Deep 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 (▲ Bullish)
SNT 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 (▶ Selective)
Future 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.).
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]
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].
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].
Personal analysis record based on public regulatory filings. Not investment advice or a solicitation to buy or sell any security.
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