Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Chunil Express Co., Ltd. provides intercity bus transportation, serving the major cities in South Korea.  The Company also operates real estate leasing and oil distribution businesses.

<ul>
<li>Seoul Express Bus Terminal is finally being redeveloped. Official registered value of this property is 1 trillion won. Market value could be much higher at more than 1.5 trillion won.</li>
<li>Chunil Express owns 16.67% stake in Seoul Express Bus Terminal. We believe Chunil Express' share price could rise sharply (more than double from here) in the next few days/weeks.</li>
<li>Redevelopment of the Seoul Express Bus Terminal has been discussed repeatedly for more than two decades. It appears that the major redevelopment of this area will FINALLY be taking place. </li>
</ul>


Seoul Express Bus Terminal is finally being redeveloped. Official registered value of this property is 1 trillion won. Market value could be much higher at more than 1.5 trillion won.
Chunil Express owns 16.67% stake in Seoul Express Bus Terminal. We believe Chunil Express' share price could rise sharply (more than double from here) in the next few days/weeks.
Redevelopment of the Seoul Express Bus Terminal has been discussed repeatedly for more than two decades. It appears that the major redevelopment of this area will FINALLY be taking place. 


Daewon San Up Co., Ltd. designs, manufactures and markets automobile seats. The Company's products include seats for sports utility, recreational, and passenger vehicles, trucks, and buses.

<ul>
<li>Daewon Sanup's net cash as percentage of market cap is 171%. This is one of the highest net cash/market cap ratios in the Korean stock market.</li>
<li><em><strong>Daewon Sanup is one of the largest Korean automobile seat manufacturers. It is also one of the beneficiaries of the reduction in US auto tariffs to 15% (from 25% previously). </strong></em></li>
<li>The company is trading at dirt cheap valuations. It is trading at P/E of 2.3x and P/B of 0.4x based on LTM financials. </li>
</ul>


Daewon Sanup's net cash as percentage of market cap is 171%. This is one of the highest net cash/market cap ratios in the Korean stock market.
Daewon Sanup is one of the largest Korean automobile seat manufacturers. It is also one of the beneficiaries of the reduction in US auto tariffs to 15% (from 25% previously). 
The company is trading at dirt cheap valuations. It is trading at P/E of 2.3x and P/B of 0.4x based on LTM financials. 


Aniplus Inc operates pay television channels. The Company focuses on airing anime as its main programming genre. Aniplus serves customers globally.

<ul>
<li>Aniplus is increasingly becoming a leading player in the anime contents production and distribution in Korea. The company's anime contents have potential to expand globally. </li>
<li>Valuations are attractive. It is trading at P/E of 9x in 2025 and 7.9x in 2026 based on consensus earnings estimates. </li>
<li>If we use P/E of 15x on 2026E net profit of 26.9 billion won, this would suggest a market cap of 404 billion won (95% higher than current market cap). </li>
</ul>


Aniplus is increasingly becoming a leading player in the anime contents production and distribution in Korea. The company's anime contents have potential to expand globally. 
Valuations are attractive. It is trading at P/E of 9x in 2025 and 7.9x in 2026 based on consensus earnings estimates. 
If we use P/E of 15x on 2026E net profit of 26.9 billion won, this would suggest a market cap of 404 billion won (95% higher than current market cap). 


Flitto Inc. provides internet based services. The Company collects and sells language data to national research institutes. Flitto offers services throughout South Korea.

<ul>
<li>One of the key emerging catalysts for Flitto is the rapid adoption of the company's AI-based simultaneous interpretation solution called Live Translation by companies such as Apple.</li>
<li>Global big tech companies such as Apple, Meta, and Amazon Web Services (AWS) have used the service for their own events, which has accelerated its growth.</li>
<li>Flitto had its best ever quarterly results in 2Q25. It had sales of 9.4 billion won (up 156% YoY). Operating margin surged from -38.5% in 2Q24 to 25.9% in 2Q25. </li>
</ul>


One of the key emerging catalysts for Flitto is the rapid adoption of the company's AI-based simultaneous interpretation solution called Live Translation by companies such as Apple.
Global big tech companies such as Apple, Meta, and Amazon Web Services (AWS) have used the service for their own events, which has accelerated its growth.
Flitto had its best ever quarterly results in 2Q25. It had sales of 9.4 billion won (up 156% YoY). Operating margin surged from -38.5% in 2Q24 to 25.9% in 2Q25. 


Genic Co Ltd. manufactures and distributes health and beauty products. The Company's main products include an Aqua Collagen Mask, Aqua Collagen Eye Patches, Self-Heating Masks, Slim Bath Powders, Facial Cleansing Cloths, Acne Patches, Nose Pore Strips, Orange & Cucumber facial treatments, Breast Masks and Skin Care Cosmetic lotions, and essence.

<ul>
<li>Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. </li>
<li>Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States. </li>
<li>Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials. </li>
</ul>


Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. 
Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States. 
Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials. 
