031330KOSDAQ

SAMT

8,570

-30 (-0.35%)

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

SAMT was established in 1990 and is listed on the KOSDAQ market. Headquartered in Seoul, the company operates as a global distribution entity with a group structure consisting of 15 affiliates.

The company operates a single business segment specializing in the distribution of electronic components. It supplies memory, OLED panels, system semiconductors, and digital modules from partners such as Samsung Electronics to domestic large corporations and venture companies.

Business overview as filed

가. 회사의 현황

(1) 영업개황 회사는 1990년 6월에 설립된 IT 마케팅 전문 기업으로서 삼성전자, 삼성전기, 삼성SDI, 삼성디스플레이 등 세계 일류 IT 기업들과 안정적인 공급계약을 체결하고, 스마트폰 및 스마트 TV, Tablet PC와 같은 IT 제품에 필요한 Memory, OLED 패널, 시스템반도체, Digital Module 제품 등을 판매하고 있습니다. 회사의 주요 거래선들은 휴대폰, OLED Monitor, TV 및 그 중요 부품 등 다양한 IT 제품을 생산하는 국내 대기업군 및 벤처 기업들로, 최근 급변하는 글로벌 트랜드와 기술 경쟁에 적절하게 대처하지 못할 경우 시장에서 도태될 위험 가능성이 항상 존재하고 있습니다. 따라서 회사는 적절한 재고관리 및 채권관리를 통하여 발생 가능한 위험을 극소화 시키며, 항상 새로운 비즈니스 모델 발굴에 최선을 다하는 자세로 임하고 있습니다.(2) 공시대상 사업부문의 구분회사는 전자부품 유통업이 주사업목적인 단일 영업부문으로 구성되어 있습니다. 이에 영업부문별 정보를 공시하지 아니하고 있습니다. 다만, 주사업목적외 기타수익(임대수익 등)이 추가로 발생하고 있으며, 그 현황은 아래와 같습니다.

(3) 조직도

[2-1사업의개요]_조직도_20251231.jpg [2-1사업의개요]_조직도_20251231

(4) 시장점유율전자부품 유통시장은 수많은 기업들이 다양한 판로를 가지고 많은 종류의 제품들을 취급하고 있기 때문에 정확한 시장점유율을 측정하거나 이를 공식적으로 발표 있는 기관도 없는 상황입니다.다만 회사를 포함한 3개의 삼성전자 국내 대리점의 매출액을 단순 비교만으로 보았을 때 회사의 시장점유율은 약 71% 수준으로 추정되며 해외사업의 경우 시장점유율에 대해 추정하기 어려운 상황입니다. (5) 신규사업 등의 내용 및 전망회사는 IT 기술 발전과 시대 트렌드에 부응하기 위하여 CIS, Automotive Memory, AI 반도체 등과 같은 제품 판매에 공격적인 마케팅 전략을 고수하고 있으며, 지속적인 신규 아이템 발굴 및 해외 시장 개척을 통해 외형적 성장 및 수익성 향상을 모색하고 있습니다.

Company overview

가. 회사의 법적, 상업적 명칭당사의 명칭은 주식회사 에스에이엠티로 표기하며, 영문으로는 SAMT Co.,LTD.로 표기합니다. 단, 약식으로 표기할 경우에는 (주)에스에이엠티 라고 표기합니다.

나. 설립일자

당사는 1990년 6월 27일에 주식회사 삼테크로 설립되었으며, 2000년 5월 코스닥시장에 발행주식을 상장하여 코스닥시장에서 매매가 개시되었습니다.

다. 본사의 주소, 전화번호 및 홈페이지

주소 : 서울특별시 강남구 영동대로 315전화번호 : 02-3458-9000홈페이지 : www.isamt.com

라. 주요사업의 내용

사업 부문별 자세한 사항은 Ⅱ.

당사는 본사를 거점으로 한국과 해외 5개 지역의 전자부품 유통의 단일사업부문을 가진 글로벌 유통 기업입니다. 전자부품유통 부문의 판매상품은 다음과 같습니다.

마. 연결대상 종속회사 현황(요약)

바. 연결대상회사의 변동내용

사. 중소기업 등 해당 여부

당사는 「중견기업 성장 촉진 및 경쟁력 강화에 관한 특별법」제2조 제1호에 의하여중견기업에 해당합니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

자. 계열회사 및 관계회사에 관한 사항당기말 기준 당사의 계열회사는 당사를 포함하여 총 15개입니다.

독점규제 및 공정거래에 관한 법률 제2조에 따른 계열회사(외국법령에 따라 설립된 외국기업을 포함)를 기재하였으므로, 조합형 펀드 및 벤쳐기업은 계열회사에 포함시키지 않았습니다.

차. 신용평가에 관한 사항

한국평가데이터 기업신용등급 정의는 다음과 같습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.17), 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

6.48%

[4.15%, 10.11%] · 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 60.0% (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

0.74

Beta [0.52, 0.96] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.474%[-0.215%, +1.162%]
R squared: 0.20
Observations: 252
Trading-time corrected beta: 0.63[0.17, 1.10]

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	10,593	10,635	12,120	11,760	12,138	12,405	22,320	25,444	21,451	28,895	37,566	64,501
Revenue growth%	—	0.39	13.97	-2.97	3.22	2.19	79.93	14.00	-15.69	34.70	30.01	—
Operating incomeKRW 100M	368	285	342	339	337	341	845	788	535	674	1,139	5,471
Operating income growth%	—	-22.54	19.82	-0.95	-0.47	1.30	147.39	-6.75	-32.02	25.83	69.07	—
Net incomeKRW 100M	338	386	295	319	376	434	601	578	329	544	758	3,964
Net income growth%	—	14.39	-23.77	8.11	18.03	15.35	38.69	-3.91	-43.00	65.03	39.49	—
Attributable to owners	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minorities	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Operating margin%	3.48	2.68	2.82	2.88	2.78	2.75	3.78	3.10	2.50	2.33	3.03	8.48
Net margin%	3.19	3.63	2.43	2.71	3.10	3.50	2.69	2.27	1.54	1.88	2.02	6.15
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	13.88	13.69	10.32	9.91	13.16	12.52	10.72	8.21	4.90	6.53	5.51	17.06
Debt ratio%	130.82	66.28	48.38	50.14	19.90	36.01	79.79	94.85	78.08	93.46	183.14	178.92
Current ratio%	123.97	175.50	210.16	207.88	363.19	262.80	209.48	181.39	195.72	183.30	143.54	148.83
Quick ratio%	79.69	96.07	134.11	100.93	258.12	166.63	128.52	98.58	120.68	100.30	65.39	57.32
Reserve ratio%	—	229.98	267.90	309.74	358.96	417.61	506.40	584.49	606.84	673.26	785.65	1,434.97
Free cash flowKRW 100M	221	134	175	-96	455	113	1,812	-42	1,358	-1,393	-1,206	—
FCF margin%	2.09	1.26	1.45	-0.82	3.75	0.91	8.12	-0.17	6.33	-4.82	-3.21	—
OCF conversion%	66.07	34.89	62.83	-27.20	121.93	30.05	305.68	51.47	427.29	-255.88	-158.59	—
Capex to revenue%	0.02	0.01	0.08	0.08	0.03	0.14	0.12	1.34	0.23	0.01	0.01	—
Receivable daysdays	—	35.5	32.1	32.1	31.5	35.6	33.3	39.7	46.7	36.9	35.3	—
Inventory daysdays	—	26.6	24.5	29.3	25.4	20.7	24.1	35.4	43.6	35.5	51.4	—
Payable daysdays	—	21.8	18.4	18.3	11.9	12.4	13.0	16.5	27.3	18.5	25.0	—
Cash conversion cycledays	—	40.2	38.1	43.1	45.0	43.9	44.4	58.6	62.9	54.0	61.6	—
EPSKRW	—	—	—	—	—	—	—	—	—	556	777	—
PERx	—	—	—	—	—	—	—	—	—	4.69	5.34	—
BPSKRW	—	1,698	1,925	2,142	2,383	2,546	3,121	3,611	3,773	4,306	4,861	8,333
PBRx	—	1.04	1.02	0.77	0.92	0.95	1.42	0.74	0.73	0.60	0.85	1.48
Dividend per shareKRW	—	100	110	130	140	150	200	230	200	200	230	—
Payout ratio%	—	—	—	—	—	—	—	—	—	35.97	29.60	—

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
	2,434	2,823	2,856	3,215	2,857	3,462	5,611	7,036	6,719	8,330	13,762
	1,676	1,929	1,887	2,176	1,721	2,313	5,031	6,047	5,591	7,197	12,594
Cash and cash equivalentsKRW 100M	9	14	55	13	30	65	193	244	503	508	983
Short-term financial instrumentsKRW 100M	—	—	—	—	—	3	7	7	8	9	8
InventoriesKRW 100M	599	873	683	1,120	498	846	1,944	2,761	2,144	3,259	6,857
Trade and other receivablesKRW 100M	1,033	1,033*	1,096	973	1,120	1,302	2,769	2,768	2,717	3,131	4,126
	758	809	889	1,039	1,126	1,149	581	988	1,128	1,134	1,168
Property, plant and equipmentKRW 100M	97	95	118	130	120	147	269	542	772	791	817
Intangible assetsKRW 100M	23	38	38	38	38	35	39	45	69	69	64
Investments in associatesKRW 100M	317	450	499	584	—	—	—	—	—	—	—
	1,379	1,125	931	1,074	474	917	2,490	3,425	2,946	4,024	8,902
	1,352	1,099	898	1,047	474	880	2,402	3,334	2,857	3,926	8,774
Trade and other payablesKRW 100M	595	613	559	565	191	614	887	1,307	1,768	1,046	3,874
Short-term borrowingsKRW 100M	735	381	300	440	210	210	1,261	1,816	978	2,737	—
Current lease liabilitiesKRW 100M	—	—	—	—	5	4	12	4	5	6	4
	28	26	33	27	0	36	89	91	89	98	128
Non-current lease liabilitiesKRW 100M	—	—	—	—	0	3	8	6	6	3	1
	1,054	1,698	1,925	2,141	2,383	2,546	3,121	3,611	3,773	4,306	4,861
	1,054	1,698	1,925	2,141	2,383	2,546	3,121	3,611	3,773	4,306	4,861
Issued capitalKRW 100M	400	500	500	500	500	500	500	500	500	500	500
Capital surplusKRW 100M	673	648	648	648	648	648	648	648	648	648	648
Retained earningsKRW 100M	Not applicable	502	691	900	1,146	1,440	1,884	2,274	2,386	2,718	3,280
Other equityKRW 100M	61	48	85	93	88	-42	89	189	239	440	433
Non-controlling interestsKRW 100M	0	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

단기파생상품자산As filed	—	—	—	6	10	23	—	74	31	6	23
단기금융상품As filed	0	0	—	—	—	—	—	—	—	—	—
당기법인세자산As filed	23	0	—	—	—	21	10	17	17	—	7
파생상품자산As filed	4	—	12	—	—	—	—	—	—	—	—
기타유동금융자산As filed	—	—	—	—	2	1	4	1	—	—	—
기타유동자산As filed	8	6	41	65	60	53	104	174	172	284	590
매각예정비유동자산As filed	0	85	80	—	10	—	—	—	—	—	—
기타단기금융자산As filed	—	—	—	—	—	—	—	—	0	—	0
장기금융상품As filed	11	5	6	8	6	0	0	0	0	0	2
파생생품자산As filed	—	2	—	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	—	30	22	21
이연법인세자산As filed	41	33	56	72	58	—	—	—	—	1	0
당기손익-공정가치측정금융자산As filed	—	—	—	17	12	—	—	—	—	—	—
매도가능금융자산As filed	5	6	7	—	—	—	—	—	—	—	—
당기손익-공정가치금융자산As filed	—	—	—	—	—	8	—	29	—	—	—
당기손익공정가치금융자산As filed	—	—	—	—	—	—	29	—	—	—	—
투자부동산As filed	249	176	162	176	183	190	137	283	218	228	244
기타비유동자산As filed	3	0	0	1	9	8	8	7	26	11	11
사용권자산As filed	—	—	—	—	5	7	97	70	10	9	5
공동기업투자As filed	—	—	—	—	691	—	—	—	—	—	—
기타장기금융자산As filed	12	6	2	13	5	2	1	11	2	2	4
자본과부채총계As filed	2,434	2,823	2,856	3,215	2,857	3,462	5,611	7,036	6,719	8,330	13,762
단기파생상품부채As filed	—	—	—	0	—	0	11	—	3	57	14
종속기업 및 공동기업 투자As filed	—	—	—	—	—	753	—	—	—	—	—
당기법인세부채As filed	0	63	37	38	33	—	83	128	82	50	120
기타단기금융부채As filed	—	—	—	—	—	—	—	—	3	3	3
기타유동부채As filed	15	14	3	3	8	47	144	76	18	28	—
이연법인세부채As filed	—	—	—	—	—	31	73	82	78	89	121
기타장기금융부채As filed	25	24	25	26	—	—	—	2	4	4	—
기타비유동부채As filed	3	2	2	1	0	0	—	2	2	2	—
기타유동금융부채As filed	—	—	—	—	27	5	4	2	—	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	—	4,618
기타 유동부채As filed	—	—	—	—	—	—	—	—	—	—	142
기타비유동금융부채As filed	—	—	—	—	—	—	—	—	—	—	4
순확정급여부채As filed	0	—	6	—	—	2	8	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	—	—	2
파생상품부채As filed	8	28	—	—	—	—	—	—	—	—	—
결손금As filed	-79	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	10,593	10,635	12,120	11,760	12,138	12,405	22,320	25,444	21,451	28,895	37,566
Cost of salesKRW 100M	10,073	10,097	11,591	11,225	11,628	11,878	21,119	24,249	20,523	27,758	35,943
Gross profitKRW 100M	520	538	529	535	511	527	1,201	1,195	928	1,137	1,622
SG&A expensesKRW 100M	152	253	187	196	174	186	356	408	393	463	483
	368	285	342	339	337	341	845	788	535	674	1,139
Finance incomeKRW 100M	1	1	3	3	5	10	14	1	4	15	1
Finance costsKRW 100M	57	39	30	38	39	20	42	71	96	138	197
Other incomeKRW 100M	181	246	118	107	191	270	226	587	239	274	325
Other expensesKRW 100M	197	262	100	108	197	257	249	539	280	337	285
Share of profit of associatesKRW 100M	71	97	—	—	—	—	—	—	—	—	—
	367	328	433	367	383	453	794	765	402	488	983
Income tax expenseKRW 100M	82	36	72	81	73	88	192	187	73	-55	225
Profit from continuing operationsKRW 100M	286	293	361	286	310	365	601	578	—	—	—
Profit or loss from discontinued operationsKRW 100M	52	94	-66	33	66	68	—	—	—	—	—
	338	386	295	319	376	434	601	578	329	544	758
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	556	777
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	556	777
	331	377	326	326	370	322	723	686	388	743	750
Other comprehensive incomeKRW 100M	-7	-10	31	8	-6	-111	121	108	58	200	-8

당기순이익As filed	—	—	—	—	376	434	601	578	329	544	—
당기순이익(손실)As filed	338	386	295	319	—	—	—	—	—	—	758
비지배지분As filed	0	0	0	0	0	0	—	—	—	—	0
지배기업소유주지분As filed	331	377	326	326	370	322	723	686	388	743	750
순확장급여부채의 재측정요소As filed	—	—	—	—	—	-3	-13	11	—	—	—
순확정급여부채의 재측정요소As filed	-2	4	-8	0	-1	—	—	—	—	—	—
유형자산재평가이익As filed	32	0	—	13	—	13	28	54	43	26	39
해외사업환산손익As filed	—	—	—	—	—	-94	78	55	17	195	-34
관련 법인세효과As filed	-7	-1	2	-3	0	-2	-3	-13	-12	-1	11
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	—	—	-34
희석주당기순이익As filed	—	—	—	—	—	—	—	—	0	—	—
해외사업환산손실As filed	-56	-24	—	—	—	—	—	—	—	—	—
해외사업환산이익(손실)As filed	—	—	98	-24	-29	—	—	—	—	—	—
지분법자본변동As filed	18	8	-50	21	18	-46	32	—	—	—	—
당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	—	25
순확정급여부채의재측정요소As filed	—	—	—	—	—	—	—	—	—	-20	—
지분법이익As filed	—	—	99	64	87	108	—	—	—	—	—
기본주당기순이익As filed	—	—	—	—	—	—	—	—	0	—	—
확정급여제도의 재측정손익(세전기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	-3
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	10	—	—
계속영업As filed	286	293	361	286	310	365	601	578	—	—	—
중단영업As filed	52	94	-66	33	66	68	—	—	—	—	—
지배기업의 소유주에 귀속될 당기순이익(손실)As filed	—	386	—	—	—	—	—	—	—	—	—
비지배지분에 귀속될 당기순이익As filed	0	0	0	0	0	0	—	—	—	—	—
계속영업기본주당이익(손실)As filed	0	0	0	0	0	0	—	0	—	—	—
중단영업기본주당이익(손실)As filed	0	0	-0	0	0	0	—	—	—	—	—
지배기업의 소유주에 귀속될 당기순이익As filed	—	—	295	319	376	434	601	578	—	—	—
계속영업희석주당이익(손실)As filed	0	0	0	0	0	0	—	0	—	—	—
중단영업희석주당이익(손실)As filed	0	0	-0	0	0	0	—	—	—	—	—
계속영업기본주당이익As filed	—	—	—	—	—	—	0	—	—	—	—
계속영업희석주당이익As filed	—	—	—	—	—	—	0	—	—	—	—
지배기업의 수유주에 귀속될 당기순이익(손실)As filed	338	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	338	386	295	319	376	434	601	578	329	544	758
Total adjustments to operating cash flowcomputed	-115	-252	-110	-405	82	-303	1,237	-280	1,078	-1,935	-1,961
	223	135	185	-87	458	130	1,838	297	1,408	-1,391	-1,203
Interest receivedKRW 100M	1	1	3	2	1	3	1	0	1	9	1
Interest paidKRW 100M	55	39	29	25	21	13	34	59	88	102	148
Income taxes paidKRW 100M	67	-28	94	92	65	60	65	147	136	-50	141
	-43*	-41	35	14	-74	71	-828	-582	-74	3	-5
Purchase of property, plant and equipmentKRW 100M	2	1	10	10	3	17	26	340	50	2	3
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	0	0	Not applicable	0	0	0	0	0	0
Purchase of intangible assetsKRW 100M	Not applicable	15	1	Not applicable	Not applicable	Not applicable	6	6	25	6	1
	-224*	-89	-179	31	-365	-166	-938	324	-1,074	1,363	1,682
Dividends paidKRW 100M	—	—	99	109	129	139	147	196	225	196	195
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	21	—	—	—	-15	—
Issue of sharesKRW 100M	—	267	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	52	9	14	55	13	30	65	193	244	503	508
	9	14	55	13	30	65	193	244	503	508	983
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-1	8	13	-1	30	1
Net change in cash and cash equivalentsKRW 100M	-44	6	41	-42	20	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

단기금융상품의 감소As filed	0	0	—	6	—	4	136	—	—	5	1
영업에서 창출된 현금흐름As filed	344	144	306	28	544	201	1,937	503	1,630	-1,349	-915
단기금융상품의 증가As filed	0	0	—	17	—	0	5	0	—	6	—
단기리스부채의 감소As filed	—	—	—	—	—	—	—	—	5	8	7
임대보증금의 감소As filed	—	—	—	—	—	—	—	-2	1	—	—
단기차입금의 증가As filed	—	—	—	—	—	210	4,024	6,485	7,353	13,464	25,812
배당금의 수취As filed	0	0	—	—	—	—	—	—	—	—	—
장기차입금의 감소As filed	—	—	—	—	—	—	—	—	-0	—	—
당기손익-공정가치측정금융자산의 감소As filed	—	—	—	—	1	12	0	—	—	12	—
장기금융상품의 증가As filed	3	2	3	3	2	1	—	—	—	—	—
단기차입금의 감소As filed	—	—	—	—	—	210	4,802	5,959	8,199	11,883	23,928
임대보증금의 증가As filed	—	—	—	—	—	—	—	2	4	—	—
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	1	1	8	—	—	—	—
단기대여금의 감소As filed	—	—	—	—	—	—	—	0	0	—	—
장기금융상품의 감소As filed	0	8	1	—	4	0	—	—	—	—	—
매각예정비유동자산의 처분As filed	—	—	—	—	—	13	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	1	1	—	1
임차보증금의 감소As filed	—	—	—	—	—	—	—	4	1	—	—
매각예정자산의 처분As filed	—	—	—	81	—	—	—	—	—	—	—
매도금융자산의 취득As filed	—	—	1	—	—	—	—	—	—	—	—
상각후원가금융자산의 감소As filed	—	—	—	—	—	60	—	—	—	—	—
국고보조금의 수령As filed	—	—	0	—	—	—	—	—	—	—	—
기타장기금융자산의 감소As filed	2	1	—	2	2	—	—	—	—	—	—
기타장기금융자산의 증가As filed	0	0	0	4	1	—	—	—	—	—	—
기타장기보증금의 감소As filed	—	—	—	—	—	—	1	0	0	0	0
무형자산의 처분As filed	0	2	1	—	—	—	9	0	1	—	0
투자부동산의 처분As filed	—	—	3	—	—	5	—	—	—	—	—
상각후원가금융자산의 증가As filed	—	—	—	—	—	60	—	—	—	—	—
파생금융상품의 정산As filed	38	3	44	-43	-75	—	-134	—	—	—	—
기타투자자산의 증가As filed	—	—	0	0	—	—	—	—	—	—	—
장기금융상품의 취득As filed	—	—	—	—	—	—	—	—	—	—	2
기타장기보증금의 증가As filed	—	—	—	—	—	—	2	0	0	—	0
사용권자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
현금및현금성자산의순증가(감소)As filed	—	—	—	—	—	—	—	—	—	-24	—
통화선도정산금액As filed	—	—	—	—	—	—	—	-239	—	—	—
기타장기금융부채의 증가As filed	1	1	-0	—	—	—	1	—	—	—	—
기타장기금융부채의 감소As filed	-1	-2	-1	—	—	-22	-2	—	—	—	—
종속기업취득에 따른 순현금흐름As filed	—	—	—	—	—	—	793	—	—	—	—
파생상품의 정산As filed	—	—	—	—	—	77	—	—	—	—	—
단기차입금의 순증감As filed	-224	-354	-81	140	-230	—	—	—	—	—	—
현금및현금성자산의순증가As filed	—	—	—	—	—	—	—	—	260	—	475
매도가능금융자산의 취득As filed	—	1	—	—	—	—	—	—	—	—	—
공동기업투자의 증가As filed	—	29	—	—	—	—	—	—	—	—	—
기타비유동자산의 증가As filed	2	0	—	—	—	—	—	—	—	—	—
유동리스부채의 감소As filed	—	—	—	—	6	6	12	7	—	—	—
현금 및 현금성자산에 대한 환율변동효과As filed	0	0	—	—	—	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	35	73	39	—	—	—
현금 및 현금성자산의 환율변동효과As filed	—	—	-0	0	1	—	—	—	—	—	—
연결범위의 변동As filed	—	—	—	—	—	—	47	—	—	—	—
매각예정비유동자산의 현금(차감)As filed	—	—	—	—	-4	—	—	—	—	—	—

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 2026.03.17.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 36	삼일회계법인	2025-12-31
2024	적정의견Term 35	삼일회계법인	2025-12-31
2023	적정의견Term 34	삼일회계법인	2025-12-31
2022	적 정Term 33	삼덕회계법인	2022-12-31
2021	적 정Term 32	삼덕회계법인	2022-12-31
2020	적 정Term 31	삼덕회계법인	2022-12-31
2019	적 정Term 30	삼일회계법인	2019-12-31
2018	적 정Term 29	삼일회계법인	2019-12-31
2017	적 정Term 28	삼일회계법인	2019-12-31
2016	적 정Term 27	삼일회계법인	2016-12-31
2015	적 정Term 26	삼일회계법인	2016-12-31
2014	적 정	삼일회계법인	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%

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 5Y0.62

Equity risk premium%

Terminal growth%

Cost of equity7.51%

Weighted average cost of capital—

Initial growth2.0%

Effective tax rate22.9%

Base fiscal year2025

Current priceKRW8,570

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	4,258	-50.3%
Dividend discount model DDM	4,258	-50.3%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	No book value or return on equity

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% + 0.62 × 5.00% = 7.51%

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 = g_T = 2.00%

Gordon growth model

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

P_0 = 230 × (1 + 2.00%) / (7.51% − 2.00%) = 235 / 0.0551 = 4,258 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 = 230, g_1 = 2.00%, g_T = 2.00%, r = 7.51%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	235	0.9302	218
2	2.00%	239	0.8652	207
3	2.00%	244	0.8047	196
4	2.00%	249	0.7485	186
5	2.00%	254	0.6963	177
Terminal value	2.00%	4,701	0.6963	3,273
Total				4,258

P_0 = 4,258 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