90
무형자산As filed	—	—	—	—	—	—	—	—	—	402	319
비유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	165	123	92	236	260	—	—	—
기타비유동자산As filed	—	—	—	—	12	11	18	23	27	—	—
투자부동산As filed	—	—	—	—	—	—	268	266	247	245	243
비유동계약자산As filed	—	—	—	—	—	—	—	—	—	—	69
비유동 당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	794	524
퇴직급여부채As filed	—	—	6	40	67	36	24	—	—	—	—
기타포괄손익-공정가치 측정 비유동금융자산As filed	—	—	—	—	—	—	—	—	35	38	32
매출채권 및 기타비유동채권As filed	—	—	—	—	—	—	—	—	—	120	24
이연법인세부채As filed	107	105	56	65	57	13	52	56	54	54	127
기타유동부채As filed	13	12	—	—	12	19	19	78	—	—	—
최초인식시점 또는 그 이후에 지정된 비유동 당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	570	—	—
순확정급여자산As filed	—	—	—	—	—	—	—	—	—	—	38
기타유동금융부채As filed	—	—	—	—	4	—	18	19	20	10	57
사용권자산As filed	—	—	—	—	—	—	—	—	—	26	31
당기법인세부채As filed	42	4	—	1	22	11	30	89	80	45	88
자본과부채총계As filed	4,798	4,747	4,540	4,610	4,787	4,618	5,052	5,940	6,263	6,603	7,408
비유동충당부채As filed	—	—	—	16	23	27	23	33	35	36	38
기타비유동금융부채As filed	—	—	—	—	8	7	85	83	80	55	1
유동충당부채As filed	—	—	—	—	—	—	1	1	1	1	1
기타비유동부채As filed	—	—	—	—	—	—	0	1	—	—	—
퇴직급여채무As filed	25	14	—	—	—	—	—	—	—	—	—
납입자본As filed	133	133	—	—	—	—	—	—	—	—	—
기타자본As filed	-112	-112	—	—	—	—	—	—	—	—	—
장기매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	50	—	—	1	1
기타 유동부채As filed	—	—	—	—	—	—	—	—	21	29	17
유동계약부채As filed	—	—	—	—	—	—	—	—	—	—	8
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	1	—	—
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	1	0

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	2,745	2,448	1,842	1,586	1,898	1,884	1,851	2,497	3,121	2,668	2,970
Cost of salesKRW 100M	2,345	2,199	1,596	1,358	1,676	1,693	1,485	1,754	2,226	1,946	2,110
Gross profitKRW 100M	400	249	245	228	222	191	366	743	895	722	859
SG&A expensesKRW 100M	221	212	200	188	193	222	231	289	318	323	472
	179	37	45	40	29	-31	135	454	577	399	387
Finance incomeKRW 100M	73	105	40	128	111	43	92	140	177	253	631
Finance costsKRW 100M	31	40	126	28	22	90	15	128	55	75	71
Other incomeKRW 100M	21	28	10	14	21	10	12	24	16	7	27
Other expensesKRW 100M	29	28	186	23	42	8	4	21	9	6	113
	213	103	-216	131	97	-76	220	468	706	578	862
Income tax expenseKRW 100M	55	24	-54	30	23	-26	35	100	125	117	207
	159	79	-162	100	74	-50	185	368	581	461	655
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	101	74	-50	152	358	551	449	639
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	-0	-0	-0	33	10	31	12	16
Basic earnings per shareKRW	613	306	-627	388*	286	-194	588	1,383	2,129	1,736	2,469
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	162	87	-148	61	60	-40	193	376	562	440	740
Other comprehensive incomeKRW 100M	4	8	14	-39	-14	10	8	9	-19	-22	85

대손상각비(대손충당금환입)As filed	—	—	—	23	—	—	—	—	—	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	31	15	16
기타판매비와관리비As filed	—	—	—	165	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 세전기타포괄손익As filed	5	10	—	—	—	—	—	—	—	—	—
법인세비용차감전기타포괄손익, 확정급여제도의 재측정손익As filed	7	13	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목의 법인세As filed	-2	-3	—	—	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	532	425	724
당기손익으로 재분류되는 세전기타포괄손익As filed	-1	-2	—	—	—	—	—	—	—	—	—
매도가능금융자산As filed	-2	-3	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목(세전기타포괄손익)As filed	—	—	14	-39	-14	10	7	8	-19	-26	85
매도가능금융자산의 세전재측정이익(손실)As filed	-2	-3	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목의 법인세As filed	0	1	—	—	—	—	—	—	—	—	—
기본주당이익(손실)As filed	—	0	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세전기타포괄손익)As filed	—	—	18	-36	-20	23	2	8	-23	-36	18
당기손익으로 재분류되지 않는 항목과 관련된 법인세As filed	—	—	4	-12	-5	3	9	2	-4	—	—
당기손익으로 재분류될 수 있는 항목(세전기타포괄손익)As filed	—	—	-0	—	—	—	0	0	0	5	-1
매도가능금융자산평가손익(세전기타포괄손익)As filed	—	—	-0	—	—	—	—	—	—	—	—
지분상품에 대한 투자자산의 세전기타포괄손익As filed	—	—	—	—	1	-9	14	2	—	—	—
해외사업장환산외환차이(세전기타포괄이익)As filed	—	—	—	—	—	—	0	0	0	5	-1
당기손익으로 재분류될수 있는 항목과 관련된 법인세As filed	—	—	-0	—	—	—	—	—	—	—	—
기타포괄손익-공정가치로 측정되는 금융자산의 세전차손익As filed	—	—	—	—	—	—	—	—	0	—	—
이자율스왑 평가이익(세전기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	0	-0
자산재평가손익(세전기타포괄손익)As filed	—	—	—	-16	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익(세전기타포괄손익)As filed	—	—	—	—	—	—	0	-0	—	—	—
당기손익으로 재분류되지는 않을 기타포괄손익의 각 구성요소와 관련된 법인세As filed	—	—	—	—	—	—	—	—	—	-7	23
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	61	60	-40	160	365	—	—	—
총 포괄손익, 비지배지분As filed	—	—	—	-0	-0	-0	34	12	—	—	—
기타포괄손익-공정가치측정금융자산(세전기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	3	89

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	159	79	-162	100	74	-50	185	368	581	461	655
Total adjustments to operating cash flowcomputed	35	344	334	-44	-378	532	227	95	-38	131	-461
	194	423	171	56	-304	481	413	463	543	592	194
Interest receivedKRW 100M	9	12	14	24	16	10	5	9	41	51	39
Interest paidKRW 100M	0	1	1	1	1	0	2	2	3	0	1
Income taxes paidKRW 100M	23	65	6	6	6	32	19	40	136	145	113
	-55	-138	-291	-14	-118	-124	-464	-626	-631	-458	10
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	147	185	139	71	202	133	144
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	0	5	3	2	1	1	1
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	0	Not applicable	3	1	1	1	1	0	3
	-0	-26	-5	27	-3	69	-76	227	-75	-125	-167
Dividends paidKRW 100M	—	26	13	13	19	26	13	26	44	44	138
Acquisition of treasury sharesKRW 100M	0	—	—	—	—	—	—	—	12	18	0
Issue of sharesKRW 100M	-0	—	—	—	-0	—	—	360	-0	0	0
Cash at beginning of periodKRW 100M	219	360	627	488	555	130	548	421	472	309	321
	360	627	488	555	130	548	421	472	309	321	356
Effect of exchange rate changesKRW 100M	2	8	-14	-2	-0	-7	1	-14	-1	3	-2
Net change in cash and cash equivalentsKRW 100M	141	268	-140	67	-425	419	-127	51	-164	12	35

영업활동으로인한자산ㆍ부채의변동As filed	—	—	164	38	-313	503	428	493	—	—	—
배당금수취(영업)As filed	—	—	0	0	1	0	—	3	9	42	63
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	1	0	0
리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	16	18
임대보증금의 증가As filed	—	—	—	—	—	—	—	0	—	0	—
임차보증금의 감소As filed	—	—	26	7	0	2	6	4	0	—	—
금융리스부채의 지급As filed	—	—	—	—	3	5	13	11	13	—	—
기계장치의 처분As filed	0	—	4	0	—	—	—	—	—	—	—
주식선택권행사로 인한 현금유입As filed	—	—	—	—	—	—	—	—	4	0	0
장기대여금및수취채권의 처분As filed	—	—	—	—	—	20	0	11	1	—	—
차량운반구의 처분As filed	0	0	0	0	—	—	—	—	—	—	—
단기대여금및수취채권의 처분As filed	—	—	6	0	52	25	34	16	6	—	—
단기차입금의 증가As filed	—	—	—	—	—	100	60	-12	18	0	0
유동만기보유금융자산의 처분As filed	—	—	0	7	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	—	—	—	—	—	50	—	1	0
장기차입금의 증가As filed	—	—	—	—	—	—	—	-14	—	0	—
단기금융상품의 처분As filed	154	155	178	282	139	270	79	59	—	—	—
단기차입금의 상환As filed	—	—	—	—	—	—	100	10	18	0	0
사무용비품의 처분As filed	—	—	—	0	—	—	—	—	—	—	—
영업활동으로인한현금흐름As filed	208	476	—	—	—	—	—	—	—	—	—
유동성회생담보채무의 상환As filed	—	—	—	—	—	—	—	—	—	1	-1
배당금수취As filed	0	0	—	—	—	—	—	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	162	146	88	107	440	1,145	—	—
만기보유금융자산의 처분As filed	—	—	—	—	—	0	0	—	—	—	0
만기보유증권의 감소As filed	0	16	—	—	—	—	—	—	—	—	—
유동성회생무담보채무의 상환As filed	—	—	—	—	—	—	—	—	—	8	-9
장기금융상품의 처분As filed	7	2	—	1	—	—	—	—	—	—	—
현금의기타유입(유출)As filed	—	—	0	2	-0	-11	-0	1	-10	—	—
매도가능금융자산의 처분As filed	—	—	100	—	—	—	—	—	—	—	—
보증금의 감소As filed	30	20	—	—	—	—	—	—	—	1	1
비유동회생담보채무의 상환As filed	—	—	—	—	—	—	—	—	—	0	0
매도가능증권의 처분As filed	50	35	—	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	10	5	—	0	3	8	4	—	—
건물의 취득As filed	0	0	21	—	—	—	—	—	—	—	—
단기대여금의 처분As filed	8	12	—	—	—	—	—	—	—	—	—
지배력을 상실하지 않는 종속기업에 대한 소유지분의 변동으로 인한 지급As filed	—	—	—	—	—	—	—	—	—	37	0
대여금의 증가As filed	—	—	0	50	2	8	3	—	—	10	3
공구와기구의 처분As filed	0	—	—	—	—	—	—	—	—	—	—
미지급금의 증가As filed	0	0	—	—	—	—	—	—	—	0	0
장기금융상품의 취득As filed	—	—	22	15	3	3	2	50	—	—	—
기계장치의 취득As filed	18	6	25	11	—	—	—	—	—	—	—
보증금의 증가As filed	21	33	—	—	—	—	—	—	—	3	10
장기대여금및수취채권의 취득As filed	—	—	—	—	20	—	1	—	3	—	—
투자부동산의 취득As filed	—	—	—	—	—	—	34	—	—	0	—
만기보유금융자산의 취득As filed	—	—	0	0	0	0	—	—	—	—	—
장기금융상품의 증가As filed	17	29	—	—	—	—	—	—	—	—	—
차량운반구의 취득As filed	—	1	0	1	—	—	—	—	—	—	—
토지의 취득As filed	—	—	—	226	—	—	—	—	—	—	—
매도가능증권의 취득As filed	61	83	—	—	—	—	—	—	—	—	—
사무용비품의 취득As filed	—	—	0	0	—	—	—	—	—	—	—
건설중인자산의 취득As filed	22	9	0	20	—	—	—	—	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	6	62	53	251	729	1,491	—	—
만기보유증권의 취득As filed	0	0	—	—	—	—	—	—	—	—	—
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	—	—	30	270	—	—	—	—
기타유형자산의 취득As filed	—	—	1	0	—	—	—	—	—	—	—
단기금융상품의 취득As filed	141	152	265	141	217	145	69	285	—	—	—
단기대여금의 증가As filed	7	64	—	—	—	—	—	—	—	—	—
대여금의 감소As filed	—	—	—	—	—	—	—	—	—	7	4
파생상품의 취득As filed	4	—	—	—	—	—	—	—	—	—	—
단기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	8	2	—	—
금융상품의 처분As filed	—	—	—	—	—	—	—	—	292	—	—
매도가능금융자산의 취득As filed	—	—	260	—	—	—	—	—	—	—	—
공구와기구의 취득As filed	3	0	—	—	—	—	—	—	—	—	—
구축물의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
금융상품의 취득As filed	—	—	—	—	—	—	—	—	385	—	—
비품의 취득As filed	4	0	—	—	—	—	—	—	—	—	—
당기손익-공정가치금융자산의처분 - 투자활동As filed	—	—	—	—	—	—	—	—	—	1,435	1,406
정부보조금의 수취As filed	—	—	8	—	—	—	—	—	13	3	2
제3자에 대한 선급금 및 대여금As filed	—	—	—	—	—	100	—	—	—	—	—
연결자본거래로 인한 현금유입As filed	—	—	—	40	20	—	—	—	—	—	—
컴퓨터소프트웨어의 취득As filed	—	0	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	139	259	-125	69	-425	426	-128	65	-163	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	—	95
미지급금의 감소As filed	5	0	—	—	—	—	—	—	—	—	—
상각후원가측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금지급As filed	—	—	—	—	—	—	—	—	46	0	—
기타금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	386	527
선물계약, 선도계약, 옵션계약 및 스왑계약에 따른 현금유출As filed	—	—	—	—	—	—	—	6	—	—	—
당기손익-공정가치금융자산의취득 - 투자활동As filed	—	—	—	—	—	—	—	—	—	1,779	1,441
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금수취As filed	—	—	—	—	—	—	—	—	44	0	—
종속기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	6	0
기타금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	358	427
금융리스채권의 감소As filed	—	—	—	—	—	—	—	—	—	0	—
미지급급의 감소As filed	—	—	—	—	—	—	—	—	—	0	0
사업결합으로인한 현금의증가As filed	—	—	—	—	—	—	81	—	—	—	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금지급, 투자활동As filed	—	—	—	—	—	—	—	—	—	—	0
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	631	—	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금수취, 투자활동As filed	—	—	—	—	—	—	—	—	—	—	0
무형자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	1
다른 기업의 지분상품이나 채무상품의 처분에 따른 기타현금유입As filed	—	—	—	—	—	—	—	—	—	0	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	645	206

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 2026.03.20.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 44	성현회계법인	2025-12-31
2024	적정의견Term 43	성현회계법인	2025-12-31
2023	적정의견Term 42	성현회계법인	2025-12-31
2022	적정Term 41	한울회계법인	2022-12-31
2021	적정Term 40	한울회계법인	2022-12-31
2020	적정Term 39	한울회계법인	2022-12-31
2019	적정Term 38	성도이현회계법인	2019-12-31
2018	적정Term 37	성도회계법인	2019-12-31
2017	적정Term 36	성도회계법인	2019-12-31
2016	적정Term 35	성도회계법인	2016-12-31
2015	적정Term 34	성도회계법인	2016-12-31
2014	적정Term 33	성도회계법인	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 5Y0.46

Equity risk premium%

Terminal growth%

Cost of equity6.71%

Weighted average cost of capital—

Initial growth8.0%

Effective tax rate24.0%

Base fiscal year2025

Current priceKRW26,250

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	11,590	-55.8%
Dividend discount model DDM	13,307	-49.3%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	4,707	-82.1%
Residual income model RIM	45,224	+72.3%

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% + 0.46 × 5.00% = 6.71%

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(10.23% × (1 − 21.67%), 0) = 8.01%

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 = 535 × (1 + 2.00%) / (6.71% − 2.00%) = 546 / 0.0471 = 11,590 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 = 535, g_1 = 8.01%, g_T = 2.00%, r = 6.71%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	8.01%	578	0.9371	542
2	6.51%	615	0.8782	541
3	5.01%	646	0.8230	532
4	3.50%	669	0.7713	516
5	2.00%	682	0.7228	493
Terminal value	2.00%	14,781	0.7228	10,684
Total				13,307

P_0 = 13,307 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 = 23,569 KRW, ROE = 10.23%, payout ratio = 21.67%, r = 6.71%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	23,569	2,410	1,581	829	0.9371	777
2	25,457	2,603	1,708	896	0.8782	787
3	27,496	2,812	1,845	967	0.8230	796
4	29,699	3,037	1,992	1,045	0.7713	806
5	32,078	3,280	2,152	1,129	0.7228	816
Terminal value				24,451	0.7228	17,673

P_0 = 23,569 + 3,982 + 17,673 = 45,224 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 = 193.7 − 143.5 + 0.0 (net borrowing) = 50.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	8.01%	54.2	0.9371	50.8
2	6.51%	57.7	0.8782	50.7
3	5.01%	60.6	0.8230	49.9
4	3.50%	62.7	0.7713	48.4
5	2.00%	64.0	0.7228	46.2
Terminal value	2.00%	1,385.7	0.7228	1,001.6
Total				1,247.5

P_0 = 1,247.5 KRW hundred million ÷ 26,500,000 (shares) = 4,707 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.

Price chart