Korea's #1 Job Platform at Negative Enterprise Value with 99% Gross Margins and a 'Governance Nightmare' - Saramin

143240.KQ: Korea's #1 job platform trades at negative EV—mkt cap ₩149B vs ₩180B net cash post-Remember sale to EQT. Core biz generates ₩17B op profit, 99% gross margin, 17M monthly visits in duopoly w/ JobKorea. Revenue -19% from peak on worst hiring in 27yrs (0.40 openings/seeker vs 0.60+ normal). Bear 110% upside, base 150-210%, bull 260-280% on cyclical recovery + capital return. Key risks: mgmt may waste cash (CEO from ₩494B Kiwoom disaster), chaebol pyramid (1.5% econ interest, 100% control), AI disintermediation, structural demographic decline. Catalysts: special div, buyback+cancellation, hiring recovery (2026 survey +7.9pp YOY). Position requires 3-5yr patience for governance discount to narrow.