IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.    </li>
<li>VNG is the number one mobile games publisher in Vietnam. VNG’s Zalo, Zing MP3 and Bao Moi applications are Vietnam’s leading messaging, music streaming and online news applications. </li>
<li>The bull case rests on the core games business’ improving KPIs, return to growth, good revenue visibility, and reducing dependence on critical partners combined with VNG’s improving margin.</li>
</ul>



VNG (VinaGame) (VNG US) is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.    
VNG is the number one mobile games publisher in Vietnam. VNG’s Zalo, Zing MP3 and Bao Moi applications are Vietnam’s leading messaging, music streaming and online news applications. 
The bull case rests on the core games business’ improving KPIs, return to growth, good revenue visibility, and reducing dependence on critical partners combined with VNG’s improving margin.


Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> has reached a tipping point: the previous Bull run trend is cracking, there is a high chance the index will drop.</li>
<li>The current MRM WEEKLY pattern is bearish: if the index falls for more than 1 week it may tailspin into a 4-6 weeks correction in September.</li>
<li>Cover your LONG holdings, support can be found at 325 (Q2), 315 (Q3) and 297 (Inner Fence).</li>
</ul>


The KOSPI 200 INDEX has reached a tipping point: the previous Bull run trend is cracking, there is a high chance the index will drop.
The current MRM WEEKLY pattern is bearish: if the index falls for more than 1 week it may tailspin into a 4-6 weeks correction in September.
Cover your LONG holdings, support can be found at 325 (Q2), 315 (Q3) and 297 (Inner Fence).


EQD | KOSPI 200 Index's Decisive Week: New WEEKLY LONG Supports

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we discuss the major reasons why Coway Co Ltd (021240 KS) is a prime candidate for corporate activism in Korea.</li>
<li>Netmarble has done a poor job with Coway post its acquisition in 2019.</li>
<li>An action plan for Coway is to return at least half of its net profit through dividends and share buybacks/cancellations.</li>
</ul>


In this insight, we discuss the major reasons why Coway Co Ltd (021240 KS) is a prime candidate for corporate activism in Korea.
Netmarble has done a poor job with Coway post its acquisition in 2019.
An action plan for Coway is to return at least half of its net profit through dividends and share buybacks/cancellations.


Coway Is a Prime Candidate for Corporate Activism in Korea

Equity Bottom-Up

<ul>
<li>On 28 December, the Chinese regulators announced that it will allow import of 45 foreign video games in China, among which seven are Korean video games.</li>
<li>Now that the Chinese authorities have allowed greater imports of foreign games, this will act as a significant positive catalyst to boost share prices of Korean game companies.</li>
<li>Among the major Korean game companies, we believe that NCsoft and Netmarble are best positioned to capitalize on this catalyst.</li>
</ul>


On 28 December, the Chinese regulators announced that it will allow import of 45 foreign video games in China, among which seven are Korean video games.
Now that the Chinese authorities have allowed greater imports of foreign games, this will act as a significant positive catalyst to boost share prices of Korean game companies.
Among the major Korean game companies, we believe that NCsoft and Netmarble are best positioned to capitalize on this catalyst.


China Allows Import of 45 Foreign Video Games Including 7 Korean Games

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>Netmarble did a one-year rollover for the stock loan used for the SpinX acquisition. The maturity is again one year, and the principal amount is ₩1.5T.</li>
<li>The HYBE stake is newly included as collateral at an estimated LTV ratio of 50% because the value of NCsoft's stake further declined, and the LTV ratio was subsequently lowered.</li>
<li>Applying the 140% loss cut ratio to HYBE and NCsoft will lead to a margin call when each stock declines 30% from the current price.</li>
</ul>


Netmarble did a one-year rollover for the stock loan used for the SpinX acquisition. The maturity is again one year, and the principal amount is ₩1.5T.
The HYBE stake is newly included as collateral at an estimated LTV ratio of 50% because the value of NCsoft's stake further declined, and the LTV ratio was subsequently lowered.
Applying the 140% loss cut ratio to HYBE and NCsoft will lead to a margin call when each stock declines 30% from the current price.


Netmarble Debt Risk Victim: HYBE or NCsoft or Both?

South Korea

Netmarble Corporation develops and publishes mobile games. The Company develops and publishes casual games, action, sports games, strategy, simulation games, and social casino games. Netmarble offers services worldwide.

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Netmarble (251270 KS)

VNG IPO: The Bull Case

The bull case rests on the core games business’ improving KPIs, return to growth, good revenue visibility, and reducing dependence on critical...

Arun George

EQD | KOSPI 200 Index's Decisive Week: New WEEKLY LONG Supports

The KOSPI 200 Index may have reached the end of its 2023 rally: a correction is probable in September, read the MRM LONG support prices to know...

Nico Rosti

Coway Is a Prime Candidate for Corporate Activism in Korea

In this insight, we discuss the major reasons why Coway Co Ltd (021240 KS) is a prime candidate for corporate activism in Korea.

Douglas Kim

China Allows Import of 45 Foreign Video Games Including 7 Korean Games

On 28 December, the Chinese regulators announced that it will allow import of 45 foreign video games in China, among which seven are Korean video...

Douglas Kim

Netmarble Debt Risk Victim: HYBE or NCsoft or Both?

This post details Netmarble's stock loan rollover for the SpinX acquisition and how this poses a margin call risk for HYBE and NCsoft.

Sanghyun Park

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