Kiwoom No.10 Special Purpose Acquisition키움제10호스팩

Kiwoom No.10 is a shell SPAC with no revenue, still searching for a merger target, and its shares trade near their 52-week high.

Kiwoom No.10 Special Purpose Acquisition is a KOSDAQ-listed blank-check company whose only purpose is to merge with a private firm; it has not yet picked a target. Its filings show no revenue, a small operating loss, and a net profit in H1 2026 that appears to come from non-operating income. At ₩2,185 the market value is about ₩9.2B.

What stands out

• Revenue is zero in both 2024 and 2025 and in the trailing period to H1 2026, so there is no operating business to value on sales or margins.
• Trailing operating loss is about ₩23M while trailing net income is about ₩139M, so the reported profit is not coming from core operations.
• Cash of about ₩2.0B against borrowings of about ₩1.87B; the data does not explain the purpose of the borrowings.
• The shares trade at 66x trailing earnings and 1.1x book, far above listed Korean brokers and card firms in the peer set, which trade at roughly 3 to 8x earnings.
• Foreign ownership fell from 0.4% to 0%, and retail investors were net sellers over the last 20 trading days, while institutions were net buyers.

What to watch

• Whether the company names a merger target, which the filings and data do not yet show.
• The next quarterly and annual filings, and any change in the share price against its 52-week high of ₩2,220.
• Any new 5% or larger holding reports, given the 2026 filing and the shift in investor flows.