Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>There are three major reasons why we would take profits on APR (278470 KS) at current levels. </li>
<li>They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. </li>
<li>APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&amp;H, and others especially starting in 4Q 2025. </li>
</ul>


There are three major reasons why we would take profits on APR (278470 KS) at current levels. 
They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. 
APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&amp;H, and others especially starting in 4Q 2025. 


APR: Time To Take Profits (Three Major Reasons)

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 analysed the earning revision of component stocks of MSCI South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.</li>
</ul>


We analysed the earning revision of component stocks of MSCI South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.


MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

Private Capital Markets

<ul>
<li>Goodai Global is the most aggressive M&amp;A player in the Korean cosmetics industry. It has grown its business mainly through M&amp;As.</li>
<li>It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years. </li>
<li>In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai's value is estimated to be about 4 trillion won. </li>
</ul>


Goodai Global is the most aggressive M&amp;A player in the Korean cosmetics industry. It has grown its business mainly through M&amp;As.
It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years. 
In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai's value is estimated to be about 4 trillion won. 


Goodai Global (Unlisted) - The Most Aggressive M&A Player in the Korean Cosmetics Industry

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 28th. The aggregated holding was USD803.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,160mln. 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 SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 28th. The aggregated holding was USD803.0bn.
We estimate that foreign flows to be outflows of USD5,160mln. 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 SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.


KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

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)

APR: Time To Take Profits (Three Major Reasons)

Three major reasons why we would take profits on APR at current levels including lofty valuations, increased competition, and share price decline...

Douglas Kim

MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed MSCI South Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution...

Ke Yan, CFA, FRM

Goodai Global (Unlisted) - The Most Aggressive M&A Player in the Korean Cosmetics Industry

Goodai Global is the most aggressive M&A player in the Korean cosmetics industry. It has grown its business mainly through M&As. Goodai's value is...

Douglas Kim

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD...

Ke Yan, CFA, FRM

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