TLDR: Dong-A Eltek (088130 on the KOSDAQ) trades at ₩4,325 and owns about ₩17,780 per share of stuff, most of it a listed stake in the company that just broke a Japanese monopoly.Housekeeping before we start.I started monitoring this security after it was mentioned by Andrew Martin of Fairlight on Edwin Dorsey’s excellent Substack Idea Brunch.I don’t read Korean.My actual Korean covers ordering bulgogi, drinking soju, and thirsting over KPop idols.So, if I’ve flubbed something, tell me in the comments.Alright, back to the article.Thanks for reading Triple S Special Situations Investing! Subscribe for free to receive new posts and support my work.Why I’m looking at thisI don’t usually like Korean holding companies.The discount never closes, there is no effective way to hedge the spread, the founding family has every reason to keep the stock cheap for inheritance tax, and minorities are an afterthought by design.So what changed?A) The KOSDAQ (and sadly a number of bridges) are currently a crime sceneB) The price of this security is too low for me to ignore, and I expect it to pop at some point in the future.So let’s walk through what it owns, what it’s worth, and why nobody cares (and I do).Asset #1: Sunic System (171090 on the KOSDAQ)Thin film vapor deposition works by heating organic materials inside a vacuum chamber until they evaporate and precisely coat a glass or plastic substrate.This creates microscopic pixels that light up your smartphone or tablet screen.The technology to do this is the most critical item in OLED fabrication.For twenty years the mass production version came from exactly one company on earth, Canon Tokki of Japan.Sunic built its own, and then won the deposition order for BOE’s 8.6-generation IT OLED line in China, the fab that will make panels for iPads and MacBooks.According to market research firm UBI Research, global OLED shipments for IT are forecast to rise from 24 million units this year to 53 million units by 2029.Sunic and Canon are essentially a duopoly, which guarantees growth.Sunic made ₩515 billion of revenue and ₩96.5 billion of net income in 2025 with a current deposition backlog of ₩582 Billion.The company trades for an under 5 P/E on a growing business.Dong owns 47% of this business which at a current market cap of ₩477 Billion is worth ₩224 Billion or ₩12,810 per shareThe stocks more recently have traded in line with each otherBut the parent appears to be trading at a low having been indiscriminately sold off with all the Korean memory names hence my interest.Asset #2: DA Value InvestmentDong-A owns, outright, a licensed Korean venture capital company.Its balance sheet, which I imagine is undervalued, shows ₩25.2 billion of assets against ₩1.5 billion of liabilities, so ₩23.7 billion of net assets, or ₩1,360 per Dong-A share.Stakes in more than sixty venture funds across semiconductors, biotech, AI and content.Profitable in 2024 and 2025.Asset #3: The ParentThe original business of the parent was optical inspection, testing ie the machines that check panels and grade image quality.The customers are Samsung Display, LG Display, BOE, and other big names.This business tends to generate ₩6 billion profits yearly. 1Q profit was ₩2.2 billion.Parent equity that is immediately of value without subs is ₩63.2 billion which comprises ₩38.5 billion of net working capital, severely undervalued real estate of ₩16.2 billion, and ₩8.5 billion in private venture fund investments, which works out to ₩3,610 per share.Adding it up₩12,810 (Sunic) + ₩1,360 (VC firm) + ₩3,610 (parent) = ₩17,780 per share against a price of ₩4,325, which is a 76% Holdco discountGroup cash is now ₩180 billion + ₩5 billion in current investments against ₩88 billion of borrowings and no bonds at all, so net cash of about ₩97 billion. The market cap is ₩75 billion.I’m not putting that cash in the total above, as that would be double counting things.Why nobody caresKorea is finally legislating at this problem, with the Commercial Act amendment on directors’ duties to shareholders, the value-up program, and activists circling every family holdco in the country.This particular company has also behaved better than most.In September 2024 it cancelled 1,920,281 treasury shares, which was 18% of the shares outstanding, about ₩15 billion worth. Cancelled, not parked in treasury, which is not the Korean default.Chairman Park Jae-kyu holds 14.83% personally and 37.74% with related parties, he is co-CEO of both listed companies, and his sons are on the boards.The main risk is that you could be stuck holding this for a long time or that China and Korea end up in some sort of trade war.ConclusionI think this is a timely entry into this stock given the trading history and the large discount. If the Korean market continues to puke, this stock will also, but you are buying something that is not remotely overvalued or driven by hype.I have a number of other Korean names, but this one is one of the cheapest on paper.If you enjoyed this write-up, please like and restack.I don’t get paid to do this, so consider that my reward.Substack seems to throttle free article writers, which makes attracting new readers difficult. I do not want to charge for this substack, but the algorithm may end up requiring it. I am trying to avoid this, so please spread this substack if you can.Also, if you have other ideas I should write about, my DMs are always open on Substack and Bluesky :)All writeups are subject to our TOS