Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.</li>
<li>In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.
In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul>
<li>The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.</li>
<li>Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.</li>
<li>Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.</li>
</ul>


The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.
Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.
Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.


Asian Equities: Korea - If Not Memory, Then What?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 10 November, it was announced that Ki-Sun Chung was promoted to Vice Chairman which could signal more positive news flow on HD Hyundai in the coming months.</li>
<li>The consensus expects DPS of 4,200 won for HD Hyundai in 2023, which suggests a dividend yield of 7.1%. HD Hyundai has one of the highest dividend yields in KOSPI200.</li>
<li>According to our NAV analysis, it suggests a base case valuation of 71,970 won per share for HD Hyundai, representing a 22% upside from current levels.</li>
</ul>


On 10 November, it was announced that Ki-Sun Chung was promoted to Vice Chairman which could signal more positive news flow on HD Hyundai in the coming months.
The consensus expects DPS of 4,200 won for HD Hyundai in 2023, which suggests a dividend yield of 7.1%. HD Hyundai has one of the highest dividend yields in KOSPI200.
According to our NAV analysis, it suggests a base case valuation of 71,970 won per share for HD Hyundai, representing a 22% upside from current levels.


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

HD Korea Shipbuilding & Offshore Engineering / Event-Driven

HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

<ul>
<li>Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.</li>
<li>Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.</li>
<li>Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.</li>
</ul>


Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.


Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

South Korea

HD Korea Shipbuilding & Offshore Engineering Co., Ltd. operates as a shipbuilding and offshore company. The Company provides industrial plant engineering, special and naval shipbuilding, marine engine and machinery, industrial machinery and energy services. HD Korea Shipbuilding & Offshore Engineering markets its products worldwide.

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HD Korea Shipbuilding & Offshore Engineering (009540 KS)

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

Asian Equities: Korea - If Not Memory, Then What?

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

Asian Dividend Gems: HD Hyundai

FTC decided to conditionally approve the acquisition of STX Heavy Industries by HD Korea Shipbuilding & Marine Engineering. With this business...

Douglas Kim

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

This post lays out a live watchlist for NAV discount traders as Korea’s policy narrative shifts to low‑float large caps.

Sanghyun Park

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

​Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

Asian Equities: Korea - If Not Memory, Then What?

​KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

Asian Dividend Gems: HD Hyundai

FTC decided to conditionally approve the acquisition of STX Heavy Industries by HD Korea Shipbuilding & Marine Engineering. With this business...

Douglas Kim

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

This post lays out a live watchlist for NAV discount traders as Korea’s policy narrative shifts to low‑float large caps.

Sanghyun Park

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...