Asia Filing Notes

Korea (DART K-IFRS) · Taiwan (TWSE) · U.S. (SEC) Primary-Filing Research
KOSPI: 003160·003670·047050·028670·126560·100840·006280 | KOSDAQ: 035890 Korea & Asia Primary Filings · Korea Live DART Disclosure & Valuation Audit · Published 2026-11-02 (6 min read)

Nov 2 Korea Live DART Audit: DI Corp (27.3% OPM, 5.0x OP), POSCO Group Split & Hyundai Futurenet (-2.24% Share Cancel)

SO WHAT? · VALUATION ESTIMATE & 6–12M DIRECTION
Nov 2 Live DART Filings: DI Corp (4.97x Ann. OP), POSCO Intl (5.59x), Pan Ocean (3.91x) & Hyundai Futurenet (0.48x P/B + Cancel) Are Deeply Undervalued
✓ Multi-Agent 3-Round Verified SPLIT VALUATION ▲ BULLISH DI·POSCO Intl·Futurenet / ▶ SELECTIVE Future M
● UNDERVALUED ● FAIR VALUE ● OVERVALUED
STEP 1 · NOV 2 LIVE DART FACT
DI Corp 3Q OP +493% YoY (27.3% OPM), POSCO Future M OP +208% QoQ, Hyundai Futurenet -2.24% share cancel
→
STEP 2 · VALUATION ESTIMATE
Mkt Cap / Ann. 3Q OP: Pan Ocean 3.91x · DI Corp 4.97x · POSCO Intl 5.59x (Undervalued) vs Future M 45.6x (Overvalued)
→
STEP 3 · 6–12M DIRECTION
▲ BULLISH on DI Corp, POSCO Intl, Pan Ocean, Futurenet & SNT Energy (post-FX noise) / ▶ NEUTRAL on Future M
Issuer & Live Multiples Valuation Estimate 6–12M Direction So What? (Valuation Basis & Catalyst)
DI Corp (003160.KS)
Mkt Cap 1.18T KRW · 3Q OP 59.3B (27.3% OPM) · Cap/Ann.OP 4.97x
UNDERVALUED
▲ Top BullishHBM burn-in tester surge (+493% YoY OP) compresses annualized OP multiple to just 4.97x
POSCO Intl (047050.KS) & Pan Ocean (028670.KS)
POSCO Intl Fwd P/E 9.58x (5.6x OP) · Pan Ocean Fwd P/E 6.31x (0.49x P/B)
UNDERVALUED
▲ Bullish3Q net income jumped +91.6% and +218.5% YoY while trading at 6.3x–9.6x Fwd P/E
Hyundai Futurenet (126560.KS) & Seohee (035890.KQ)
Futurenet P/B 0.48x · -2.24% Share Cancel + 3Q OP +68.3% YoY
UNDERVALUED
▲ BullishDeep 0.48x P/B discount paired with permanent share cancellations and +68% YoY OP growth
SNT Energy (100840.KS) & GC Biopharma (006280.KS)
SNT Energy P/E 4.48x (6.7x Core OP) · GC Biopharma Fwd P/E 7.03x
UNDERVALUED
▲ BullishSNT Energy's pre-tax loss is pure FX translation noise vs 17.5% core OPM; GC Biopharma net profit surged
POSCO Future M (003670.KS) & POSCO DX (022100.KS)
Future M Cap/Ann.OP 45.6x (333x P/E) · POSCO DX 43.8x (92.6x P/E)
OVERVALUED
▶ SelectiveFuture M's QoQ OPM rebound (to 9.84%) is encouraging, but 45.6x annualized OP leaves valuation rich

November 2, 2026 Business-Day DART Audit: DI Corp (27.26% OPM, 4.97x annualized OP), Pan Ocean (3.91x OP, 0.49x PBR), POSCO International (5.59x OP), Hyundai Futurenet (-2.24% share cancellation, 0.48x PBR), and SNT Energy (17.51% core OPM, 6.66x OP) screen deeply undervalued, while POSCO Future M (45.6x OP) and POSCO DX (43.8x OP) remain valuation-stretched.

As of 2026.11.02 · Source: Korean FSS DART Same-Day Filings (2026.11.02) & KRX/Naver Finance Live Multiples · Derived ratios marked (Calc.).

Nov 2, 2026 Korea DART Live Audit: 3Q26 Operating Margin vs. Market Cap / Annualized 3Q26 OP Multiple

Left: 3Q26 Operating Margin (%) across key November 2, 2026 DART filers, led by DI Corp (27.26% OPM) and SNT Energy (17.51% OPM). Right: Market Cap divided by Annualized 3Q26 Operating Profit (MktCap / [3Q26 OP × 4]), separating Undervalued Compounders (Pan Ocean 3.91x, DI Corp 4.97x, POSCO International 5.59x, SNT Energy 6.66x, GC Biopharma 7.98x, Hyundai Futurenet 13.9x) from Stretched Multiples (POSCO DX 43.8x, POSCO Future M 45.6x) [1][2][3][4].

Issuer (Board & Ticker) 2026.11.02 DART Filing Summary & Live Valuation Multiples
DI Corp
(KOSPI: 003160.KS)		 3Q26 Rev 217.72B KRW (+99.6% YoY, +29.1% QoQ); OP 59.34B KRW (+493.1% YoY, +49.9% QoQ; 27.26% OPM Calc.) | Mkt Cap 1.18T KRW (4.97x Annualized 3Q OP, Fwd PER 16.73x vs. trailing PER 40.45x) [1]
POSCO Future M
(KOSPI: 003670.KS)		 3Q26 Rev 834.77B KRW (+22.9% QoQ, -4.6% YoY); OP 82.14B KRW (+207.8% QoQ, +23.2% YoY; 9.84% OPM Calc. vs. 3.93% in 2Q26) | Mkt Cap 14.99T KRW (45.6x Annualized 3Q OP, trailing PER 333.0x) [4]
POSCO International
(KOSPI: 047050.KS)		 3Q26 Rev 9.03T KRW (+9.6% YoY); OP 400.7B KRW (+24.0% YoY, 4.44% OPM); Net Income 401.8B KRW (+91.6% YoY) | Mkt Cap 8.95T KRW (PER 10.81x, Fwd PER 9.58x, 5.59x Annualized OP) [2]
POSCO DX
(KOSPI: 022100.KS)		 3Q26 Rev 265.23B KRW (+14.0% QoQ); OP 16.86B KRW (+71.0% QoQ, -22.2% YoY, 6.36% OPM) | Mkt Cap 2.96T KRW (PER 92.57x, 43.8x Annualized OP) [5]
Pan Ocean
(KOSPI: 028670.KS)		 3Q26 Rev 2.10T KRW (+65.2% YoY); OP 197.4B KRW (+57.7% YoY, 9.41% OPM); Net Income 184.4B KRW (+218.5% YoY) | Mkt Cap 3.09T KRW (Fwd PER 6.31x, PBR 0.49x, 3.91x Annualized OP) [3]
Hyundai Futurenet
(KOSPI: 126560.KS)		 Permanent Share Cancellation of 2,446,701 shares (-2.24% of issued shares, 8.16B KRW) on Nov 20 + 3Q26 OP 6.28B KRW (+68.3% YoY, 8.19% OPM) | Mkt Cap 350.5B KRW (PBR 0.48x, 13.9x Annualized OP) [7][8]
SNT Energy
(KOSPI: 100840.KS)		 3Q26 Core OP +17.65B KRW (17.51% OPM) vs. -28.57B KRW FX loss (USD/KRW 1,541.50 → 1,358.40) causing -10.36B KRW Pre-Tax loss | Mkt Cap 470.3B KRW (PER 4.48x, 6.66x Core Annualized OP) [10]
GC Biopharma & Seohee
(006280.KS / 035890.KQ)		 GC Biopharma: 3Q26 OP 49.2B KRW (+68.5% YoY), Net Income 208.5B KRW (+1,051.9% YoY) + 59.16B KRW Colombia vaccine contract (Fwd PER 7.03x) [12][13].
Seohee Construction: Value-Up Plan retiring all 22,219,921 treasury shares by Feb 2027 + 25.0% payout ratio [9]

1. HBM Burn-In Tester & Maritime/Trading Inflections: DI Corp (`003160`), POSCO International (`047050`) & Pan Ocean (`028670`)

  • DI Corp (`003160.KS` — Undervalued ▲): HBM burn-in tester deliveries drove 3Q26 consolidated revenue to 217.72B KRW (+29.1% QoQ, +99.6% YoY) and operating profit to 59.34B KRW (+49.9% QoQ, +493.1% YoY; 27.26% OPM Calc.) [1]. Annualizing 3Q26 operating profit (237.37B KRW) puts DI Corp at just 4.97x annualized OP on its 1.18T KRW market cap (Fwd PER 16.73x), exposing the trailing PER of 40.45x as a backward-looking artifact.
  • POSCO International (`047050.KS`) & Pan Ocean (`028670.KS` — Undervalued ▲): POSCO International booked 3Q26 OP of 400.7B KRW (+24.0% YoY), Pre-Tax of 434.3B KRW (+57.2% YoY), and controlling Net Income of 394.9B KRW (+93.7% YoY), trading at 9.58x Fwd PER and 5.59x annualized OP [2]. Pan Ocean delivered 3Q26 revenue of 2.10T KRW (+65.2% YoY), OP of 197.4B KRW (+57.7% YoY), and Net Income of 184.4B KRW (+218.5% YoY), trading at 3.91x annualized OP, 6.31x Fwd PER, and 0.49x PBR [3].

2. POSCO Cathode & IT Affiliates: Margin Rebound vs. 44x–46x Annualized OP Multiples

  • POSCO Future M (`003670.KS` — Overvalued ▶): 3Q26 revenue rose +22.9% QoQ to 834.77B KRW and OP rebounded +207.8% QoQ (+23.2% YoY) to 82.14B KRW, lifting OPM by 5.91pp from 3.93% (2Q26) to 9.84% (3Q26) [4]. However, its 14.99T KRW market cap still prices in 45.6x annualized 3Q OP (328.58B KRW) and 333.0x trailing PER.
  • POSCO DX (`022100.KS` — Overvalued ▼) & Cosmo AM&T (`005070.KS`): POSCO DX reported 3Q26 OP of 16.86B KRW (-22.2% YoY, 6.36% OPM) against a 2.96T KRW market cap (43.8x annualized OP, 92.57x PER) [5], while Cosmo AM&T booked 3Q26 OP of 1.83B KRW (-60.8% QoQ, 1.27% OPM) on 144.12B KRW revenue (+36.9% YoY) [6].

3. Share Cancellations (Hyundai Futurenet, Seohee) & FX-Distorted Pre-Tax Loss (SNT Energy)

  • Hyundai Futurenet (`126560.KS`) & Seohee Construction (`035890.KQ` — Undervalued ▲): Hyundai Futurenet resolved to cancel 2,446,701 treasury shares (-2.24% of 109,201,040 issued shares, 8.16B KRW) on Nov 20 alongside 3Q26 OP of 6.28B KRW (+68.3% YoY, 8.19% OPM) while trading at 0.48x PBR [7][8]. Seohee Construction filed a formal Value-Up Plan committing to cancel all 22,219,921 remaining treasury shares by Feb 2027 and maintain a 25.0% payout ratio (+10.0% annual DPS growth) [9].
  • SNT Energy (`100840.KS` — Undervalued ▲ on FX Optical Distortion): Core 3Q26 OP reached +17.65B KRW (17.51% OPM) on 100.75B KRW revenue, but a quarter-end USD/KRW drop from 1,541.50 (Q2) to 1,358.40 (Q3) triggered a non-operating -28.57B KRW FX translation loss, flipping Pre-Tax to -10.36B KRW (Net loss -7.44B KRW) [10]. At 470.3B KRW market cap, SNT Energy trades at just 6.66x core annualized OP (70.58B KRW) and 4.48x PER (whereas sister company SNT Dynamics `003570.KS` saw 3Q26 OP drop -69.5% YoY to 6.07B KRW [11]).
  • GC Biopharma (`006280.KS`), CS Wind (`112610.KS`) & MNC Solution (`484870.KS`): GC Biopharma paired 3Q26 OP of 49.2B KRW (+68.5% YoY) and Net Income of 208.5B KRW (+1,051.9% YoY) with a 59.16B KRW (2.97% of rev) Colombia flu-vaccine contract (trading at 7.03x Fwd PER) [12][13]; CS Wind signed an 83.10B KRW (2.8% of rev) UK wind-tower order with Siemens Gamesa [14]; and MNC Solution signed a 12.47B KRW (3.09% of rev) defense acoustic-generator contract [15].

Sources

  1. DART DI Corp (003160.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  2. DART POSCO International (047050.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  3. DART Pan Ocean (028670.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  4. DART POSCO Future M (003670.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  5. DART POSCO DX (022100.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  6. DART Cosmo AM&T (005070.KS) Preliminary 3Q26 Earnings, 2026.11.02.
  7. DART Hyundai Futurenet (126560.KS) Share Cancellation Decision (2,446,701 Shares), 2026.11.02.
  8. DART Hyundai Futurenet (126560.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  9. DART Seohee Construction (035890.KQ) Corporate Value-Up Plan, 2026.11.02.
  10. DART SNT Energy (100840.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  11. DART SNT Dynamics (003570.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  12. DART GC Biopharma (006280.KS) Preliminary Consolidated 3Q26 Earnings, 2026.11.02.
  13. DART GC Biopharma (006280.KS) Single-Sales Supply Contract (Colombia VaxThera), 2026.11.02.
  14. DART CS Wind (112610.KS) Single-Sales Supply Contract (Siemens Gamesa), 2026.11.02.
  15. DART MNC Solution (484870.KS) Single-Sales Supply Contract (LIG Defense & Aerospace), 2026.11.02.
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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