[저평가 리포트] 옥상옥 구조·담보 부담…거버넌스 시험대 | 케이옥션②

K-Auction trades at a significant discount (PBR 0.78x) due to structural governance concerns, mounting collateral pressure as stock falls toward forced selling thresholds, and the STO subsidiary's persistent losses. Recent governance improvements signal management intent, but restoring investor confidence depends on whether STO can deliver meaningful profitability and stabilize major shareholder risks.