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JONBUR Research · Update note

KC · 029460 · Medical & precision devices

KC: Model Fair Value Estimate Rises to ₩58,003 Per Share From ₩22,540

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved +157% (₩22,540 → ₩58,003 per share)Oct 22, 2026

Our model estimate of fair value for KC rose 157% to a base of ₩58,003 per share, from ₩22,540 in the previous report. The data pack gives no company filing behind the change, so it should be read as a model revision, not a confirmed business development.

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.

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What happened

On 2026-10-22 the model base estimate moved from ₩22,540 to ₩58,003 per share, a rise of 157%. The bear case is now ₩32,956 (previously ₩5,998) and the bull case ₩100,847 (previously ₩51,589). The method is unchanged: a 5-year discounted cash flow at a 7.9% rate, based on trailing figures to H1 2026. The period of the figures is also the same as in the previous report.

No filings accompany this event, and no minor events are listed. The data does not say which assumption or input caused the revision, so we cannot attribute it. The trailing figures show revenue of ₩814.0B, operating income of ₩42.4B (5.2% margin), net income of ₩54.4B and free cash flow of ₩2.5B. Whether these differ from what the earlier run used is not available in the data.

The share price closed at ₩36,050 on 2026-10-20, down 12.7% over one month and up 26.5% over three months. The 2026-10-16 headlines about a consortium selected as preferred bidder for a ₩300B deal remain the only news items, with no terms given.

What it changes for the thesis

The previous report described low multiples (P/E 7.6, P/B 0.4, EV/EBITDA 5.0), a light balance sheet and mixed evidence, partly because the model estimate sat below the price while the multiples pointed the other way. That tension has changed: the model base estimate is now above the share price. The underlying facts in the thesis are unchanged: modest profitability (ROE 6.3%), borrowings of ₩17.9B against cash of ₩80.0B, and foreign ownership at 14.6% against 11.7% 60 days earlier. The takeover news is still unresolved, and nothing in the data clarifies the terms, stake or timing. The revision therefore changes how the model reads the company, not what we know about the business.

What it changes for the valuation

The model now gives a base estimate of ₩58,003 per share, with a bear case of ₩32,956 and a bull case of ₩100,847. Previously it was ₩22,540 base, ₩5,998 bear and ₩51,589 bull. Against the ₩36,050 close, the price is now just above the bear case and below the base case, whereas before it was above the base case. This is a model estimate based on the assumptions shown, not a target. The range is still very wide, from ₩32,956 to ₩100,847, and a move of this size in one revision shows how sensitive the output is to inputs. At the current price, the stock trades at P/E 7.3, P/B 0.4, P/S 0.5 and EV/EBITDA 4.9, with a dividend yield of 1.2%.

Closing view

The change is large but unexplained in the data: no new filing, earnings or deal terms accompany it. The valuation picture is no longer one of a model below the market price, yet an estimate that moved 157% without a visible business trigger is a reason for caution about its precision. The low multiples, the light balance sheet and the unresolved takeover headlines remain the main facts. The evidence still does not support a firm conclusion either way.

Model estimate of fair value

Bear
₩32,956
-14%
Base
₩58,003
+51%
Bull
₩100,847
+163%

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 7.9%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeKC: Model Fair Value Estimate Rises to ₩58,003 Per Share From ₩22,540
  2. Oct 20, 2026InitiationStart of coverage (reader request)KC: Low Multiples and Steady Revenue as Sale Headlines Emerge

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information