Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

FnGuide Inc., offers financial market data and solution for user.  The Company provides fixed income, equity, index, economic, and customized financial. Fnguide offers financial solution such as valuation model, risk management system, and asset management system for financial companies.  FnGuide also publishes quarterly company analysis for listed companies in Korea.

<ul>
<li>FnGuide Inc (064850 KS) announced a significant improvement in its new Corporate Value-Up program. The changes are meaningful and likely to have positive impact on share price.</li>
<li>FnGuide also plans on share buyback and cancellation of 15 billion won over the next three years (2026 - 2028).</li>
<li>FnGuide raised total shareholder returns to 40% or higher from 2026 to 2028. Previously, FnGuide did not explicitly mention the total shareholder returns, other than the 25%+ dividend payout ratio.</li>
</ul>


FnGuide Inc (064850 KS) announced a significant improvement in its new Corporate Value-Up program. The changes are meaningful and likely to have positive impact on share price.
FnGuide also plans on share buyback and cancellation of 15 billion won over the next three years (2026 - 2028).
FnGuide raised total shareholder returns to 40% or higher from 2026 to 2028. Previously, FnGuide did not explicitly mention the total shareholder returns, other than the 25%+ dividend payout ratio.


FnGuide - Significant Improvement in the New Value-Up Program

Index Rebalance

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul>
<li><em><strong>Korea Value-Up Index closed at 3,274.46 on 19 September 2026, up 82.2% YTD, outperforming KOSPI and KOSPI200 which are up 63.6% and 79.9%, respectively in the same period. </strong></em></li>
<li>Market caps of 12 major ETFs in Korea that track the Korea Value Up index was 3.2 trillion won as of 18 September 2026,  up 154% from 2 January 2026.</li>
<li>Overall, I believe that this the Korea Value-Up Index could continue to receive significant amounts of capital inflow in the next several years.</li>
</ul>


Korea Value-Up Index closed at 3,274.46 on 19 September 2026, up 82.2% YTD, outperforming KOSPI and KOSPI200 which are up 63.6% and 79.9%, respectively in the same period. 
Market caps of 12 major ETFs in Korea that track the Korea Value Up index was 3.2 trillion won as of 18 September 2026,  up 154% from 2 January 2026.
Overall, I believe that this the Korea Value-Up Index could continue to receive significant amounts of capital inflow in the next several years.


Korea Value Up Index Continuing to Outperform KOSPI by Big Margin YTD

Event-Driven

Korea Gas Corporation manufactures, wholesales, and distributes liquefied natural gas (LNG) and liquefied petroleum gas (LPG) throughout South Korea. The Company also constructs and operates LNG receiving terminals and supplying networks for domestic distribution.  Korea Gas invests in LNG suppliers in Oman and Qatar.

<ul>
<li>It has been reported in numerous local media that the Korean government is seriously considering on merging Korea Gas (036460 KS) (KOGAS) with Korea National Oil Corporation (KNOC).</li>
<li>I have a negative view on this merger since it worsens KOGAS's balance significantly. As such, the speculation about a potential merger is likely to push KOGAS's share price lower.</li>
<li>KNOC already faces meaningful bankruptcy risks. Therefore, if these two companies merge, one of the worst case scenarios is a massive capital raise at the expense of diluting existing shareholders. </li>
</ul>


It has been reported in numerous local media that the Korean government is seriously considering on merging Korea Gas (036460 KS) (KOGAS) with Korea National Oil Corporation (KNOC).
I have a negative view on this merger since it worsens KOGAS's balance significantly. As such, the speculation about a potential merger is likely to push KOGAS's share price lower.
KNOC already faces meaningful bankruptcy risks. Therefore, if these two companies merge, one of the worst case scenarios is a massive capital raise at the expense of diluting existing shareholders. 


A Merger of KOGAS and KNOC Could Destroy Shareholder Value for KOGAS

Cross Asset Strategy

<ul>
<li>Why are all four people that are featured in the South Korean banknotes from the 15th/16th centuries? (Why is there no one from the past 300 years)?</li>
<li>The real reason why no modern person is included in the South Korean banknote is due to concerns about fracturing the political divide of the country even further. </li>
<li>Lee Jae-Myung administration is expected to pass a huge 800+ trillion won budget next year which is likely to pressure the government bond yields even higher. </li>
</ul>


Why are all four people that are featured in the South Korean banknotes from the 15th/16th centuries? (Why is there no one from the past 300 years)?
The real reason why no modern person is included in the South Korean banknote is due to concerns about fracturing the political divide of the country even further. 
Lee Jae-Myung administration is expected to pass a huge 800+ trillion won budget next year which is likely to pressure the government bond yields even higher. 


History of Faces on the South Korean Banknotes and the Surging 30 Year Korean Government Bond Yields

GS Holdings is a holding company, which operates subsidiaries including GS Caltex Oil, GS Power, GS Home Shopping, GS Retail, and GS Sports.

<ul>
<li>This is our inaugural issue of Korea Corporate Value Up Weekly. There were 12 companies in Korea that provided corporate value up announcements in the past week (ending 14 August).</li>
<li>Corporate governance improvement is one of the most important factors among companies in Korea. By closely tracking these announcements in more detail, this could potentially result in extra alpha generation. </li>
<li>Among these 12 companies, two of them outperformed KOSPI which included GS Holdings (078930 KS) (up 18.3%) and Shinsung Eng (104110 KS) (up 11.6%). </li>
</ul>


This is our inaugural issue of Korea Corporate Value Up Weekly. There were 12 companies in Korea that provided corporate value up announcements in the past week (ending 14 August).
Corporate governance improvement is one of the most important factors among companies in Korea. By closely tracking these announcements in more detail, this could potentially result in extra alpha generation. 
Among these 12 companies, two of them outperformed KOSPI which included GS Holdings (078930 KS) (up 18.3%) and Shinsung Eng (104110 KS) (up 11.6%). 


Korea Corporate Value Up Weekly Review #1 [Week Ending 14 August 2026]

Impact of reforms on South Korea Companies