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OWL LABS EQUITY RESEARCH
448900 · SIGNATURE REPORT OWL-260729-448900 · JULY 29, 2026
SIGNATURE QUANT PROFILE · 산업재
PIM Korea Co., Ltd. 448900 · KOSDAQ
산업재 · KRW listed
OWL VERDICT
WEAK CASE
Grade D · Score 30 / 100
LAST PRICE
₩54,000
▲ +5.2%
OWL FAIR VALUE
₩16,200
-70.0% vs price
STREET TARGET
—
MARKET CAP
₩0.3T
P/E · P/B
— · 7.3
ROE -0.1%
52-WEEK RANGE
11,300–178,400
now at 26th pctile
Investment Summary
01
Quality vs. price, measured. Quality axes (ROE -0.1%, op. margin 3.9%) score 5/40; value axes (P/E, P/B 7.25x, EV/EBITDA, dividend) score 39/80. The composite 30/100 (grade D) is that arithmetic.
02
No tracked 13F position. None of the 9 tracked managers reports 448900 this quarter (13F covers US-listed instruments only) — see p.3 for each book's style lens.
03
0 of 5 value strategies pass. No mechanical screen admits 448900; the other 5 reject on their coded rules (details p.2).
04
What would change this report. Model fair value is ₩16,200 (-70.0% vs price); The verdict changes only when the data changes — screening reruns every weekday.
THE OWL VIEW
The measurements read weak: composite 30/100 — 0/5 value screens pass. We grade 448900 D; the framework finds the current data set unsupportive.
This report aggregates Owl Labs quant modules — 7-axis screener, 5 value strategies, 9 guru 13F filings, fair-value model, technical signals and news. All figures are measured from data sources as of the date above; sentences are rule-based templates (no generative claims). The score is a fitness test of reported fundamentals against today’s price — a screener, not a forecast; forward growth is not part of the score. Not investment advice.
448900 · SIGNATURE REPORT OWL-260729-448900 · JULY 29, 2026
Valuation — Five Value Disciplines
SECTION 02 OF 5
Each strategy is a mechanical screen coded from the discipline's published rules — a stock either passes or it does not. 448900 passes 0 of 5. Verdicts are computed, not opined; the measured inputs are shown for audit.
STRATEGY
MECHANICAL CRITERIA
VERDICT
MEASURED INPUTS
Graham Defensive
Low P/E × low P/B composite screen
FAIL
—
Greenblatt Magic Formula
Earnings yield + return on capital, top 30%
FAIL
ROE -0.1%
Prasad Deep Value
Low P/B, low leverage, positive earnings
FAIL
P/B 7.25x
Simple DCF
OWL LABS EQUITY RESEARCH
448900 · SIGNATURE REPORT OWL-260729-448900 · JULY 29, 2026
Smart-Money Positioning — 9 Tracked Managers
SECTION 03 OF 5
Holdings from SEC 13F filings (disclosed ~45 days after quarter end). Weight = % of the manager's disclosed US long book. 13F covers US-listed instruments only — a Korean-listed share is "not reportable", not "passed over". These are filed positions — not the managers' opinions on this stock.
MANAGER
FUND
STYLE
WEIGHT
ACTION
STYLE LENS (RULE-BASED)
Warren Buffett
Berkshire Hathaway Inc.
Value
—
NO POSITION
Out of 13F scope — US-listed instruments only
Ray Dalio
Bridgewater Associates, LP
Macro
—
NO POSITION
Out of 13F scope — US-listed instruments only
OWL LABS EQUITY RESEARCH
448900 · SIGNATURE REPORT OWL-260729-448900 · JULY 29, 2026
Tape, Catalysts & Risk Register
SECTION 04 OF 5
Technical Readout as of Tue Jul 28
RSI (14d)45.8 — neutral
MACD vs signal+2047.70 above
MA20 / MA60₩49,540 / ₩77,960
Cross stateGolden cross
Distance to 52-wk high-69.7%
52-wk range position26th percentile
Day change+5.2%
OWL LABS EQUITY RESEARCH
448900 · SIGNATURE REPORT OWL-260729-448900 · JULY 29, 2026
Financial Record & Final Judgment
SECTION 05 OF 5
FISCAL YEAR
FY2023
FY2024
FY2025
Revenue
₩0.04T
₩0.04T
₩0.04T
Operating income
₩0.00T
₩0.00T
₩0.00T
Net income
₩0.00T
₩0.00T
-₩0.00T
Op. margin
11.3%
9.6%
3.9%
Net margin
3.0%
7.4%
-0.1%
ROE
4.0%
6.4%
-0.1%
0/20
Op. margin
5/20
EV/EBIT
12/20
Dividend
12/20
Attention
4/20
Composite (incl. adj.)30 / 100 · D
KR universe rank#829 of 1036 · top 80%
Value screens passed0 / 5
52-wk range position26%
Next earningsTBA
Axis weights are proprietary; axis names and raw scores are disclosed. Attention measures news & search interest — a crowding proxy, not a quality signal.
One-line read: 산업재 name scoring 30/100 (grade D), passing 0/5 value strategies.
Conservative discounted cash flow vs price
FAIL
Model ₩16,200 vs ₩54,000
Damodaran Relative
Multiples vs sector median, growth-adjusted
FAIL
—
Fair-Value Bridge method blend, measured
Justified PBR (ROE-based) (w100%)₩16,200
Owl fair value / share₩16,200
Upside at ₩54,000-70.0%
MODEL INPUTS (DISCLOSED)
P/E · P/B—x · 7.25x
ROE (latest FY)-0.1%
ROE (3-yr avg, normalized)3.4%
Revenue CAGR (2-yr)-1.4%
Band: EXPENSIVE · justified-multiple model with quality/growth adjustments — an estimate, not a promise.
Sensitivity value per share
EARNINGS ↓ / MULTIPLE →
-10%
base
+10%
-10%
₩13,122
₩14,580
₩16,038
base (measured)
₩14,580
₩16,200
₩17,820
+10%
₩16,038
₩17,820
₩19,602
Simple sensitivity (reference): ±10% arithmetic on the measured blended fair value — earnings basis × fair multiple. Not a forecast; no projected figures are used.
Read this like a memo: valuation verdicts on this page are mechanical outputs of disclosed inputs. Where an input is missing the cell reads "—" instead of an estimate.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
No tracked manager reports a US-listed long position in 448900 this quarter. 13F covers only US-listed instruments (e.g., ADRs) — "not held" may simply mean not reportable.
13F filings disclose US-listed long positions ~45 days after quarter end. "Style lens" lines relate this stock to each investor's public style using measured metrics only — they are not the managers' actual views. For Korean stocks, 13F covers only US-listed instruments (e.g., ADRs) — "not held" may simply mean not reportable.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
Measured state: RSI 45.8 (neutral), MACD above its signal, a golden cross is intact. Read the tape as one input, not a verdict.
Catalyst Calendar
No confirmed earnings date in calendar
Every weekday — quant screening refreshscore update
Quarterly — 13F filing window (~45d after quarter end)13F refresh
Forward Signals (unscored) consensus data · never scored
Street target consensus—
Implied upside vs price—
Next-quarter EPS estimate—
Next-quarter revenue estimate—
Shown for context, never scored: the composite grades only reported fundamentals. Forward numbers are third-party consensus — treat them as the market’s assumption set, not ours.
Risk Register
MID
CB·BW 발행(희석)(disclosure flag · DART)
MODEL
Valuation gap. Price sits -70.0% vs model fair value ₩16,200 — price, not quality, is the exposed variable.
HIGH
Drawdown state. Price sits -69.7% below the 52-week high (26th percentile of the range) — measured tape, not a judgment of cause.
LOW
No dividend cushion. Yield 0% — total return depends entirely on price; drawdowns are not buffered by income.
WHAT THE BEARS MUST PROVE / WHAT THE BULLS MUST PROVE
Bears: that the measured quality base cracks — ROE -0.1% and op. margin 3.9% are what the score leans on. Bulls: that the premium is earned — price sits 70.0% above the model's ₩16,200; measured growth (revenue YoY -1.4%) has to carry that gap.
Information only — not investment advice · Sources: exchange data · SEC EDGAR · DART · Owl Labs models
Source: company filings (annual). Only reported fiscal years are shown — no forward estimates. ROE -0.1% · Net margin -0.1%.
News Digest RSS · external media
07/24 — 011210 Stock Price and Chart — KRX:011210 (TradingView)
07/23 — Korea Stock Market (KRX) Today (July 23): Why is the Korean Stock Market Up Today? KOSPI Soars 3.72%, KOSDAQ Jumps Nearly 4% as Chip Stocks Lead Rally – Top Gainers & Losers (The Sunday Guardian)
07/23 — Korea Stock Market (KRX) Today (23 July): KOSPI Surges 3.72% as Semiconductor Stocks Rebound, Samsung & SK Hynix Lead – Check Market Performance, Top Gainers-Losers & What Investors Should Watch (The Sunday Guardian)
07/20 — PIM Korea Co., Ltd. announced that it has received KRW 40 billion in funding (marketscreener.com)
External media — accuracy rests with each outlet.
Methodology & how to use
Every number in this report is measured — pulled from the screener database, SEC EDGAR 13F filings, DART disclosures, company financials, or deterministic models (justified-multiple fair value). Sentences are rule-based templates bound to those numbers; nothing is generated, so nothing is hallucinated. Axis weights and the sector adjustment are proprietary; axis names, raw scores, and every input above are disclosed for audit.
Known limits, stated plainly. ① Backward-looking — the score grades reported fundamentals and today's price; future inflections (a cycle turn, next year's earnings) are not scored and appear only as unscored context (street target, catalysts). A low score can mean "great business, full price". ② The composite is this framework's ranking, not an absolute quality of the company. ③ 13F covers US-listed holdings only. Use the report as a screener; pair it with your own forward and qualitative work before acting.
D
WEAK CASE
Final judgment. 448900 scores 30/100 (grade D) — rank #829 of 1036 in the KR universe. Axis split: quality 5/40 · value 39/80 · attention 4/20. Model fair value ₩16,200 (-70.0% vs price). The verdict changes only when the data changes.
Grade rubric: A 85+ (top conviction basket) · B 65+ (sound, price matters) · C 45+ (no rush) · D below (weak case). The verdict changes only when the data changes — next screening runs every weekday.
Owl Labs is an online information provider. This document is compiled from public data sources (exchange quotes, SEC EDGAR 13F, DART filings, company financials, news RSS) and Owl Labs quantitative models. It is not investment advice, not a solicitation to trade any security, and past data does not guarantee future results. Figures may differ from real-time values. Final investment decisions and responsibility rest solely with the investor. Unauthorized redistribution prohibited.
