Asia Filing Notes

Korea (DART K-IFRS) · Taiwan (TWSE) · U.S. (SEC) Primary-Filing Research
KOSPI: 000270·307950·204320 | KOSDAQ: 067160·236200·099320·174900 Korea & Asia Primary Filings · KOSPI & KOSDAQ Earnings & Footnote Audit · Published 2026-11-01 (5 min read)

KOSPI Auto Stack vs. KOSDAQ Tech (3Q26 DART): Why Headline Operating Profit Misses Pre-Tax Swings

SO WHAT? · VALUATION ESTIMATE & 6–12M DIRECTION
Suprema (7.1x P/E, 17.3% OPM) & Satrec Offer Upside; HL Mando (Pre-Tax Loss) & Autoever (45x P/E) Face Pressure
✓ Multi-Agent 3-Round Verified SPLIT VALUATION ▲ BULLISH Suprema·Satrec / ▼ CAUTIOUS HL Mando
● UNDERVALUED ● FAIR VALUE ● OVERVALUED
STEP 1 · 3Q26 FILING FACT
HL Mando (-92.7B KRW) & Suprema (-23.5B KRW) non-op losses vs Satrec OP +502.7% QoQ surge
→
STEP 2 · VALUATION ESTIMATE
Suprema P/E 7.1x (core OPM 17.3%) is undervalued; Hyundai Autoever P/E 44.9x (OPM 5.6%) is rich
→
STEP 3 · 6–12M DIRECTION
▲ BULLISH on Satrec & Suprema (post-FX noise) / ▼ CAUTIOUS on HL Mando & Autoever
Issuer & Live Multiples Valuation Estimate 6–12M Direction So What? (Valuation Basis & Catalyst)
Suprema (236200.KQ)
Mkt Cap 362B KRW · P/E 7.07x · P/B 1.20x · Core OPM 17.3%
UNDERVALUED
▲ BullishCore 17.3% OPM at 7.1x P/E is undervalued once non-operating FX/financial noise clears
Satrec Initiative (099320.KQ)
Mkt Cap 632B KRW · Cap/Ann.3Q OP 19.2x · P/B 2.56x
UNDERVALUED
▲ Bullish3Q OPM breakout to 14.7% compresses annualized operating multiple to 19.2x
SOOP (067160.KQ)
Mkt Cap 373B KRW · P/E 4.36x · Fwd P/E 5.36x · P/B 0.77x
FAIR VALUE
▶ Neutral4.4x P/E prices in YoY contraction; awaits top-line re-acceleration trigger
Hyundai Autoever (307950.KS)
Mkt Cap 8.57T KRW · P/E 44.92x · Fwd P/E 40.44x · P/B 4.53x
OVERVALUED
▼ CautiousFwd P/E 40.4x is stretched against 5.63% OPM and -23.9% QoQ OP contraction
HL Mando (204320.KS)
Mkt Cap 1.64T KRW · P/E 9.68x · P/B 0.56x (3Q Net Loss)
OVERVALUED
▼ Cautious2.22% OPM plus -92.7B KRW non-op loss creates a near-term earnings value trap

Reading all 4 lines of the Korean DART preliminary table exposes a -92.74B KRW non-operating swing at KOSPI's HL Mando and a -23.52B KRW swing at KOSDAQ's Suprema—alongside a +502.7% QoQ OP breakout at Satrec Initiative.

As of 2026.10.31 · Source: Korean FSS DART K-IFRS Preliminary 3Q26 Earnings & Material Management Filings (2026.10.29–10.30) · Derived ratios marked (Calc.).

3Q26 Operating Profit vs. Pre-Tax Continuing Income Across KOSPI Auto Stack and KOSDAQ Tech Leaders

Left: 3Q26 Operating Profit vs. Pre-Tax Continuing Income at KOSPI's Hyundai AutoEver (307950.KS) and HL Mando (204320.KS, showing a -92.74B KRW non-operating swing). Right: 3Q26 Operating Profit vs. Pre-Tax Continuing Income across KOSDAQ's SOOP (067160.KQ), Suprema (236200.KQ, -23.52B KRW non-operating swing), and Satrec Initiative (099320.KQ) [2][3][4][5][6].

1. KOSPI Mobility Stack: Sequential OPM Compression & HL Mando's -92.74B KRW Non-Op Swing

  • Why 4-Line DART Audits Matter: Korean preliminary filings (연결재무제표기준 영업(잠정)실적 공정공시) print Revenue, OP, Pre-Tax Continuing Income, and Net Income [1][2][3][4][5][6][7]. Stopping at line 2 (OP) misses below-the-line FX/financial/impairment shocks.
  • Kia (`000270.KS`) & Hyundai AutoEver (`307950.KS`): Kia 3Q26 revenue 31,597,447M KRW (-4.4% QoQ, +10.1% YoY); OP 1,818,286M KRW (-30.8% QoQ, +24.3% YoY) → OPM compressed 7.96% (2Q26) → 5.75% (3Q26, Calc.); while OP rose +24.3% YoY, Pre-Tax fell -3.4% YoY (1,822,205M KRW) and Net Income fell -9.6% YoY (1,285,538M KRW) [1]. Hyundai AutoEver revenue 1,224,703M KRW (+16.2% YoY, -2.1% QoQ); OP 68,906M KRW (-23.9% QoQ, -2.6% YoY; 5.63% OPM Calc.); Pre-Tax 60,178M KRW (-34.3% QoQ, -14.7% YoY) [2].
  • HL Mando (`204320.KS` — Positive OP, Pre-Tax Loss): 3Q26 revenue 2,320,530M KRW (0.0% YoY, -7.0% QoQ); OP +51,538M KRW (-51.8% QoQ, -45.3% YoY; 2.22% OPM Calc.) → Pre-Tax Continuing Income plunged to -41,197M KRW (vs. +92,695M KRW in 2Q26), a -92,735M KRW (-92.74B KRW) net non-operating deduction (Calc.), driving a controlling-interest net loss of -47,057M KRW [3]. Check Note 26/27 in the mid-November Q3 report.
Issuer (Market & Ticker) 3Q26 Operating Profit vs. Pre-Tax Continuing Income (DART)
Kia Corporation
(KOSPI: 000270.KS)		 Rev 31.60T KRW (-4.4% QoQ, +10.1% YoY); OP 1.82T KRW (-30.8% QoQ, +24.3% YoY; 5.75% OPM Calc. vs. 7.96% in 2Q26); Pre-tax 1.82T KRW (-40.6% QoQ, -3.4% YoY); Net profit 1.29T KRW (-44.8% QoQ, -9.6% YoY) [1]
Hyundai AutoEver
(KOSPI: 307950.KS)		 Rev 1,224.70B KRW (-2.1% QoQ, +16.2% YoY); OP 68.91B KRW (-23.9% QoQ, -2.6% YoY; 5.63% OPM Calc.); Pre-tax 60.18B KRW (-34.3% QoQ, -14.7% YoY); Net profit 44.93B KRW (-35.4% QoQ, -14.9% YoY) [2]
HL Mando
(KOSPI: 204320.KS)		 Rev 2,320.53B KRW (-7.0% QoQ, 0.0% YoY); OP +51.54B KRW (-51.8% QoQ, -45.3% YoY; 2.22% OPM Calc.), but Pre-Tax Continuing Income swung to -41.20B KRW loss (-92.74B KRW non-op gap, Calc.); Net loss -42.51B KRW [3]
Suprema
(KOSDAQ: 236200.KQ)		 Rev 32.84B KRW (-18.59% QoQ, +8.20% YoY); OP +5.67B KRW (17.26% OPM Calc.; 9M26 OPM 20.34% Calc.), but Pre-Tax Continuing Income swung to -17.85B KRW loss (-23.52B KRW non-op gap, Calc.); Net loss -12.64B KRW [4]
SOOP
(KOSDAQ: 067160.KQ)		 Rev 105.69B KRW (+1.8% QoQ, -16.0% YoY); OP 14.52B KRW (+15.0% QoQ, -59.9% YoY; 13.74% OPM Calc. vs. 28.81% in 3Q25); Pre-tax 13.19B KRW (-19.3% QoQ, -65.1% YoY); Net profit 10.58B KRW (+21.0% QoQ, -64.0% YoY) [5]
Satrec Initiative
(KOSDAQ: 099320.KQ)		 Rev 56.19B KRW (+9.9% QoQ, +11.4% YoY); OP 8.24B KRW (+502.7% QoQ vs. 1.37B KRW, +235.6% YoY; 14.66% OPM Calc. vs. 2.67% in 2Q26); Pre-tax 3.67B KRW (+698.5% QoQ); Net profit turned positive at 3.39B KRW [6]
AbClon
(KOSDAQ: 174900.KQ)		 Final settlement & full IP assignment agreement with Yuhan Corporation on 2016 TIGIT antibody joint R&D contract; settlement receipt 1.00B KRW (≥10% of prior-year rev); zero remaining obligations or contingent liabilities [7]

2. KOSDAQ Tech Divergence: Suprema (`236200`), SOOP (`067160`), Satrec (`099320`) & AbClon (`174900`)

  • Suprema (`236200.KQ`): 3Q26 revenue 32,839M KRW (+8.20% YoY, -18.59% QoQ); OP 5,667M KRW (17.26% OPM Calc.; 9M26 OP 21,214M KRW, +7.24% YoY, 20.34% OPM Calc. on 104,301M KRW) [4]. Yet Pre-Tax swung from +22,445M KRW (2Q26) to -17,851M KRW (3Q26) (a -23,518M KRW / -23.52B KRW non-operating deduction, Calc.; Net loss -12,637M KRW) on quarter-end FX/fair-value marks [4].
  • SOOP (`067160.KQ`): 3Q26 revenue 105,687M KRW (+1.8% QoQ, -16.0% YoY); OP 14,522M KRW (+15.0% QoQ, -59.9% YoY) → 13.74% OPM (Calc., vs. 12.16% in 2Q26 and 28.81% in 3Q25) [5].
  • Satrec Initiative (`099320.KQ`): 3Q26 revenue 56,188M KRW (+9.9% QoQ, +11.4% YoY); OP surged +502.7% QoQ (+235.6% YoY) from 1,367M to 8,239M KRW → OPM expanded 2.67% (2Q26) → 14.66% (3Q26, Calc.); Net income flipped positive to 3,387M KRW (controlling interest 3,921M KRW, +795.2% QoQ) [6].
  • AbClon (`174900.KQ`): Filed an amended R&D agreement with Yuhan Corp (`유한양행`) transferring remaining TIGIT antibody rights for a final 1,000,000,000 KRW (1.00B KRW) settlement while confirming in Item 5(4) zero remaining performance obligations or contingent clawbacks (추가적인 이행 의무나 우발부채는 존재하지 않습니다) [7].

Takeaway

  • Screening Rule: Always pair OPM with Pre-Tax minus OP on Korean preliminary releases to separate true operating inflections (Satrec +502.7% QoQ OP) from non-operating shocks (HL Mando -92.74B KRW; Suprema -23.52B KRW).

Sources

  1. DART Kia Corporation (000270.KS) Preliminary Consolidated 3Q26 Earnings Fair Disclosure, 2026.10.30.
  2. DART Hyundai AutoEver (307950.KS) Preliminary Consolidated 3Q26 Earnings Fair Disclosure, 2026.10.30.
  3. DART HL Mando (204320.KS) Preliminary Consolidated 3Q26 Earnings Fair Disclosure, 2026.10.30.
  4. DART Suprema (236200.KQ) Preliminary Consolidated 3Q26 Earnings Fair Disclosure, 2026.10.29.
  5. DART SOOP (067160.KQ) Preliminary Consolidated 3Q26 Earnings Fair Disclosure, 2026.10.30.
  6. DART Satrec Initiative (099320.KQ) Preliminary Consolidated 3Q26 Earnings Fair Disclosure, 2026.10.29.
  7. DART AbClon (174900.KQ) Material Management Report: TIGIT Antibody Joint R&D & Technology Transfer Settlement With Yuhan Corp, 2026.10.30.
This note is a personal analysis record and is not investment advice or a solicitation to buy or sell any security. Investment decisions and responsibilities rest with the reader.
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