Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>There is an important upcoming change in regulation for land value disclosures in Korea. </li>
<li>Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.</li>
<li>I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. </li>
</ul>


There is an important upcoming change in regulation for land value disclosures in Korea. 
Starting December year end companies' financials, the "officially assessed land values" (공시지가) will become mandatory in the financial footnotes.
I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea. 


Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

<ul>
<li>In this insight, we discuss the <strong>'Save KOSPI'</strong> campaign which is a set of eight proposals made by the senior leaders at Korea Corporate Governance Forum and Uprise Co. (Heybit). </li>
<li>We think that the Save KOSPI campaign is an interesting movement that is worth paying attention since it appears to be gaining increasing traction among retail investors in Korea.</li>
<li>As more of these eight proposals are made into law in the next several years, we believe that the 'Korea Discount' could also decline as well.</li>
</ul>


In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals made by the senior leaders at Korea Corporate Governance Forum and Uprise Co. (Heybit). 
We think that the Save KOSPI campaign is an interesting movement that is worth paying attention since it appears to be gaining increasing traction among retail investors in Korea.
As more of these eight proposals are made into law in the next several years, we believe that the 'Korea Discount' could also decline as well.


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 short interest of KRX stocks as of Jun 27th. The aggregated short interest was USD8.7bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Amorepacific, Doosan Enerbility, Mirae Asset Sec, Woori Financial, Kakaobank, Ls Electric, Hyundai Rotem, Hybe.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 27th. The aggregated short interest was USD8.7bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Amorepacific, Doosan Enerbility, Mirae Asset Sec, Woori Financial, Kakaobank, Ls Electric, Hyundai Rotem, Hybe.


KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

<ul>
<li>A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won. </li>
<li>Shinyoung Wacoal's net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.</li>
<li>Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women's underwear.</li>
</ul>


A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won. 
Shinyoung Wacoal's net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.
Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women's underwear.


Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byc-co-ltd" target="_blank" data-smartkarma-citation="entities:16417:1" rel="noopener">Byc Co Ltd (001460 KS)</a> is the 20th company in our Korea Small Cap Gems series.</li>
<li>Estimated value of BYC's real estate is more than 2 trillion won, which is much higher than its current market cap of 302 billion won. </li>
<li>A large local fund called Truston has been going activist on BYC for more than a year. Plus, BYC's Chairman Han is being sued by his mum for inheritance recovery. </li>
</ul>



Byc Co Ltd (001460 KS) is the 20th company in our Korea Small Cap Gems series.
Estimated value of BYC's real estate is more than 2 trillion won, which is much higher than its current market cap of 302 billion won. 
A large local fund called Truston has been going activist on BYC for more than a year. Plus, BYC's Chairman Han is being sued by his mum for inheritance recovery. 


South Korea

BYC Co., Ltd. manufactures and exports a wide range of men and women's undergarments.  The Company's products include lingerie, boxer, tank top, thermo, socks, and stocking.  BYC also operates construction business through its subsidiary.

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Byc Co Ltd (001460 KS)

Change in Disclosure of Land Value in Korea (Officially Assessed Land Value): Top 30 Beneficiaries

I provide a list of 30 companies that could be key beneficiaries of the change in regulation for land value disclosures in Korea.

Douglas Kim

What Is the 'Save KOSPI' Campaign?

In this insight, we discuss the 'Save KOSPI' campaign which is a set of eight proposals aimed at improving the corporate governance of Korean...

Douglas Kim

KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

We analyzed KRX short interest report for the past week and highlighted short interest changes in Amorepacific (090430 KS), Doosan Enerbility...

Ke Yan, CFA, FRM

Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]

A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for...

Douglas Kim

Korea Small Cap Gem #20: BYC

Estimated value of BYC's real estate is more than 2 trillion won, which is much higher than its current market cap of 302 billion won.

Douglas Kim

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