Gravity Co., LTD. is a video game developer based in South Korea and trades in the U.S. (GRVY) and is extremely cheap. It’s cash rich and trades at TTM P/E of 8.3. Net income TTM is $35.5m USD vs $295m market cap. Net current assets minus all liabilities (NCAVS) is about $198m USD. Market cap is $295m. Backing out the net current assets, the market is valuing the company’s highly profitable business at 2.7x
If you want exposure to GRVY, just buy Gungho in Japan. Better corp governance and they're buying back shares. They also control GRVY and are super cheap.
I don't disagree with anything you have written. I have always thought that gung-ho maybe the catalyst for gravity. As they have more recently become a more shareholder orientated company, buying back shares etc. So I presume at some point they will put pressure on gravity to do the same.