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Kyobo 3 SPAC (208710) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Kyobo 3 SPAC KRW 7,045, price KRW 2,775, upside +153.9%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Technology · KR · ISIN KR7208710004

K3 Thin data Oct 3, 2026

Kyobo 3 SPAC

208710 · KQ

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

Fair value 7,045 KRW · Strongly undervalued (+153.9%)
Low debt
Quality 46/100
Expensive Growth (revenue 5y +7.0 %/yr in KRW)
Thin margins · 0.9% net margin (TTM)
Negative free cash flow
Trails peers (3/8)
Narrow moat 26/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

31,300 KRW 1,745 KRW Fair Value 7,045 KRW Apr 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range 1,745 KRW – 31,300 KRW · fair‑value band 5,073 KRW – 9,017 KRW · the 2,775 KRW price screens below the 7,045 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Photon Co., Ltd. engages in the manufacture and sale of camera module parts for smart phones in China and internationally. It offers AF/OIS (optical image stabilization) FPCB assy, folded zoom FPCB assy, SUB assy, ISM, winding coils, etc. The company was formerly known as Biolog Device Co., Ltd. and changed its name to Photon Co., Ltd. in April 2025.

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Photon Co., Ltd. engages in the manufacture and sale of camera module parts for smart phones in China and internationally. It offers AF/OIS (optical image stabilization) FPCB assy, folded zoom FPCB assy, SUB assy, ISM, winding coils, etc. The company was formerly known as Biolog Device Co., Ltd. and changed its name to Photon Co., Ltd. in April 2025. The company was founded in 2008 and is headquartered in Yongin-si, South Korea.

Stock analysis

Kyobo 3 SPAC (208710) currently trades at 2,775 KRW, while our model-based Fair Value estimate is 7,045 KRW, implying the stock looks roughly 60.6% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: 5,073 KRW (bear) to 9,017 KRW (bull), the price of 2,775 KRW sits below 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 46/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Kyobo 3 SPAC reported revenue of 129B KRW in FY2025 versus 87.3B KRW in FY2021, a compound +10.2%/yr. Reported net income was −6.4B KRW in FY2025.

Key figures

Market cap 36.6B KRW (≈ $27.2M) · P/S ratio 0.26 · Net margin −4.9% · Return on equity 2.9% · Return on assets (EBIT) −1.0% · Operating margin 2.0% · Revenue (TTM) 140B KRW · Revenue growth (YoY) +41.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (medium confidence).

What moves the price

The share trades about 40% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −52% fair-value upside, at 154%, 208710 screens cheaper than that median.

Fair Value models

Bear 5,073 KRW Fair Value 7,045 KRW Bull 9,017 KRW
Price 2,775 KRW · Upside +153.9%
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.
Highest evidence
EV/EBITDA 6,282 KRW 8,254 KRW 10,225 KRW 67
NCAV (Graham) 1,805 KRW 2,419 KRW 3,611 KRW 54
All 2 models by family
Multiples
EV/EBITDA 6,282 KRW 8,254 KRW 10,225 KRW 67
Asset-Based
NCAV (Graham) 1,805 KRW 2,419 KRW 3,611 KRW 54

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Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 56

Profitability 23
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 19
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 36/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−5.1%
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.
+6.5%
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.
+7.0%
Start year 2020 (pandemic). Over 10 years: +11.1% 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.
+11.1%
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.
−5.5% (2020) → 0.0% (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
not computed

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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 Components · 651 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside +153.9% · Top 25%
Profitability
Return on equity (TTM) 2.9% · Below median
Return on assets 2.2% · Below median
Net margin (TTM) 0.9% · Below median
Operating margin (TTM) 2.0% · Below median
Growth and dividend
Revenue growth 41.1% · Top 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)100 · sector 63
PAST (return on equity)12 · sector 28
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 24

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Amphenol Corporation APH $84.30 $84.44 +0%
Delta Electronics, Inc 2308 1,910 TWD 519.57 TWD −73%
Corning Incorporated GLW $153.76 $33.52 −78%
Hon Hai Precision Industry Co 2317 250.50 TWD 293.60 TWD +17%
Samsung Electro-Mechanics Co 009150 1,507,000 KRW 171,572 KRW −89%
Unimicron Technology Corp 3037 1,305 TWD 2,457 TWD +88%
TE Connectivity plc TEL $218.59 $142.45 −35%
Luxshare Precision Industry Co 002475 ¥52.00 ¥18.59 −64%
Elite Material Co 2383 5,050 TWD 787.47 TWD −84%
Shengyi Technology Co 600183 ¥137.33 ¥66.42 −52%

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Kyobo 3 SPAC · Fair Value
7,045 KRW +61%Fair Value
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Cite: Fair Value Calculator (2026). "Kyobo 3 SPAC Fair Value". https://www.fairvalue-calculator.com/stock/208710

Frequently asked questions

Is Kyobo 3 SPAC (208710) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 7,045 KRW versus a price of 2,775 KRW, about +154% upside (undervalued).
What is the fair value of 208710?
Our model-based fair value for Kyobo 3 SPAC is 7,045 KRW (as of Oct 3, 2026), built from audited fundamentals. The current price: 2,775 KRW.
What is the quality score of 208710?
Kyobo 3 SPAC has a Quality Score of 46/100. 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 Kyobo 3 SPAC (208710)?
Our model-based price target is the fair value of 7,045 KRW (as of Oct 3, 2026) from 2 valuation models. Cautious scenario 5,073 KRW, optimistic scenario 9,017 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Kyobo 3 SPAC stock forecast for 2026?
Our models put fair value at 7,045 KRW, about +154% upside versus a price of 2,775 KRW (undervalued). Cautious scenario 5,073 KRW, optimistic scenario 9,017 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Kyobo 3 SPAC (208710)?
Kyobo 3 SPAC reported trailing-twelve-month revenue of about 140B KRW (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Kyobo 3 SPAC (208710)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kyobo 3 SPAC it is 7,045 KRW per share (as of Oct 3, 2026), against a price of 2,775 KRW. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Kyobo 3 SPAC stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 208710 trades below its calculated fair value: price 2,775 KRW, fair value 7,045 KRW, a gap of about +154% (undervalued). 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 208710?
No. The price is what the market pays today (2,775 KRW); the fair value is what the company's own numbers justify (7,045 KRW). For Kyobo 3 SPAC the two are 4,270 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Kyobo 3 SPAC worth?
The market values Kyobo 3 SPAC at about 36.6B KRW (market capitalisation, as of Oct 3, 2026). Per share that is 2,775 KRW; our models calculate a fair value of 7,045 KRW per share.
What do the bullish and bearish scenarios say about 208710?
Our models span a range for Kyobo 3 SPAC: cautious scenario 5,073 KRW, base 7,045 KRW, optimistic 9,017 KRW per share (as of Oct 3, 2026, price 2,775 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Kyobo 3 SPAC (208710)?
Balance-sheet figures for Kyobo 3 SPAC (as of Oct 3, 2026): return on equity 2.9%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 208710 from its 52-week high?
Kyobo 3 SPAC trades at 2,775 KRW, about 40% below its 52-week high of 4,605 KRW and 54% above the low of 1,800 KRW (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 7,045 KRW is for.
Which stocks are comparable to Kyobo 3 SPAC?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 Kyobo 3 SPAC stock attractive at the current price?
The data as of Oct 3, 2026: price 2,775 KRW, calculated fair value 7,045 KRW (+154%), Quality Score 46/100, from 2 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 208710 calculated?
We run Kyobo 3 SPAC through 2 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 7,045 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. Kyobo 3 SPAC currently trades 61 % below its own fair value, and the market average says nothing about that. 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 Kyobo 3 SPAC (208710)?
The closing price on Oct 2, 2026 was 2,775 KRW. Our model-based fair value is 7,045 KRW, about +154% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kyobo 3 SPAC right now?
The price is below even our cautious bear case (5,073 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Kyobo 3 SPAC

How large is the market capitalisation of Kyobo 3 SPAC (208710)?
The market capitalisation of Kyobo 3 SPAC is 36.6B KRW (≈ $27.2M). 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 Kyobo 3 SPAC (208710)?
The price-to-sales ratio of Kyobo 3 SPAC is 0.26 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Kyobo 3 SPAC (208710)?
The net margin of Kyobo 3 SPAC is −4.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kyobo 3 SPAC (208710)?
The return on equity (ROE) of Kyobo 3 SPAC is 2.9% (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 Kyobo 3 SPAC (208710)?
On an EBIT basis the return on assets of Kyobo 3 SPAC is −1.0% (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 Kyobo 3 SPAC (208710)?
The operating margin of Kyobo 3 SPAC is 2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kyobo 3 SPAC (208710)?
Revenue at Kyobo 3 SPAC is growing +41.1% versus a year earlier (3y avg +6.5%). 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 Kyobo 3 SPAC (208710)?
Earnings per share at Kyobo 3 SPAC are growing +242% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kyobo 3 SPAC (208710) generate?
The free cash flow of Kyobo 3 SPAC is −3.9B 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 Kyobo 3 SPAC (208710) carry?
The net debt of Kyobo 3 SPAC is 11.1B KRW (fiscal year 2025). 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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