{
  "history": [
    {
      "cycle": "2018\u201319",
      "peak_date": "2018-07-30",
      "peak_eps": 22272.311,
      "peak_pe": 3.857,
      "trough_date": "2019-07-15",
      "trough_eps": 4672.295,
      "trough_pe": 16.309,
      "eps_change_pct": -79.02195690424762
    },
    {
      "cycle": "2021\u201323",
      "peak_date": "2022-04-18",
      "peak_eps": 19205.551,
      "peak_pe": 5.675,
      "trough_date": "2023-04-03",
      "trough_eps": -7629.704,
      "trough_pe": null,
      "eps_change_pct": -139.726556139941
    }
  ],
  "cashflow_1bf_krw_tn": {
    "revenue": 487.164387612728,
    "gross_profit": 410.7469584639804,
    "cogs": 76.4174291487476,
    "opex_implied": 28.600167769916368,
    "ebit": 382.146790694064,
    "net_income": 316.65448149945996,
    "depreciation_amortization_implied": 15.983804816209972,
    "capex_outflow": 57.204572198695,
    "free_cash_flow": 249.171979090749,
    "unreconciled_other_cashflow_residual": -26.261735026225892,
    "net_income_to_ebit_conversion": 0.8286200203967293,
    "cash_conversion_fcf_ni": 0.7868891604212902,
    "marketcap_at_main_capture_tn": 1412.0418092,
    "fcf_yield_pct": 17.646218225784597
  },
  "stress_cases": [
    {
      "case": "Base stress",
      "volume_change_pct": 10.000000000000009,
      "asp_change_pct": -15.000000000000002,
      "opex_change_pct": 10.000000000000009,
      "sales_tn": 455.49870241790063,
      "cogs_tn": 84.05917206362237,
      "opex_tn": 31.460184546908007,
      "ebit_tn": 339.97934580737024,
      "net_income_proxy_tn": 281.7136924573698,
      "earnings_retained_pct": 88.96564202198107,
      "fcf_proxy_tn": 214.23119004865887
    },
    {
      "case": "Bear stress",
      "volume_change_pct": -5.000000000000004,
      "asp_change_pct": -30.000000000000004,
      "opex_change_pct": 0.0,
      "sales_tn": 323.9643177624641,
      "cogs_tn": 72.59655769131022,
      "opex_tn": 28.600167769916368,
      "ebit_tn": 222.76759230123747,
      "net_income_proxy_tn": 184.58968687638168,
      "earnings_retained_pct": 58.29372317811219,
      "fcf_proxy_tn": 117.10718446767078
    },
    {
      "case": "Severe stress",
      "volume_change_pct": -19.999999999999996,
      "asp_change_pct": -60.0,
      "opex_change_pct": 0.0,
      "sales_tn": 155.89260403607295,
      "cogs_tn": 61.133943318998085,
      "opex_tn": 28.600167769916368,
      "ebit_tn": 66.15849294715849,
      "net_income_proxy_tn": 54.82025177529135,
      "earnings_retained_pct": 17.31232462452449,
      "fcf_proxy_tn": -12.662250633419568
    },
    {
      "case": "Loss-making stress",
      "volume_change_pct": -19.999999999999996,
      "asp_change_pct": -82.0,
      "opex_change_pct": 0.0,
      "sales_tn": 70.15167181623282,
      "cogs_tn": 61.133943318998085,
      "opex_tn": 28.600167769916368,
      "ebit_tn": -19.582439272681633,
      "net_income_proxy_tn": -16.226401229547168,
      "earnings_retained_pct": -5.124323885362362,
      "fcf_proxy_tn": -83.70890363825808
    }
  ],
  "note": "Consensus line items are independently aggregated estimates, not a fully reconciled accounting forecast. Residual is unallocated working-capital/other differences. Stress inputs are house assumptions; no HBM split or LTA coverage is inferred."
}