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Kumho HT · 214330 · Auto parts

Kumho HT: Filing Confirms Change in Largest Shareholder's Holdings After Ecovolt Stake Build

Why this report

Written after:

A filing dated 2026-10-28 reports a change in the largest shareholder's holdings at Kumho HT, judged to reflect a new controlling shareholder. It follows the previous report on the same change of control, and the financial data and model estimate are unchanged.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 0 views

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

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What happened

On 2026-10-28 the company filed a report on changes in the largest shareholder's holdings, filed because the largest shareholder changed. A separate filing the same day reported the change of largest shareholder. No excerpts of the filing text were available, so details such as share counts and the purchase terms are not available here.

The filing follows the build-up of Ecovolt's stake. Holder reports show it at 49.2% on 2026-10-19 (+1.4 points) and 52.2% on 2026-10-26 (+3.0 points). A shareholders' meeting was also called on 2026-10-19. The company has 10,456,929 listed shares.

What it changes for the thesis

The previous report already covered this change of control, so this filing mainly confirms it. Its thesis was that the ownership change does not alter the results by itself: trailing revenue of ₩364.8B, operating income of ₩7.0B (a 1.9% margin), a net loss of ₩17.0B and negative free cash flow of ₩4.4B. Cash is ₩44.3B against borrowings of ₩39.4B. Losses have run every year from 2021 to 2025.

Nothing in the data describes the new controlling holder's strategy, financing plans or board changes, so these still cannot be assessed.

What it changes for the valuation

The model has not changed. It gives a model estimate based on the assumptions shown of ₩1,396 (bear), ₩5,248 (base) and ₩11,047 (bull) per share, identical to the previous report's range. This is a discounted cash flow at a 15% rate on trailing figures to the first half of 2026.

The share price was ₩7,940 on 2026-10-27, above the base case and inside the bear-bull range. The share price is up 20.3% over one month and 63.2% over three months, but down 50.8% over one year. The model does not include any effect of the new ownership.

Closing view

The change of control is the most material event, but it was largely known from the previous report and the holder filings before it. The evidence shows no change in earnings, cash flow or margins, and the new owner's plans are not disclosed. The model range is very wide because earnings are thin and negative, and the price sits above its base case. Later filings on the shareholders' meeting and the new controlling holder's intentions would be needed to judge whether the fundamentals change.

Model estimate of fair value

Bear
₩1,396
-81%
Base
₩5,248
-30%
Bull
₩11,047
+47%

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 15%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026Update noteCEO / control changeKumho HT: Filing Confirms Change in Largest Shareholder's Holdings After Ecovolt Stake Build
  2. Oct 28, 2026Update noteCEO / control changeKumho HT: Largest Shareholder Changes as Ecovolt Stake Passes 52%

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