External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>1Q25 earnings miss likely, core businesses slowing, content segment remains sluggish </li><li>Development of new services scheduled for 2025 rollout on KakaoTalk remains on track </li><li>Improved traffic following the rollout could serve as positive catalyst for stock price</li></ul><p><em>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.</em></p>

1Q25 earnings miss likely, core businesses slowing, content segment remains sluggish Development of new services scheduled for 2025 rollout on KakaoTalk remains on track Improved traffic following the rollout could serve as positive catalyst for stock priceContent 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.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Kakao Corp (035720 KS) has two near-term positive catalysts. First is treasury shares cancellation. Second is insiders buying of its shares.</li>
<li>These moves suggest the management's confidence in the company's outlook ahead of the AGM on 26 March. </li>
<li>In our view, one of the major reasons why the insiders are buying could be due to Kakao's collaboration with OpenAI. </li>
</ul>


Kakao Corp (035720 KS) has two near-term positive catalysts. First is treasury shares cancellation. Second is insiders buying of its shares.
These moves suggest the management's confidence in the company's outlook ahead of the AGM on 26 March. 
In our view, one of the major reasons why the insiders are buying could be due to Kakao's collaboration with OpenAI. 


Kakao Corp: Insiders Are Buying and Cancellation of Treasury Shares

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.


KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, raised around US$2.1bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, raised around US$2.1bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.


SBI Shinsei Bank IPO Trading - Strong Demand, Peers Mini-Rally Will Help

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.

<ul>
<li>Local chatter’s building that Samsung Electronics and Kakao might drop value-up disclosures by end-June to mid-July, as both cozy up to the new administration and move into its inner circle.</li>
<li>Jay Lee’s surprise solo meeting with President Lee marked a turning point, signaling Samsung’s intent to step out of SK’s shadow and take the lead under the new regime.</li>
<li>Value-Up details aren’t final, but Samsung’s likely to reaffirm &gt;35% payout, while Kakao’s set to focus on ROE improvement and multiple expansion.</li>
</ul>


Local chatter’s building that Samsung Electronics and Kakao might drop value-up disclosures by end-June to mid-July, as both cozy up to the new administration and move into its inner circle.
Jay Lee’s surprise solo meeting with President Lee marked a turning point, signaling Samsung’s intent to step out of SK’s shadow and take the lead under the new regime.
Value-Up details aren’t final, but Samsung’s likely to reaffirm &gt;35% payout, while Kakao’s set to focus on ROE improvement and multiple expansion.


Near-Term Value-Up Plays in the Pipeline: Samsung Electronics & Kakao

South Korea

Kakao Corp. provides Internet portal services such as news, free e-mail, and leisure information.  The Company also offers cross-platform mobile messaging application that allows users to exchange messages.

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Kakao Corp (035720 KS)

Kakao (035720 KS Apr 14, 2025)

1Q25 earnings miss likely, core businesses slowing, content segment remains sluggish. Development of new services scheduled for 2025 rollout on...

Daishin Securities

Kakao Corp: Insiders Are Buying and Cancellation of Treasury Shares

Kakao Corp (035720 KS) has two near-term positive catalysts. First is treasury shares cancellation. Second is insiders buying of its shares.

Douglas Kim

KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

We analyzed KRX short interest report for the past week and highlighted short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung...

Ke Yan, CFA, FRM

SBI Shinsei Bank IPO Trading - Strong Demand, Peers Mini-Rally Will Help

SBI Shinsei Bank (8303 JP), a Japanese financial institution, raised around US$2.1bn in its Japan listing. In this note, we talk about the trading...

Sumeet Singh

Near-Term Value-Up Plays in the Pipeline: Samsung Electronics & Kakao

This post covers near-term value-up plays in the pipeline — and the market’s buzzing about two heavyweights: Samsung Electronics and Kakao.

Sanghyun Park

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