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OWL LABS EQUITY RESEARCH
000400 · SIGNATURE REPORT OWL-260729-000400 · JULY 29, 2026
SIGNATURE QUANT PROFILE · 금융
Lotte Non - Life Insurance Co., Ltd. 000400 · KOSPI
금융 · KRW listed
OWL VERDICT
CAUTIOUS
Grade C · Score 56 / 100
⚠ Failed primary financial screen
LAST PRICE
₩1,943
▼ -5.2%
OWL FAIR VALUE
₩2,308
+18.8% vs price
STREET TARGET
—
MARKET CAP
₩0.6T
P/E · P/B
10.6 · 0.9
ROIC 2.5%
52-WEEK RANGE
1,569–3,280
now at 22th pctile
Investment Summary
01
Quality vs. price, measured. Quality axes (ROIC 2.5%, op. margin 14.2%) score 10/40; value axes (P/E 10.6x, P/B 0.89x, EV/EBITDA, dividend) score 42/80. The composite 56/100 (grade C) is that arithmetic. Book equity is distorted by buybacks, so profitability is read via ROIC, not ROE.
02
No tracked 13F position. None of the 9 tracked managers reports 000400 this quarter (13F covers US-listed instruments only) — see p.3 for each book's style lens.
03
0 of 5 value strategies pass. No mechanical screen admits 000400; the other 5 reject on their coded rules (details p.2).
04
What would change this report. Model fair value is ₩2,308 (+18.8% vs price); The verdict changes only when the data changes — screening reruns every weekday.
THE OWL VIEW
The composite lands mid-range: 56/100 — 0/5 value screens pass. We grade 000400 C — Cautious: the data supports watching, not chasing, at current measurements.
This report aggregates Owl Labs quant modules — 7-axis screener, 5 value strategies, 9 guru 13F filings, fair-value model, technical signals and news. All figures are measured from data sources as of the date above; sentences are rule-based templates (no generative claims). The score is a fitness test of reported fundamentals against today’s price — a screener, not a forecast; forward growth is not part of the score. Not investment advice.
000400 · SIGNATURE REPORT OWL-260729-000400 · JULY 29, 2026
Valuation — Five Value Disciplines
SECTION 02 OF 5
Each strategy is a mechanical screen coded from the discipline's published rules — a stock either passes or it does not. 000400 passes 0 of 5. Verdicts are computed, not opined; the measured inputs are shown for audit.
STRATEGY
MECHANICAL CRITERIA
VERDICT
MEASURED INPUTS
Graham Defensive
Low P/E × low P/B composite screen
FAIL
P/E×P/B 9
Greenblatt Magic Formula
Earnings yield + return on capital, top 30%
FAIL
E/P 9.4% · ROE 8.4%
Prasad Deep Value
Low P/B, low leverage, positive earnings
FAIL
P/B 0.89x
Simple DCF
OWL LABS EQUITY RESEARCH
000400 · SIGNATURE REPORT OWL-260729-000400 · JULY 29, 2026
Smart-Money Positioning — 9 Tracked Managers
SECTION 03 OF 5
Holdings from SEC 13F filings (disclosed ~45 days after quarter end). Weight = % of the manager's disclosed US long book. 13F covers US-listed instruments only — a Korean-listed share is "not reportable", not "passed over". These are filed positions — not the managers' opinions on this stock.
MANAGER
FUND
STYLE
WEIGHT
ACTION
STYLE LENS (RULE-BASED)
Warren Buffett
Berkshire Hathaway Inc.
Value
—
NO POSITION
Out of 13F scope — US-listed instruments only
Ray Dalio
Bridgewater Associates, LP
Macro
—
NO POSITION
Out of 13F scope — US-listed instruments only
OWL LABS EQUITY RESEARCH
000400 · SIGNATURE REPORT OWL-260729-000400 · JULY 29, 2026
Tape, Catalysts & Risk Register
SECTION 04 OF 5
Technical Readout as of Tue Jul 28
RSI (14d)46.3 — neutral
MACD vs signal-25.38 below
MA20 / MA60₩2,200 / ₩2,067
Cross stateDead cross
Distance to 52-wk high-40.8%
52-wk range position22th percentile
Day change-5.2%
OWL LABS EQUITY RESEARCH
000400 · SIGNATURE REPORT OWL-260729-000400 · JULY 29, 2026
Financial Record & Final Judgment
SECTION 05 OF 5
FISCAL YEAR
FY2023
FY2024
FY2025
Revenue
₩1.99T
₩2.26T
₩2.54T
Operating income
₩0.72T
₩0.38T
₩0.36T
Net income
₩0.29T
₩0.02T
₩0.05T
Op. margin
36.4%
17.0%
14.2%
Net margin
14.4%
1.1%
2.0%
ROE
21.9%
3.0%
8.4%
0/20
Op. margin
10/20
EV/EBIT
2/20
Dividend
12/20
Attention
6/20
Composite (incl. adj.)56 / 100 · C
KR universe rank#462 of 1036 · top 45%
Value screens passed0 / 5
52-wk range position22%
Next earningsTBA
Axis weights are proprietary; axis names and raw scores are disclosed. Attention measures news & search interest — a crowding proxy, not a quality signal.
One-line read: 금융 name scoring 56/100 (grade C), passing 0/5 value strategies.
Conservative discounted cash flow vs price
FAIL
Model ₩2,308 vs ₩1,943
Damodaran Relative
Multiples vs sector median, growth-adjusted
FAIL
P/E 10.6x · rev +12.3%
Fair-Value Bridge method blend, measured
Growth/quality-adjusted PER (w50%)₩2,252
Justified PBR (ROE-based) (w50%)₩2,363
Owl fair value / share₩2,308
Upside at ₩1,943+18.8%
MODEL INPUTS (DISCLOSED)
P/E · P/B10.6x · 0.89x
ROE (latest FY)8.4%
ROE (3-yr avg, normalized)11.1%
Revenue CAGR (2-yr)+13.0%
Band: CHEAP · justified-multiple model with quality/growth adjustments — an estimate, not a promise.
Sensitivity value per share
EARNINGS ↓ / MULTIPLE →
-10%
base
+10%
-10%
₩1,824
₩2,027
₩2,230
base (measured)
₩2,027
₩2,252
₩2,477
+10%
₩2,230
₩2,477
₩2,725
Simple sensitivity (reference): ±10% arithmetic on the measured P/E-method value — earnings basis × fair multiple. Not a forecast; no projected figures are used.
Read this like a memo: valuation verdicts on this page are mechanical outputs of disclosed inputs. Where an input is missing the cell reads "—" instead of an estimate.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
No tracked manager reports a US-listed long position in 000400 this quarter. 13F covers only US-listed instruments (e.g., ADRs) — "not held" may simply mean not reportable.
13F filings disclose US-listed long positions ~45 days after quarter end. "Style lens" lines relate this stock to each investor's public style using measured metrics only — they are not the managers' actual views. For Korean stocks, 13F covers only US-listed instruments (e.g., ADRs) — "not held" may simply mean not reportable.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
Measured state: RSI 46.3 (neutral), MACD below its signal, a dead cross is in place. Read the tape as one input, not a verdict.
Catalyst Calendar
No confirmed earnings date in calendar
Every weekday — quant screening refreshscore update
Quarterly — 13F filing window (~45d after quarter end)13F refresh
Forward Signals (unscored) consensus data · never scored
Street target consensus—
Implied upside vs price—
Next-quarter EPS estimate—
Next-quarter revenue estimate—
Shown for context, never scored: the composite grades only reported fundamentals. Forward numbers are third-party consensus — treat them as the market’s assumption set, not ours.
Risk Register
HIGH
Failed primary financial screen. Debt/liquidity gate not cleared — the composite grade carries a structural caveat (cover page).
HIGH
Drawdown state. Price sits -40.8% below the 52-week high (22th percentile of the range) — measured tape, not a judgment of cause.
MEDIUM
Dead cross active. MA20 below MA60 (as of Tue Jul 28) — trend-following books read this as distribution until it resolves.
LOW
No dividend cushion. Yield 0% — total return depends entirely on price; drawdowns are not buffered by income.
WHAT THE BEARS MUST PROVE / WHAT THE BULLS MUST PROVE
Bears: that the measured quality base cracks — ROE 8.4% and op. margin 14.2% are what the score leans on. Bulls: less on price — the model's ₩2,308 sits +18.8% above; they must show the measured fundamentals hold through the next filings.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
Source: company filings (annual). Only reported fiscal years are shown — no forward estimates. ROE 8.4% · Net margin 2.0%.
News Digest RSS · external media
07/27 — Shinhan’s Insurance Gap Gives KB the Edge in Korea’s Leading-Finance Race (인사이트코리아)
07/26 — Lotte Insurance is expected to be the "key player" in the M&A market next week. While Shinhan Fi.. (매일경제)
07/23 — KB, Shinhan Post Record First-Half Profits on Stock Market Boom (finance.biggo.com)
07/14 — In the summer vacation season, non-life insurers have responded to seasonal risks such as vehicle an.. (매일경제)
External media — accuracy rests with each outlet.
Methodology & how to use
Every number in this report is measured — pulled from the screener database, SEC EDGAR 13F filings, DART disclosures, company financials, or deterministic models (justified-multiple fair value). Sentences are rule-based templates bound to those numbers; nothing is generated, so nothing is hallucinated. Axis weights and the sector adjustment are proprietary; axis names, raw scores, and every input above are disclosed for audit.
Known limits, stated plainly. ① Backward-looking — the score grades reported fundamentals and today's price; future inflections (a cycle turn, next year's earnings) are not scored and appear only as unscored context (street target, catalysts). A low score can mean "great business, full price". ② The composite is this framework's ranking, not an absolute quality of the company. ③ 13F covers US-listed holdings only. Use the report as a screener; pair it with your own forward and qualitative work before acting.
C
CAUTIOUS
Final judgment. 000400 scores 56/100 (grade C) — rank #462 of 1036 in the KR universe. Axis split: quality 10/40 · value 42/80 · attention 6/20. Model fair value ₩2,308 (+18.8% vs price). The verdict changes only when the data changes.
Grade rubric: A 85+ (top conviction basket) · B 65+ (sound, price matters) · C 45+ (no rush) · D below (weak case). The verdict changes only when the data changes — next screening runs every weekday.
Owl Labs is an online information provider. This document is compiled from public data sources (exchange quotes, SEC EDGAR 13F, DART filings, company financials, news RSS) and Owl Labs quantitative models. It is not investment advice, not a solicitation to trade any security, and past data does not guarantee future results. Figures may differ from real-time values. Final investment decisions and responsibility rest solely with the investor. Unauthorized redistribution prohibited.
