Report summaries
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Analysis date
Silicon2: The Next Challenge in Growth Is Cash Collection
As of 2026-10-01, growth prospects are positive. At KRW 38,600, the share price is about 12.6 times past earnings assuming conversion of the new shares, but an undervaluation judgment requires improved cash collection given inventory pressure and additional investment.
Analysis date
SK hynix: Cash Generation to Support Expansion and Shareholder Returns
As of 2026-10-01, growth in the core business is positive. However, the share price of 1,783,000 won corresponds to a reference P/B of 4.31x that reflects only the capital increase. The key to assessing value is recurring cash generation sufficient to support the 61.4177 trillion won investment plan and share repurchases.
Analysis date
Hyundai Mobis: After-sales Earnings Power and the Benefits of the Lamp Business Sale
Neutral as of September 30, 2026. After-sales earnings power and cash capacity are positive, but losses in the manufacturing segment and slowing cash flow are a burden. The lamp business sale provides grounds for reassessment only after confirming net proceeds and post-sale earnings.
Analysis date
Hyundai Motor (005380): Margin and Cash Recovery Are Key
Neutral as of 2026-09-30. Hybrid expansion and shareholder returns are positive, but declining sales and investment burdens remain. The condition for making the current price more attractive is a concurrent improvement in automotive profitability and post-investment cash flow.
Analysis date
Hyundai Engineering & Construction: Cash Collection After Earnings Recovery
As of 2026-09-30, the recovery in profitability is positive. However, to argue that the stock is undervalued at KRW 118,100, a reduction in cash outflows and confirmation of the profitability of the nuclear power plant main contract are needed. The already disclosed partial work stoppage also needs to be monitored.
Analysis date
HIMS: Margin and cash validation come before revenue recovery
As of 2026-09-30, the stance is wait and see. A recovery in U.S. weight-management demand is positive, but declining profitability and acquisition-payment burdens constrain improvement in per-share value. At the queried share price of $28.78, margin recovery and cash generation after investment are needed to support an undervaluation case.
Analysis date
JS Link: After Securing Contracts, the Next Test Is Mass-Production Profitability
As of 2026-09-30, the permanent magnet supply contract marks progress toward commercialization. However, for KRW 31,000 to be supported, expanded deliveries must lead to fixed-cost recovery and cash generation. It is difficult to judge the stock as undervalued based on the capital increase and net income turning positive alone.
Analysis date
VINATech (126340) — After order growth, earnings and cash are next
Order growth is confirmed, but the investment case at KRW 93,400 depends on cash conversion. First-half consolidated revenue rose sharply, but an operating loss and cash outflow after investment remain. While distinguishing disaster and valuation losses from operating losses, it is necessary to confirm whether revenue from capacity expansion can outweigh financing and dilution burdens.
Analysis date
Circle (CRCL) — Focus on Revenue After Distribution Costs, Not Growth
Neutral. The analysis date is 2026-09-30. USDC growth and easing distribution cost burdens are positive, but at $83.94, growth far exceeding current earnings is required. It remains to be seen whether recurring fees increase after Arc’s launch and reduce interest rate dependence.
Analysis date
Techwing (089030) — After earnings recovery, investment costs and payment collection come next
A cautious assessment as of 2026-09-30. The recovery in the core business and decline in borrowings are positive, but considering cash outflows after first-half investment and delays in collecting delivery payments, it is difficult to be confident in additional growth value at KRW 51,700.
Analysis date
ASE (ASX) — The Lag Between Earnings Growth and Investment Recovery
As of 2026-09-30, business growth is positive, but the stock’s attractiveness should be assessed cautiously. Profitability improvement has been confirmed for ATM as a whole. Given expansion spending and the potential dilution from the subsequent convertible bond, the key question is whether revenue growth translates into earnings per share and cash flow.
Analysis date
Hansun Engineering (452280) — Cash Conversion Is the Next Test for Profit Growth
Conditionally positive as of 2026-09-30. Growth in module sales and improved profitability have been confirmed, but it is difficult to conclude that the shares are undervalued at KRW 13,620. The key questions are the sustainability of operating profit excluding convertible bond valuation gains and losses, and improvement in cash flow after investment.
Analysis date
Tesla (TSLA) — Confirming investment returns comes before revenue recovery | 2026-09-29
Cautious watch. The sales recovery and start of Cybercab operations are positive, but growth in earnings that outpaces rising costs and evidence of investment returns are needed to support $354.53.
Analysis date
IREN Limited: AI contract growth, with investment payback determining per-share value
Neutral. As of 2026-09-29, AI revenue growth has been confirmed, but the attractiveness of the current price depends on contracts actually becoming operational and investment payback. The ERCOT inclusion of the 2GW Sweetwater project announced on September 8 is conditional. The delivery target for the 300MW total-power facility is the fourth quarter of 2027; this is assessed as progress in long-term expansion.
Analysis date
OKLO(US) | Development funding secured; per-share profitability not yet validated · 2026-09-29
Wait. Customer support for development funding and available liquidity are positive, but power sales profitability has not been confirmed, making it difficult to conclude that the shares are undervalued. The key to the investment decision is the actual start of operations, total construction costs, and per-share cash flow after equity issuance, rather than development capacity.
Analysis date
OKLO | Conditions for Turning Customer Acquisition into Power Generation Revenue
Wait. As confirmed on 2026-09-29, Meta’s development support is positive, but power plant economics that would demonstrate undervaluation at 37.12 USD have not been confirmed. The key factors are actual operating dates, construction costs, and per-share cash flow after equity issuance, rather than contracted capacity.