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Affiliate FX guarantee for Trinity Aviation — USD 43.2m / ₩59.6bn = 63.3% of book equity (~2.5× ₩24.1bn mcap); 21 Sep 2026–30 Jun 2027

2026-09-18 15:33 KST: T'way Holdings (004870, KOSPI) board-resolved a debt guarantee for affiliate Trinity Aviation Co., Ltd. (주)트리니티항공) covering part of a USD 60,000,000 FX credit line at Hana Bank Myeongdong Financial Center. Guarantee amount USD 43,200,000 = ₩59,628,960,000 at the board-day Hana Bank base rate of ₩1,380.30/USD; underlying debt face ₩82,818,000,000. Guarantee is 63.32% of T'way Holdings book equity (₩94,178,185,920). Period 2026-09-21 → 2027-06-30. Total guarantee balance equals this line (₩59,628,960,000). Related prior disclosure: 2025-09-19 debt-guarantee decision (same form — annual FX-line rollover language). Debtor YE snapshot: equity ₩52.0bn, sales ₩1.80tn, net loss ₩338.3bn. Live: HALTED (event/management halt from ~08:01 KST); last print ₩1,063; mcap ~₩24.1bn (241억).

What: after-close, T'way Holdings stamps a board FX debt guarantee for affiliate Trinity Aviation — USD 43.2m / ₩59.6bn, equal to 63.3% of the parent's ₩94.2bn book equity and about 2.5× the ~₩24.1bn mcap — covering part of a USD 60m Hana Bank FX facility through 30 Jun 2027; related 2025-09-19 filing marks this as a known annual-style rollover, and the name is already halted today for a separate event/management stop. Why mixed: guaranteeing a loss-making affiliate (₩338bn net loss, thin ₩52bn equity) at >60% of parent book equity is a real contingent credit claim on a ₩24bn microcap, but it is also ongoing ops support / likely renewal of a known FX line rather than a fresh cash hole or new scandal — affiliate haircut applies. Why 8%+ (not 3-8%/1-3%): face ≫ mcap (~247% of ₩24.1bn) and 63% of book equity on a halted microcap is Dawonsys/thin-credit volatility class — resume can whip hard even when Namkwang says contingent ≠ same-day cash hole. Why p≈25%: leftover is resume/next-session reaction, not a live cash print (stamp 15:33 after 15:30 close into a pre-existing halt); haircut because the 2025-09-19 related filing and halt-already-on reduce surprise vs a clean overnight auction.

DART

Board FID for LNG Canada Phase 2 via 100% Canadian sub — equity and loan each ≥2.5% of KOGAS equity, contingent on partners

2026-09-18 15:14 KST: Korea Gas Corporation (036460, KOSPI) board-approved an investment decision for the LNG Canada Phase 2 project through its 100% subsidiary KOGAS Canada Energy Ltd. The filing commits (1) an equity contribution to the sub expected at ≥2.5% of KOGAS shareholders' equity and (2) a loan to the sub also expected at ≥2.5% of KOGAS equity. Final amounts are not fixed and the decision becomes definitive only after other partners and the operator also take FID; detail will be re-disclosed when the operator's FID letter arrives. Phase 2 adds two LNG trains at Kitimat, lifting nameplate capacity from 14 mtpa to 28 mtpa and adding five compressors along the existing 670 km pipe; KOGAS Canada holds a 5% project stake. Live ~₩35,600 (−2.2% on the day); mcap ~₩3.2tn.

What: KOGAS board-approved contingent FID funding for LNG Canada Phase 2 (double Kitimat capacity) via its 100% Canadian sub, with equity and loan sleeves each flagged at ≥2.5% of KOGAS book equity, amounts still floating until partners FID. Why mixed: Phase 2 extends a known LNG Canada franchise and doubles capacity at a 5% stake, which is long-term volume constructive, but it is also a multi-year capital call with no fixed won amount and an explicit contingency on other sponsors — cash leaves over years, not as same-day fuel. Why 1-3% (not 3-8%/8%+): liquid ~₩3tn KOSPI utility; disclosure is threshold language (≥2.5% equity twice) without a locked cheque; HMM/mega-cap multi-year book framework caps near-term price band. Why p≈18%: stamp lands ~15 min before the cash close into a session already −2.2%; leftover is a thin overnight confirmation gap, not unused mid-session alpha.

DART

Call option on 20% of Series-1 CB — buy ₩2.5bn face for ₩2.56bn cash; removes 294,360 potential shares (2.21%) at ₩8,493 conversion

2026-09-18 15:06 KST: Oncocross Co., Ltd. (382150, KOSDAQ) board-resolved to exercise its call option and acquire early ₩2,500,000,000 face of its Series-1 unsecured private convertible bonds (issued 25 Jul 2025, maturity 25 Jul 2030, total face ₩12,500,000,000) for a cash purchase price of ₩2,559,286,113 (principal plus 2.0% quarterly-compound interest), payable on 30 Sep 2026 from own cash, via OTC buy from the note holders (Korea Investment Securities as trustee for several funds, NH, KB, Mirae Asset, KR&Partners, Painters & Ventures). Conversion terms on the acquired slice: 100% ratio, conversion price ₩8,493/share, 294,360 potential common shares (2.21% of shares outstanding). Remaining CB face after the buy: ₩10,000,000,000. Disposition of the acquired CBs is not yet decided. Live ~₩3,310 (≈flat); implied mcap ~₩44bn from the 2.21% share figure.

What: Oncocross is calling 20% of its Series-1 CB for ₩2.56bn cash, retiring ₩2.5bn face and the associated 294k-share (2.21%) conversion sleeve; remaining face ₩10bn; no cancel/retire decision on the bought notes yet. Why mixed: removing conversion overhang is mechanically constructive, but conversion is deep OTM (₩8,493 vs live ~₩3,310), so this is not a near-money squeeze relief, and ~₩2.56bn own-cash exit is ~6% of an ~₩44bn mcap — QuantaMatrix-class credit cleanup, not an automatic up gap. Why 1-3%: cash and share-count sleeves are sized, but deep OTM + undecided post-acquisition treatment caps the near-term band; do not stamp 3-8%/8%+. Why p≈20%: tape still ≈flat at enrich near the cash close, so a small overnight leftover remains, but OTM math and cash-out keep odds modest.

DART

Delisting injunction filed; liquidation trading and delisting process put on hold pending court decision

2026-09-18 14:54 KST: Jeil M&S Co., Ltd. (412540, KOSDAQ) filed an application with the Seoul Southern District Court (case 2026Kahap1573) seeking to suspend the effect of the Korea Exchange's 17 Sep 2026 delisting decision until the merits judgment and to prohibit liquidation trading. The company's related exchange notice says the planned delisting procedures, including liquidation trading, are held pending confirmation of the court decision. A same-minute market notice sets trading suspension from 21 Sep 2026 until the court decision is confirmed. The underlying delisting decision followed an audit-opinion refusal / going-concern issue; related notices had scheduled liquidation trading for 21 Sep–1 Oct and delisting for 2 Oct.

What: Jeil M&S filed a court injunction to pause the Korea Exchange delisting decision and block liquidation trading, and the exchange has postponed the planned procedure until the court rules. Why mixed: the filing creates a chance to preserve the listing and avoids an immediate liquidation window, but it is only an application—not a court victory—and the underlying audit-opinion/delisting risk remains, so the binary outcome runs both ways. Why 8%+ (not 3-8%): listing status and liquidation eligibility dominate an ~₩81.1bn KOSDAQ name; even without a current price print, a court decision or resumed delisting procedure can reprice the equity by more than a normal band. Why p≈30%: the exchange pause keeps a live legal catalyst, but no injunction has been granted and the delisting decision is already official; this is a real follow-on reaction probability, not a claim that the court will rule for shareholders.

Related: 20260918900281, 20260918900285

DART

Daejeon R&D site land+building buy ₩7.95bn (~13.9% mcap / 16.5% assets); own cash+debt; close Oct 30

2026-09-18 14:50 KST: Conic Automation Co., Ltd. (코닉오토메이션, 391710, KOSDAQ) — major report: tangible-asset acquisition decision. Asset: land and building at 798 Gwanpyeong-dong, Yuseong-gu, Daejeon. Acquisition price ₩7,950,000,000 (=₩7.95bn / 79.5억). vs YE2025 consolidated assets ₩48,292,162,796 → 16.46%. Purpose: build an R&D center for next-gen global automation / Physical AI (smart-factory control platform; talent near Daejeon research cluster). Counterparty: Won Comprehensive Development Co., Ltd. (주식회사 원종합개발) — construction/real-estate sales; capital ₩300,000,000; unrelated to the company. Contract date 2026-09-21; acquisition/closing/registration target 2026-10-30. Payment: cash + lease-deposit succession — deposit ₩795,000,000 (2026-09-21), balance ₩6,425,000,000 (2026-10-30), lease-deposit succession ₩730,000,000. Funding: own cash and bank borrowing. External appraisal: Shinhan Accounting Corp., 2026-09-14~18, opinion fair (적정). Board decision 2026-09-18. No AGM special resolution. Price excludes VAT and incidental costs. rcpNo 20260918000200 / dcmNo 11584830 confirmed on DART HTML viewer (company name matches; section 유형자산 양수 결정 read). Prior-close mcap at ₩1,341 × 42,605,364 shares ≈ ₩57,133,793,124 (~₩571억 / ~₩57.1bn); face ≈ 13.91% of that mcap. Live at enrich (Naver realtime 391710, 2026-09-18 14:57 KST): ₩1,305 (-2.68% vs prev ₩1,341); high ₩1,385 (+3.28%); low ₩1,280; open ₩1,328; vol 570,646.

What: mid-session Conic Automation stamps a board-approved purchase of a Daejeon land+building block for ₩7,950,000,000 (=₩7.95bn), equal to 16.46% of YE2025 consol assets and about 13.9% of the ~₩57.1bn prior-close mcap, to host an R&D center for automation / Physical AI — funded with own cash and bank debt, closing 30 Oct 2026, counterparty unrelated Won Comprehensive Development. Why mixed: the Physical AI / smart-factory R&D-hub framing is constructive for an automation name, but the stamp is cash and leverage leaving the balance sheet into real estate with no near-term revenue — liquidity use and interest/depreciation cut the bullish read, so mixed not clean up. Why 1-3% (not 3-8%/8%+): face clears a large % of mcap (~14%) and assets (16%), so refuse a silent drop, but refuse mid-single or 8%+ because this is a property/capex outlay (cash out), not incremental backlog cash (capex ≠ sales-bar; Samsung E&A-class near-term cash skepticism applies in reverse). Why p≈20%: leftover is tape leftover. At enrich live is already -2.68% with high +3.28% then fade — the cash-out side of mixed has largely printed into the last ~35 minutes of cash. Remaining p is whether the close holds soft down vs a late bounce on the AI-hub framing, not unused overnight alpha.

DART

Oligonucleotide API supply ₩91.3bn (27.5% of sales, ~4.76% mcap) to unnamed US biotech; no advance; to Nov 2027

2026-09-18 14:26 KST: ST Pharm (에스티팜, 237690, KOSDAQ) — single sales/supply contract. Content: oligonucleotide therapeutic API supply. Fixed contract amount ₩91,332,435,000 (=₩91.3bn / 913.3억) = USD 66,135,000 at prior-day KEB Hana mid 1,381.0 KRW/USD (2026-09-17). vs FY2025 consolidated sales ₩331,681,282,447 → 27.54%. Counterparty: unnamed US-based global biotech (new-drug developer); confidentiality deferral to 2027-11-22; company notes same-type contracts fulfilled in last 3 years. Regions: US, Europe, etc. Period 2026-09-18 → 2027-11-22. No down payment / advance. Own production. Contract date = PO receipt date. Amount and period may change on counterparty request. Prior-close mcap at ₩91,900 × 20,876,638 shares = ₩1,918,563,032,200 (~₩1.919tn / 19,186억); face ≈ 4.76% of mcap. rcpNo 20260918900224 / dcmNo 11584735 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver realtime 237690, 2026-09-18 14:32 KST): ₩92,800 (+0.98% vs prev ₩91,900); high ₩93,800 (+2.07%); low ₩90,600; open ₩93,300; vol 61,697.

What: mid-session ST Pharm stamps a ₩91,332,435,000 (=₩91.3bn) oligonucleotide-API supply PO to an unnamed US global biotech, equal to 27.54% of FY2025 sales and about 4.76% of the ~₩1.92tn prior-close mcap, running 18 Sep 2026 → 22 Nov 2027 with zero advance. Why up: this is incremental CDMO backlog in the company’s core oligonucleotide franchise into US/EU — a third-party biotech order at a sales-bar size, not an affiliate restatement or admin wrap. Why 1-3% (not 3-8%/8%+): sales % ≠ price band — face is only ~4.76% of a ~₩1.9tn liquid KOSDAQ bio name, so refuse a mid-single or 8%+ stamp off the 27.5% sales bar (Vinatech / Samsung Heavy / sales-bar-not-mcap class). Zero advance, delivery through Nov 2027, and an amount the CP can still change cut near-term cash fuel (Samsung E&A progress-bill haircut). Why p≈35%: leftover is tape leftover. At enrich live is only +0.98% with high +2.07% — most of a 1-3% band is still unused — but haircut from ~50% because there is no down payment, the won face can be revised, the CP is unnamed, and only ~1h of cash remains to the 15:30 close. Remaining p is whether the close still prints toward mid-band, not overnight alpha.

DART

Open-market buyback+cancel ₩10.0bn / 629k shares (~2.9% mcap); Sep 21–Oct 22; fair-disclosure already out

2026-09-18 10:52 KST: Handsome Corporation (한섬, 020000, KOSPI) — major report: treasury share acquisition decision. Planned common shares 629,327; planned amount ₩10,000,006,030 (=₩10.0bn / 100.0억), sized off board-day prior close ₩15,890. Acquisition window 2026-09-21 → 2026-10-22. Purpose: shareholder-value buyback and cancel (소각). Method: open-market purchase on the KOSPI cash session. Decision date 2026-09-18. Daily buy-order limit 62,932 shares. Pre-deal treasury held 960,753 common (24,218 direct + 936,535 other). Listed shares 21,476,994 → planned size ≈2.93% of shares / ≈2.93% of mcap at prior close (mcap at ₩15,890 ≈ ₩341.3bn / 3,413억). rcpNo 20260918000068 / dcmNo 11584228 confirmed on DART HTML viewer (company name matches). Related fair disclosure rcp 20260918800108 (10:31 KST) already stated a 2026–2028 policy of ₩10bn buyback+cancel per year plus a higher dividend floor. Live at enrich (Naver realtime 020000, 2026-09-18 10:56 KST): ₩16,590 (+4.41% vs prev ₩15,890); high ₩16,800 (+5.73%); low ₩15,860; open ₩16,040; vol 94,150.

What: mid-session Handsome stamps a board-approved open-market buyback of up to 629,327 shares / ₩10,000,006,030 (=₩10.0bn), to run 21 Sep–22 Oct 2026, with the shares intended for cancel — about 2.9% of the ~₩341bn prior-close mcap. Why up: a cash bid plus permanent float shrink is mechanical support into the buy window, not an admin rollover. Why 1-3% (not 3-8%/8%+): size is only ~2.9% of mcap on a liquid KOSPI mid-cap; cancel language helps but does not promote a thin-name Sammok/Dual 8%+ shock when face/mcap is low-single-digit. Why p≈15%: leftover is tape leftover. The 10:31 fair disclosure already told the street the same ₩10bn/year buyback+cancel plan; by enrich live is already +4.4% with high +5.7%, which has cleared a 1-3% band. Remaining p is only whether the close holds vs fade ahead of the 21 Sep start — not unused same-day alpha on a fresh surprise.

Related: 20260918800108

DART

Hanwha Ocean offshore-wind cable T&I order ₩156.9bn (64% of sales, ~9% mcap); no advance, progress-bill to Sep 2028

2026-09-18 09:27 KST: LS Marine Solution Co., Ltd. (LS마린솔루션, 060370, KOSDAQ) — single sales/supply contract. Scope: Sinan Uido offshore wind farm submarine-cable transport & installation (T&I). Counterparty: Hanwha Ocean Co., Ltd. (한화오션). Contract not conditional. Fixed contract amount ₩156,900,000,000 (=₩156.9bn / 1,569억), VAT excluded. Recent consolidated sales (FY2025 YE) ₩244,205,074,557 → 64.2% of sales. Region: waters near Uido, Shinan-gun, Jeollanam-do. Period 2026-09-17 → 2028-09-06. Advance/down payment: none. Payment: billed and paid as construction progresses. Contract date 2026-09-17. Counterpart FY2025 sales ₩12,783,512,278,323; no same-type contract with LS in prior 3 years. rcpNo 20260918900068 / dcmNo 11584250 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 060370, 2026-09-18 09:35 KST): ₩34,300 (+7.36% vs prev ₩31,950); high ₩36,200 (+13.30%); low ₩32,950; shares 52,238,854; mcap at prev ≈ ₩16,690억 (~₩1.67tn); contract ≈ 9.4% of that mcap.

What: mid-session LS Marine Solution stamps a ₩156.9bn (=₩156,900,000,000) Hanwha Ocean order to transport and install submarine cable for the Sinan Uido offshore wind project, equal to 64.2% of FY2025 sales and about 9.4% of the ~₩1.67tn mcap — with zero advance and progress billing through 6 Sep 2028. Why up: a named mega-shipyard counterparty and a sales-bar print this large is incremental backlog/cash over two years, not a routine rollover; offshore-wind T&I is the company’s core narrative and the street often pays the first clip on a Hanwha-linked stamp. Why 3-8% (not 1-3%/8%+): face clears both sales and ~9% mcap bars on a KOSDAQ name, so same-day headline beta belongs in mid-single digits — but refuse a durable 8%+ band because there is no down payment and cash dribbles on a ~2-year progress-bill schedule (Samsung E&A / construction-class near-term cash haircut). Thin-name clips can still overshoot (live already did). Why p≈15%: leftover is tape leftover, not hope. At enrich live is already +7.4% with high +13.3% — most of a 3-8% band is already in the print within minutes of the 09:27 stamp. Remaining p is only whether the close still holds mid-band vs fade, not unused overnight alpha; no-advance multi-year cash further cuts any next-session leftover.

DART

DCK Investment tender fails — 721k tendered vs 3.27m min; buys 0; SPA for 24.4% stake may unwind

2026-09-18 07:32 KST: Gabia Co., Ltd. (가비아, 079940, KOSDAQ) — tender offer result report filed by offeror DCK Investment Co., Ltd. (디씨케이인베스트먼트). Target: Gabia registered common shares. Tender price ₩48,000 per share cash. Planned size min 3,267,629 / max 9,805,505 shares. Tender period 2026-07-20 ~ 2026-09-17 (settlement date would have been 2026-09-21). Result: tendered 721,413 shares; purchased 0 shares (below minimum, so offeror buys none). Offeror discloses 3,270,248 shares (24.4% of 13,420,684 issued incl. treasury; 25.0% of 13,075,753 ex-treasury) as SPA delivery-claim shares vs Kim Hong-guk and two others dated 2026-07-17 — but because tendered shares missed the 3,267,629 minimum, the SPA precondition fails and the SPA may be terminated under its terms. No shares change hands via the public tender. Last cash close (Yahoo 079940.KQ, 2026-09-17): ₩39,100; day high ₩40,400 / low ₩37,000; prior session ₩37,300; mcap ≈ ₩524,748,744,400 (=₩5247.5억 / ~₩524.7bn) on 13,420,684 shares. Tender ₩48,000 was ~+22.8% vs last close. rcpNo 20260918000001 / dcmNo 11584196 confirmed on DART HTML viewer (sections Ⅰ–Ⅱ read; company name matches). Related: tender registration 20260902000313 / prospectus 20260902000317.

What: pre-open Gabia stamps the DCK Investment tender result — only 721,413 shares tendered vs a 3,267,629 minimum, so the offeror buys zero at the ₩48,000 cash price, and the linked Jul-17 SPA for the founders’ 3,270,248 shares (~24.4%) may unwind because its precondition failed. Why down: the control/exit path at a fixed ₩48,000 cash bid is dead for this window — public float did not tender enough, and the founder SPA that was the real control bridge is now at risk of termination. Removing a known take-out / control premium is mechanical downside into the next auction, not a routine admin wrap. Why 3-8% (not 1-3%/8%+): on a ~₩525bn KOSDAQ hosting name a failed min-size tender plus possible SPA unwind is a real open-gap catalyst (control deals move mid-caps), but refuse a clean 8%+ overnight band because (1) last close ₩39,100 already sat ~22.8% under the ₩48,000 tender — much of the completion hope was already out of the tape after the Sep 14–16 selloff, (2) the SPA language is “may be terminated,” not an automatic cancel stamp, (3) ADV is mid-small so headline beta can still clip several percent without a limit-down. Why p≈40%: pre-open → 09:00 auction is the leftover product on an after-hours result stamp; haircut from ~55% because the stock already traded far below tender (deal doubt prepaid) and because SPA unwind is still conditional — leftover is confirmation gap into the open, not a fresh scandal print.

Related: 20260902000313, 20260902000317

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