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Asia Holdings

002030 · KOSPI · ₩002030 · 아세아

₩189,800▲ ₩6,000 (3.26%)End-of-day · Oct 30, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩726,271

vs the current price (₩189,800)

Enterprise value
₩2.8T
Equity value
₩1.5T
WACC
5.4%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 283% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩189,800, the model needs an operating margin of 6.4% every year (it uses 9.3%).
  • Or revenue growth −11.6 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 14.0× against a typical 5.4× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩46,052
−75.7%
Base
₩726,271
+282.7%
Bull
₩2,173,972
+1,045.4%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (9.3%).

Revenue growth

  • -3.1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-3.1% a year, annual reports), fading to 3% by year 5.

  • -1.6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-3.1% a year, annual reports), fading to 3% by year 5.

  • -0.1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-3.1% a year, annual reports), fading to 3% by year 5.

  • 1.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-3.1% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-3.1% a year, annual reports), fading to 3% by year 5.

Business

  • 9.3%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 8.7%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 10.9%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 16.5%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta -0.09, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩1.9T
Net debt (borrowings and leases − cash and deposits)
₩526B
+ Stakes and investments
₩63B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩840B
Shares
2,058,852
Share price
₩189,800
Market cap
₩391B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩2.1T₩2T₩1.9T₩1.9T₩1.8T₩1.8T₩1.9T₩1.9T
Growth2.1%−5.1%−6.1%−3.1%−1.6%−0.1%1.5%3.0%
EBIT₩240B₩172B₩111B₩173B₩170B₩170B₩172B₩178B
EBIT margin11.4%8.6%5.9%9.3%9.3%9.3%9.3%9.3%
After-tax EBIT₩174B₩125B₩80B₩125B₩123B₩123B₩125B₩129B
+ Depreciation———₩162B₩159B₩159B₩161B₩166B
− Capital spending₩253B₩182B₩222B₩203B₩199B₩199B₩202B₩208B
− Working capital−₩37B₩16B₩71B−₩9.8B−₩4.9B−₩302M₩4.5B₩9.2B
Free cash flow———₩94B₩88B₩83B₩80B₩78B
Discount factor———0.9490.9000.8540.8100.768
Present value———₩89B₩79B₩71B₩65B₩60B

Terminal value ₩3.2T, worth ₩2.4T today: 87% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩588,045 a share)Now 0.32×₩166,0630.28×₩211,2860.36×₩323,9540.55×
Price / earnings (last 12 months: ₩13,548 a share)Now 14.0×₩37,4322.76×₩73,1445.40×₩209,14715.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩30,851 a share)Now 6.15×₩85,2372.76×₩166,5585.40×₩476,25715.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
4.4%₩813,169₩1,016,395₩1,303,770₩1,741,459₩2,489,623
4.9%₩622,944₩769,082₩965,271₩1,242,693₩1,665,219
5.4%₩476,029₩585,216₩726,271₩915,635₩1,183,401
5.9%₩359,182₩443,200₩548,572₩684,696₩867,437
6.4%₩264,058₩330,239₩411,307₩512,977₩644,318

Now (TTM)

Market cap
₩391B
Enterprise value
₩916B
P/E
14.0×
P/B
0.3×
P/S
0.2×
EV/EBITDA
—
Dividend yield
3.0%

Over time (at each year end)

20252024202320222021
Price₩326,500₩251,500₩187,000₩131,500₩128,000
Market cap₩672B₩518B₩385B₩271B₩264B
P/E21.7×8.3×4.1×3.2×2.5×
P/B0.6×0.4×0.4×0.3×0.3×
P/S0.4×0.3×0.2×0.1×0.1×
EV/EBITDA—————
Dividend yield1.7%2.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Asia Holdings14.0×0.3×0.2×—3.0%
S-124.3×2.2×1.3×—0.0%
Cheil Worldwide8.5×1.2×0.4×—6.7%
Doosan Tesna50.9×3.9×5.3×—0.2%
Lotte Tour Development15.2×2.1×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.2×—1.3%
Innocean Worldwide5.4×0.6×0.3×—6.8%
Similar companies (median)11.8×1.6×1.2×—0.8%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Asia Holdings / 아세아 / 002030 / KRX:002030

Source: KRX statistical information