Both stocks run through our valuation models. Here is how Korea SPAC 2 (206400) and NetEase (NTES) compare, as of Aug 21, 2026.
As of Aug 21, 2026, Fair Value Calculator sees NetEase as the more attractively valued of the two: Korea SPAC 2 trades at KRW 948 versus a fair value of KRW 572 (-40%), while NetEase trades at $120 versus $173 (+44%).
Korea SPAC 2
206400.KQ · KRW · Communication Services
-40%
upside to fair value
overvalued
PriceKRW 948
Fair ValueKRW 572
Quality32/100
NetEase
NTES · USD · Communication Services
+44%
upside to fair value
undervalued
Price$120
Fair Value$173
Quality81/100
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Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Korea SPAC 2NetEase
Valuation
—P/E (TTM)16.9×
—P/S (TTM)4.97×
—P/B3.55×
—EV/EBITDA12.9×
—PEG1.45×
—Dividend yield3.5%
—Dividend per share$4.18
Profitability
—Net margin30%
—Operating margin41%
-16%Return on equity22%
-4%Return on assets11%
Growth
-39%Revenue growth (YoY)6%
-39.7%Avg. growth/yr (3Y)5.3%
-12.7%Avg. growth/yr (5Y)8.9%
Balance & size
0.01×Debt / equity0.00×
$23MMarket cap$85B
weakGrowth qualityhealthy
NetEase leads: 0 to 6 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Korea SPAC 2of which business quality 32 · market factors 22NetEaseof which business quality 79 · market factors 46
ProfitabilityMargins and returns on capital today
1
71
Quality GrowthAre margins and returns improving?
25
53
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
69
63
Low VolatilityCalm price path (market factor)
50
69
MomentumPrice trend over the last 3–12 months (market factor)
13
41
52W MomentumDistance to the 52-week high (market factor)
5
28
Net IssuanceBuybacks instead of dilution
40
89
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Korea SPAC 2
Asset-BasedKRW 1,286
0 of 1 models see the stock below the current price.
NetEase
DCF Models$1,935
Earnings-Based$1,296
Dividend Discount$370
Multiples$835
Asset-Based$168
Growth DCF$1,772
Economic Profit$689
Growth Earnings$1,703
0 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Korea SPAC 2
Bear KRW 378Fair Value KRW 572Bull KRW 715
KRW 948 = current price (white tick)
NetEase
Bear $129Fair Value $173Bull $282
$120 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Korea SPAC 2 · Communication Services
Quality score32 · bottom 25%
Fair value upside-40% · below median
NetEase · Communication Services
Quality score81 · Top 25%
Fair value upside+44% · above median
Bottom line
As of Aug 21, 2026, Fair Value Calculator sees NetEase as the more attractively valued of the two: Korea SPAC 2 trades at KRW 948 versus a fair value of KRW 572 (-40%), while NetEase trades at $120 versus $173 (+44%).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
