KRX: 180640.KS, 036930.KQ, 037560.KS, 108670.KS
Korea & Asia Primary Filings · Live DART Audit
Korea KRX DART Primary-Filing Valuation Audit (Nov 05, 2026): 180640.KS, 036930.KQ, 037560.KS, 108670.KS
As of 2026-11-05 08:02 KST · Primary Source: Korea FSS OpenDART (K-IFRS) & KRX Live Multiples
Executive Summary: Cross-checking 8 Korea Exchange (KRX) primary regulatory filings submitted to FSS OpenDART (180640.KS, 036930.KQ, 037560.KS, 108670.KS) against live market capitalization, annualized operating profit multiples (P/Ann.OP), price-to-book (P/B) ratios, and live macro/policy regimes. Full institutional research archive & newsletter updates are available at Asia Filing Notes Substack Hub → and Multi-Channel Syndication Hub →.
MACRO · MARKET · POLICY REGIME OVERLAY
Cross-Market Macro Telemetry & Policy Transmission Audit
| KOSPI | KOSDAQ | USD/KRW Spot | PHLX Semi (SOX) | US 10Y Yield | CBOE VIX |
|---|---|---|---|---|---|
| 5,683.80 (0.00%) | 714.95 (0.00%) | 1,340.04 KRW (-0.02%) | 10,268.65 (-12.11%) | 4.89% (-1.90%) | 16.61 (-3.43%) |
- [Market Dispersion & SOX Read-Through] KRX resilience (KOSPI +0.00%) despite US semiconductor volatility (SOX -12.11%) highlights rotation toward upstream Korean suppliers printing hard 3Q26 operating profit
- [FX Translation Regime (USD/KRW)] Constructive USD/KRW (1,340.0) equilibrium supporting K-IFRS export operating margins while stabilizing foreign institutional FX flows
- [Discount-Rate Discipline (US 10Y)] Higher-for-longer US 10Y yield (4.89%) penalizing long-duration narratives and rewarding verified K-IFRS operating cash flow & sub-1.0x P/B balance sheets
Policy Vector — Korea Corporate Value-Up Mandate, Commercial Act Reform & Treasury Share Rules
Regulatory pressure from the KRX Value-Up Program, proposed Commercial Act fiduciary-duty amendments, and FSC restrictions on treasury-share arbitrage are forcing a structural bifurcation: sub-0.8x P/B companies with positive operating cash flow face mounting activist and policy catalysts to cancel shares and raise payouts.
Policy Vector — US BIS HBM/Advanced-Node Export Controls, CHIPS Act Guardrails & K-Chips Tax Credits
Tightening US BIS export controls on high-bandwidth memory and advanced packaging tools—alongside Korea's National Strategic Technology tax-credit extensions (K-Chips Act)—are concentrating capital expenditure into domestic HBM/testing leaders while compressing legacy commodity-wafer suppliers.
Policy Vector — Fed–BOK Monetary Policy Divergence & US Trade/Tariff (IEEPA) Transmission
With the Federal Reserve maintaining real-rate discipline and the Bank of Korea constrained by FX stability and domestic debt ratios, equity dispersion favors a barbell between dollar-invoicing AI/grid exporters and deeply discounted KRX balance-sheet compounders.
| Issuer (KRX Code) | DART Filing Print & Live Multiples | Valuation Verdict |
|---|---|---|
| Hanjinkal (KRX:180640) Peers: $EWY $NVDA $SPY | OP 16.8B KRW (QoQ +29.2%, YoY +69.7%) | MktCap 12,538B KRW, P/Ann.OP 186.6x, P/B 3.78x | FAIR VALUE [1] |
| Jusung Engineering (KRX:036930) Peers: $AMAT $LRCX | OP 17.7B KRW (QoQ +1141.5%, YoY +426.4%) | MktCap 7,879B KRW, P/Ann.OP 111.5x, P/E 1100.7x, P/B 13.08x | OVERVALUED [2] |
| LG HelloVision (KRX:037560) Peers: $CMCSA $CHTR | OP 3.0B KRW (QoQ -41.2%, YoY -71.4%) | MktCap 106B KRW, P/Ann.OP 8.8x, P/B 0.23x | FAIR VALUE [3] |
| Lx Hausys Ltd (KRX:108670) Peers: $EWY $NVDA $SPY | OP 8.4B KRW (QoQ -84.7%, YoY -62.0%) | MktCap 250B KRW, P/Ann.OP 7.4x, Fwd P/E 2.9x, P/B 0.30x | FAIR VALUE [4] |
| LX Holdings (KRX:383800) Peers: $JPM $BRK.B $EWY | OP 20.1B KRW (QoQ -66.6%, YoY -46.0%) | MktCap 598B KRW, P/Ann.OP 7.4x, P/E 5.3x, P/B 0.29x | UNDERVALUED [5] |
| Sk Gas Ltd (KRX:018670) Peers: $EWY $NVDA $SPY | OP 147.7B KRW (QoQ +436.1%, YoY -14.9%) | MktCap 2,197B KRW, P/Ann.OP 3.7x, Fwd P/E 6.9x, P/B 0.56x | UNDERVALUED [6] |
| Kakao Games (KRX:293490) Peers: $EWY $NVDA $SPY | OP -26.3B KRW (QoQ -14.3%, YoY -383.1%) | MktCap 1,283B KRW, P/B 0.97x | FAIR VALUE [7] |
| Kona I (KRX:052400) Peers: $EWY $NVDA $SPY | OP 20.4B KRW (QoQ -4.8%, YoY -32.5%) | MktCap 279B KRW, P/Ann.OP 3.4x, P/E 4.5x, P/B 1.49x | UNDERVALUED [8] |
Issuer-by-Issuer K-IFRS Filing & Valuation Breakdown
- Hanjinkal (KRX:180640 · #Hanjinkal — FAIR VALUE): Reported preliminary operating profit of 16.8B KRW (QoQ +29.2%, YoY +69.7% (23.50% OPM)), placing the 12,538B KRW market cap at 186.6x annualized OP and 3.78x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$EWY $NVDA $SPY. [1] - Jusung Engineering (KRX:036930 · #JusungEngineering — OVERVALUED): Reported preliminary operating profit of 17.7B KRW (QoQ +1141.5%, YoY +426.4% (22.63% OPM)), placing the 7,879B KRW market cap at 111.5x annualized OP and 13.08x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$AMAT $LRCX. [2] - LG HelloVision (KRX:037560 · #LGHelloVision — FAIR VALUE): Reported preliminary operating profit of 3.0B KRW (QoQ -41.2%, YoY -71.4% (1.23% OPM)), placing the 106B KRW market cap at 8.8x annualized OP and 0.23x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$CMCSA $CHTR. [3] - Lx Hausys Ltd (KRX:108670 · #LxHausysLtd — FAIR VALUE): Reported preliminary operating profit of 8.4B KRW (QoQ -84.7%, YoY -62.0% (1.04% OPM)), placing the 250B KRW market cap at 7.4x annualized OP and 0.30x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$EWY $NVDA $SPY. [4] - LX Holdings (KRX:383800 · #LxHoldings — UNDERVALUED): Reported preliminary operating profit of 20.1B KRW (QoQ -66.6%, YoY -46.0% (115.49% OPM)), placing the 598B KRW market cap at 7.4x annualized OP and 0.29x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$JPM $BRK.B $EWY. [5] - Sk Gas Ltd (KRX:018670 · #SkGasLtd — UNDERVALUED): Reported preliminary operating profit of 147.7B KRW (QoQ +436.1%, YoY -14.9% (5.45% OPM)), placing the 2,197B KRW market cap at 3.7x annualized OP and 0.56x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$EWY $NVDA $SPY. [6] - Kakao Games (KRX:293490 · #KakaoGames — FAIR VALUE): Reported preliminary operating profit of -26.3B KRW (QoQ -14.3%, YoY -383.1% (-38.09% OPM)), placing the 1,283B KRW market cap at 0.0x annualized OP and 0.97x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$EWY $NVDA $SPY. [7] - Kona I (KRX:052400 · #KonaI — UNDERVALUED): Reported preliminary operating profit of 20.4B KRW (QoQ -4.8%, YoY -32.5% (28.57% OPM)), placing the 279B KRW market cap at 3.4x annualized OP and 1.49x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison:
$EWY $NVDA $SPY. [8]
Primary Regulatory Sources (FSS OpenDART)
- FSS OpenDART Primary Filing (Hanjinkal, KRX:180640, rcpNo=20261104800730), 2026-11-05.
- FSS OpenDART Primary Filing (Jusung Engineering, KRX:036930, rcpNo=20261104900314), 2026-11-05.
- FSS OpenDART Primary Filing (LG HelloVision, KRX:037560, rcpNo=20261104800154), 2026-11-05.
- FSS OpenDART Primary Filing (Lx Hausys Ltd, KRX:108670, rcpNo=20261104800502), 2026-11-05.
- FSS OpenDART Primary Filing (LX Holdings, KRX:383800, rcpNo=20261104800534), 2026-11-05.
- FSS OpenDART Primary Filing (Sk Gas Ltd, KRX:018670, rcpNo=20261104800663), 2026-11-05.
- FSS OpenDART Primary Filing (Kakao Games, KRX:293490, rcpNo=20261104900036), 2026-11-05.
- FSS OpenDART Primary Filing (Kona I, KRX:052400, rcpNo=20261104900037), 2026-11-05.
Personal analysis record based on public regulatory filings. Not investment advice or a solicitation to buy or sell any security.