Added to YB: 2026-09-07
Pitch date: 2026-09-03
014190.KQ [neutral]
Wonik Cube Corp.
Author Info
Sung Capital is an alternative asset management firm run by Oliver Sung. We invest capital for families, registered investment advisors, and accredited investors through a private investment fund. We pick underpriced stocks, usually in pockets of the market where large pools of capital (funds and institutions) can’t or won’t invest, but we flip every stone. We pick stocks only, use no leverage, and require a significant margin of safety in every investment. Sign up for the newsletter.
Company Info
Wonik Cube Corp. distributes chemical, polymer, silicon, building, and printing and packaging materials in South Korea.
Market Cap
KRW 45.8B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
4.69
P/E
6.97
EV/Sales
0.17
Sector
Trading Companies and Distributors
Category
value
All Korean net nets #2: who’s holding the keys? - Wonik Cube Corp.
014190.KQ (pass): Wonik Cube’s 0.65x NCAV headline is misleading: cash and securities trail debt and lease liabilities, while modest 20% receivables and 30% inventory haircuts erase net-net status. H1 2026 margins also appear temporarily elevated as inventory rose more than 50% despite falling sales, funded partly by debt. With average earnings of KRW2bn implying 20x earnings, 2-3% average ROE and questionable capital allocation, the balance sheet is not attractive enough.
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