Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).</li>
<li>It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.</li>
<li>Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). </li>
</ul>


The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).
It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.
Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). 


Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>SPX is pulling back after hitting all-time highs; the gap at 6750-6772 is short-term support, and it is a clear sign bulls remain in control if this gap remains unfilled.</li>
<li>We will stay near-term bullish as long as the 3+ month uptrend continues (currently at ~6675). Additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, 6200, and 6100-6150</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
SPX is pulling back after hitting all-time highs; the gap at 6750-6772 is short-term support, and it is a clear sign bulls remain in control if this gap remains unfilled.
We will stay near-term bullish as long as the 3+ month uptrend continues (currently at ~6675). Additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, 6200, and 6100-6150


Magnificent Seven's Turn to Shine; Buy Pullbacks to 3+ Month SPX Uptrend and 50-Day MA

Podcast by Eric Golden on Web3 businesses, Web3 Breakdowns

Web3 Breakdowns

Podcast by Eric Golden on Web3 businesses

Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.

Private Capital Markets

DataDirect Networks / Private Capital Markets

<ul><li>Paul Block, co-founder and CEO of DDN, discusses how his company recognized the AI inflection point early on and is now partnering with major players like Nvidia, Google, and Blackstone.</li><li>DDN specializes in providing data storage and access for AI infrastructure, working closely with Nvidia to deliver high performance and low latency solutions for customers.</li><li>While historically seen as competitors, DDN now collaborates with hyperscalers like Google and Microsoft to provide specialized systems for large-scale AI workloads, offering better performance and cost efficiency.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Paul Block, co-founder and CEO of DDN, discusses how his company recognized the AI inflection point early on and is now partnering with major players like Nvidia, Google, and Blackstone.DDN specializes in providing data storage and access for AI infrastructure, working closely with Nvidia to deliver high performance and low latency solutions for customers.While historically seen as competitors, DDN now collaborates with hyperscalers like Google and Microsoft to provide specialized systems for large-scale AI workloads, offering better performance and cost efficiency.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Paul Bloch: Powering the AI Revolution - [Making Markets, EP.68]

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$350m in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> plans to raise around US$1bn in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4...

Douglas Kim

Magnificent Seven's Turn to Shine; Buy Pullbacks to 3+ Month SPX Uptrend and 50-Day MA

Magnificent Seven's $MAGS Turn to Shine; Buy Pullbacks to 3+ Month $SPX Uptrend and 50-day MA, currently 6655-6680. Buys: $AAPL $TSLA $NVDA $GOOGL...

Vermilion Research

Paul Bloch: Powering the AI Revolution - [Making Markets, EP.68]

Paul Block, co-founder and CEO of DDN, discusses how his company recognized the AI inflection point early on and is now partnering with major...

Web3 Breakdowns

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and possible...

Sumeet Singh

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