Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Korea surpassed France as the top exporter of cosmetics to the USA in 2024. Korea exported $1.7 billion worth of cosmetics to the USA in 2024, up 54.2% YoY.</li>
<li>CJ Olive Young's online cosmetic sales to overseas markets soared 70% YoY in 1H 2025, fueled largely by the explosive demand from the United States.</li>
<li>We have raised our NAV valuation of CJ Corp to 207,713 won per share (up 28%). We raised the valuation of CJ Olive Young to 7 trillion won. </li>
</ul>


Korea surpassed France as the top exporter of cosmetics to the USA in 2024. Korea exported $1.7 billion worth of cosmetics to the USA in 2024, up 54.2% YoY.
CJ Olive Young's online cosmetic sales to overseas markets soared 70% YoY in 1H 2025, fueled largely by the explosive demand from the United States.
We have raised our NAV valuation of CJ Corp to 207,713 won per share (up 28%). We raised the valuation of CJ Olive Young to 7 trillion won. 


Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young - Key Beneficiary]

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 18th. The aggregated holding was USD636.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD758mln. We tabulates 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 Samsung Electronics, Sksquare, SK Hynix, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 18th. The aggregated holding was USD636.7bn.
We estimate that foreign flows to be inflows of USD758mln. We tabulates 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 Samsung Electronics, Sksquare, SK Hynix, Naver.


KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

<ul>
<li>In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (18 July to 1 August 2025).</li>
<li>Our top 10 picks were up on average 4.5% in the past two weeks, slightly outperforming KOSPI which was up 4.4% in the same period.</li>
<li>The top 10 picks in this bi-weekly include Hanil Cement, LG CNS, KCC Corp, Poongsan, Paradise, Samsung Electronics, Naver, SM Entertainment, LG Chem, and SK Inc. </li>
</ul>


In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (18 July to 1 August 2025).
Our top 10 picks were up on average 4.5% in the past two weeks, slightly outperforming KOSPI which was up 4.4% in the same period.
The top 10 picks in this bi-weekly include Hanil Cement, LG CNS, KCC Corp, Poongsan, Paradise, Samsung Electronics, Naver, SM Entertainment, LG Chem, and SK Inc. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (18 July to 1 August 2025)

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.
We estimate that foreign flows to be inflows of USD373mln. We tabulates 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 Alteogen, Samsung Electronics.


KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

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>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.


KOSPI Size Indices: Overlaps Between Active & Passive Flows

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)

Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young - Key Beneficiary]

Korea surpassed France as the top exporter of cosmetics to the USA in 2024. We have raised our NAV valuation of CJ Corp to 207,713 won per share...

Douglas Kim

KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

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

Ke Yan, CFA, FRM

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (18 July to 1 August 2025)

The top 10 picks in this bi-weekly include Hanil Cement, LG CNS, KCC Corp, Poongsan, Paradise, Samsung Electronics, Naver, SM Entertainment, LG...

Douglas Kim

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Alteogen, Samsung Electronics.

Ke Yan, CFA, FRM

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

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