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Cho Kwang Pain (004910) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Cho Kwang Pain KRW 4,101, price KRW 3,500, upside +17.2%, quality 35 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Basic Materials · KR · ISIN KR7004910006

CK Thin data Sep 24, 2026

Cho Kwang Pain

004910 · KO

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 4,101 KRW · Undervalued (+17%)
!Quality 35/100
!Weak Growth (revenue 5y +0.1 %/yr)
!Loss-making · -8.0% net margin (TTM)
!Low debt · negative free cash flow
·5.71% dividend yield
!Trails peers (2/9)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

10,580 KRW 3,240 KRW Fair Value 4,101 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 3,240 KRW – 10,580 KRW · fair‑value band 3,743 KRW – 4,649 KRW · the 3,500 KRW price screens below the 4,101 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Chokwang Paint Ltd. manufactures and sells paints and chemicals in South Korea and internationally. It offers architectural, floor and waterproofing, heavy duty, industrial, wood, plastic, and UV curing paints; powder coatings, adhesives, electronic materials, and car maintenance products; and energy saving products.

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Chokwang Paint Ltd. manufactures and sells paints and chemicals in South Korea and internationally. It offers architectural, floor and waterproofing, heavy duty, industrial, wood, plastic, and UV curing paints; powder coatings, adhesives, electronic materials, and car maintenance products; and energy saving products. The company was founded in 1947 and is headquartered in Busan, South Korea.

Stock analysis

Cho Kwang Pain (004910) currently trades at 3,500 KRW, while our model-based Fair Value estimate is 4,101 KRW, implying the stock looks roughly 14.7% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 13,948 KRW per share, and 1 of the 3 models we run sit above the 3,500 KRW price.

Bear case: the Dividend Discount group reads lowest at 1,928 KRW, and 2 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: 3,743 KRW (bear) to 4,649 KRW (bull), the price of 3,500 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Cho Kwang Pain reported revenue of 203B KRW in FY2025 versus 239B KRW in FY2021, a compound −4.0%/yr. Reported net income was −10.3B KRW in FY2025.

Key figures

Market cap 35.8B KRW (≈ $26.3M) · P/S ratio 0.18 · Dividend yield 5.7% · Net margin −5.1% · Return on equity −7.5% · Return on assets (EBIT) −1.2% · Operating margin −13.4% · Revenue (TTM) 200B KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 36% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at 17%, 004910 screens cheaper than that median.

Fair Value models

Bear 3,743 KRW Fair Value 4,101 KRW Bull 4,649 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Gordon GGM 1,769 KRW 1,928 KRW 2,168 KRW 69
DDM Multi-Stage 1,769 KRW 2,186 KRW 2,755 KRW 67
NCAV (Graham) 10,409 KRW 13,948 KRW 20,818 KRW 54
All 3 models by family
Dividend Discount
Gordon GGM 1,769 KRW 1,928 KRW 2,168 KRW 69
DDM Multi-Stage 1,769 KRW 2,186 KRW 2,755 KRW 67
Asset-Based
NCAV (Graham) 10,409 KRW 13,948 KRW 20,818 KRW 54

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Quality Score breakdown

Overall quality 35/100

Of which business quality 34 · Market factors (momentum, volatility) 32

Profitability 10
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 5/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−18.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.1%
Start year 2020 (pandemic). Over 10 years: +0.7% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−2.4% (2020) → −9.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 712 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside +17% · Top 25%
Profitability
Return on assets −3% · Bottom 25%
Net margin (TTM) −8% · Bottom 25%
Operating margin (TTM) −13% · Bottom 25%
Growth and dividend
Revenue growth −5% · Below median
Dividend yield (TTM) 5.7% · Top 25%
Balance sheet
Debt / equity 0.30× · Above median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)56 · sector 0
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)0 · sector 23
HEALTH (low debt)85 · sector 95
DIVIDEND (yield)100 · sector 29

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $468.14 $441.72 −6%
The Sherwin-Williams Company SHW $326.46 $148.97 −54%
Ecolab Inc ECL $276.72 $96.18 −65%
Air Products and Chemicals, Inc APD $286.97 $122.14 −57%
Nan Ya Plastics Corporation 1303 238.00 TWD 235.25 TWD −1%
Givaudan SA GIVN CHF 3,406 CHF 1,523 −55%
Wanhua Chemical Group 600309 ¥71.60 ¥68.03 −5%
Asian Paints Limited ASIANPAINT ₹2,455 ₹1,479 −40%
PPG Industries, Inc PPG $107.20 $77.06 −28%
DSM-Firmenich AG DSFIR CHF 91.50 CHF 29.27 −68%

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Cho Kwang Pain · Fair Value
4,101 KRW +15%Fair Value
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Cite: Fair Value Calculator (2026). "Cho Kwang Pain Fair Value". https://www.fairvalue-calculator.com/stock/004910

Frequently asked questions

Is Cho Kwang Pain (004910) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4,101 KRW versus a price of 3,500 KRW, about +17% upside (undervalued).
What is the fair value of 004910?
Our model-based fair value for Cho Kwang Pain is 4,101 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,500 KRW.
What is the quality score of 004910?
Cho Kwang Pain has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cho Kwang Pain (004910)?
Our model-based price target is the fair value of 4,101 KRW (as of Sep 24, 2026) from 3 valuation models. Cautious scenario 3,743 KRW, optimistic scenario 4,649 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Cho Kwang Pain stock forecast for 2026?
Our models put fair value at 4,101 KRW, about +17% upside versus a price of 3,500 KRW (undervalued). Cautious scenario 3,743 KRW, optimistic scenario 4,649 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Cho Kwang Pain (004910)?
Cho Kwang Pain reported trailing-twelve-month revenue of about 200B KRW (latest available figure, as of Sep 24, 2026).
Does Cho Kwang Pain pay a dividend?
Cho Kwang Pain currently shows a dividend yield of about 5.71% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Cho Kwang Pain (004910)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cho Kwang Pain it is 4,101 KRW per share (as of Sep 24, 2026), against a price of 3,500 KRW. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Cho Kwang Pain stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 004910 trades below its calculated fair value: price 3,500 KRW, fair value 4,101 KRW, a gap of about +17% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 004910?
No. The price is what the market pays today (3,500 KRW); the fair value is what the company's own numbers justify (4,101 KRW). For Cho Kwang Pain the two are 601.20 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Cho Kwang Pain worth?
The market values Cho Kwang Pain at about 35.8B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,500 KRW; our models calculate a fair value of 4,101 KRW per share.
What do the bullish and bearish scenarios say about 004910?
Our models span a range for Cho Kwang Pain: cautious scenario 3,743 KRW, base 4,101 KRW, optimistic 4,649 KRW per share (as of Sep 24, 2026, price 3,500 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cho Kwang Pain (004910)?
Balance-sheet figures for Cho Kwang Pain (as of Sep 24, 2026): return on equity −7.5%, debt of 0.30 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is 004910 from its 52-week high?
Cho Kwang Pain trades at 3,500 KRW, about 36% below its 52-week high of 5,510 KRW and 8% above the low of 3,240 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4,101 KRW is for.
Which stocks are comparable to Cho Kwang Pain?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cho Kwang Pain stock attractive at the current price?
The data as of Sep 24, 2026: price 3,500 KRW, calculated fair value 4,101 KRW (+17%), Quality Score 35/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 004910 calculated?
We run Cho Kwang Pain through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 4,101 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Cho Kwang Pain currently trades 17 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cho Kwang Pain (004910)?
The closing price on Sep 23, 2026 was 3,500 KRW. Our model-based fair value is 4,101 KRW, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cho Kwang Pain right now?
The price is below even our cautious bear case (3,743 KRW). The market is more pessimistic than our downside scenario. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Cho Kwang Pain

How large is the market capitalisation of Cho Kwang Pain (004910)?
The market capitalisation of Cho Kwang Pain is 35.8B KRW (≈ $26.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cho Kwang Pain (004910)?
The price-to-sales ratio of Cho Kwang Pain is 0.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Cho Kwang Pain (004910)?
The dividend yield of Cho Kwang Pain is 5.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cho Kwang Pain (004910)?
The net margin of Cho Kwang Pain is −5.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cho Kwang Pain (004910)?
The return on equity (ROE) of Cho Kwang Pain is −7.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cho Kwang Pain (004910)?
On an EBIT basis the return on assets of Cho Kwang Pain is −1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cho Kwang Pain (004910)?
The operating margin of Cho Kwang Pain is −13.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cho Kwang Pain (004910)?
Revenue at Cho Kwang Pain is growing −5.4% versus a year earlier (3y avg −8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cho Kwang Pain (004910)?
Earnings per share at Cho Kwang Pain are growing −76.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Cho Kwang Pain (004910) generate?
The free cash flow of Cho Kwang Pain is −2.4B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Cho Kwang Pain (004910) carry?
The net debt of Cho Kwang Pain is 117B KRW (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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