External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Convenience store biz continues to see slow same-store sales growth</li><li>Restructuring and fiscal stimulus should still offer tailwinds to the sector in 2H</li><li>Investors advised to buy on correction, which comes amid tepid earnings</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Convenience store biz continues to see slow same-store sales growthRestructuring and fiscal stimulus should still offer tailwinds to the sector in 2HInvestors advised to buy on correction, which comes amid tepid earningsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BGF Retail (282330 KS Jun 30, 2025) - Recovery Around the Corner

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>I recently visited Daiso near Seoul Station. Daiso is one of the few off-line stores that has been crushing the competition in Korea in the past several years.</li>
<li>Amid continued weak economy in Korea in the past several years, Daiso has thrived through its detailed execution of focus on low priced products with highest value to consumers.</li>
<li>Able C&amp;C (078520 KS) is a prime example a company capitalizing on the strong demand for cosmetic products at Daiso. </li>
</ul>


I recently visited Daiso near Seoul Station. Daiso is one of the few off-line stores that has been crushing the competition in Korea in the past several years.
Amid continued weak economy in Korea in the past several years, Daiso has thrived through its detailed execution of focus on low priced products with highest value to consumers.
Able C&amp;C (078520 KS) is a prime example a company capitalizing on the strong demand for cosmetic products at Daiso. 


A Visit to Daiso in Seoul - A Retail Giant Crushing the Competition

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.</li>
<li>Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.</li>
<li>Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

Cross Asset Strategy

<ul>
<li>On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. </li>
<li>The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. </li>
<li>Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.</li>
</ul>


On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. 
The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. 
Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.


Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

<ul>
<li>Democratic Party lawmaker Kim Hyun-jung has introduced a revised Income Tax Act that would lower the top tax rate on dividend income from 35% to 25%.</li>
<li>Given that this proposal is coming from the ruling Democratic Party, there is a fairly high probability that this could be passed into law in 3Q 2025.</li>
<li>We provide a list of 28 mid-cap/large cap stocks in Korea with more than 35% dividend payout and 3% or more dividend yield that could benefit from this new proposal.</li>
</ul>


Democratic Party lawmaker Kim Hyun-jung has introduced a revised Income Tax Act that would lower the top tax rate on dividend income from 35% to 25%.
Given that this proposal is coming from the ruling Democratic Party, there is a fairly high probability that this could be passed into law in 3Q 2025.
We provide a list of 28 mid-cap/large cap stocks in Korea with more than 35% dividend payout and 3% or more dividend yield that could benefit from this new proposal.


Separate Dividend Tax Plan in Korea: A Push for a 25% Rate for Top Bracket

South Korea

BGF Retail Co., Ltd. operates convenience stores. The Company retails delicatessen, sweets, snacks, beverages, tobacco, and other related products. BGF Retail markets its products throughout South Korea.

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BGF retail (282330 KS)