Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Lotte Non Life Insurance Co / Event-Driven

<ul>
<li>There is a high likelihood of information leaking through the lead securities firm when the tender offer prospectus is provided to branches about three days before the disclosure.</li>
<li>With the FSS's stricter stance, tender offer candidates may act swiftly before new regulations, prompting attention to potential surges in tender offers.</li>
<li>Our approach is clear: identify short-term tender offer candidates, monitor trading volumes for spikes, and use the three-day pre-disclosure surge to time our positions effectively.</li>
</ul>


There is a high likelihood of information leaking through the lead securities firm when the tender offer prospectus is provided to branches about three days before the disclosure.
With the FSS's stricter stance, tender offer candidates may act swiftly before new regulations, prompting attention to potential surges in tender offers.
Our approach is clear: identify short-term tender offer candidates, monitor trading volumes for spikes, and use the three-day pre-disclosure surge to time our positions effectively.


Chronic Insider Trading in the Korean Tender Offer Market & Time Positions for Short-Term Targets

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> started 2024 on a strong note with highest ever quarterly revenue and operating profit in 1Q24. Faster-than-expected consumables orders from overseas markets drove the overall performance.</li>
<li>The proportion of consumable sales rose to 53% (1Q23: 48% and 4Q23: 43%), increasing by 42% and 32% QoQ. Increasing contribution from high-margin consumables sales improved the profitability substantially.</li>
<li>Favorable industry tailwind, global expansion, and new launches remain main growth drivers. Classys still expects 2024 revenue of KRW225B, up 25% YoY. In April, Classys obtained FDA approval for Volnewmer.</li>
</ul>



Classys (214150 KS) started 2024 on a strong note with highest ever quarterly revenue and operating profit in 1Q24. Faster-than-expected consumables orders from overseas markets drove the overall performance.
The proportion of consumable sales rose to 53% (1Q23: 48% and 4Q23: 43%), increasing by 42% and 32% QoQ. Increasing contribution from high-margin consumables sales improved the profitability substantially.
Favorable industry tailwind, global expansion, and new launches remain main growth drivers. Classys still expects 2024 revenue of KRW225B, up 25% YoY. In April, Classys obtained FDA approval for Volnewmer.


Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.</li>
<li>The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.</li>
<li>All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.</li>
</ul>


In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.
The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.
All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.


Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations

Equity Capital Markets

<ul>
<li>Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.</li>
<li>We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company's strong growth in sales and profits.</li>
<li>On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).</li>
</ul>


Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.
We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company's strong growth in sales and profits.
On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).


Classys: One of Korea's Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> achieved its highest performance ever in 2023. Revenue grew 27% YoY to KRW180 billion, 6% higher than the forecast of KRW170 billion announced early last year.</li>
<li>As demand for equipment increased rapidly in major countries, overseas sales last year exceeded KRW100 billion for the first time, and specially in Brazil, annual sales exceeded KRW40 billion.</li>
<li>With a positive outlook, Classys is expected to maintain growth trajectory. The company expects 2024 annual revenue of KRW225 billion, up 25% YoY. </li>
</ul>



Classys (214150 KS) achieved its highest performance ever in 2023. Revenue grew 27% YoY to KRW180 billion, 6% higher than the forecast of KRW170 billion announced early last year.
As demand for equipment increased rapidly in major countries, overseas sales last year exceeded KRW100 billion for the first time, and specially in Brazil, annual sales exceeded KRW40 billion.
With a positive outlook, Classys is expected to maintain growth trajectory. The company expects 2024 annual revenue of KRW225 billion, up 25% YoY. 


Classys (214150 KS): 2023 Sales Beat Guidance to Reach Record High; Stellar Performance to Continue

South Korea

Classys Inc. operates as a medical equipment manufacturing company. The Company develops and sells non surgical painless fat reduction instruments, fat freezing fat reduction instruments, and other products. Classys markets its products worldwide.

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Classys (214150 KS)

Chronic Insider Trading in the Korean Tender Offer Market & Time Positions for Short-Term Targets

This post examines the persistent issue of insider trading in the Korean tender offer market and discusses how we should time positions for short...

Sanghyun Park