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JONBUR Research · Update note

KG Mobility Platform · 381970 · Retail & Trade

KG Mobility Platform: Model Fair Value Estimate Lowered After Rate Change

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved -34% (₩27,694 → ₩18,351 per share)Oct 22, 2026

The model estimate of fair value for KG Mobility Platform fell about 31% to a base case of ₩19,174 per share, from ₩27,694 in the previous report, with the bear case now at zero. It still sits well above the ₩6,210 close, but the wider downside shows how fragile the estimate is.

Written Oct 27, 2026 · Data as of Oct 26, 2026 · 0 views

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

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What happened

No new company filing drove this note. The event is a revision of our model estimate. The event listing shows a move of -34% (₩27,694 to ₩18,351 per share) on 2026-10-22. The current data pack gives a base case of ₩19,174, so the two figures differ slightly and we use the data pack range below.

The model is still a 5-year discounted cash flow based on TTM to H1 2026, but the discount rate is now 5.9% versus 6.7% before. The range is now bear ₩0, base ₩19,174 and bull ₩59,616. Previously it was bear ₩8,156, base ₩27,694 and bull ₩64,021.

The one filing on 2026-10-22 was an investor relations (IR) event, with no details available. The share price closed at ₩6,210 on 2026-10-26, down 59.7% over one year and 1.7% over one month, and near the 52-week low of ₩5,900.

What it changes for the thesis

The previous report described a large, low-margin business with sharply weaker trailing profit, and said the model base case leaned on cash flow well above reported profit. That view is unchanged. TTM operating margin is still 0.8% (3.1% in 2025) and TTM net income is ₩7.6B (₩50.9B in 2025).

The lower estimate is consistent with that caution, although the data does not explain which inputs changed. Free cash flow is still positive at ₩71.2B, but leverage is high, with liabilities at 179.8% of equity and borrowings of ₩194.8B against cash of ₩10.1B. Causes of the share price fall remain unconfirmed, as no news headlines are available, and the September insider and shareholder filings remain without detail.

What it changes for the valuation

The model base case of ₩19,174 is about 31% below the previous ₩27,694 and about 3.1 times the ₩6,210 close. The previous estimate was about 4.2 times the ₩6,590 close. The bear case of ₩0 means the model finds no equity value under its weakest assumptions, against ₩8,156 before. The bull case of ₩59,616 is slightly lower than ₩64,021. The range remains very wide.

This is a model estimate based on the assumptions shown, not a target or a signal to buy or sell. Current multiples are a P/E of 40.1, P/B of 1.7 and P/S of 0.1, with a 19.3% dividend yield that the data does not explain. Among the peers shown, P/E runs from 5.1 (Youngone) to 38.4 (ISC) and P/B from 0.4 to 5.1.

Closing view

The revision lowers the model's central estimate and widens the downside, which fits the weak trailing earnings and high leverage noted before. The estimate remains well above the market price, but its reliance on cash flow assumptions and a very wide range limit how much weight it can bear. The evidence stays mixed, and the next filed results will be key to judging whether the earnings decline is temporary.

Model estimate of fair value

Bear
₩0
-100%
Base
₩19,174
+228%
Bull
₩59,616
+919%

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 5.9%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 27, 2026Update noteModel fair value changeKG Mobility Platform: Model Fair Value Estimate Lowered After Rate Change
  2. Oct 20, 2026InitiationStart of coverage (reader request)KG Mobility Platform: Thin TTM Margins and a Sharp Price Decline Contrast With Stronger 2025 Results

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