Added to YB: 2026-08-26
Pitch date: 2026-08-24
052300.KQ [neutral]
Ocean In W Co.,Ltd.
-1.27%
current return
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
Ocean In W Co.,Ltd. engages in the glass, logistics, and real estate leasing businesses. The company sells architectural fluted plate glass, sashes, window, and sealant products for construction; manages foreign and oil transportation activities; and leases the land and building of the company.
Market Cap
KRW 21.5B
Pitch Price
KRW 1.3K
Price Target
N/A
Dividend
N/A
EV/EBITDA
-0.02
P/E
-14.38
EV/Sales
-0.02
Sector
Industrial Conglomerates
Category
value
All Korean net nets #1: how much hair is too much? - Ocean In W Co.,Ltd.
052300.KQ: PASS. Screens as deep-value net-net (0.29x NCAV, 0.1x book, KRW21bn cap, no debt) but author deems uninvestable: opaque group balance sheet where most NCAV sits outside the parent—KRW110bn current assets in consolidated 52%-owned DMOA, plus a KRW51.9bn INITECH loan already 41% written off, rolled 3x in 9 months, with pledged collateral now ~KRW30bn. Controlling shareholder Won Young-sik indicted in Lime fraud/capital-markets case; none of KRW180bn Chorokbaem Media sale proceeds reached shareholders (diverted to VC partnerships/related loans), prompting shareholder inspection suits. Also near KRX market-cap delisting threshold. No Value-up plan, no catalyst.
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