042700KOSPI

Hanmi Semiconductor

267,000

+2,500 (+0.95%)

MA5
MA20
MA60

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

Market capitalizationKRW 1T

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

Overview

Summary

HANMI Semiconductor Co., Ltd. was established on December 24, 1980, and is headquartered in Incheon. The company is listed on the KOSPI market and maintains four affiliates.

The company manufactures and supplies semiconductor automation equipment to global AI semiconductor firms. Its main products include TC bonders for HBM production, 6-side inspection equipment, BOC COB bonders, micro SAW and vision placement systems, and EMI shield equipment.

Business overview as filed

한미반도체는 1980년 설립후 반도체 제조용 장비를 개발 및 출시해 왔으며, 자체 기술을 적용하여 주물, 설계, 제작, 조립, 검사와 테스트까지의 수직통합제조(Vertical Integration Manufacture) 시스템을 구축하여 글로벌 주요 AI 반도체 기업에 최첨단 장비를 공급해 오고 있습니다.

당사의 주력 장비 'HBM TC(Thermal Compression) 본더'는 메모리칩에 정밀한 열과 압력을 가해 12단, 16단과 같은 고적층 HBM을 생산하는 핵심 장비입니다. AI 서버와 데이터센터 투자 확대에 따라 고대역폭 메모리(HBM) 수요가 급증하고 있으며 메모리 칩의 적층도가 고단화 될수록 TC 본더의 중요성은 더욱 커지고 있습니다. 최근 메모리 업계는 하이브리드 본더가 기술적 난제로 개발이 지연됨에 따라 20단 이상의 HBM 적층 시 보다 넓은 HBM칩을 적층할 수 있는 신장비의 필요성이 부각되고 있습니다. 이에 따라 Wide Die 본딩이 가능한 새로운 TC 본딩 공정의 중요성이 더욱 부각되고 있으며, 따라서 당사는 차세대 HBM 구조 변화에 선제적으로 대응하기 위해 'WIDE TC 본더' 출시를 앞두고 있습니다. 아울러 HBM 생산용과 시스템 반도체 적층용 하이브리드 본더도 병행 개발 중으로 향후 미래 수요에 체계적으로 대비하고 있습니다.

'6-SIDE INSPECTION' 장비는 TC 본딩 전후공정에서 HBM 수율을 관리하는 필수 검사 장비입니다. TC 본더로 적층하기 전 개별 다이의 6면을 정밀 검사하고, 적층 완료 후 최종 HBM 칩의 외관 및 접합 상태를 검사하여 불량률을 최소화합니다. HBM 생산량 증가와 고적층화 추세에 따라 검사 공정의 중요성이 높아지는 가운데, 이 장비는 HBM 수율 향상과 생산성, 검사 정밀도를 크게 향상시키며 향후 당사 매출 성장에 기여할 것으로 기대됩니다.

당사는 HBM 중심의 TC 본더 라인업을 넘어 적층형 GDDR, 기업용 eSSD 등 고성능 메모리 시장으로도 사업 영역을 확장하고 있습니다. 'BOC COB 본더'는 BOC(Board On Chip)와 COB(Chip On Board) 두 가지 본딩 공정을 한 대의 장비로 처리할 수 있는 세계 최초의 투인원(Two-in-One) 본딩 장비입니다. 이 장비 하나로 두 공정이 모두 가능해져 공장 내 공간 효율화와 설비투자 비용(CAPEX) 절감을 동시에 실현할 수 있습니다. 이외에도 AI 시스템 반도체용 TC 본더, FC 본더, Die 본더를 출시하며 'AI 반도체 2.5D 패키징' 시장에 진출하였습니다. 2.5D 패키징은 실리콘 인터포저 위에 Core HBM(12단, 16단)과 베이스 다이, 그리고 CPU+GPU를 통합하는 첨단 패키징 기술로 차세대 AI 반도체에서 요구되는 초대형 다이와 멀티칩 집적을 가능하게 합니다.

또한, 'micro SAW & VISION PLACEMENT(MSVP)'는 반도체 패키지의 절단→세척→건조→2D/3D 비전 검사→선별→적재까지의 공정을 일괄 처리하는 반도체 제조공정의 필수 장비입니다. 높은 안정성과 처리 속도를 바탕으로 2000년대 중반 이후 세계 시장점유율 1위를 유지하고 있는 당사의 핵심 장비이며 최근 전통 반도체 수요의 점진적 회복의 영향으로 수요가 증가하고 있습니다.

'EMI SHIELD(전자기파 차폐)'는 반도체에서 발생하는 전자파가 반도체 패키지내 다른 반도체 칩의 오작동을 유발하지 않도록 하는 공정입니다. 당사는 2016년 EMI 쉴드 장비를 처음 출시한 이후 해당 시장에서 점유율 1위를 유지하고 있으며, 최근 차세대 모델인 'EMI SHIELD 2.0 X' 시리즈를 출시하여 기술을 한층 강화하였습니다. 특히 EMI 장비는 우주항공, 저궤도 위성통신, 방산용 드론 그리고 스마트 디바이스 시장에 필수 공정인 전자파 차폐 장비로 시장 수요와 성장에 따라 매출이 지속적으로 증가할 것으로 기대합니다.

Company overview

1-1) 연결대상 종속회사 현황(요약)

1-2) 연결대상회사의 변동내용

2) 회사의 법적, 상업적 명칭

- 당사는 한미반도체 주식회사라고 호칭합니다. - 영문의 경우 HANMI Semiconductor Co., Ltd.라 표기합니다.

3) 설립일자당사는 반도체 자동화 장비의 제조 및 판매 등을 영위할 목적으로 1980년 12월 24일에 설립되었습니다.

4) 본사의 주소, 전화번호, 홈페이지 주소 주소 : 인천광역시 서구 가좌로30번길 14(가좌동) 전화번호 : 032-571-9100 홈페이지 : http://www.hanmisemi.com

5) 중소기업 등 해당 여부

6) 주요 사업의 내용

7) 신용평가에 관한 사항

(1) 재무결산기준일: 2024. 12. 31(2) 등급평가일 : 2025. 04. 30(3) 평가기관명 : (주)나이스디앤비(4) 신용등급 : AA0(5) 유효기간 : 2025. 04. 30 - 2026. 04. 29 동 평가와 관련하여 신용평가전문기관의 신용등급체계와 해당 신용등급에 부여된 의미는 다음과 같습니다.

주) 기업의 신용능력에 따라 AAA 등급에서 D등급까지 10등급으로 구분 표시되며, 등급 중 AA 등급에CCC 등급까지의 6개 등급에는 그 상대적 우열 정도에 따라 +,- 기호가 첨부.

8) 회사의 주권상장

(또는 등록ㆍ지정)

여부 및 특례상장에 관한 사항

9) 계열회사 관련사항

당사는 본 보고서 작성기준일 현재, 총 4개의 계열회사(지분율 30% 이상)를 보유하고 있으며, 자세한 사항은 본 보고서 IX. 계열회사와 XII.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), 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

5.72%

[3.36%, 9.59%] · 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 59.1% (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

1.18

Beta [1.04, 1.33] · KOSPI200 · As of 2026-10-08

Intercept: +0.172%[-0.489%, +0.832%]
R squared: 0.45
Observations: 252
Trading-time corrected beta: 1.10[0.77, 1.43]

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.

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	1,178	1,663	1,973	2,171	1,204	2,574	3,732	3,276	1,590	5,589	5,767	5,513
Revenue growth%	—	41.15	18.66	10.04	-44.56	113.82	44.98	-12.21	-51.46	251.50	3.18	—
Operating incomeKRW 100M	227	386	517	568	137	666	1,224	1,119	346	2,554	2,514	2,343
Operating income growth%	—	69.53	33.98	9.94	-75.83	385.59	83.68	-8.63	-69.09	638.74	-1.57	—
Net incomeKRW 100M	218	314	95	493	193	501	1,044	923	2,672	1,526	2,140	2,220
Net income growth%	—	44.25	-69.79	418.65	-60.91	160.25	108.33	-11.66	189.58	-42.88	40.23	—
Attributable to ownersKRW 100M	—	—	95	493	193	501	1,044	923	2,672	1,526	2,140	2,220
Attributable to minoritiesKRW 100M	—	—	0	0	0	0	0	0	0	—	—	—
Operating margin%	19.31	23.19	26.18	26.16	11.40	25.89	32.81	34.15	21.74	45.69	43.59	42.49
Net margin%	18.51	18.91	4.82	22.69	16.00	19.48	27.99	28.16	168.02	27.31	37.11	40.27
ROE%	—	—	4.61	22.86	8.77	19.50	30.11	23.65	46.72	28.22	31.00	29.73
ROA%	9.66	11.03	3.33	20.03	7.48	15.33	24.33	20.26	36.91	21.47	26.31	25.19
Debt ratio%	16.29	36.13	38.26	14.14	17.19	27.18	23.78	16.75	26.57	31.43	17.82	18.03
Current ratio%	435.53	402.28	267.11	387.02	407.67	309.20	309.55	422.20	304.15	254.80	410.65	375.33
Quick ratio%	274.56	314.51	218.61	241.96	285.08	237.75	203.19	295.18	213.27	158.95	285.46	266.43
Reserve ratio%	1,699.71	1,860.12	1,990.54	1,980.37	2,019.21	2,069.18	2,622.89	2,958.28	4,628.91	5,240.72	5,352.99	5,757.51
Free cash flowKRW 100M	—	—	261	214	82	300	270	1,004	175	878	1,540	—
FCF margin%	—	—	13.22	9.86	6.80	11.67	7.23	30.65	10.98	15.71	26.71	—
OCF conversion%	163.79	121.16	379.11	92.60	141.05	74.77	50.06	118.69	16.84	92.63	106.83	—
Capex to revenue%	—	—	5.03	11.16	15.77	2.89	6.78	2.78	17.31	9.58	12.94	—
Receivable daysdays	—	78.5	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	159.6	114.3	110.0	211.6	108.5	126.9	212.4	402.4	185.8	226.6	—
Payable daysdays	—	28.1	—	—	54.8	44.9	53.2	57.7	70.6	—	—	—
Cash conversion cycledays	—	210.1	—	—	—	—	—	—	—	—	—	—
EPSKRW	930	1,453	185	966	383	1,004	2,113	939	2,753	1,589	2,256	2,330
PERx	—	10.63	64.05	8.05	21.15	18.03	17.91	12.25	22.41	51.92	56.47	110.11
BPSKRW	—	8,231	3,243	3,767	3,839	4,992	7,012	4,008	5,875	5,598	7,243	7,836
PBRx	—	1.88	3.65	2.07	2.11	3.63	5.40	2.87	10.50	14.74	17.59	32.73
Dividend per shareKRW	500	500	240	250	100	400	600	200	—	420	720	—
Payout ratio%	53.76	34.41	129.73	25.88	26.11	39.84	28.40	21.30	—	26.43	31.91	—

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
	2,256	2,850	2,851	2,460	2,575	3,270	4,293	4,554	7,238	7,109	8,133
	1,132	1,750	1,651	1,134	1,295	2,089	2,498	2,662	3,194	4,078	4,933
Cash and cash equivalentsKRW 100M	360	686	735	249	478	812	496	909	1,797	1,040	2,762
Short-term financial instrumentsKRW 100M	—	275	0	0	—	—	—	127	0	—	—
InventoriesKRW 100M	418	382	300	425	389	483	858	801	954	1,534	1,504
Trade and other receivablesKRW 100M	336	379	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	1,124	1,099	1,200	1,326	1,280	1,180	1,795	1,859	4,044	3,031	3,201
Property, plant and equipmentKRW 100M	503	526	574	762	899	903	1,081	1,125	1,265	1,747	2,381
Intangible assetsKRW 100M	29	29	45	35	34	34	46	43	45	46	233
Investments in associatesKRW 100M	148	129	128	108	99	111	547	523	121	123	93
	316	756	789	305	378	699	825	653	1,519	1,700	1,230
	260	435	618	293	318	676	807	630	1,050	1,600	1,201
Trade and other payablesKRW 100M	64	77	Not applicable	86	125	236	326	124	184	Not applicable	Not applicable
Short-term borrowingsKRW 100M	0	—	—	—	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	1	1	3	14	6	14	13
	56	321	171	12	60	23	18	23	469	99	29
Non-current lease liabilitiesKRW 100M	—	—	—	—	1	2	3	8	5	15	12
	1,940	2,093	2,062	2,156	2,197	2,571	3,468	3,901	5,719	5,409	6,903
	Not applicable	2,093	2,062	2,156	2,197	2,571	3,468	3,901	5,719	5,409	6,903
Issued capitalKRW 100M	127	127	127	127	127	127	127	127	127	127	127
Capital surplusKRW 100M	310	310	479	479	479	479	509	509	564	564	415
Retained earningsKRW 100M	1,852	2,056	2,052	2,039	2,089	2,152	2,826	3,253	5,322	6,100	6,393
Accumulated other comprehensive incomeKRW 100M	9	-1	-1	-2	-1	-1	2	8	1	3	5
Other equityKRW 100M	-358	-398	-596	-488	-497	-186	4	4	-295	-1,386	-36
Non-controlling interestsKRW 100M	0	0	0	0	0	0	0	0	0	Not applicable	0

매각예정비유동자산As filed	—	—	—	—	—	—	—	34	0	—	—
미수법인세환급액As filed	0	0	1	0	0	—	—	—	—	—	—
기타유동금융자산As filed	7	13	15	21	14	19	50	4	10	11	16
매출채권As filed	—	—	583	407	398	766	1,084	805	406	—	—
유동매출채권As filed	—	—	—	—	—	—	—	—	—	1,469	624
기타유동자산As filed	10	15	18	33	16	9	9	17	26	25	27
매도가능금융자산As filed	59	30	30	—	—	—	—	—	—	—	—
기타투자자산As filed	—	—	—	35	32	28	0	0	2,501	1,006	121
장기금융상품As filed	—	—	0	0	0	0	0	0	0	0	0
이연법인세자산As filed	—	6	49	17	16	41	33	67	0	0	233
투자부동산As filed	383	379	374	370	199	61	60	59	91	89	87
퇴직급여자산As filed	—	—	—	—	—	—	—	20	10	—	—
비유동 순확정급여자산As filed	—	—	—	—	—	—	—	—	—	2	38
기타비유동자산As filed	0	—	—	—	—	1	20	4	4	8	6
기타비유동금융자산As filed	0	0	1	1	0	1	8	18	6	8	7
매입채무As filed	—	—	129	—	—	—	—	—	—	—	—
미지급법인세As filed	39	82	81	40	50	149	238	235	245	—	—
자본과부채총계As filed	—	—	2,851	—	—	—	—	—	—	7,109	8,133
충당부채As filed	14	18	26	—	17	28	38	42	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	31	77	97
판매보증충당부채As filed	—	—	—	27	—	—	—	—	—	—	—
당기법인세부채As filed	—	—	—	—	—	—	—	—	—	717	545
기타유동금융부채As filed	46	37	38	51	46	149	109	118	493	139	135
자본과 부채As filed	—	—	—	—	—	—	—	—	7,238	—	—
기타유동부채As filed	97	109	133	89	79	113	92	97	90	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	—	117	200
파생상품부채As filed	—	111	212	0	0	—	—	—	—	—	—
유동매입채무As filed	—	—	—	—	—	—	—	—	—	536	210
퇴직급여채무As filed	31	24	7	1	37	2	0	0	0	—	—
이연법인세부채As filed	14	0	0	0	0	0	0	0	454	71	0
기타비유동금융부채As filed	11	11	11	5	14	3	4	4	4	4	5
비유동충당부채As filed	—	—	—	—	—	—	—	—	0	0	1
교환사채As filed	0	281	148	0	0	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	—	9	11
기타비유동부채As filed	—	5	6	5	8	10	5	5	6	—	—
부채와자본총계As filed	2,256	2,850	—	2,460	2,575	3,270	4,293	4,554	—	—	—
비유동파생상품부채As filed	0	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,178	1,663	1,973	2,171	1,204	2,574	3,732	3,276	1,590	5,589	5,767
Cost of salesKRW 100M	633	915	1,088	1,203	703	1,467	1,929	1,426	796	2,444	2,446
Gross profitKRW 100M	545	748	885	968	501	1,107	1,802	1,850	794	3,145	3,321
SG&A expensesKRW 100M	226	241	285	289	240	322	395	549	290	413	613
	227	386	517	568	137	666	1,224	1,119	346	2,554	2,514
Finance incomeKRW 100M	44	93	30	73	30	55	124	203	179	345	179
Finance costsKRW 100M	16	69	426	19	29	121	55	96	102	61	103
Other incomeKRW 100M	17	24	23	17	120	51	11	56	3,003	Not applicable	Not applicable
Other expensesKRW 100M	7	3	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	1	-7
	281	411	145	620	246	656	1,363	1,278	3,453	1,984	2,784
Income tax expenseKRW 100M	63	96	50	127	53	155	318	356	781	458	644
Profit from continuing operationsKRW 100M	218	314	—	—	—	—	—	—	—	—	—
Profit or loss from discontinued operationsKRW 100M	0	0	—	—	—	—	—	—	—	—	—
	218	314	95	493	193	501	1,044	923	2,672	1,526	2,140
Attributable to ownersKRW 100M	Not applicable	Not applicable	95	493	193	501	1,044	923	2,672	1,526	2,140
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	0	0	0	0	0	0	0	Not applicable	Not applicable
Basic earnings per shareKRW	930	1,453*	185	966	383	1,004	2,113*	939	2,753	1,589	2,256
Diluted earnings per shareKRW	930	1,426*	185	914	383	1,004	2,113*	939	2,753	1,584	2,248
	223	303	106	473	176	513	1,039	930	2,664	1,505	2,130
Other comprehensive incomeKRW 100M	5	-11	11	-20	-16	12	-6	7	-8	-21	-10

영업외비용As filed	—	—	—	—	—	—	—	—	—	884	32
연구개발비As filed	92	122	83	112	124	118	183	183	159	—	—
영업외수익As filed	—	—	—	—	—	—	—	—	—	28	232
기타영업외비용As filed	—	—	1	0	4	6	2	15	16	—	—
관계기업투자손익As filed	—	—	—	—	—	—	—	12	44	—	—
관계기업투자이익As filed	20	2	12	0	0	—	61	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	—	1,505	2,130
관계기업투자손실As filed	5	21	9	19	8	-12	—	—	—	—	—
지배기업지분중단영업순손실As filed	0	0	—	—	—	—	—	—	—	—	—
비지배지분중단영업순손실As filed	0	0	—	—	—	—	—	—	—	—	—
지배기업지분순이익As filed	218	314	—	—	—	—	—	—	—	—	—
비지배지분순손실As filed	0	0	—	—	—	—	—	—	—	—	—
비지배지분포괄이익As filed	—	—	—	—	0	0	0	0	0	—	—
후속기간에당기손익으로재분류되지않는 항목As filed	-3	-1	—	—	—	—	—	—	—	—	—
확정급여제도의재측정요소As filed	-4	-1	—	—	—	—	—	—	—	—	—
법인세효과As filed	1	0	-3	5	5	-3	3	-0	-0	—	—
지배기업지분포괄이익As filed	223	303	106	473	176	513	1,039	930	2,664	—	—
당기손익으로 재분류되는 항목As filed	8	-10	—	—	—	—	—	—	—	—	—
지분법자본변동As filed	0	-0	1	-1	0	0	-0	—	-8	—	—
매도가능금융자산-평가이익As filed	13	-8	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	2	1
매도가능금융자산-재분류조정As filed	-3	-6	0	0	—	—	—	—	—	—	—
해외사업환산손실As filed	-0	—	—	—	—	—	—	—	—	—	—
해외사업환산이익(손실)As filed	—	0	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	2	1
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	-24	-11
당기손익으로 재분류되지 않는 항목과 관련된 법인세As filed	—	—	—	—	—	—	—	—	—	-7	-4
비지배지분포괄손실As filed	0	0	0	0	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세전기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	-31	-15
기본주당계속영업이익As filed	0	0	—	—	—	—	—	—	—	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	—	0
후속기간에당기손익으로재분류되지않는항목As filed	—	—	10	-18	-18	12	-9	1	—	—	—
후속기간에 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	-7	—	—
해외사업환산손익As filed	—	—	—	-0	1	-1	3	-3	1	—	—
확정급여제도의 재측정요소As filed	—	—	13	-23	-22	16	-11	1	-1	—	—
희석주당계속영업이익As filed	0	0	—	—	—	—	—	—	—	—	—
연구와 개발 비용As filed	—	—	—	—	—	—	—	—	—	179	194
기본주당중단영업손실As filed	0	0	—	—	—	—	—	—	—	—	—
후속기간에 당기손익으로 재분류되지않는 항목As filed	—	—	—	—	—	—	—	—	-1	—	—
후속기간에당기손익으로재분류되는항목As filed	—	—	1	-2	1	-1	3	6	—	—	—
지분법 자본변동As filed	—	—	—	—	—	—	—	9	—	—	—
매도가능금융자산-평가손익As filed	—	—	0	0	—	—	—	—	—	—	—
해외사업장환산손익As filed	—	—	-0	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	218	314	95	493	193	501	1,044	923	2,672	1,526	2,140
Total adjustments to operating cash flowcomputed	139	67	265	-36	79	-126	-522	172	-2,222	-113	146
	357	381	360	456	272	375	523	1,095	450	1,414	2,286
Interest receivedKRW 100M	6	2	9	5	2	4	1	6	44	59	40
Interest paidKRW 100M	0	1	3	2	1	0	0	1	1	1	4
DepreciationKRW 100M	—	—	46	46	60	57	61	84	83	95	113
AmortisationKRW 100M	—	—	4	4	4	4	4	4	3	2	2
Income taxes paidKRW 100M	131	69	145	132	43	73	226	391	269	350	1,076
	-28	-304	167	-230	91	117	-650	-181	846	94	183
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	99	242	190	74	253	91	275	535	746
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	7	5	43	17	2	10	16	4	10
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	24	3	3	3	16	2	1	2	191
	-333	225	-452	-711	-130	-151	-199	-508	-436	-2,317	-772
Dividends paidKRW 100M	120	110	108	126	126	50	197	297	195	405	683
Acquisition of treasury sharesKRW 100M	213	40	344	253	3	100	0	200	505	1,899	78
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	—	0
Cash at beginning of periodKRW 100M	362	360	686	735	249	478	812	496	909	1,797	1,040
	360	686	735	249	478	812	496	909	1,797	1,040	2,762
Effect of exchange rate changesKRW 100M	1	24	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	52	26
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	75	-484	233	341	-325	406	860	Not applicable	Not applicable

당기순이익(손실)As filed	—	—	95	493	193	501	1,044	923	—	1,526	2,140
조정As filed	111	157	485	213	56	246	412	631	-2,264	—	—
외화표시현금및현금성자산의환율변동효과As filed	—	—	—	-2	-4	-7	10	7	28	—	—
재고자산평가손실As filed	2	8	-0	—	—	26	12	51	27	—	—
재고자산평가손실(환입)As filed	—	—	—	26	12	—	—	—	—	—	—
퇴직급여As filed	25	23	24	23	19	19	19	22	21	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	—	0
대손상각비(환입)As filed	—	—	-3	2	-5	8	23	143	-76	—	—
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	—	—	5
리스부채상환As filed	—	—	—	—	—	—	—	—	13	—	—
리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	13	17
단기차입금의 증가As filed	—	—	—	—	100	200	50	112	0	—	250
임차보증금의 감소As filed	—	—	—	—	—	—	—	—	—	3	0
단기차입금의 상환As filed	—	—	—	410	100	200	50	112	0	—	250
투자부동산처분이익As filed	—	—	—	—	73	42	0	0	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	—	—	9	1
유형자산처분이익As filed	-0	-6	1	4	35	1	2	1	1	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	634	1,073
무형자산처분이익As filed	-0	0	0	—	—	—	—	—	—	—	—
유형자산처분손실As filed	1	1	0	0	3	0	0	1	11	—	—
자기주식 처분As filed	—	—	—	—	—	—	—	—	276	—	—
장기금융상품의 취득As filed	—	—	—	—	—	—	—	—	0	0	0
리스상환이익As filed	—	—	—	—	0	0	0	0	0	—	—
무형자산처분손실As filed	0	0	0	0	0	0	0	0	0	—	—
보증금의 감소As filed	—	—	—	—	—	—	—	0	13	—	—
사채상환이익As filed	—	—	—	28	0	0	—	—	—	—	—
무형자산손상차손As filed	2	2	0	0	0	—	1	1	0	—	—
보증금의 증가As filed	—	—	0	0	0	0	8	10	3	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	32
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	929	—	—
이자수익As filed	-6	-3	9	4	5	3	1	8	46	—	—
외화환산이익As filed	-7	-39	5	0	3	10	30	19	-45	—	—
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	46	34	—	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
단기금융상품의 감소As filed	—	—	275	0	0	—	—	—	134	—	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	5	—	—	—	—	—	—	—
당기손익인식금융자산평가이익As filed	—	—	—	—	0	0	0	0	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	-1,213	272
매도가능금융자산처분이익As filed	-3	-14	0	0	—	—	—	—	—	—	—
기타유동금융자산의 감소(증가)As filed	—	—	-2	-7	8	-6	-30	48	-1	-3	-3
단기금융상품의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익인식금융자산평가손실As filed	—	—	—	—	2	4	28	0	—	—	—
영업에서창출된현금As filed	482	449	—	—	—	—	—	—	—	—	—
기타비유동부채의 증가(감소)As filed	—	5	1	-0	2	3	-5	-0	-1	-2	0
단기금융상품의 증가As filed	—	—	0	0	—	—	—	134	0	—	—
당기순이익As filed	218	314	—	—	—	—	—	—	2,672	—	—
이자비용As filed	1	5	16	2	1	1	0	1	0	—	—
기타유동금융부채의 증가(감소)As filed	—	—	7	13	-7	106	-16	11	-34	20	-6
지분법적용투자주식처분손실As filed	—	—	—	—	—	—	—	11	0	—	—
기타비유동비금융부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	0	0
외화환산손실As filed	2	1	48	4	14	32	4	43	5	—	—
리스이자비용As filed	—	—	—	—	0	0	0	1	1	—	—
매도가능금융자산손상차손As filed	0	1	1	0	0	—	—	—	—	—	—
무형자산의 처분As filed	—	—	4	11	0	0	0	0	—	—	6
충당부채의 증가(감소)As filed	—	—	—	—	-10	11	10	4	-19	45	21
매각예정비유동자산처분이익As filed	—	—	—	—	—	—	—	47	0	—	—
퇴직급여자산의 감소(증가)As filed	—	—	—	—	—	—	—	-42	-12	-44	—
관계기업투자주식의 취득As filed	—	—	—	—	—	—	375	0	0	—	—
사채상환손실As filed	—	—	112	0	0	—	—	—	—	—	—
주식보상비용(환입)As filed	—	—	—	—	—	—	36	—	—	—	—
재고자산의 감소(증가)As filed	—	—	—	-152	24	-119	-387	6	-189	-686	-260
감가상각비As filed	42	43	—	—	—	—	—	—	—	—	—
기타유동자산의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	—	2	-5
파생상품평가손실As filed	0	14	206	0	0	—	—	—	—	—	—
대손상각비As filed	2	2	—	—	—	—	—	—	—	—	—
관계기업투자이익As filed	-20	-2	—	0	2	19	61	—	—	—	—
매출채권의 감소(증가)As filed	—	—	-222	174	—	—	—	109	480	-921	854
무형자산상각비As filed	4	4	—	—	—	—	—	—	—	—	—
자산ㆍ부채의증감As filed	—	—	-81	-120	65	-303	-708	-72	268	—	—
관계기업투자주식처분이익As filed	—	—	12	—	—	—	—	—	—	—	—
기타유동부채의 증가(감소)As filed	—	—	—	-43	-11	33	-21	4	-7	27	63
매입채무의 증가(감소)As filed	—	—	—	-43	42	116	92	-204	58	348	-330
사외적립자산의공정가치의감소(증가)As filed	—	—	—	—	—	—	—	—	0	—	—
관계기업투자손실As filed	5	21	9	19	10	8	0	—	—	—	—
당기순이익조정을 위한 가감As filed	—	—	—	—	—	—	—	—	—	1,384	891
대손상각비 조정As filed	—	—	—	—	—	—	—	—	—	-91	—
지분법손익As filed	—	—	—	—	—	—	—	12	44	—	—
기타비유동금융부채의 증가(감소)As filed	—	—	0	-6	9	-11	1	0	0	—	—
법인세비용As filed	63	96	50	127	53	155	318	356	781	—	—
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	0	2
퇴직급여충당부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	0	—	—
기타 현금의 유출 없는 비용등As filed	—	—	—	—	-0	5	-0	—	—	6	—
기타 현금유출입이 없는 수익As filed	—	—	—	—	—	—	—	0	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	—	100	30
기타 현금의 유출 없는 비용(수익)As filed	—	—	-0	0	—	—	—	—	—	—	—
순확정급여부채 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-60
당기손익인식금융자산평가이익 조정As filed	—	—	—	—	—	—	—	—	—	10	134
퇴직급여충당부채의증가(감소)As filed	—	—	—	—	—	2	-2	0	—	—	—
기타유동자산의 감소(증가)As filed	—	—	-3	—	5	5	0	-9	-7	—	—
무형자산손상차손 조정As filed	—	—	—	—	—	—	—	—	—	0	0
파생상품처분손실As filed	0	0	—	—	—	—	—	—	—	—	—
사외적립자산의증가As filed	—	-30	-30	-50	-6	-40	-30	—	—	—	—
사채재매입손실As filed	0	0	—	—	—	—	—	—	—	—	—
이자비용 조정As filed	—	—	—	—	—	—	—	—	—	0	3
국민연금전환금의 감소As filed	—	—	—	—	0	0	0	0	—	—	—
무형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	0	0
퇴직금의지급As filed	-0	-1	1	-2	1	—	—	—	—	—	—
사외적립자산의공정가치의 감소(증가)As filed	—	—	—	—	—	—	—	0	—	—	—
대손상각비(환입) 조정As filed	—	—	—	—	—	—	—	—	—	—	-4
매출채권의 증가(감소)As filed	—	—	—	—	—	-403	-318	—	—	—	—
관계기업투자자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	—	9
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	1	4
국민연금전환금의감소(증가)As filed	0	0	0	0	—	—	—	—	—	—	—
중단영업처분손실As filed	0	0	—	—	—	—	—	—	—	—	—
당기손익인식금융자산평가손실 조정As filed	—	—	—	—	—	—	—	—	—	708	6
기타현금유출입이없는비용(수익)As filed	-1	-0	—	—	—	—	—	—	-7	—	—
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	—	9	8
매도가능금융자산처분손실As filed	0	—	—	—	—	—	—	—	—	—	—
자산및부채의증감As filed	154	-23	—	—	—	—	—	—	—	—	—
대손충당금환입As filed	0	—	—	—	—	—	—	—	—	—	—
무형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	—	4
지분법이익 조정As filed	—	—	—	—	—	—	—	—	—	1	-7
단기매매금융자산처분이익As filed	0	—	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산 평가이익As filed	—	—	—	—	—	—	—	—	2,071	—	—
재고자산의 감소As filed	—	—	82	—	—	—	—	—	—	—	—
퇴직급여 조정As filed	—	—	—	—	—	—	—	—	—	22	28
주식보상비용(환입) 조정As filed	—	—	—	—	—	—	—	—	—	89	88
매출채권의 감소As filed	—	—	—	—	8	—	—	—	—	—	—
매출채권의감소(증가)As filed	255	-33	—	—	—	—	—	—	—	—	—
재고자산평가손실 조정As filed	—	—	—	—	—	—	—	—	—	97	289
당기손익-공정가치측정금융자산처분이익As filed	—	—	—	—	—	—	—	—	—	9	—
사외적립자산의감소(증가)As filed	-16	—	—	—	—	—	—	—	—	—	—
재고자산의감소(증가)As filed	—	28	—	—	—	—	—	—	—	—	—
기타유동금융자산의감소(증가)As filed	13	-5	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산처분손실As filed	—	—	—	—	—	—	—	—	—	173	—
기타유동자산의 증가As filed	—	—	—	-4	—	—	—	—	—	—	—
기타유동자산의감소(증가)As filed	1	-5	—	—	—	—	—	—	—	—	—
사용권자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	0	0
리스이자비용 조정As filed	—	—	—	—	—	—	—	—	—	1	1
매입채무의 증가As filed	—	—	56	—	—	—	—	—	—	—	—
매입채무의증가(감소)As filed	-24	15	—	—	—	—	—	—	—	—	—
배당수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	9	23
재고자산의증가(감소)As filed	-34	—	—	—	—	—	—	—	—	—	—
종속기업투자주식의 처분As filed	—	—	—	—	0	0	0	—	—	—	—
충당부채의 증가As filed	—	—	8	—	—	—	—	—	—	—	—
판매보증충당부채의 증가As filed	—	—	—	1	—	—	—	—	—	—	—
법인세비용 조정As filed	—	—	—	—	—	—	—	—	—	458	644
투자부동산의 처분As filed	—	—	—	—	260	178	0	0	—	—	—
기타유동부채의 증가As filed	—	—	23	—	—	—	—	—	—	—	—
기타의 대손상각비 조정As filed	—	—	—	—	—	—	—	—	—	—	2
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	56	40
충당부채의증가(감소)As filed	-7	4	—	—	—	—	—	—	—	—	—
기타 현금의 유출입 없는 비용(수익)등As filed	—	—	—	—	—	—	—	—	—	—	2
기타비유동금융자산의 감소As filed	—	—	0	0	0	0	0	—	—	—	—
기타유동금융부채의감소As filed	0	-14	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	—	—	—	9	23
장기금융상품의 증가As filed	—	—	0	0	0	0	0	0	—	—	—
기타유동부채의증가(감소)As filed	-20	13	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	—	—	—	—	—	—	—	-809	1,697
기타비유동금융부채의증가(감소)As filed	-9	-0	—	—	—	—	—	—	—	—	—
기타유동금융부채의증가(감소)As filed	-6	—	—	—	—	—	—	—	—	—	—
주식보상비용As filed	—	—	—	—	—	—	—	—	0	—	—
투자부동산의 취득As filed	—	—	—	—	19	0	0	—	—	—	—
매도가능금융자산의 처분As filed	—	—	0	0	—	—	—	—	—	—	—
종속기업투자자산의 처분As filed	—	—	0	0	—	—	—	—	—	—	—
관계기업투자주식의 처분As filed	—	—	5	0	0	—	—	—	—	—	—
당기손익인식금융자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	—	75
투자활동으로인한현금유입액As filed	27	100	—	—	—	—	—	—	—	—	—
교환사채의상환As filed	—	—	—	—	0	0	0	—	—	—	—
당기손익-공정가치측정금융자산 평가손실As filed	—	—	—	—	—	—	—	—	0	—	—
당기손익인식금융자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	—	16
매도가능금융자산의처분As filed	18	61	—	—	—	—	—	—	—	—	—
리스부채의상환As filed	—	—	—	—	1	1	2	12	—	—	—
종속기업투자의처분As filed	4	0	—	—	—	—	—	—	—	—	—
유형자산의처분As filed	3	39	—	—	—	—	—	—	—	—	—
무형자산의처분As filed	2	0	—	—	—	—	—	—	—	—	—
사용권자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	—	0
사용권자산처분이익As filed	—	—	—	—	—	—	—	—	-0	—	—
기타비유동금융자산의감소As filed	1	0	—	—	—	—	—	—	—	—	—
지분법적용투자주식처분이익As filed	—	—	—	—	—	—	—	—	-714	—	—
당기손익-공정가치측정금융자산 처분이익As filed	—	—	—	—	—	—	—	—	-208	—	—
투자활동으로인한현금유출액As filed	-55	-404	—	—	—	—	—	—	—	—	—
단기금융상품의감소As filed	0	—	—	—	—	—	—	—	—	—	—
단기금융상품의증가As filed	—	275	—	—	—	—	—	—	—	—	—
매도가능금융자산의 취득As filed	—	—	0	0	—	—	—	—	—	—	—
사용권자산처분손실As filed	—	—	—	—	—	—	—	—	1	—	—
기타비유동금융자산의 취득As filed	—	—	0	0	—	—	—	—	—	—	—
단기매매금융자산의처분As filed	0	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의취득As filed	16	32	—	—	—	—	—	—	—	—	—
교환사채의 발행As filed	—	—	0	0	—	—	—	—	—	—	—
단기차입금의 차입As filed	—	—	—	410	—	—	—	—	—	—	—
종속기업투자의처분으로인한현금유출As filed	0	0	—	—	—	—	—	—	—	—	—
관계기업투자의취득As filed	0	0	—	—	—	—	—	—	—	—	—
환율변동으로인한현금흐름As filed	—	—	-27	—	—	—	—	—	—	—	—
정부보조금의사용As filed	0	0	—	—	—	—	—	—	—	—	—
교환사채의 상환As filed	—	—	—	331	—	—	—	—	—	—	—
유형자산의취득As filed	34	92	—	—	—	—	—	—	—	—	—
무형자산의취득As filed	5	5	—	—	—	—	—	—	—	—	—
기타비유동금융자산의증가As filed	0	0	—	—	—	—	—	—	—	—	—
단기매매금융자산의취득As filed	0	—	—	—	—	—	—	—	—	—	—
재무활동으로인한현금유입액As filed	0	375	—	—	—	—	—	—	—	—	—
단기차입금의차입As filed	0	0	—	—	—	—	—	—	—	—	—
교환사채의발행As filed	0	375	—	—	—	—	—	—	—	—	—
투자부동산의취득As filed	0	—	—	—	—	—	—	—	—	—	—
재무활동으로인한현금유출액As filed	-333	-149	—	—	—	—	—	—	—	—	—
단기차입금의상환As filed	0	0	—	—	—	—	—	—	—	—	—
교환사채의재매입As filed	0	0	—	—	—	—	—	—	—	—	—
현금및현금성자산의증가(감소)As filed	-3	302	—	—	—	—	—	—	—	—	—

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 2026.03.12.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 46	삼정회계법인	2025-12-31
2024	적정의견Term 45	삼일회계법인	2025-12-31
2023	적정의견Term 44	삼일회계법인	2025-12-31
2022	적정Term 43	삼일회계법인	2022-12-31
2021	적정Term 42	삼정회계법인	2022-12-31
2020	적정Term 41	삼정회계법인	2022-12-31
2019	적정Term 40	삼정회계법인	2019-12-31
2018	적정Term 39	삼정회계법인	2019-12-31
2017	적정Term 38	삼정회계법인	2019-12-31

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 5Y1.26

Equity risk premium%

Terminal growth%

Cost of equity10.70%

Weighted average cost of capital—

Initial growth21.1%

Effective tax rate23.1%

Base fiscal year2025

Current priceKRW267,000

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	8,439	-96.8%
Dividend discount model DDM	12,684	-95.2%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	28,465	-89.3%
Residual income model RIM	37,552	-85.9%

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% + 1.26 × 5.00% = 10.70%

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(31.00% × (1 − 31.91%), 0) = 21.11%

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 = 720 × (1 + 2.00%) / (10.70% − 2.00%) = 734 / 0.0870 = 8,439 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 = 720, g_1 = 21.11%, g_T = 2.00%, r = 10.70%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	21.11%	872	0.9033	788
2	16.33%	1,014	0.8160	828
3	11.55%	1,132	0.7371	834
4	6.78%	1,208	0.6659	805
5	2.00%	1,232	0.6015	741
Terminal value	2.00%	14,446	0.6015	8,689
Total				12,684

P_0 = 12,684 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 = 7,243 KRW, ROE = 31.00%, payout ratio = 31.91%, r = 10.70%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	7,243	2,245	775	1,470	0.9033	1,328
2	8,772	2,719	939	1,781	0.8160	1,453
3	10,623	3,293	1,137	2,156	0.7371	1,589
4	12,865	3,988	1,377	2,611	0.6659	1,739
5	15,581	4,830	1,667	3,163	0.6015	1,902
Terminal value				37,071	0.6015	22,298

P_0 = 7,243 + 8,012 + 22,298 = 37,552 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 = 2,286.3 − 746.2 + 0.0 (net borrowing) = 1,540.1 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	21.11%	1,865.1	0.9033	1,684.8
2	16.33%	2,169.7	0.8160	1,770.5
3	11.55%	2,420.4	0.7371	1,784.1
4	6.78%	2,584.4	0.6659	1,720.8
5	2.00%	2,636.1	0.6015	1,585.6
Terminal value	2.00%	30,898.7	0.6015	18,585.0
Total				27,130.8

P_0 = 27,130.8 KRW hundred million ÷ 95,312,200 (shares) = 28,465 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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