Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 4th which has an aggregated holding worth USD465.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,455mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Hyundai Motor, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 4th which has an aggregated holding worth USD465.8bn.
We estimate that foreign flows to be outflows of USD2,455mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Hyundai Motor, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 4th): SK Hynix, Hyundai Motor, Samsung Electronics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.</li>
<li>Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. </li>
<li>As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. </li>
</ul>


In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.
Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. 
As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. 


20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

Equity Capital Markets

<ul>
<li>Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025. </li>
<li>We believe d'Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps. </li>
<li>Our base case valuation of d'Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range. </li>
</ul>


Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025. 
We believe d'Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps. 
Our base case valuation of d'Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range. 


<ul>
<li>D'Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share. </li>
<li>According to the bankers' valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO. </li>
<li>D'Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.</li>
</ul>


D'Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share. 
According to the bankers' valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO. 
D'Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.


<ul>
<li>One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. </li>
<li>China's President Xi recently stated <em>"Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” </em>
</li>
<li>We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. </li>
</ul>


One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. 
China's President Xi recently stated "Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” 

We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. 


China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

South Korea

APR Corporation of Korea operates cosmetics businesses. The Company develops and produces facial mask, lotion, elite fluid, and other products. APR also develops and manufactures beauty devices.

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APR (278470 KS)

KRX Foreign Holding Weekly (Apr 4th): SK Hynix, Hyundai Motor, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hyundai Motor, Samsung Electronics.

Ke Yan, CFA, FRM

20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political...

Douglas Kim

D'Alba Global IPO Valuation Analysis

Our base case valuation of d'Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation...

Douglas Kim

D'Alba Global IPO Preview

D'Alba Global is getting ready to complete its IPO in May 2025. D'Alba Global has one of the best growth rates for sales and operating profits...

Douglas Kim

China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

One of the big thematic events that have impacted the Korean stock market this week has been the expectation that China could lift ban on Korean...

Douglas Kim

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