JONBUR Research · Update note
You're reading an earlier report from Oct 21, 2026. See the latest report
Kumkang Kind · 014280 · Steel & Materials
Kumkang Kind: Model fair value estimate falls to ₩1,901 per share from ₩18,658
Why this report
Written after:
- Model fair value changeModel estimate of fair value moved -90% (₩18,658 → ₩1,901 per share)Oct 22, 2026
The model estimate of fair value for Kumkang Kind fell about 90% to ₩1,901 per share in the base case, with the bear case now at zero. The result is below the ₩4,275 share price, and it reverses the picture in the previous report, though no new filing explains the change.
Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
What happened
On 2026-10-22 the model estimate moved from ₩18,658 to ₩1,901 per share in the base case, a fall of 90%. There were no new company filings, no news and no other events behind it. The underlying financial data is unchanged: trailing figures to H1 2026 show revenue of ₩818.2B, operating income of ₩30.6B, net income of -₩17.3B and free cash flow of -₩70.8B.
The model inputs did change. The discount rate is now 4.8%, against 6.5% before. The bear case fell from ₩6,003 to ₩0, and the bull case moved from ₩42,334 to ₩42,046. The share price was ₩4,275 on 2026-10-20.
Enterprise value in the current data is ₩569.7B and EV/EBITDA is 6.2x, against ₩178.1B and 1.9x in the previous report. The previous report's figures were different, and the data does not say why. This may be linked to how borrowings or other items are counted, but that is not stated in the data.
Every earlier JONBUR Research report and update note on Kumkang Kind, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩0
- -100%
- Base
- ₩1,901
- -54%
- Bull
- ₩42,046
- +921%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.
Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 4.8%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions
Filings and data used
- Half-year report (Jun 2026)Aug 14, 2026
- 5%+ holding reportAug 12, 2026
- 5%+ holding reportAug 3, 2026
- Results of Rights Offering or Issuance of Equity-Linked Bonds, etc. (Voluntary Disclosure)Jul 2, 2026
- 5%+ holding reportJun 17, 2026
- Exchangeable bond issue decisionJun 1, 2026
- Disclosure of Corporate Governance ReportMay 29, 2026
- Quarterly report (Mar 2026)May 15, 2026
- 5%+ holding reportApr 28, 2026
- Annual general meeting resultsMar 20, 2026
- Report on Appointment, Dismissal, or Mid-Term Resignation of Independent DirectorsMar 20, 2026
- Audit report submittedMar 12, 2026
- Daily prices up to 2026-10-20
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of TTM to H1 2026
Report history
- Oct 28, 2026Update noteModel fair value changeKumkang Kind: Model fair value estimate rises to ₩2,305 per share, no new filing behind it
- Oct 21, 2026Update noteModel fair value changeKumkang Kind: Model fair value estimate falls to ₩1,901 per share from ₩18,658
- Oct 19, 2026InitiationStart of coverage (reader request)Kumkang Kind: Operating profit recovers in 2026 while net losses and negative free cash flow persist
Source: KRX statistical information