Korea SPAC 2 (206400) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Korea SPAC 2 KRW 572, price KRW 831, upside -31.2%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
BENO TNR, Inc. engages in interior design, construction, robot, and bio businesses. It engages in the designing, manufacturing, and construction of shading systems, eco-friendly flooring, and radiant heating panels applied to various buildings.
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BENO TNR, Inc. engages in interior design, construction, robot, and bio businesses. It engages in the designing, manufacturing, and construction of shading systems, eco-friendly flooring, and radiant heating panels applied to various buildings. It also provides XoMotion, an exoskeleton wearable robot that supports lower body movements; and develops medicine through epigenetic modification. BENO TNR, Inc. was formerly known as Benoholdings, Inc. and changed its name to BENO TNR, Inc. in July 2023. BENO TNR, Inc. was founded in 2001 and is based in Seoul, South Korea.
Stock analysis
Korea SPAC 2 (206400) currently trades at 831.00 KRW, while our model-based Fair Value estimate is 572.07 KRW, 31.2% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the evidence level at low.
Scenario range: 377.57 KRW (bear) to 715.09 KRW (bull), the price of 831.00 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 31/100 (below-average quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Korea SPAC 2 reported revenue of 4.8B KRW in FY2025 versus 21.1B KRW in FY2021, a compound −31.0%/yr. Reported net income was −23.8B KRW in FY2025.
Key figures
Market cap 31.2B KRW (≈ $23.2M) · P/S ratio 8.56 · Return on equity −20.4% · Return on assets (EBIT) −1.5% · Operating margin −125% · Revenue (TTM) 3.6B KRW · Revenue growth (YoY) −40.4% · EPS growth (YoY) +244%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 65% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 44% fair-value upside, at −31%, 206400 screens richer than that median.
Fair Value models
Bear 377.57 KRWFair Value 572.07 KRWBull 715.09 KRW
Price 831.00 KRW · Upside -31.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−81.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−39.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−12.7%
Start year 2020 (pandemic). Over 10 years: −13.5% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
8.7% (2020) → −111.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Gaming & Multimedia · 139 stocks
Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score31 · Bottom 25%
Fair Value upside−31.2% · Below median
Profitability
Return on assets−5.5% · Bottom 25%
Operating margin (TTM)−125.2% · Bottom 25%
Growth and dividend
Revenue growth−40.4% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 47
FUTURE (revenue growth)0· sector 24
PAST (return on equity)0· sector 20
HEALTH (low debt)100· sector 100
DIVIDEND (yield)0· sector 57
VALUE 0: the price sits above our fair-value range.
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Is Korea SPAC 2 (206400) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 572.07 KRW versus a price of 831.00 KRW, about −31% upside (overvalued).
What is the fair value of 206400?
Our model-based fair value for Korea SPAC 2 is 572.07 KRW (as of Oct 3, 2026), built from audited fundamentals. The current price: 831.00 KRW.
What is the quality score of 206400?
Korea SPAC 2 has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Korea SPAC 2 (206400)?
Our model-based price target is the fair value of 572.07 KRW (as of Oct 3, 2026) from 1 valuation models. Cautious scenario 377.57 KRW, optimistic scenario 715.09 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korea SPAC 2 stock forecast for 2026?
Our models put fair value at 572.07 KRW, about −31% upside versus a price of 831.00 KRW (overvalued). Cautious scenario 377.57 KRW, optimistic scenario 715.09 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korea SPAC 2 (206400)?
Korea SPAC 2 reported trailing-twelve-month revenue of about 3.6B KRW (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Korea SPAC 2 (206400)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korea SPAC 2 it is 572.07 KRW per share (as of Oct 3, 2026), against a price of 831.00 KRW. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Korea SPAC 2 stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 206400 trades above its calculated fair value: price 831.00 KRW, fair value 572.07 KRW, a gap of about −31% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 206400?
No. The price is what the market pays today (831.00 KRW); the fair value is what the company's own numbers justify (572.07 KRW). For Korea SPAC 2 the two are 258.93 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korea SPAC 2 worth?
The market values Korea SPAC 2 at about 31.2B KRW (market capitalisation, as of Oct 3, 2026). Per share that is 831.00 KRW; our models calculate a fair value of 572.07 KRW per share.
What do the bullish and bearish scenarios say about 206400?
Our models span a range for Korea SPAC 2: cautious scenario 377.57 KRW, base 572.07 KRW, optimistic 715.09 KRW per share (as of Oct 3, 2026, price 831.00 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Korea SPAC 2 (206400)?
Balance-sheet figures for Korea SPAC 2 (as of Oct 3, 2026): return on equity −20.4%, debt of 0.01 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is 206400 from its 52-week high?
Korea SPAC 2 trades at 831.00 KRW, about 65% below its 52-week high of 2,370 KRW and 27% above the low of 654.00 KRW (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 572.07 KRW is for.
Which stocks are comparable to Korea SPAC 2?
From the same area (Communication Services) we also value NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, Zhejiang Century Huatong Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Korea SPAC 2 stock attractive at the current price?
The data as of Oct 3, 2026: price 831.00 KRW, calculated fair value 572.07 KRW (−31%), Quality Score 31/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 206400 calculated?
We run Korea SPAC 2 through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 572.07 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. Korea SPAC 2 itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Korea SPAC 2 (206400)?
The closing price on Oct 2, 2026 was 831.00 KRW. Our model-based fair value is 572.07 KRW, about −31% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korea SPAC 2 right now?
The price sits above even our optimistic bull case (715.09 KRW). The favourable scenario is already priced in. Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (377.57 KRW to 715.09 KRW) leaves room in how you read the outcome.
Key figures of Korea SPAC 2
How large is the market capitalisation of Korea SPAC 2 (206400)?
The market capitalisation of Korea SPAC 2 is 31.2B KRW (≈ $23.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Korea SPAC 2 (206400)?
The price-to-sales ratio of Korea SPAC 2 is 8.56 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the return on equity of Korea SPAC 2 (206400)?
The return on equity (ROE) of Korea SPAC 2 is −20.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Korea SPAC 2 (206400)?
On an EBIT basis the return on assets of Korea SPAC 2 is −1.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Korea SPAC 2 (206400)?
The operating margin of Korea SPAC 2 is −125% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korea SPAC 2 (206400)?
Revenue at Korea SPAC 2 is growing −40.4% versus a year earlier (3y avg −39.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Korea SPAC 2 (206400)?
Earnings per share at Korea SPAC 2 are growing +244% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Korea SPAC 2 (206400) generate?
The free cash flow of Korea SPAC 2 is −2.5B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Korea SPAC 2 (206400) carry?
The net debt of Korea SPAC 2 is 13.9B KRW (fiscal year 2023). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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