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JONBUR Research · Update note

Skai worldwide · 357880 · Software

Skai worldwide Shares Jump 27.4% in Five Days on Heavy Volume

Why this report

Written after:

  • Big price moveShares up 27.4% over 5 trading days on 5.6× normal volumeOct 22, 2026

Skai worldwide shares rose 27.4% over five trading days to 2026-10-22 on volume 5.6 times normal, the day after the related-party acquisition and convertible bond filings. The move does not change the company's financials, but it moves the share price well above the levels cited in the previous report.

Written Oct 23, 2026 · Data as of Oct 22, 2026 · 0 views

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

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What happened

From 2026-10-16 to 2026-10-22 the shares rose 27.4% on volume 5.6 times normal. The close on 2026-10-22 was ₩1,851, for a market value of about ₩102.6B. The stock is still 3.4% lower over one month and 26.5% lower over three months, and well below its 52-week high of ₩6,160, though now above its 52-week low of ₩1,410.

No filing from this period explains the move. The company filed on 2026-10-21 for the Sky Intelligence share purchase, a perpetual convertible bond and a capital-recognised debt issue, covered in the previous report. News on 2026-10-21 and 2026-10-22 mentioned the company joining a physical AI white paper with ABB Robotics and NVIDIA, and a headline listing it among stocks rising on AI expectations (Etoday). We cannot say which factor drove the buying. A smaller background item: the 5%+ holder Sky Directors reported a stake of 26.88%, down 0.61 points, on 2026-10-13.

Over the last 20 days, institutions were net sellers of about ₩734M, retail net buyers of about ₩447M, and foreigners roughly flat with a net buy of about ₩44M. Foreign ownership is 0.4%, down from 0.7% sixty days ago. Short balance is 1.6%.

What it changes for the thesis

The previous report (2026-10-21) described a company under financial strain: trailing revenue of ₩12.7B, an operating margin of -63.7%, cash of only ₩157M and free cash flow of -₩3.5B. It also flagged the related-party purchase of a 66.9% stake in Sky Intelligence for ₩25.4B, funded mostly by a ₩22.8B perpetual convertible bond with about 20.4% potential dilution.

The price jump changes none of that. No new financial results are available, and the company's latest figures are still those for H1 2026. The AI-related news is about participation in an alliance and a white paper; no filing quantifies any revenue effect. The open questions remain the target's financials, how the ₩2.5B cash balance will be funded, and the governance and dilution issues.

What it changes for the valuation

The model has no estimate for this company, and the previous report had none, so there is no model fair value range (bear, base or bull) to compare with the share price. The close of ₩1,851 is above the ₩1,472 close cited in the previous report and above the ₩1,602 conversion price of the new bond.

On the latest data, price-to-book is 5.2 and price-to-sales is 8.1, up from 4.2 and 6.4 in the previous report, mainly because the price has risen. Earnings multiples are not available because earnings are negative. Enterprise value is about ₩111.0B. The peers listed trade at price-to-book of 0.5 to 4.8, but they are far larger and profitable, so the comparison is of limited use.

Closing view

The share price move is large and came on unusually heavy volume, but the data show no change in the company's earnings, cash or debt. The rise coincides with the acquisition and bond filings and AI-related news, yet the evidence does not show which, if any, drove it. With no model estimate, losses continuing, a sizeable related-party deal and possible dilution of about 20.4%, the uncertainty described in the previous report stands. A higher price also means the share is now above the bond's conversion price. Useful things to watch are the target's financials, how the cash balance is funded, and whether trading volume stays elevated.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 23, 2026Update noteBig price moveSkai worldwide Shares Jump 27.4% in Five Days on Heavy Volume
  2. Oct 21, 2026Update noteNew shares / dilution · M&A / restructuringSkai worldwide Plans ₩25.4B Related-Party Share Purchase Funded by ₩22.8B Perpetual Convertible Bond
  3. Oct 14, 2026InitiationStart of coverage (reader request)Skai worldwide: Shrinking Revenue, Deepening Losses and a Recent Rights Offering

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