Asia Filing Notes

Korea (DART K-IFRS) · Taiwan (TWSE) · U.S. (SEC) Primary-Filing Research
KRX: 035720.KS, 112610.KS, 247540.KQ, 326030.KS Korea & Asia Primary Filings · Live DART Audit

Korea KRX DART Primary-Filing Valuation Audit (Nov 05, 2026): 035720.KS, 112610.KS, 247540.KQ, 326030.KS

As of 2026-11-05 12:32 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 (035720.KS, 112610.KS, 247540.KQ, 326030.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 →.

Korea KRX DART Primary-Filing Valuation Audit (Nov 05, 2026): 035720.KS, 112610.KS, 247540.KQ, 326030.KS
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
5,464.11 (-3.87%) 689.05 (-3.62%) 1,343.18 KRW (+0.39%) 10,268.65 (-12.11%) 4.89% (-1.90%) 16.61 (-1.77%)
  • [Market Dispersion & SOX Read-Through] Dispersion regime across SOX (-12.11%) and KOSPI (-3.87%), shifting alpha from beta exposure to primary-filing earnings beats
  • [FX Translation Regime (USD/KRW)] Constructive USD/KRW (1,343.2) 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 — 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
Kakao Corp (KRX:035720)
Peers: $GOOGL $META
OP 240.3B KRW (QoQ -13.3%, YoY +15.5%) | MktCap 14,265B KRW, P/Ann.OP 14.8x, Fwd P/E 26.0x, P/B 1.21xFAIR VALUE [1]
CS Wind (KRX:112610)
Peers: $GEV $NEE
OP 86.0B KRW (QoQ +15.7%, YoY +45.0%) | MktCap 2,096B KRW, P/Ann.OP 6.1x, Fwd P/E 11.8x, P/B 1.61xUNDERVALUED [2]
Ecopro Bm (KRX:247540)
Peers: $TSLA $ALB $EWY
OP 12.0B KRW (QoQ -33.3%, YoY -76.2%) | MktCap 9,987B KRW, P/Ann.OP 207.7x, P/E 207.4x, P/B 5.05xOVERVALUED [3]
SK biopharmaceuticals (KRX:326030)
Peers: $EWY $NVDA $SPY
OP 116.3B KRW (QoQ +19.8%, YoY +65.9%) | MktCap 7,220B KRW, P/Ann.OP 15.5x, Fwd P/E 22.4x, P/B 7.07xUNDERVALUED [4]
Lotte Energy Materials (KRX:020150)
Peers: $EWY $NVDA $SPY
OP -21.3B KRW (QoQ -25.8%, YoY +38.0%) | MktCap 1,828B KRW, P/B 1.06xFAIR VALUE [5]
KCC (KRX:002380)
Peers: $EWY $NVDA $SPY
OP 85.2B KRW (QoQ -33.9%, YoY -32.2%) | MktCap 3,291B KRW, P/Ann.OP 9.7x, Fwd P/E 2.2x, P/B 0.26xFAIR VALUE [6]
KG Financial (KRX:046440)
Peers: $EWY $NVDA $SPY
OP 10.4B KRW (QoQ +18.5%, YoY +10171.0%) | MktCap 141B KRW, P/Ann.OP 3.4x, P/E 6.4x, P/B 0.39xUNDERVALUED [7]
Duksanhimetalco Ltd (KRX:077360)
Peers: $EWY $NVDA $SPY
OP 10.2B KRW (QoQ +1.5%, YoY +552.9%) | MktCap 348B KRW, P/Ann.OP 8.5x, Fwd P/E 10.1x, P/B 1.53xUNDERVALUED [8]

Issuer-by-Issuer K-IFRS Filing & Valuation Breakdown

  • Kakao Corp (KRX:035720 · #Kakao — FAIR VALUE): Reported preliminary operating profit of 240.3B KRW (QoQ -13.3%, YoY +15.5% (11.51% OPM)), placing the 14,265B KRW market cap at 14.8x annualized OP and 1.21x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison: $GOOGL $META. [1]
  • CS Wind (KRX:112610 · #CSWind — UNDERVALUED): Reported preliminary operating profit of 86.0B KRW (QoQ +15.7%, YoY +45.0% (12.53% OPM)), placing the 2,096B KRW market cap at 6.1x annualized OP and 1.61x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison: $GEV $NEE. [2]
  • Ecopro Bm (KRX:247540 · #EcoproBm — OVERVALUED): Reported preliminary operating profit of 12.0B KRW (QoQ -33.3%, YoY -76.2% (2.15% OPM)), placing the 9,987B KRW market cap at 207.7x annualized OP and 5.05x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison: $TSLA $ALB $EWY. [3]
  • SK biopharmaceuticals (KRX:326030 · #SkBiopharmaceuticals — UNDERVALUED): Reported preliminary operating profit of 116.3B KRW (QoQ +19.8%, YoY +65.9% (45.00% OPM)), placing the 7,220B KRW market cap at 15.5x annualized OP and 7.07x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison: $EWY $NVDA $SPY. [4]
  • Lotte Energy Materials (KRX:020150 · #LotteEnergyMaterials — FAIR VALUE): Reported preliminary operating profit of -21.3B KRW (QoQ -25.8%, YoY +38.0% (-7.35% OPM)), placing the 1,828B KRW market cap at 0.0x annualized OP and 1.06x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison: $EWY $NVDA $SPY. [5]
  • KCC (KRX:002380 · #Kcc — FAIR VALUE): Reported preliminary operating profit of 85.2B KRW (QoQ -33.9%, YoY -32.2% (5.09% OPM)), placing the 3,291B KRW market cap at 9.7x annualized OP and 0.26x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison: $EWY $NVDA $SPY. [6]
  • KG Financial (KRX:046440 · #KgFinancial — UNDERVALUED): Reported preliminary operating profit of 10.4B KRW (QoQ +18.5%, YoY +10171.0% (14.68% OPM)), placing the 141B KRW market cap at 3.4x annualized OP and 0.39x P/B. Key catalyst is confirming non-operating FX/finance spreads in the full quarterly footnotes. Global peer comparison: $EWY $NVDA $SPY. [7]
  • Duksanhimetalco Ltd (KRX:077360 · #DuksanhimetalcoLtd — UNDERVALUED): Reported preliminary operating profit of 10.2B KRW (QoQ +1.5%, YoY +552.9% (10.28% OPM)), placing the 348B KRW market cap at 8.5x annualized OP and 1.53x 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)

  1. FSS OpenDART Primary Filing (Kakao Corp, KRX:035720, rcpNo=20261105800007), 2026-11-05.
  2. FSS OpenDART Primary Filing (CS Wind, KRX:112610, rcpNo=20261105800225), 2026-11-05.
  3. FSS OpenDART Primary Filing (Ecopro Bm, KRX:247540, rcpNo=20261105900114), 2026-11-05.
  4. FSS OpenDART Primary Filing (SK biopharmaceuticals, KRX:326030, rcpNo=20261105800127), 2026-11-05.
  5. FSS OpenDART Primary Filing (Lotte Energy Materials, KRX:020150, rcpNo=20261105800089), 2026-11-05.
  6. FSS OpenDART Primary Filing (KCC, KRX:002380, rcpNo=20261105800261), 2026-11-05.
  7. FSS OpenDART Primary Filing (KG Financial, KRX:046440, rcpNo=20261105900118), 2026-11-05.
  8. FSS OpenDART Primary Filing (Duksanhimetalco Ltd, KRX:077360, rcpNo=20261105900184), 2026-11-05.
Personal analysis record based on public regulatory filings. Not investment advice or a solicitation to buy or sell any security.