Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Wonik IPS Co., Ltd. manufactures and sells semiconductor processing equipments.  The Company's main businesses include Semiconductor, Display and Solar industries.

<ul>
<li>Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.</li>
<li>The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.</li>
<li>Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.</li>
</ul>


Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.


Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Shin Young Wacoal Inc. manufactures lingerie and other women's undergarments. The Company mainly produces women's underwear, brassieres, girdles, pajama and pajama gowns, lingerie, bodysuits, stockings, and men's undergarments.

<ul>
<li>In this insight, we review our Korean Small Cap Gem insights that we published in 2025. We published 18 Korea Small Cap Gem Series insights in 2025.</li>
<li>The 18 Korean Small Caps have generally performed well this year. They were up on average 17% and 45%, respectively one week and two weeks after the insights were published.</li>
<li>Some of the best performing stocks so far this year include Chunil Express (000650 KS), Aurora World (039830 KS), Makus Inc (093520 KS), and Flitto Inc. (300080 KS). </li>
</ul>


In this insight, we review our Korean Small Cap Gem insights that we published in 2025. We published 18 Korea Small Cap Gem Series insights in 2025.
The 18 Korean Small Caps have generally performed well this year. They were up on average 17% and 45%, respectively one week and two weeks after the insights were published.
Some of the best performing stocks so far this year include Chunil Express (000650 KS), Aurora World (039830 KS), Makus Inc (093520 KS), and Flitto Inc. (300080 KS). 


A Review of Korean Small Cap Gems in 2025

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

LG Innotek Co., Ltd. develops and produces cellular phone parts such as mini vibration motors, LCD modules, light emitting diode (LED), camera modules, protection circuit modules. The Company also manufactures liquid crystal displays (LCD) and plasma display panels (PDP) parts such as inverters, intelligent power modules, multi chip modules, and tuners.

<ul><li>We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates) and reduced the discount applied to the substrate unit’s target multiple (from 30% to 20%).</li><li>As global competitors increasingly orient their product portfolios around AI, the company is gaining share in the RF-SiP market.</li><li>At the same time, in memory substrates, the company is seeing continued steep demand growth as it begins supplying substrates to big tech companies for GDDR7 applications. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lift our target price for LG Innotek to W320,000 (from W300,000), as we revised up our 2026 operating profit forecast (+30% for substrates) and reduced the discount applied to the substrate unit’s target multiple (from 30% to 20%).As global competitors increasingly orient their product portfolios around AI, the company is gaining share in the RF-SiP market.At the same time, in memory substrates, the company is seeing continued steep demand growth as it begins supplying substrates to big tech companies for GDDR7 applications. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LG Innotek (011070 KS/Buy)Raise TP on Stronger Substrate Earnings Outlook

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

<ul>
<li>Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. </li>
<li>SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.</li>
<li>Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.</li>
</ul>


Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. 
SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.
Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.


Thematic (Sector/Industry)

<ul><li>Key themes: Rising competition, AI adoption, and app store commission cuts</li><li>With games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026</li><li>Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progression</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key themes: Rising competition, AI adoption, and app store commission cutsWith games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progressionContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Games (Overweight/Maintain)30% App Store Commission Model Nearing Its End