171090KOSDAQ

Sunic System

75,000

+2,400 (+3.31%)

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

Sunic System was established in 1990. The company is listed on the KOSDAQ market.

The company manufactures and distributes OLED equipment. Its business activities include providing equipment for OLED displays and OLEDoS for wearable devices, as well as applying deposition technology to perovskite solar cells.

Business overview as filed

OLED(Organic Light-Emitting Diode)디스플레이는 유기물질을 활용해 자체 발광하는 디스플레이로서 2000년 초반부터 개발되기 시작하여 2016년부터 본격적으로 성장하고 있는 산업 분야입니다. 한국디스플레이산업협회에 따르면 전 세계 디스플레이 시장은 2024년 1,351억 달러에서 2029년 1,393억 달러 규모로 견조한 성장을 이어갈 것으로 전망됩니다. 특히 OLED의 비중은 2024년 40.0%에서 2029년 43.3%까지 확대되며 LCD를 대체하는 주류 기술로 완전히 자리 잡을 것으로 보입니다. 이러한 성장은 기존 스마트폰과 TV 중심의 시장 구조가 태블릿, 노트북 등 IT 기기와 차량용 전장 분야로 빠르게 확장됨에 따른 것이며, 특히 2026년 이후 고부가가치 제품군의 채택률이 급증하며 질적·양적 성장을 동시에 달성할 것으로 예상됩니다.

이러한 시장 변화의 중심에는 스마트 글라스와 XR(확장현실) 기기의 핵심 동력인 OLEDoS(OLED on Silicon) 시장의 개화가 자리하고 있습니다. 초고해상도와 경량화를 동시에 만족해야 하는 차세대 웨어러블 디바이스 산업이 가속화됨에 따라, 실리콘 웨이퍼를 기판으로 활용하는 OLEDoS 기술 수요는 폭발적으로 증가하는 추세입니다. 이는 단순한 디스플레이의 진화를 넘어 증강현실(AR) 및 가상현실(VR) 산업의 생태계를 재편하고 있으며, 기존 모바일 시장을 잇는 새로운 성장 엔진으로서 디스플레이 산업 내 OLED 비중을 획기적으로 높이는 핵심 동인이 될 것입니다.

나아가 OLED에서 검증된 초정밀 증착 기술은 차세대 에너지 산업인 페로브스카이트(Perovskite) 태양광 분야로 외연을 넓히며 새로운 시장 가치를 창출하고 있습니다. 기존 실리콘 태양전지의 효율 한계를 극복할 수 있는 페로브스카이트 패널은 유기물 증착 공정의 정밀도에 따라 상용화 여부가 결정되는바, 관련 장비 및 소재 시장은 친환경 에너지 전환 흐름과 맞물려 비약적인 성장이 예견됩니다. 결과적으로 OLED 기술의 확산은 디스플레이 영역을 넘어 미래형 모빌리티, 에너지, 웨어러블 산업 전반의 패러다임 변화를 주도하며 지속적인 시장 확대를 견인할 것으로 전망됩니다.

세계 디스플레이 시장 및 전망(출처 한국디스플레이산업협회).jpg 세계 디스플레이 시장 및 전망(출처 : 한국디스플레이산업협회)

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

회사의 명칭은 '주식회사 선익시스템'이며, 영문으로는 'SUNIC SYSTEM Co., Ltd.'로표기합니다.

다. 설립일자 및 존속기간

당사는 1990년 5월 24일에 설립 되었으며, OLED 장비 제조 및 판매를 목적으로 운영되고 있습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요사업의 내용

당사는 OLED 장비 제조 및 판매를 주요 사업으로 하고 있습니다.

사. 주요 사업의 내용 및 향후 추진하려는 신규사업

(1) 회사가 영위하는 목적 사업

(2) 향후 추진하고자 하는 사업보고서 작성기준일 현재 영위하고 있는 사업 이외에 신규로 추진하고자 하는 사업은 없습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

자. 신용평가에 관한 사항

신용등급 정의

(주1) 기업의 신용능력에 따라 AAA 등급에서 D 등급까지 10등급으로 구분 표시되며 등급 중 AA등급에서 CCC 등급까지의 6개 등급에는 그 상대적 우열 정도에 따라 +, - 기호가 첨부※ 현금흐름등급 정의

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

4.90%

[3.09%, 8.42%] · 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 62.2% (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

0.92

Beta [0.72, 1.13] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.302%[-0.342%, +0.946%]
R squared: 0.34
Observations: 252
Trading-time corrected beta: 0.95[0.53, 1.36]

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

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	1,437	1,236	1,180	876	656	462	741	624	1,129	5,158	3,462
Revenue growth%	—	-14.00	-4.53	-25.72	-25.11	-29.57	60.19	-15.72	80.93	356.73	—
Operating incomeKRW 100M	234	145	85	114	37	-71	44	-41	79	1,115	647
Operating income growth%	—	-37.84	-41.58	34.57	-67.82	-293.48	—	-191.49	—	1,310.54	—
Net incomeKRW 100M	236	98	52	71	23	-102	-32	-92	-281	965	130
Net income growth%	—	-58.64	-47.18	38.53	-67.58	-541.05	—	—	—	—	—
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
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
Operating margin%	16.27	11.76	7.20	13.04	5.60	-15.39	5.99	-6.50	7.00	21.62	18.69
Net margin%	16.43	7.90	4.37	8.15	3.53	-22.10	-4.37	-14.79	-24.86	18.71	3.76
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	28.03	8.29	4.45	5.95	2.16	-10.00	-2.59	-6.85	-9.27	26.40	2.48
Debt ratio%	90.10	29.70	38.21	32.56	18.61	27.35	57.46	90.17	552.50	154.25	196.83
Current ratio%	165.90	325.76	275.14	278.98	385.78	280.16	188.95	158.62	105.25	138.62	126.05
Quick ratio%	161.95	321.82	214.47	235.70	363.49	235.29	163.40	119.12	59.55	123.78	77.92
Reserve ratio%	1,671.78	2,897.62	1,776.49	1,934.16	1,975.41	1,736.56	1,688.85	1,494.86	970.80	3,006.83	3,458.79
Free cash flowKRW 100M	15	71	97	-29	77	-134	-141	39	-492	719	—
FCF margin%	1.06	5.77	8.26	-3.33	11.72	-28.94	-19.08	6.25	-43.59	13.94	—
OCF conversion%	11.07	181.28	205.11	7.66	564.53	—	—	—	—	100.81	—
Capex to revenue%	0.76	8.55	0.70	3.95	8.21	5.61	2.36	2.69	13.48	4.92	—
Receivable daysdays	—	148.0	105.7	119.0	160.7	172.2	124.3	162.8	130.0	43.0	—
Inventory daysdays	—	5.1	36.0	85.8	55.8	62.2	65.5	132.6	270.9	64.2	—
Payable daysdays	—	122.7	101.2	149.5	128.4	142.3	189.2	380.2	557.4	128.1	—
Cash conversion cycledays	—	30.4	40.5	55.2	88.2	92.0	0.6	-84.8	-156.5	-20.8	—
EPSKRW	4,724	1,844	576	829	275	-1,232	-382	-1,072	-3,211	10,959	—
PERx	—	13.58	13.11	9.49	26.47	—	—	—	—	4.79	—
BPSKRW	—	15,140	9,327	10,070	10,071	8,867	8,573	7,558	4,889	15,040	17,487
PBRx	—	1.65	0.81	0.78	0.72	2.57	2.58	3.88	8.52	3.49	3.41
Dividend per shareKRW	—	—	100	100	100	—	—	—	—	1,000	—
Payout ratio%	—	—	17.36	12.06	36.36	—	—	—	—	9.12	—

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

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	842	1,178	1,160	1,201	1,075	1,022	1,249	1,348	3,029	3,656
	644	847	808	782	624	582	802	951	2,433	2,637
Cash and cash equivalentsKRW 100M	83	355	356	156	46	70	295	324	569	1,497
Short-term financial instrumentsKRW 100M	0	5	50	130	321	164	2	10	10	—
InventoriesKRW 100M	15	10	178	121	36	93	109	237	1,056	282
Trade and other receivablesKRW 100M	529	473	210	362	216	220	285	272	533*	683
	198	331	352	420	450	440	446	396	596	1,019
Property, plant and equipmentKRW 100M	161	259	283	312	351	323	323	296	444*	632
Intangible assetsKRW 100M	13	11	12	18	12	11	12	11	9	Not applicable
	399	270	321	295	169	220	456	639	2,565	2,218
	388	260	294	280	162	208	425	600	2,312	1,902
Trade and other payablesKRW 100M	364	252	277	245	117	179	404	586	2,075*	595
Short-term borrowingsKRW 100M	124	0	3	2	4	9	215	214	366	—
Current portion of long-term borrowingsKRW 100M	1	2	0	0	5	0	0	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	3	1	3	5	6	21	15
	11	10	27	15	7	12	31	39	253	316
Long-term borrowingsKRW 100M	2	0	8	7	0	0	—	—	—	252
Non-current lease liabilitiesKRW 100M	—	—	—	2	1	1	12	8	15	3
	443	908	839	906	906	802	793	709	464	1,438
	443	908	839	906	906	802	793	709	464	1,438
Issued capitalKRW 100M	25	30	45	45	45	45	46	47	47	48
Capital surplusKRW 100M	125	478	463	463	463	469	494	511	555	565
Retained earningsKRW 100M	293	391	336	407	426	317	287	190	-94	873
Other equityKRW 100M	0	9	-5	-9	-28	-29	-34	-39	-44	-47
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	0	0	0	0	0	0	Not applicable

유동파생상품자산As filed	—	—	—	—	—	—	—	—	41	—
기타유동자산As filed	17	3	14	12	5	35	113	108	90	69
매출채권As filed	243	90	59	89	48	121	150	68	301	—
단기미수금As filed	24	21	1	23	5	0	3	23	54	—
단기미청구공사As filed	236	343	0	—	—	—	—	—	—	—
기타유동금융자산As filed	0	0	—	—	—	—	—	—	135	105
단기미수수익As filed	0	0	0	0	0	0	—	3	2	—
단기선급금As filed	25	18	8	14	3	2	2	17	37	—
유동계약자산As filed	—	—	139	233	155	94	125	146	122	—
단기대여금As filed	—	—	3	4	4	2	3	5	4	—
단기보증금As filed	—	—	—	—	—	—	—	10	13	—
이연법인세자산As filed	14	16	22	26	35	40	21	27	58	70
무형자산As filed	—	—	—	—	—	—	—	—	—	11
기타채권As filed	—	—	—	—	0	0	1	1	—	—
투자부동산As filed	—	—	—	—	—	13	13	13	13	13
유동매도가능금융자산As filed	0	0	—	—	—	—	—	—	—	—
장기투자자산As filed	—	—	—	—	—	—	—	—	—	33
매출채권 및 기타비유동채권As filed	—	—	—	—	—	—	—	—	—	231
장기금융상품As filed	3	0	0	30	22	0	0	—	4	—
기타비유동금융자산As filed	0	23	8	10	0	0	5	6	—	10
장기매출채권 및 기타비유동채권As filed	7	22	27	24	29	53	68	44	34	—
장기대여금As filed	—	—	—	0	0	0	0	—	—	—
장기임차보증금As filed	—	—	12	14	12	13	17	10	25	—
비유동계약자산As filed	—	—	15	10	14	38	50	34	8	—
사용권자산As filed	—	—	—	—	—	—	—	—	—	21
장기기타채권As filed	—	—	—	—	2	2	1	1	0	—
장기보증금As filed	7	6	—	—	—	—	—	—	—	—
퇴직급여운용자산/퇴직연금운용자산As filed	—	—	—	—	—	—	4	0	0	—
단기금융리스채권As filed	—	—	—	—	—	—	—	—	1	—
장기미청구공사As filed	0	16	0	—	—	—	—	—	—	—
자본과부채총계As filed	842	1,178	1,160	1,201	1,075	1,022	1,249	1,348	3,029	3,656
비유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	10	0	0	5	—	—	—
유동성전환사채As filed	—	—	—	—	—	—	—	—	209	244
비유동매도가능금융자산As filed	0	23	8	—	—	—	—	—	—	—
유동성교환사채As filed	—	—	—	—	—	—	—	—	—	173
퇴직급여운용자산As filed	—	—	—	0	2	0	—	—	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	374
유동충당부채As filed	7	5	14	10	10	26	18	11	31	166
당기법인세부채As filed	13	1	1	23	4	0	1	0	1	111
최초인식시점 또는 그 이후에 지정된 비유동 당기손익인식금융자산As filed	—	—	—	—	—	—	—	6	—	—
기타유동금융부채As filed	—	—	—	—	—	—	—	—	—	214
단기매입채무As filed	163	175	58	81	31	56	61	155	375	—
기타 유동부채As filed	—	—	—	—	—	—	—	2	2	12
단기초과청구공사As filed	51	55	0	—	—	—	—	—	—	—
유동계약부채As filed	—	—	176	130	50	86	94	164	948	—
기타비유동채무As filed	—	—	—	—	—	—	—	—	—	56
단기미지급금As filed	23	19	36	25	23	22	24	42	151	—
단기미지급비용As filed	2	2	3	3	3	4	5	5	6	—
순확정급여부채As filed	—	—	—	—	—	—	—	—	—	5
기타비유동자산As filed	—	—	—	—	—	—	—	—	34	—
단기임대보증금As filed	—	—	1	0	0	0	—	—	—	—
기타유동부채As filed	5	1	2	2	31	3	2	—	—	—
유동파생상품부채As filed	—	—	—	—	—	—	—	—	203	—
장기매입채무 및 기타비유동채무As filed	3	3	11	14	7	10	31	37	240	—
장기미지급금As filed	1	2	2	2	2	5	15	24	60	—
장기미지급비용As filed	0	0	0	3	3	4	3	4	4	—
퇴직급여부채As filed	8	7	16	0	0	1	0	3	7	—
장기임대보증금As filed	—	—	—	—	1	1	1	1	1	—
확정급여채무의현재가치As filed	8	7	16	—	—	—	—	—	—	—
이연법인세부채As filed	—	—	1	1	0	0	0	0	0	—
교환사채As filed	—	—	—	—	—	—	—	—	160	—
비유동충당부채As filed	—	—	—	—	—	—	—	—	6	—

Income statement

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,437	1,236	1,180	876	656	462	741	624	1,129	5,158
Cost of salesKRW 100M	1,058	916	954	637	514	379	562	475	871	3,803
Gross profitKRW 100M	379	320	226	239	142	83	178	149	258	1,355
SG&A expensesKRW 100M	145	174	141	125	105	154	134	189	179	239
	234	145	85	114	37	-71	44	-41	79	1,115
Finance incomeKRW 100M	16	5	22*	17	21	25	42	23	175	105
Finance costsKRW 100M	4	16	20*	44	27	56	103	85	564	149
Other incomeKRW 100M	6	6	15*	3	2	2	2	7	1	5
Other expensesKRW 100M	9	18	4*	1	5	2	0	0	0	3
	244	123	98	89	28	-102	-15	-95	-309	1,074
Income tax expenseKRW 100M	8	25	47	18	5	0	17	-3	28	108
	236	98	52	71	23	-102	-32	-92	-281	965
Attributable to ownersKRW 100M	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
Basic earnings per shareKRW	4,724	1,844*	576	829	275	-1,232	-382	-1,072	-3,211	10,959
Diluted earnings per shareKRW	4,719	1,967*	576	829	275	-1,232	-382	-1,072	-3,211	10,270
	234	98	47	80	27	-101	-29	-97	-284	966
Other comprehensive incomeKRW 100M	-2	1	-5	8	4	1	3	-5	-3	1

당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	-2	1	-5	8	4	1	3	-5	-3	1
확정급여제도의 재측정손익(세후기타포괄손익)As filed	-2	1	-5	8	4	1	3	-5	-3	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	-0	0	0	—	—	—	—	—	—	—
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	—	1
매도가능금융자산평가손익(세후기타포괄손익)As filed	-0	0	0	—	—	—	—	—	—	—

Cash flow statement

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	236	98	52	71	23	-102	-32	-92	-281	965
Total adjustments to operating cash flowcomputed	-210	79	54	-66	108	-6	-91	148	-59	8
	26	177*	106	5	131	-108	-124	56	-340	973
Interest receivedKRW 100M	1	1	4	4	4	2	2	4	21	21
Interest paidKRW 100M	3	3	0	1	0	0	3	12	12	10
Income taxes paidKRW 100M	0	38	25	1	35	10	-1	1	4	8
	-14	-125*	-79	-185*	-209	138	134	-30	-170	-279
Purchase of property, plant and equipmentKRW 100M	11	106	8	35	54	26	17	17	152	254
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	0	0	1	0	0	0	0	Not applicable
Purchase of intangible assetsKRW 100M	1	5	4	8	1	2	2	1	0	2
	0	233	-26	-20*	-32	-7	222	5	753	249
Dividends paidKRW 100M	—	—	—	9	9	8	0	0	—	—
Acquisition of treasury sharesKRW 100M	—	—	24	6	20	0	0	—	—	—
Issue of sharesKRW 100M	0	358	-0	0	0	—	—	—	—	—
Cash at beginning of periodKRW 100M	71	83	355	356	156	46	70	295	324	569
	83	355	356	156	46	70	295	324	569	1,497
Effect of exchange rate changesKRW 100M	0	-13	-0	-0	0	0	-6	-1	1	-14
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

금융리스부채의 지급As filed	—	—	—	4	4	3	4	7	15	24
영업활동으로부터 창출된 현금흐름As filed	29	217	127	3	162	-100	-124	65	-346	—
주식선택권행사로 인한 현금유입As filed	—	—	—	—	—	5	20	13	13	7
전환사채의 증가As filed	—	—	—	—	—	—	—	—	420	—
교환사채의 증가As filed	—	—	—	—	—	—	—	—	180	—
단기금융상품의 취득As filed	—	—	598	390	440	228	216	10	0	—
단기차입금의 증가As filed	124	52	0	0	49	15	269	45	185	265
매도가능금융자산의 취득As filed	0	23	—	—	—	—	—	—	—	—
단기차입금의 상환As filed	0	176	0	1	47	15	63	46	33	257
장기차입금의 증가As filed	0	0	—	—	—	—	—	—	—	252
단기금융상품의 처분As filed	0	-1	560	250	249	385	378	2	0	—
매도가능금융자산의 처분As filed	4	0	0	—	—	—	—	—	—	—
비유동당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	5	1	0	—
임차보증금의 감소As filed	0	2	2	2	5	0	5	0	1	2
장기금융상품의 처분As filed	—	—	—	—	32	6	—	—	—	—
장기금융상품의 취득As filed	2	0	0	0	—	—	—	—	0	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	4	6
기타채권의 수취As filed	—	—	—	—	-0	-0	-0	—	—	—
대여금의 감소As filed	—	—	—	0	1	3	3	1	3	1
비유동당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	0	0	—	—
임차보증금의 증가As filed	1	0	8	4	3	1	8	4	19	5
임대보증금의 감소As filed	—	—	—	-0	0	0	—	—	—	—
대여금의 증가As filed	—	—	3	1	1	0	4	3	2	3
임대보증금의 증가As filed	—	—	0	0	1	0	0	—	—	0
선물거래예치금의 증가As filed	5	0	0	—	—	—	—	—	—	—
금융리스자산의 취득As filed	—	—	—	—	—	—	—	-1	-1	—
금융리스자산의 처분As filed	—	—	—	—	—	—	—	—	—	1
무형자산의 처분As filed	—	—	—	—	3	0	0	—	—	—
비유동매도가능금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—
선물거래예치금의 감소As filed	2	6	0	—	—	—	—	—	—	—
단기투자자산의 감소As filed	—	—	—	—	—	—	—	—	—	10
단기투자자산의 증가As filed	—	—	—	—	—	—	—	—	—	29
종속기업의 취득에 따른 순현금흐름As filed	0	2	-20	0	0	—	—	—	—	—
장기투자자산의 감소As filed	—	—	—	—	—	—	—	—	—	0
영업에서 창출된 현금As filed	—	—	—	—	—	—	—	—	—	970
유동성장기차입금의 상환As filed	—	—	2	0	—	—	—	—	—	—
장기차입금의 상환As filed	124	1	0	—	3	0	0	—	—	—
환율변동효과전현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	943
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	12	285	1	-199	-110	24	232	31	243	—

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 36	동성회계법인	2025-12-31
2024	적정의견Term 35	삼정회계법인	2025-12-31
2023	적정의견Term 34	삼정회계법인	2025-12-31
2022	적정Term 33	삼정회계법인	2022-12-31
2021	적정Term 32	삼정회계법인	2022-12-31
2020	적정Term 31	삼정회계법인	2022-12-31
2019	적정Term 30	삼정회계법인	2019-12-31
2018	적정Term 29	삼정회계법인	2019-12-31
2017	적정Term 28	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 5Y0.98

Equity risk premium%

Terminal growth%

Cost of equity9.28%

Weighted average cost of capital9.09%

Initial growth2.0%

Effective tax rate10.1%

Base fiscal year2025

Current priceKRW75,000

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	14,021	-81.3%
Dividend discount model DDM	14,021	-81.3%
Discounted cash flow FCFF	122,493	+63.3%
Discounted cash flow FCFE	88,802	+18.4%
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% + 0.98 × 5.00% = 9.28%

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 = 1,000 × (1 + 2.00%) / (9.28% − 2.00%) = 1,020 / 0.0728 = 14,021 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 = 1,000, g_1 = 2.00%, g_T = 2.00%, r = 9.28%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	1,020	0.9151	933
2	2.00%	1,040	0.8374	871
3	2.00%	1,061	0.7664	813
4	2.00%	1,082	0.7013	759
5	2.00%	1,104	0.6418	709
Terminal value	2.00%	15,480	0.6418	9,935
Total				14,021

P_0 = 14,021 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 973.0 − 253.9 + 9.9 × (1 − 10.09%) = 728.0 KRW hundred million

Weighted average cost of capital

E = 7,171.1, D = 252.0 KRW hundred million; equity weight = 96.61%, debt weight = 3.39%; cost of debt k_d = 4.40%

WACC = 96.61% × 9.28% + 3.39% × 4.40% × (1 − 10.09%) = 9.09%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	742.5	0.9166	680.6
2	2.00%	757.4	0.8402	636.4
3	2.00%	772.5	0.7702	595.0
4	2.00%	788.0	0.7060	556.3
5	2.00%	803.7	0.6471	520.1
Terminal value	2.00%	11,556.1	0.6471	7,478.3
Total				10,466.7

Firm value = 10,466.7; less borrowings 252.0; plus cash 1,497.5 → 11,712.2 KRW hundred million

P_0 = 11,712.2 KRW hundred million ÷ 9,561,504 (shares) = 122,493 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 = 973.0 − 253.9 + -113.5 (net borrowing) = 605.6 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	617.7	0.9151	565.3
2	2.00%	630.1	0.8374	527.6
3	2.00%	642.7	0.7664	492.5
4	2.00%	655.5	0.7013	459.7
5	2.00%	668.6	0.6418	429.1
Terminal value	2.00%	9,374.6	0.6418	6,016.5
Total				8,490.8

P_0 = 8,490.8 KRW hundred million ÷ 9,561,504 (shares) = 88,802 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