Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>There is an important upcoming change in regulation for land value disclosures in Korea. </li>
<li>Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.</li>
<li>I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. </li>
</ul>


There is an important upcoming change in regulation for land value disclosures in Korea. 
Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.
I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. 


Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>Samsung C&amp;T’s share price has continued to trend higher, supported by both the increase in the value of its stake in Samsung Electronics (SEC) and growing expectations for enhanced shareholder returns.</li><li>Samsung C&amp;T also benefits indirectly through its stake in Samsung Life, which itself holds a significant stake in SEC.</li><li>Assuming no holding company discount, we estimate that the value of Samsung C&amp;T’s stake in SEC has risen by roughly W68tr since end2025.</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.

Samsung C&amp;T’s share price has continued to trend higher, supported by both the increase in the value of its stake in Samsung Electronics (SEC) and growing expectations for enhanced shareholder returns.Samsung C&amp;T also benefits indirectly through its stake in Samsung Life, which itself holds a significant stake in SEC.Assuming no holding company discount, we estimate that the value of Samsung C&amp;T’s stake in SEC has risen by roughly W68tr since end2025.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.

Samsung C&T  (028260 KS/Buy)Multiple Tailwinds from Samsung Electronics

<ul>
<li>In this insight, I argue how the large Korean E&amp;C companies could be the biggest beneficiaries of the end of the war in Iran due to large reconstruction projects potential.</li>
<li>In particular, the top five Korean E&amp;C companies including Samsung C&amp;T, Hyundai E&amp;C, Samsung E&amp;A, Daewoo E&amp;C, and DL E&amp;C could benefit from large reconstruction projects in the Middle East.</li>
<li>End of Iran war could unlock a massive capital expenditure cycle focused on urban infrastructure, transport networks, electrical power grids, and oil &amp; gas supply chains in the Middle East. </li>
</ul>


In this insight, I argue how the large Korean E&amp;C companies could be the biggest beneficiaries of the end of the war in Iran due to large reconstruction projects potential.
In particular, the top five Korean E&amp;C companies including Samsung C&amp;T, Hyundai E&amp;C, Samsung E&amp;A, Daewoo E&amp;C, and DL E&amp;C could benefit from large reconstruction projects in the Middle East.
End of Iran war could unlock a massive capital expenditure cycle focused on urban infrastructure, transport networks, electrical power grids, and oil &amp; gas supply chains in the Middle East. 


Large Korean E&C Companies: Biggest Beneficiaries of End of War in Iran (Reconstruction)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 2 adds/deletes each for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index and for the MVIS Global Uranium &amp; Nuclear Energy Index in June.</li>
<li>
<a href="https://www.smartkarma.com/entities/x-energy-inc" target="_blank" data-smartkarma-citation="entities:47990:1" rel="noopener">X-Energy (XE US)</a> will be added to both indices while the other adds and deletes differ across the indices.</li>
<li>The round-trip trade across both indices is US$1.65bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There are 2 adds/deletes each for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index and for the MVIS Global Uranium &amp; Nuclear Energy Index in June.

X-Energy (XE US) will be added to both indices while the other adds and deletes differ across the indices.
The round-trip trade across both indices is US$1.65bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Changes Lead to US$1.65bn Trade

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>GA-Courtenay Special Situations Fund declined 13.8% in July, taking its year-to-date return to -10.0%, as an unusual liquidity-driven dislocation hit higher-growth equities.</li><li>Ex-Odey star and fund manager Adrian Courtenay said the sell-off showed no corresponding deterioration in the fundamentals of the hedge fund’s holdings, while the merger arbitrage book contributed positively during the month.</li><li>The fund responded cautiously by reducing equity gross exposure while increasing its merger arbitrage allocation and adding selectively to SpaceX and Tesla.</li></ul>

GA-Courtenay Special Situations Fund declined 13.8% in July, taking its year-to-date return to -10.0%, as an unusual liquidity-driven dislocation hit higher-growth equities.Ex-Odey star and fund manager Adrian Courtenay said the sell-off showed no corresponding deterioration in the fundamentals of the hedge fund’s holdings, while the merger arbitrage book contributed positively during the month.The fund responded cautiously by reducing equity gross exposure while increasing its merger arbitrage allocation and adding selectively to SpaceX and Tesla.

Courtenay Special Situations Fund Falls 14% in July, Adds to Elon Musk-Linked Stakes

South Korea

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

Price Gauge
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Samsung C&T (028260 KS)

Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea.

Douglas Kim