NH Special Purpose Acquisition 33엔에이치스팩33호

NH Special Purpose Acquisition 33 is a blank-cheque shell company with no operating business, trading near its 52-week low after a sharp rise.

This is a special purpose acquisition company (SPAC) listed on KOSDAQ in March 2026 with no revenue or operating income in the data. Its main asset is cash held for a future merger, and it has borrowings of about ₩651M against cash of about ₩41M. The shares closed at ₩1,991, roughly 3% above the 52-week low of ₩1,967 and far below the 52-week high of ₩6,870.

What stands out

• The filings and profile show no operating business, so revenue, margins and free cash flow are all unavailable.
• Price is ₩1,991 with a market value of about ₩15.3B, and the 1-month return is flat while the 3-month return is -0.4%.
• Price-to-book is 1.1, but there is no earnings figure, so the peer comparisons (P/E of 3.3 to 7.5 for listed brokers and card firms) are not meaningful for this company.
• The internal fair value model gives a base of ₩1,450, a bear case of ₩854 and a bull case of ₩2,226; these are model outputs, not forecasts, and they sit below the current price in the base case.
• Foreign ownership fell from 0.8% to 0.5% over about 60 days, and 20-day flows show foreign and retail net selling against institutional net buying.

What to watch

• The data does not name a target company for a merger, so any deal announcement or filing about a business combination would be the key development to monitor.
• Next periodic filings after the half-year report from August 2026 and any further 5%+ holding reports.
• Liquidity and trading-price swings, given the wide gap between the 52-week low and high.