Kyobo 3 SPAC (208710) Fair Value & Analysis
Technology · KR · Market cap 24.5B KRW
Strengths
Risks
Fair value as of: Aug 15, 2026
From 2 valuation models · updated 6 days ago
Fair value updated Aug 15, 2026, revised from 4,854 KRW to 7,045 KRW (+45.1%) since Jul 22, 2026. Share price +58.2% over the past month.
Below-average quality, screening 146% undervalued on our models.
What matters 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 (49/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 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 2,865 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 Aug 15, 2026.
Analysis
Kyobo 3 SPAC (208710) currently trades at 2,865 KRW, while our model-based Fair Value estimate is 7,045 KRW, implying the stock looks roughly 145.9% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.
Over the trailing twelve months, Kyobo 3 SPAC generated revenue of 128B KRW at a net margin of -2.8%. Revenue declined 1.0% year over year. It earns a return on equity of -6.8%. Net debt stands at 11.1B KRW. Fundamentals as of Aug 15, 2026
Our scenario range runs from 5,073 KRW (bear case) to 9,017 KRW (bull case); at 2,865 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 49% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -68% fair-value upside, at 146%, 208710 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 2 models by family
Widest divergence: Multiples (8,254 KRW) versus Asset-Based (2,419 KRW). Highest evidence: EV/EBITDA (54).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 43
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
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Peer Group
Electronic Components · 646 stocks
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.
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Delta Electronics, Inc 2308 | 1,790 TWD | 602.37 TWD | -66% |
| Luxshare Precision Industry Co 002475 | ¥56.06 | ¥38.44 | -31% |
| Samsung Electro-Mechanics Co 009150 | 1,503,000 KRW | 172,954 KRW | -88% |
| Suzhou Dongshan Precision Manufacturing Co 002384 | ¥202.11 | ¥21.19 | -90% |
| Shengyi Technology Co 600183 | ¥143.23 | ¥36.30 | -75% |
| Victory Giant Technology (HuiZhou) Co 2476 | HK$238.60 | HK$75.68 | -68% |
| Asia Vital Components Co 3017 | 2,910 TWD | 1,369 TWD | -53% |
| Nan Ya Printed Circuit Board Corporation 8046 | 1,215 TWD | 1,768 TWD | +46% |
| Zhen Ding Technology Holding 4958 | 477.50 TWD | 136.13 TWD | -71% |
| Jentech Precision Industrial Co 3653 | 5,460 TWD | 938.20 TWD | -83% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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