Taesung
Price chart
- 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.
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
Taesung was established on June 19, 2006. The company is listed on the KOSDAQ market following a merger with a special purpose acquisition company on June 15, 2022.
The company develops and supplies automation equipment for electronic materials and components manufacturing. Its business segments include PCB manufacturing equipment, glass substrate manufacturing equipment, and secondary battery material manufacturing equipment. It supplies wet process equipment and consumables to domestic and international PCB manufacturers.
Business overview as filed
당사는 한국표준산업분류상 그 외 기타 특수 목적용 기계 제조업(C29299)에 속하는 회사로, 전자소재 및 전자부품 제조 공정에 사용되는 장비를 생산 및 공급하고 있습니다. 당사의 사업은 PCB 제조 공정 자동화 장비를 기반으로 하여 글래스 기판 제조공정 장비 및 2차전지 소재 제조 공정 장비 등 전자소재 제조 공정 장비 분야로 확대되고 있습니다.
당사의 사업영역.jpg 당사의 사업영역 (출처: 당사자료)현재 당사의 주요 사업은 PCB 제조 공정 장비, 글래스 기판 제조 공정 장비 및 2차전지 소재 제조 공정 장비로 구분됩니다. PCB 제조 공정 장비는 당사의 기존 주력 사업으로 PCB 생산 공정에 사용되는 식각, 표면처리 등 습식(Wet) 공정 장비 및 자동화 장비를 중심으로 다양한 장비를 개발 및 생산하고 있으며, PCB 제조 공정에 필요한 습식 장비를 국내외 PCB 제조업체에 공급하고 있습니다. 또한 장비 제작 사업 외에도 PCB 외주 생산 및 PCB 생산 공정에 사용되는 세라믹 브러시 등 공정 소모품 판매하고 있습니다.글래스 기판 제조 공정 장비는 차세대 반도체 패키징 기술과 관련된 제조 공정에 적용되는 장비로 식각, 세정 등 공정 장비 개발 및 공급을 추진하고 있습니다.
주요생산제품.jpg 주요생산제품 2차전지 소재 제조 공정 장비는 배터리 핵심 소재 중 하나인 동박 관련 제조 공정에 적용되는 장비 개발을 추진하고 있으며, 기존 습식 공정 장비 기술을 기반으로 복합동박 제조 공정에 적용되는 도금 장비 기술을 개발하고 있습니다.
Company overview
주식회사 태성은 신영해피투모로우제5호기업인수목적 주식회사가 2022년 6월 15일 합병등기하여 상호 변경된 법인입니다.2022년 5월 12일 합병임시주주총회에서 신영해피투모로우제5호기업인수목적 주식회사가 소멸법인인 주식회사 태성과 합병 승인하였고, 합병비율에 의한 합병 신주를 2022년 6월 30일 한국거래소 코스닥시장에 상장하였습니다.신영해피투모로우제5호기업인수목적 주식회사는 기업 인수가 목적인 명목회사이며, 합병 후 존속하는 사업은 소멸법인인 주식회사 태성이 영위하는 사업이므로, 실질적으로는 소멸법인인 주식회사 태성이 존속법인인 신영해피투모로우제5호기업인수목적 주식회사를 흡수하는 역합병 결과가 됩니다.본 보고서는 경제적 실질에 따라 주식회사 태성이 실질적 합병회사가 됨으로서 주식회사 태성의 기준으로 작성하되, 신영해피투모로우제5호기업인수목적 주식회사의 내용으로 표기된 부분은 별도 표기하였음을 알려드립니다.
1. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)
1-1. 연결대상회사의 변동내용
2. 회사의 법적ㆍ상업적 명칭당사의 명칭은 '주식회사 태성'이며, 영문으로는 'TAESUNG CO.,LTD'(약호 TAESUNG)로 표기합니다.
3. 설립일자 및 존속기간당사의 설립일자는 2006년 6월 19일이고, 계속사업기업으로 존속기간이 정해져 있지 않습니다. 당사는 2022넌 6월 15일(합병등기일) 신영해피투모로우제5호기업인수목적 주식회사와 합병을 완료한 후 사명을 주식회사 태성으로 변경하였습니다. 법률상 존속회사인 신영해피투모로우제5호기업인수목적 주식회사의 설립일자는 2019년4월 5일 입니다.
4. 본사의 주소, 전화번호, 홈페이지 주소
5. 중소기업 등 해당 여부
6. 주요 사업의 내용당사는 PCB 정면기 등 자동화기계의 개발, 제조, 판매를 주요 사업으로 영위하고 있으며 사업의 확대를 위하여 신규 장비 연구개발을 진행하고 있습니다.또한 2차전지사업부를 신설하여 특허 취득 및 시설투자를 진행하여 양산준비 중에 있습니다.
7. 신용평가에 대한 사항
8.회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항
Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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
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.
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.
Deepest drawdown 73.2% (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.
Characteristic line
- Intercept
- +0.462%[-0.162%, +1.086%]
- R squared
- 0.50
- Observations
- 252
- Trading-time corrected beta
- 1.45[1.00, 1.89]
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.
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
| 2021 | 2022 | 2023 | 2024 | 2025 | TTM | |
|---|---|---|---|---|---|---|
| RevenueKRW 100M | 439 | 612 | 333 | 592 | 379 | 721 |
| Revenue growth% | — | 39.39 | -45.57 | 77.61 | -36.06 | — |
| Operating incomeKRW 100M | 46 | 23 | -7 | 60 | -25 | 25 |
| Operating income growth% | — | -49.98 | -129.64 | — | -141.51 | — |
| Net incomeKRW 100M | 93 | -5 | -14 | 60 | -25 | 25 |
| Net income growth% | — | -104.94 | — | — | -142.51 | — |
| Attributable to owners | 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 |
| Operating margin% | 10.53 | 3.78 | -2.06 | 10.20 | -6.62 | 3.43 |
| Net margin% | 21.05 | -0.75 | -4.25 | 10.08 | -6.70 | 3.48 |
| ROE | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| ROA% | 18.58 | -0.82 | -2.49 | 7.50 | -1.47 | 1.19 |
| Debt ratio% | 137.22 | 72.36 | 84.44 | 94.26 | 34.70 | 59.83 |
| Current ratio% | 102.61 | 148.97 | 125.18 | 151.78 | 177.25 | 111.37 |
| Quick ratio% | 78.56 | 118.03 | 80.59 | 116.76 | 149.64 | 87.32 |
| Reserve ratio% | 858.18 | 1,137.54 | 1,081.41 | 1,420.50 | 4,045.29 | 4,140.22 |
| Free cash flowKRW 100M | 68 | -48 | 51 | -140 | -473 | — |
| FCF margin% | 15.44 | -7.87 | 15.21 | -23.73 | -124.85 | — |
| OCF conversion% | 76.34 | — | — | 75.18 | — | — |
| Capex to revenue% | 0.63 | 4.07 | 8.43 | 31.31 | 99.10 | — |
| Receivable daysdays | — | 98.1 | 144.3 | 66.1 | 124.2 | — |
| Inventory daysdays | — | 49.2 | 116.5 | 77.0 | 120.8 | — |
| Payable daysdays | — | 126.1 | 187.1 | 112.6 | 259.4 | — |
| Cash conversion cycledays | — | 21.2 | 73.7 | 30.4 | -14.4 | — |
| EPSKRW | 693 | -20 | -57 | 233 | -85 | — |
| PERx | 3.04 | — | — | 103.22 | — | — |
| BPSKRW | 5,987 | 1,342 | 1,224 | 1,583 | 4,199 | 4,320 |
| PBRx | 0.35 | 1.28 | 3.19 | 15.19 | 10.60 | 9.86 |
| Dividend per share | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
Consolidated basis
Profit flowKRW 100M
This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.
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
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| 498 | 558 | 570 | 796 | 1,725 | |
| 289 | 330 | 311 | 336 | 787 | |
| Cash and cash equivalentsKRW 100M | 60 | 46 | 100 | 110 | 491 |
| Short-term financial instrumentsKRW 100M | — | 35 | — | — | — |
| InventoriesKRW 100M | 68 | 69 | 111 | 78 | 123 |
| Trade and other receivablesKRW 100M | 155 | 174 | 90 | 125 | 133 |
| 209 | 228 | 258 | 460 | 939 | |
| Property, plant and equipmentKRW 100M | 198 | 215 | 235 | 410 | 861 |
| Intangible assetsKRW 100M | 6 | 7 | 19 | 44 | 61 |
| Investments in associatesKRW 100M | 5 | 6 | — | — | — |
| 288 | 234 | 261 | 386 | 445 | |
| 282 | 222 | 249 | 221 | 444 | |
| Trade and other payablesKRW 100M | 209 | 141 | 148 | 128 | 302 |
| Non-current liabilitiesKRW 100M | 6 | 13 | 12 | 165 | 1 |
| 210 | 324 | 309 | 410 | 1,281 | |
| 210 | 324 | 309 | 410 | 1,281 | |
| Issued capitalKRW 100M | 21 | 25 | 25 | 26 | 31 |
| Capital surplusKRW 100M | 116 | 231 | 231 | 266 | 1,157 |
| Retained earningsKRW 100M | 61 | 56 | 42 | 102 | 76 |
| Accumulated other comprehensive incomeKRW 100M | 12 | 12 | 11 | 15 | 16 |
| Other equityKRW 100M | — | -0 | -0 | 1 | 0 |
| Non-controlling interestsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 당기법인세자산As filed | 0 | 0 | 1 | — | 2 |
| 기타유동자산As filed | 5 | 5 | 7 | 21 | 33 |
| 기타유동금융자산As filed | 0 | 1 | 3 | 3 | 5 |
| 이연법인세자산As filed | — | — | — | — | 4 |
| 기타비유동자산As filed | 0 | 0 | 4 | 7 | 6 |
| 기타비유동금융자산As filed | 0 | 0 | 0 | 0 | 6 |
| 자본과부채총계As filed | 498 | 558 | 570 | 796 | 1,725 |
| 기타유동금융부채As filed | 21 | 26 | 22 | 30 | 81 |
| 당기법인세부채As filed | — | 4 | — | 18 | — |
| 기타 유동부채As filed | — | — | 79 | 45 | 61 |
| 기타유동부채As filed | 52 | 51 | — | — | — |
| 이연법인세부채As filed | 6 | 11 | 10 | 9 | — |
| 기타비유동금융부채As filed | — | 2 | 2 | 156 | 1 |
Income statement
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| 439 | 612 | 333 | 592 | 379 | |
| Cost of salesKRW 100M | 345 | 506 | 281 | 447 | 302 |
| Gross profitKRW 100M | 95 | 107 | 52 | 146 | 76 |
| SG&A expensesKRW 100M | 48 | 84 | 59 | 85 | 101 |
| 46 | 23 | -7 | 60 | -25 | |
| Finance incomeKRW 100M | 73 | 17 | 6 | 14 | 16 |
| Finance costsKRW 100M | 18 | 10 | 6 | 5 | 3 |
| Other incomeKRW 100M | 1 | 3 | 1 | 2 | 2 |
| Other expensesKRW 100M | 0 | 28 | 6 | 0 | 28 |
| 102 | 5 | -12 | 71 | -37 | |
| Income tax expenseKRW 100M | 9 | 10 | 2 | 11 | -12 |
| 93 | -5 | -14 | 60 | -25 | |
| Attributable to ownersKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Attributable to minoritiesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Basic earnings per shareKRW | 693 | -20 | -57 | 233 | -85 |
| Diluted earnings per shareKRW | 693 | -20 | -57 | 232 | -85 |
| 93 | -5 | -15 | 64 | -24 | |
| Other comprehensive incomeKRW 100M | 1 | -0 | -1 | 4 | 1 |
| 당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed | 1 | -0 | -1 | 4 | 1 |
| 해외사업장환산외환차이(세후기타포괄손익)As filed | 0 | 0 | -1 | 4 | 1 |
| 지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed | 0 | -0 | -0 | — | — |
Cash flow statement
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Net incomefrom the income statement | 93 | -5 | -14 | 60 | -25 |
| Total adjustments to operating cash flowcomputed | -22 | -19 | 93 | -15 | -72 |
| 71 | -23 | 79 | 45 | -97 | |
| Interest receivedKRW 100M | 0 | 1 | 2 | 2 | 15 |
| Interest paidKRW 100M | 3 | 3 | 4 | 4 | 6 |
| DepreciationKRW 100M | 8 | 8 | 8 | 12 | 14 |
| AmortisationKRW 100M | 2 | 3 | 2 | 3 | 1 |
| Income taxes paidKRW 100M | 1 | 1 | 8 | -0 | 19 |
| -0 | 17 | -9 | -211 | -408 | |
| Purchase of property, plant and equipmentKRW 100M | 3 | 25 | 28 | 185 | 375 |
| Proceeds from sale of property, plant and equipmentKRW 100M | 0 | 1 | 0 | 0 | 2 |
| Purchase of intangible assetsKRW 100M | 0 | 4 | 13 | 27 | 26 |
| -45 | -8 | -15 | 174 | 886 | |
| Acquisition of treasury sharesKRW 100M | — | 5 | 5 | — | — |
| Disposal of treasury sharesKRW 100M | — | 1 | — | 39 | — |
| Issue of sharesKRW 100M | — | — | — | — | 895 |
| Cash at beginning of periodKRW 100M | 35 | 60 | 46 | 100 | 110 |
| 60 | 46 | 100 | 110 | 491 | |
| Effect of exchange rate changesKRW 100M | 0 | -0 | -1 | 3 | -1 |
| Net change in cash and cash equivalentsKRW 100M | 26 | -14 | 54 | 11 | 381 |
| 금융리스부채의 지급As filed | 1 | 1 | 1 | 1 | 2 |
| 당기순이익(손실)As filed | 93 | -5 | -14 | 60 | -25 |
| 당기순이익조정을 위한 가감As filed | -34 | 69 | 19 | 29 | 14 |
| 법인세비용As filed | 9 | 10 | — | — | — |
| 주식선택권행사로 인한 현금유입As filed | — | — | — | 5 | 0 |
| 단기차입금의 증가As filed | 115 | 136 | 60 | 20 | 36 |
| 대손상각비As filed | -1 | 13 | — | — | — |
| 장기차입금의 증가As filed | — | — | — | 155 | — |
| 단기차입금의 상환As filed | 160 | 138 | 70 | 43 | 42 |
| 외화환산손실As filed | 0 | 2 | — | — | — |
| 임차보증금의 감소As filed | 0 | — | 0 | 1 | 0 |
| 임차보증금의 증가As filed | 0 | 0 | 2 | 0 | 10 |
| 단기금융상품의 처분As filed | — | — | 35 | — | — |
| 재고자산평가손실As filed | -0 | 0 | — | — | — |
| 금융자산처분손실As filed | 0 | 0 | — | — | — |
| 하자보수비As filed | 1 | 1 | — | — | — |
| 비유동당기손익인식금융자산의 취득As filed | — | — | — | 0 | 0 |
| 이자비용As filed | 17 | 4 | — | — | — |
| 외화환산이익As filed | 2 | 3 | — | — | — |
| 영업활동으로 인한 자산 부채의 변동As filed | — | — | 84 | -42 | -76 |
| 유형자산처분이익As filed | 0 | 1 | — | — | — |
| 미청구공사의 감소(증가)As filed | -2 | -15 | 12 | 1 | 4 |
| 현금의기타유입(유출)As filed | — | 80 | — | — | 2 |
| 금융자산처분이익As filed | 0 | — | — | — | — |
| 부가가치세 선급금의 감소(증가)As filed | -1 | 0 | 1 | -6 | -7 |
| 지분법이익As filed | 0 | 1 | — | — | — |
| 선급금의 감소(증가)As filed | -0 | -0 | -3 | -0 | -5 |
| 미수금의 감소(증가)As filed | 0 | -1 | -0 | -1 | 0 |
| 장기선급비용의 감소(증가)As filed | -0 | — | — | -2 | 0 |
| 당기손익인식금융자산평가이익As filed | 5 | — | — | — | — |
| 이자수익As filed | 0 | 1 | — | — | — |
| 부가가치세 예수금의 증가(감소)As filed | -0 | — | 2 | -2 | — |
| 주식보상비용(환입)As filed | — | 11 | — | — | — |
| 차입금(사채)상환이익As filed | 63 | — | — | — | — |
| 미지급비용의 증가(감소)As filed | 0 | 0 | 0 | 2 | -1 |
| 당기순이익조정을 위한 기타 가감As filed | — | 25 | — | — | — |
| 선수금의 증가(감소)As filed | 37 | -2 | 27 | -36 | 15 |
| 미지급금의 증가(감소)As filed | 11 | 6 | -5 | 5 | -19 |
| 영업활동으로인한자산ㆍ부채의변동As filed | 15 | -85 | — | — | — |
| 제품보증충당부채의 증가(감소)As filed | -1 | -1 | -1 | -1 | -2 |
| 매출채권의 감소(증가)As filed | -41 | -16 | 80 | -33 | -4 |
| 예수금의 증가(감소)As filed | -0 | 0 | 0 | 0 | 1 |
| 재고자산의 감소(증가)As filed | -28 | 8 | -42 | 34 | -77 |
| 기타유동자산의 감소(증가) 조정As filed | — | — | -0 | -3 | -0 |
| 선급비용의 감소 (증가)As filed | — | — | -5 | -0 | 0 |
| 매입채무의 증가(감소)As filed | 41 | -66 | 17 | -1 | 18 |
| 선급비용의 감소(증가)As filed | -0 | 0 | — | — | — |
| 대손상각비 조정As filed | — | — | -8 | 2 | -2 |
| 외화환산이익 조정As filed | — | — | 0 | 4 | 0 |
| 매각예정비유동자산손상차손As filed | — | — | 3 | — | — |
| 유형자산처분이익 조정As filed | — | — | — | 0 | 1 |
| 이자비용 조정As filed | — | — | 4 | 3 | 0 |
| 무형자산손상차손 조정As filed | — | — | — | — | 22 |
| 지분법손실 조정As filed | — | — | 3 | — | — |
| 유형자산처분손실 조정As filed | — | — | 0 | — | 1 |
| 외화환산손실 조정As filed | — | — | 1 | 1 | 1 |
| 주식보상비용(환입) 조정As filed | — | — | 5 | — | — |
| 하자보수비 조정As filed | — | — | 0 | 2 | 1 |
| 단기금융상품의 취득As filed | — | 35 | — | — | — |
| 재고자산평가손실 조정As filed | — | — | 0 | 2 | -2 |
| 법인세비용 조정As filed | — | — | 2 | 11 | -12 |
| 정부보조금의 상환As filed | 0 | 0 | — | — | — |
| 당기손익인식금융자산의 처분As filed | 3 | — | — | — | — |
| 유형자산손상차손As filed | — | — | — | — | 4 |
| 이자수익에 대한 조정As filed | — | — | 1 | 2 | 15 |
| 금융상품평가손실As filed | — | — | — | — | 0 |
| 당기손익인식금융자산의 취득As filed | 1 | — | — | — | — |
| 정부보조금의 수취As filed | 0 | — | — | — | — |
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 2026.03.23.
Audit opinion
| Fiscal year | Opinion | Auditor | Fiscal year end |
|---|---|---|---|
| 2025 | 적정의견Term 7 | 대주회계법인 | 2025-12-31 |
| 2024 | 적정의견Term 6 | 대주회계법인 | 2025-12-31 |
| 2023 | 적정의견Term 5 | 대주회계법인 | 2025-12-31 |
| 2022 | 적정Term 4 | 대주회계법인 | 2022-12-31 |
| 2021 | 적정Term 3 | 삼정회계법인 | 2022-12-31 |
| 2020 | 적정Term 2 | 삼정회계법인 | 2022-12-31 |
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.
Valuation models
Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.
Assumptions
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 | No dividend | |
| Dividend discount model DDM | No dividend | |
| 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 | |
Dividend and residual income familyKRW
Discounted cash flow familyKRW
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 = 4.40% + 1.07 × 5.00% = 9.77%
Initial growth
g_1 = g_T = 2.00%
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.