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Chinyang Holdings

100250 · KOSPI · ₩100250 · 진양홀딩스

₩2,915▲ ₩30 (1.04%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩30B
Equity value
−₩153B
WACC
6.6%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩2,915, the model needs an operating margin of 8.5% every year (it uses 1.9%).
  • 97% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 1.6× against a typical 10.4× 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
—
Base
—
Bull
—

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 (1.9%).

Revenue growth

  • 6.1%

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

    Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.

  • 5.3%

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

    Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.

  • 4.5%

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

    Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 3 years' revenue growth (6.1% 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 (6.1% a year, annual reports), fading to 3% by year 5.

Business

  • 1.9%

    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.

  • 10.1%

    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).

  • 12.6%

    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).

  • 20.7%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.6

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

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.03, 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.

  • 5.58%

    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)
₩284B
Net debt (borrowings and leases − cash and deposits)
₩57B
+ Stakes and investments
₩14B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩79B
Shares
63,900,000
Share price
₩2,915
Market cap
₩186B

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₩271B₩287B₩280B₩301B₩317B₩331B₩344B₩354B
Growth15.6%5.8%−2.5%6.1%5.3%4.5%3.8%3.0%
EBIT₩3.5B₩4.9B₩5.8B₩5.7B₩6B₩6.3B₩6.5B₩6.7B
EBIT margin1.3%1.7%2.1%1.9%1.9%1.9%1.9%1.9%
After-tax EBIT₩2.5B₩3.6B₩4.2B₩4.1B₩4.4B₩4.6B₩4.7B₩4.9B
+ Depreciation———₩30B₩32B₩33B₩35B₩36B
− Capital spending₩35B₩26B₩44B₩38B₩40B₩42B₩43B₩45B
− Working capital₩98B−₩3.9B₩1.6B₩3.6B₩3.3B₩3B₩2.6B₩2.1B
Free cash flow———−₩7B−₩6.9B−₩6.7B−₩6.5B−₩6.1B
Discount factor———0.9380.8800.8260.7750.727
Present value———−₩6.5B−₩6B−₩5.5B−₩5B−₩4.4B

Terminal value −₩3.7B, worth −₩2.7B today: 9% 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 ₩7,578 a share)Now 0.38×₩3,8250.50×₩4,3590.58×₩4,9670.66×
Price / earnings (last 12 months: ₩1,838 a share)Now 1.59×₩5,7703.14×₩19,18510.4×₩48,42926.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩5,670 a share)Now 0.51×₩17,8063.14×₩59,20010.4×₩149,44126.4×

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%
5.6%—————
6.1%—————
6.6%—————
7.1%—————
7.6%—————

Now (TTM)

Market cap
₩186B
Enterprise value
₩242B
P/E
1.6×
P/B
0.4×
P/S
0.7×
EV/EBITDA
—
Dividend yield
6.9%

Over time (at each year end)

20252024202320222021
Price₩3,180₩3,080₩3,210₩3,025₩3,665
Market cap₩203B₩197B₩205B₩193B₩234B
P/E11.2×12.8×5.7×7.9×23.4×
P/B0.5×0.5×0.6×0.6×0.7×
P/S0.7×0.7×0.8×0.8×1.0×
EV/EBITDA—————
Dividend yield6.3%6.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Chinyang Holdings1.6×0.4×0.7×—6.9%
Hankook Tire & Technology5.8×0.5×0.3×—4.0%
Kumho Tire3.1×0.6×0.3×—0.0%
Pum-Tech Korea20.1×2.6×2.1×—0.7%
Dongwon Systems9.7×0.7×0.4×5.7×2.8%
Nexen Tire3.5×0.3×0.2×—3.6%
PI Advanced Materials12.8×1.2×1.7×5.2×2.2%
Similar companies (median)7.8×0.6×0.4×5.5×2.5%

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

Also known as: Chinyang Holdings / 진양홀딩스 / 100250 / KRX:100250

Source: KRX statistical information