Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>The Korea Exchange introduced the Corporate Value Up program on the KIND website. This is a voluntary system aimed at boosting the corporate value of listed Korean companies.</li>
<li>Five key investment indicators for the 2,400+ listed Korean companies include PBR, PER, ROE, dividend payout, and dividend yield. The detailed data these indicators can be easily downloaded on excel. </li>
<li>Corporate Value Up program is a marathon, not a sprint. In this race, the runners (Korean companies) also need some water (such as improvements to dividend/corporate income tax policy).</li>
</ul>


The Korea Exchange introduced the Corporate Value Up program on the KIND website. This is a voluntary system aimed at boosting the corporate value of listed Korean companies.
Five key investment indicators for the 2,400+ listed Korean companies include PBR, PER, ROE, dividend payout, and dividend yield. The detailed data these indicators can be easily downloaded on excel. 
Corporate Value Up program is a marathon, not a sprint. In this race, the runners (Korean companies) also need some water (such as improvements to dividend/corporate income tax policy).


Korea Exchange Launches the Disclosure of Corporate Value Up Program on KIND System

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

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<ul>
 <li>
<a href="https://smartkarma.com/entities/taekwang-industrial-co-ltd">Taekwang Industrial</a> is a deeply undervalued holding company with a P/B ratio of approximately 0.2x, facing significant pressure from activist investors to improve corporate governance and unlock shareholder value.</li>
 <li>The company's core petrochemical and textile businesses are mature and cyclical, exhibiting volatile performance and a poor long-term growth track record. Revenue and net income have seen negative compound annual growth over the past three and five years.</li>
 <li>Management has initiated a strategic pivot towards new growth areas, including B2C (K-beauty), bio/healthcare, and real estate, through aggressive M&amp;A, signaling a major transformation but also introducing significant integration and execution risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Taekwang Industrial is a deeply undervalued holding company with a P/B ratio of approximately 0.2x, facing significant pressure from activist investors to improve corporate governance and unlock shareholder value.
  The company's core petrochemical and textile businesses are mature and cyclical, exhibiting volatile performance and a poor long-term growth track record. Revenue and net income have seen negative compound annual growth over the past three and five years.
  Management has initiated a strategic pivot towards new growth areas, including B2C (K-beauty), bio/healthcare, and real estate, through aggressive M&amp;A, signaling a major transformation but also introducing significant integration and execution risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Taekwang Industrial (003240 KS) - Apr 2026

<ul>
<li>In this insight, we discuss the increasing popularity of EB issues with treasury shares as the base assets in Korea. There were seven EB issue announcements in Korea in June.</li>
<li>Going forward, more Korean companies are likely to issue EBs in the next several months, prior to the actual official changes in regulations of treasury shares in Korea.</li>
<li>These companies that issue EBs using treasury shares as underlying assets are prime targets of short selling/underperformance.</li>
</ul>


In this insight, we discuss the increasing popularity of EB issues with treasury shares as the base assets in Korea. There were seven EB issue announcements in Korea in June.
Going forward, more Korean companies are likely to issue EBs in the next several months, prior to the actual official changes in regulations of treasury shares in Korea.
These companies that issue EBs using treasury shares as underlying assets are prime targets of short selling/underperformance.


7 EB Issues in Korea in June 2025 - More Coming Until Govt Revises Treasury Shares Regulations

<ul>
<li>Korea Exchange announced KOSPI 200 rebalance additions and deletions today. There were 14 new additions and deletions (7 each).</li>
<li>Some surprises in KOSPI 200 rebalance included addition of Seah Besteel and deletion of HDC Hyundai Development. </li>
<li>There were a lot more additions and deletions in KOSDAQ 150 (34 total additions and deletions). Among the KOSDAQ 150 additions included Neowiz, JNTC, Lunit, and Jeio.</li>
</ul>


Korea Exchange announced KOSPI 200 rebalance additions and deletions today. There were 14 new additions and deletions (7 each).
Some surprises in KOSPI 200 rebalance included addition of Seah Besteel and deletion of HDC Hyundai Development. 
There were a lot more additions and deletions in KOSDAQ 150 (34 total additions and deletions). Among the KOSDAQ 150 additions included Neowiz, JNTC, Lunit, and Jeio.


KOSPI 200 and KOSDAQ 150 Rebalance Additions and Deletions Announced (December 2023)

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

South Korea

Taekwang Industrial Co., Ltd. manufactures synthetic yarns, petrochemical products, and textiles.  The Company's products include acrylic yarns, nylons, spandex, carbon fibers, spun yarns, polyester materials, and blankets.  Taekwang also produces electric equipment, such as audio equipment, and cordless telephones.  In addition, The Company operates real estate business.

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Taekwang Industrial (003240 KS)

Korea Exchange Launches the Disclosure of Corporate Value Up Program on KIND System

The Korea Exchange introduced the Corporate Value Up program on the KIND website. This is a voluntary system aimed at boosting the corporate value...

Douglas Kim

Primer: Taekwang Industrial (003240 KS) - Apr 2026

Taekwang Industrial is a deeply undervalued holding company with a P/B ratio of approximately 0.2x, facing significant pressure from activist...

αSK Primers

7 EB Issues in Korea in June 2025 - More Coming Until Govt Revises Treasury Shares Regulations

EB issues with treasury shares as the base assets in Korea have been becoming more popular in Korea in recent weeks. These companies that issue EBs...

Douglas Kim

KOSPI 200 and KOSDAQ 150 Rebalance Additions and Deletions Announced (December 2023)

Korea Exchange announced KOSPI 200 rebalance additions and deletions today. There were 14 new additions and deletions (7 each). There were a lot...

Douglas Kim

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

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