Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>There is an increasing likelihood of a proxy battle for Youngone Corp (111770 KS) involving several corporate activist investors versus Chairman Sung Ki-hak/family. </li>
<li>An intense battle appears inevitable at the 2027 regular AGM, which is less than a year away, especially if multiple institutional investors form a shareholder coalition.</li>
<li>There could be least five institutional investors (including Quad Asset Mgmt and VIP Asset Mgmt) that may try to raise corporate activism on Youngone Corp. </li>
</ul>


There is an increasing likelihood of a proxy battle for Youngone Corp (111770 KS) involving several corporate activist investors versus Chairman Sung Ki-hak/family. 
An intense battle appears inevitable at the 2027 regular AGM, which is less than a year away, especially if multiple institutional investors form a shareholder coalition.
There could be least five institutional investors (including Quad Asset Mgmt and VIP Asset Mgmt) that may try to raise corporate activism on Youngone Corp. 


A Brewing Proxy Battle for Youngone Corp in 2027 [Quad Asset/Activist Investors Vs Chairman Sung]

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.</li>
<li>Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.</li>
<li>Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

<ul>
<li>Youngone Holdings is an attractive deep value stock. Net cash (including short term investments) was 1.1 trillion won at the end of 3Q 2023 (79% of market cap).  </li>
<li>Youngone Holdings is the holding company of Youngone Group. Youngone Corp is best known for its OEM apparel business for major branded companies such as The North Face and Patagonia.</li>
<li>We found Youngone Holdings using Smartkarma's Smart Score Screener system. </li>
</ul>


Youngone Holdings is an attractive deep value stock. Net cash (including short term investments) was 1.1 trillion won at the end of 3Q 2023 (79% of market cap).  
Youngone Holdings is the holding company of Youngone Group. Youngone Corp is best known for its OEM apparel business for major branded companies such as The North Face and Patagonia.
We found Youngone Holdings using Smartkarma's Smart Score Screener system. 


<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]

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> wants to buy 20% of <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE (4477 JP)</a> out of 46.7% likely available. That's unlikely at ¥340; they'll have to bump to get those shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a> has played out nicely. There's still money on the table - just a question mark on timing for the distribution from "surplus cash".</li>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-chemical-holdings" target="_blank" data-smartkarma-citation="entities:12781:1" rel="noopener">Mitsubishi Chemical (4188 JP)</a>'s turnaround narrative sees it trading rich (implied stub &amp; simple ratio) to ~51%-held <a href="https://www.smartkarma.com/entities/nippon-sanso-holdings-corporation" target="_blank" data-smartkarma-citation="entities:15756:1" rel="noopener">Nippon Sanso Holdings (4091 JP)</a>'s steady-as-you-go narrative.</li>
</ul>



SBI Holdings (8473 JP) wants to buy 20% of BASE (4477 JP) out of 46.7% likely available. That's unlikely at ¥340; they'll have to bump to get those shares.

Continental Aerospace Technologies (232 HK) has played out nicely. There's still money on the table - just a question mark on timing for the distribution from "surplus cash".

Mitsubishi Chemical (4188 JP)'s turnaround narrative sees it trading rich (implied stub &amp; simple ratio) to ~51%-held Nippon Sanso Holdings (4091 JP)'s steady-as-you-go narrative.


Last Week In Event SPACE: SBI/BASE, Con Aero Tech, Mitsubishi Chem/Nippon Sanso, Swire Pac, Jollibee

South Korea

Youngone Corporation sells and exports clothes, outdoor sports wear, shoes and bags using Original Equipment Manufacturer(OEM) located in Bangladesh, China, Vietnam and Thailand.  The company distributes products to global clothing and shoes companies.  The company also sells their own brands in Korea market through Youngone Plaza stores.

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Youngone Corp (111770 KS)

A Brewing Proxy Battle for Youngone Corp in 2027 [Quad Asset/Activist Investors Vs Chairman Sung]

There is an increasing likelihood of a proxy battle for Youngone Corp (111770 KS) involving several corporate activist investors versus Chairman...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

Asian Dividend Gems: Youngone Holdings

Youngone Holdings is an attractive deep value stock. Net cash (including short term investments) was 1.1 trillion won at the end of 3Q 2023 (79% of...

Douglas Kim

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

This is our inaugural issue of Korea Corporate Value Up Weekly. There were 12 companies in Korea that provided corporate value up announcements in...

Douglas Kim

Last Week In Event SPACE: SBI/BASE, Con Aero Tech, Mitsubishi Chem/Nippon Sanso, Swire Pac, Jollibee

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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