KCC Corp - To Issue 430 Billion Won in EB Using Its Treasury Shares?

• On 23 September, Hankyung Business Daily reported that Kcc Corp (002380 KS) plans to issue about 430 billion won worth of exchangeable bonds (EB) based on its own treasury shares.

• We believe the overall impact on this EB issue on KCC is likely to be more negative as compared to the EB issue it conducted in July 2025.

• Our NAV valuation of KCC Corp suggests NAV per share of 508,467 won, which is 22% higher than current price.