Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>The Korea Exchange (KRX) will announce the results of the December 2021 review of the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> in November. The constituent changes will be effective after the close of trading on 9 December.</p><p>With over 85% of the review period complete, we see 16 potential inclusions and exclusions for the index at the December rebalance.</p><p>The potential inclusions are <a href="https://www.smartkarma.com/entities/eubiologics-co-ltd" target="_blank" data-smartkarma-citation="entities:23739:1" rel="noopener">Eubiologics (206650 KS)</a>, Cellid (299660 KS), BNC Korea (256840 KS), <a href="https://www.smartkarma.com/entities/wonik-qnc-corp" target="_blank" data-smartkarma-citation="entities:6828:1" rel="noopener">Wonik QnC Corp (074600 KS)</a>, <a href="https://www.smartkarma.com/entities/komico-ltd" target="_blank" data-smartkarma-citation="entities:24033:1" rel="noopener">KoMiCo Ltd. (183300 KS)</a>, <a href="https://www.smartkarma.com/entities/tk-chemical-corp" target="_blank" data-smartkarma-citation="entities:13428:1" rel="noopener">Tk Chemical (104480 KS)</a>, <a href="https://www.smartkarma.com/entities/bioneer-corp" target="_blank" data-smartkarma-citation="entities:11487:1" rel="noopener">Bioneer Corp (064550 KS)</a>, <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS)</a>, <a href="https://www.smartkarma.com/entities/kona-i-co-ltd" target="_blank" data-smartkarma-citation="entities:19695:1" rel="noopener">Kona I Co Ltd (052400 KS)</a>, <a href="https://www.smartkarma.com/entities/coocon-corp" target="_blank" data-smartkarma-citation="entities:32234:1" rel="noopener">Coocon Corp (294570 KS)</a>, AptaBio Therapeutics (293780 KS), <a href="https://www.smartkarma.com/entities/saraminhr-co-ltd" target="_blank" data-smartkarma-citation="entities:8494:1" rel="noopener">SaraminHR (143240 KS)</a>, <a href="https://www.smartkarma.com/entities/interpark-holdings-corp" target="_blank" data-smartkarma-citation="entities:12073:1" rel="noopener">Interpark Holdings (035080 KS)</a>, <a href="https://www.smartkarma.com/entities/dk-d-i-co-ltd" target="_blank" data-smartkarma-citation="entities:9948:1" rel="noopener">Dk D&amp;I Co Ltd (033310 KS)</a>, <a href="https://www.smartkarma.com/entities/access-bio-inc-kdr" target="_blank" data-smartkarma-citation="entities:5729:1" rel="noopener">Access Bio Inc (950130 KS)</a> and Intellian Tech (189300 KS).</p><p>The potential deletions are <a href="https://www.smartkarma.com/entities/winix-inc" target="_blank" data-smartkarma-citation="entities:19972:1" rel="noopener">Winix Inc (044340 KS)</a>, <a href="https://www.smartkarma.com/entities/telcon-inc" target="_blank" data-smartkarma-citation="entities:15231:1" rel="noopener">Telcon Inc (200230 KS)</a>, <a href="https://www.smartkarma.com/entities/ubiquoss-inc" target="_blank" data-smartkarma-citation="entities:14341:1" rel="noopener">Ubiquoss Holding (078070 KS)</a>, <a href="https://www.smartkarma.com/entities/danawa-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Danawa Co Ltd (119860 KS)</a>, <a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a>, <a href="https://www.smartkarma.com/entities/wisol-co-ltd" target="_blank" data-smartkarma-citation="entities:14463:1" rel="noopener">Wisol Co Ltd (122990 KS)</a>, <a href="https://www.smartkarma.com/entities/spigen-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:9852:1" rel="noopener">Spigen Korea (192440 KS)</a>, <a href="https://www.smartkarma.com/entities/dongkuk-structures-constru" target="_blank" data-smartkarma-citation="entities:20412:1" rel="noopener">Dongkuk Structures &amp; Constru (100130 KS)</a>, <a href="https://www.smartkarma.com/entities/lemon-co-ltd" target="_blank" data-smartkarma-citation="entities:28841:1" rel="noopener">Lemon Co Ltd (294140 KQ)</a>, <a href="https://www.smartkarma.com/entities/g-treebnt-co-ltd" target="_blank" data-smartkarma-citation="entities:1933:1" rel="noopener">G Treebnt (115450 KS)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">Advanced Process Systems (265520 KS)</a>, <a href="https://www.smartkarma.com/entities/toptec-co-ltd" target="_blank" data-smartkarma-citation="entities:7332:1" rel="noopener">Toptec Co Ltd (108230 KS)</a>, <a href="https://www.smartkarma.com/entities/optoelectronics-solutions-co" target="_blank" data-smartkarma-citation="entities:2098:1" rel="noopener">Optoelectronics Solutions Co (138080 KS)</a>, <a href="https://www.smartkarma.com/entities/koentec-co-ltd" target="_blank" data-smartkarma-citation="entities:4049:1" rel="noopener">Koentec Co Ltd (029960 KS)</a>, <a href="https://www.smartkarma.com/entities/unison-co-ltd-south-korea" target="_blank" data-smartkarma-citation="entities:18617:1" rel="noopener">Unison Co Ltd (018000 KS)</a> and <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti Co Ltd (045390 KS)</a>.</p><p>The Health Care sector is expected to gain 5 spots in the index while the Information Technology sector has the largest turnover and is expected to lose 3 spots in the index.</p><p>There has been a big pullback in some of the potential inclusions over the last few days and further drops that could take the stocks lower could be used to gradually build positions ahead of the end of the review period.</p><p>There is negligible short interest on the potential adds while there is a lot of short interest on some of the potential deletions.</p>

The Korea Exchange (KRX) will announce the results of the December 2021 review of the KOSDAQ 150 Index (KOSDQ150 INDEX) in November. The constituent changes will be effective after the close of trading on 9 December.With over 85% of the review period complete, we see 16 potential inclusions and exclusions for the index at the December rebalance.The potential inclusions are Eubiologics (206650 KS), Cellid (299660 KS), BNC Korea (256840 KS), Wonik QnC Corp (074600 KS), KoMiCo Ltd. (183300 KS), Tk Chemical (104480 KS), Bioneer Corp (064550 KS), Nanos Co Ltd (151910 KS), Kona I Co Ltd (052400 KS), Coocon Corp (294570 KS), AptaBio Therapeutics (293780 KS), SaraminHR (143240 KS), Interpark Holdings (035080 KS), Dk D&amp;I Co Ltd (033310 KS), Access Bio Inc (950130 KS) and Intellian Tech (189300 KS).The potential deletions are Winix Inc (044340 KS), Telcon Inc (200230 KS), Ubiquoss Holding (078070 KS), Danawa Co Ltd (119860 KS), Icure Pharm Inc (175250 KS), Wisol Co Ltd (122990 KS), Spigen Korea (192440 KS), Dongkuk Structures &amp; Constru (100130 KS), Lemon Co Ltd (294140 KQ), G Treebnt (115450 KS), Advanced Process Systems (265520 KS), Toptec Co Ltd (108230 KS), Optoelectronics Solutions Co (138080 KS), Koentec Co Ltd (029960 KS), Unison Co Ltd (018000 KS) and Daea Ti Co Ltd (045390 KS).The Health Care sector is expected to gain 5 spots in the index while the Information Technology sector has the largest turnover and is expected to lose 3 spots in the index.There has been a big pullback in some of the potential inclusions over the last few days and further drops that could take the stocks lower could be used to gradually build positions ahead of the end of the review period.There is negligible short interest on the potential adds while there is a lot of short interest on some of the potential deletions.

KOSDAQ150 Index Rebalance Preview: Here Comes the Pullback

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight">
<p>On 16 July, FSS (Financial Supervisory Service) requested <a href="https://www.sedaily.com/NewsView/22OXPDP6O5" target="_blank" rel="noopener">Kakao Pay</a> to revise the IPO prospectus filings and postpone the IPO process. The book building for Kakao Pay was originally supposed to start on 29 July. Now, this will get postponed. </p>
<p>One of the key reasons why FSS has decided to postpone the Kakao Pay IPO is likely because of the numerous complaints from institutional investors that the IPO price range (especially high end) is too high. As a result, FSS requested the correction and supplementation of the IPO filing submitted by Kakao Pay. </p>
</div>


On 16 July, FSS (Financial Supervisory Service) requested Kakao Pay to revise the IPO prospectus filings and postpone the IPO process. The book building for Kakao Pay was originally supposed to start on 29 July. Now, this will get postponed. 
One of the key reasons why FSS has decided to postpone the Kakao Pay IPO is likely because of the numerous complaints from institutional investors that the IPO price range (especially high end) is too high. As a result, FSS requested the correction and supplementation of the IPO filing submitted by Kakao Pay. 


FSS Requests Kakao Pay to Revise IPO Filings & Postpone IPO Process

<p>In this insight, we provide a deeper, competitive analysis of the Korean fintech industry and the major competitors. Once Kakao Pay completes its IPO, it will be the largest pure-play fintech company in Korea. In addition, we compare Kakao Pay's valuation against the recent $7.5 billion valuation received by Viva Republica in Korea. </p><p>The table below provides the main fintech services that are offered in South Korea along with the number of players competing in each of these segments. </p><table class="table table-striped">
<colgroup>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td colspan="2" style="width: 463.91px;"><strong>Fintech Services in Korea (Major Services &amp; Number of Players)</strong></td>
<td style="text-align: center; width: 150.45px;"></td>
</tr>
<tr>
<td style="text-align: left; width: 172.63px;"><strong>Major Services</strong></td>
<td style="text-align: left; width: 291.28px;"><strong>Key Details</strong></td>
<td style="text-align: center; width: 150.45px;"><strong>Number of firms (% of Total)</strong></td>
</tr>
<tr>
<td style="width: 172.63px;">Payment/Money Transfer</td>
<td style="width: 291.28px;">Provision of payment/remittance service through simple self-authentication on mobile devices with payment information registered in advance</td>
<td style="text-align: center; width: 150.45px;">83 (24.1%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Crowd Funding/P2P finance</td>
<td style="width: 291.28px;">A service that receives business funds, etc. from an unspecified number of investors through an online intermediary</td>
<td style="text-align: center; width: 150.45px;">45 (13.0%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Authentification/security</td>
<td style="width: 291.28px;">Prevent crime by detecting abnormal transactions or provide identity authentication service through fingerprint, iris, and facial recognition</td>
<td style="text-align: center; width: 150.45px;">43 (12.5%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Personal financial management</td>
<td style="width: 291.28px;">Provides services such as expenditure management, integrated financial product management, credit score management, and customized financial product recommendation</td>
<td style="text-align: center; width: 150.45px;">33 (9.6%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Insurance</td>
<td style="width: 291.28px;">Provides efficient and innovative services by converging the latest technologies in each insurance field</td>
<td style="text-align: center; width: 150.45px;">23 (6.7%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Investment</td>
<td style="width: 291.28px;">Manage assets mainly based on AI algorithms or provide advice to investors</td>
<td style="text-align: center; width: 150.45px;">18 (5.2%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Fintech System Integrator</td>
<td style="width: 291.28px;">Fintech infrastructure services such as financial data and risk management</td>
<td style="text-align: center; width: 150.45px;">18 (5.2%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Overseas money transfer</td>
<td style="width: 291.28px;">Low fees and fast overseas remittance service</td>
<td style="text-align: center; width: 150.45px;">14 (4.1%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Cryptocurrency</td>
<td style="width: 291.28px;">Provision of crypto currency distribution service</td>
<td style="text-align: center; width: 150.45px;">6 (1.7%)</td>
</tr>
<tr>
<td style="width: 172.63px;">Others</td>
<td style="width: 291.28px;"><div></div></td>
<td style="text-align: center; width: 150.45px;">62 (18.0%)</td>
</tr>
<tr>
<td style="width: 172.63px;"><strong>Total</strong></td>
<td style="width: 291.28px;">
<div>
<div></div>
<div><div></div></div>
</div>
<div><div></div></div>
</td>
<td style="text-align: center; width: 150.45px;"><strong>345</strong></td>
</tr>
<tr>
<td colspan="2" style="width: 463.91px;">Source: Korea Fintech Association, 2019</td>
<td style="text-align: center; width: 150.45px;"></td>
</tr>
</tbody>
</table>

In this insight, we provide a deeper, competitive analysis of the Korean fintech industry and the major competitors. Once Kakao Pay completes its IPO, it will be the largest pure-play fintech company in Korea. In addition, we compare Kakao Pay's valuation against the recent $7.5 billion valuation received by Viva Republica in Korea. The table below provides the main fintech services that are offered in South Korea along with the number of players competing in each of these segments. 







Fintech Services in Korea (Major Services &amp; Number of Players)



Major Services
Key Details
Number of firms (% of Total)


Payment/Money Transfer
Provision of payment/remittance service through simple self-authentication on mobile devices with payment information registered in advance
83 (24.1%)


Crowd Funding/P2P finance
A service that receives business funds, etc. from an unspecified number of investors through an online intermediary
45 (13.0%)


Authentification/security
Prevent crime by detecting abnormal transactions or provide identity authentication service through fingerprint, iris, and facial recognition
43 (12.5%)


Personal financial management
Provides services such as expenditure management, integrated financial product management, credit score management, and customized financial product recommendation
33 (9.6%)


Insurance
Provides efficient and innovative services by converging the latest technologies in each insurance field
23 (6.7%)


Investment
Manage assets mainly based on AI algorithms or provide advice to investors
18 (5.2%)


Fintech System Integrator
Fintech infrastructure services such as financial data and risk management
18 (5.2%)


Overseas money transfer
Low fees and fast overseas remittance service
14 (4.1%)


Cryptocurrency
Provision of crypto currency distribution service
6 (1.7%)


Others

62 (18.0%)


Total







345


Source: Korea Fintech Association, 2019





Kakao Pay: An Overview of Korean Fintech Competitors & A Comparison to Viva Republica's Valuation

<div><div class="content-highlight">
<p><a href="https://www.smartkarma.com/entities/coocon-corp" target="_blank" data-smartkarma-citation="entities:32234:1" rel="noopener">Coocon Corp (294570 KS), </a>the market leader in providing API based information services in Korea, announced excellent book building results. The IPO price of Coocon has been determined at <strong>45,000 won</strong>, which is above the IPO price range of 31,000 won to 40,000 won. There were 1,578 institutions that participated in this IPO survey and the demand was extremely strong at <strong>1,595 to 1.</strong></p>
<p><strong>Our base case valuation of Coocon is 66,104 won, which is 47% higher than the IPO price of 45,000 won. Despite the slowing momentum in the global IPO market, we think that Coocon's IPO will stand out and be able to reach our target price in the first few days of trading. </strong></p>
<p>Coocon is engaged in the collection and connection of multitude of data involving API, which is essentially a contract between two or more software that results in a certain functionality if the user software provides an input in a pre-defined format. It collects and connects data from 500 domestic institutions such as finance, public, medical, logistics, distribution, and telecommunications, as well as more than 2,000 institutions in 40 countries abroad. </p>
</div></div><div>
<table class="table table-striped">
<colgroup>
<col>
<col span="4">
</colgroup>
<tbody>
<tr>
<td colspan="4" style="width: 546.4px;"><div><strong>Institutional Investors Demand Breakdown of Coocon IPO Bookbuilding Results</strong></div></td>
<td></td>
</tr>
<tr>
<td style="text-align: center; width: 135.52px;"><strong>Domestic Investors</strong></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td style="text-align: center; width: 108.64px;"><strong>Asset mgmt companies</strong></td>
<td style="text-align: center; width: 135.52px;"><strong>Brokerages</strong></td>
<td style="text-align: center; width: 125.92px;"><strong>Pension funds/insurance/banks</strong></td>
<td style="text-align: center; width: 90.08px;"><strong>Others</strong></td>
<td></td>
</tr>
<tr>
<td style="width: 114.4px;">No. of companies</td>
<td style="text-align: center; width: 108.64px;">538</td>
<td style="text-align: center; width: 135.52px;">37</td>
<td style="text-align: center; width: 125.92px;">209</td>
<td style="text-align: center; width: 90.08px;">478</td>
</tr>
<tr>
<td style="width: 114.4px;">Demand</td>
<td style="text-align: center; width: 108.64px;">541 to 1</td>
<td style="text-align: center; width: 135.52px;">36 to 1</td>
<td style="text-align: center; width: 125.92px;">206 to 1</td>
<td style="text-align: center; width: 90.08px;">484 to 1</td>
</tr>
<tr>
<td style="width: 114.4px;"> </td>
<td style="text-align: center; width: 108.64px;"> </td>
<td style="text-align: center; width: 135.52px;"> </td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
</tr>
<tr>
<td style="text-align: center; width: 135.52px;"><strong>Overseas Investors</strong></td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
<td></td>
<td></td>
</tr>
<tr>
<td style="text-align: center; width: 108.64px;"><strong>(A)*</strong></td>
<td style="text-align: center; width: 135.52px;"><strong>(B)**</strong></td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
<td></td>
</tr>
<tr>
<td style="width: 114.4px;">No. of companies</td>
<td style="text-align: center; width: 108.64px;">104</td>
<td style="text-align: center; width: 135.52px;">212</td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
</tr>
<tr>
<td style="width: 114.4px;">Demand</td>
<td style="text-align: center; width: 108.64px;">105 to 1</td>
<td style="text-align: center; width: 135.52px;">222 to 1</td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
</tr>
<tr>
<td style="width: 114.4px;"> </td>
<td style="text-align: center; width: 108.64px;"> </td>
<td style="text-align: center; width: 135.52px;"> </td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
</tr>
<tr>
<td style="width: 114.4px;"><strong>Total (No. of companies)</strong></td>
<td style="text-align: center; width: 108.64px;"><strong>1,578</strong></td>
<td style="text-align: center; width: 135.52px;"> </td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
</tr>
<tr>
<td style="width: 114.4px;"><strong>Total Demand</strong></td>
<td style="text-align: center; width: 108.64px;"><strong>1,595 to 1</strong></td>
<td style="text-align: center; width: 135.52px;"> </td>
<td style="text-align: center; width: 125.92px;"> </td>
<td style="text-align: center; width: 90.08px;"> </td>
</tr>
<tr><td colspan="5" style="width: 657.12px;">Note: (A)* refers to overseas investment mgmt companies that have records of trading with the brokers involved in this deal.</td></tr>
<tr><td colspan="5" style="width: 657.12px;">(B)** refers to overseas investment mgmt companies that do not have records of trading with the brokers involved in this deal.</td></tr>
<tr>
<td colspan="2">Source: Company data</td>
<td style="width: 135.52px;"> </td>
<td style="width: 125.92px;"> </td>
<td style="width: 90.08px;"> </td>
</tr>
</tbody>
</table>
<div><p></p></div>
</div>


Coocon Corp (294570 KS), the market leader in providing API based information services in Korea, announced excellent book building results. The IPO price of Coocon has been determined at 45,000 won, which is above the IPO price range of 31,000 won to 40,000 won. There were 1,578 institutions that participated in this IPO survey and the demand was extremely strong at 1,595 to 1.
Our base case valuation of Coocon is 66,104 won, which is 47% higher than the IPO price of 45,000 won. Despite the slowing momentum in the global IPO market, we think that Coocon's IPO will stand out and be able to reach our target price in the first few days of trading. 
Coocon is engaged in the collection and connection of multitude of data involving API, which is essentially a contract between two or more software that results in a certain functionality if the user software provides an input in a pre-defined format. It collects and connects data from 500 domestic institutions such as finance, public, medical, logistics, distribution, and telecommunications, as well as more than 2,000 institutions in 40 countries abroad. 








Institutional Investors Demand Breakdown of Coocon IPO Bookbuilding Results



Domestic Investors






Asset mgmt companies
Brokerages
Pension funds/insurance/banks
Others



No. of companies
538
37
209
478


Demand
541 to 1
36 to 1
206 to 1
484 to 1


 
 
 
 
 


Overseas Investors
 
 




(A)*
(B)**
 
 



No. of companies
104
212
 
 


Demand
105 to 1
222 to 1
 
 


 
 
 
 
 


Total (No. of companies)
1,578
 
 
 


Total Demand
1,595 to 1
 
 
 

Note: (A)* refers to overseas investment mgmt companies that have records of trading with the brokers involved in this deal.
(B)** refers to overseas investment mgmt companies that do not have records of trading with the brokers involved in this deal.

Source: Company data
 
 
 






COOCON Bookbuilding Results and Trading Strategy Post IPO

<p><strong>Our base case valuation of Coocon is 66,104 won, which is 65% higher than the high end of the IPO price range of 40,000 won.</strong> Our base case valuation also suggests an EV of 494 billion won and implied market cap of 549 billion won. Our base case valuation suggests an EV/EBIT (2020) multiple of 43.7x, which represents a 40% premium to Webcash and 67% higher than the average of Settlebank and Webcash valuation multiples in 2020. We have a positive view of Coocon IPO, given that our base case valuation is much higher than the high end of the IPO valuation range. </p><p>Coocon has superior financials than its comps including sales growth, operating margin, operating profit growth, and ROE. The combination of the superior financial metrics for Coocon versus its comps suggest that Coocon should trade at higher valuation multiples than its peers. The comps had an average EV/EBIT of 26.2x in 2020. </p>

Our base case valuation of Coocon is 66,104 won, which is 65% higher than the high end of the IPO price range of 40,000 won. Our base case valuation also suggests an EV of 494 billion won and implied market cap of 549 billion won. Our base case valuation suggests an EV/EBIT (2020) multiple of 43.7x, which represents a 40% premium to Webcash and 67% higher than the average of Settlebank and Webcash valuation multiples in 2020. We have a positive view of Coocon IPO, given that our base case valuation is much higher than the high end of the IPO valuation range. Coocon has superior financials than its comps including sales growth, operating margin, operating profit growth, and ROE. The combination of the superior financial metrics for Coocon versus its comps suggest that Coocon should trade at higher valuation multiples than its peers. The comps had an average EV/EBIT of 26.2x in 2020. 

South Korea

Coocon Corporation operates as a business information provider. The Company provides business information collecting, connecting, and organizing services. Coocon offers services worldwide.

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Coocon Corp (294570 KS)

KOSDAQ150 Index Rebalance Preview: Here Comes the Pullback

With 85% of the review period complete, we see 16 changes for the KQ150 Index at the Dec rebal. The potential adds have outperformed the deletes...

Brian Freitas

FSS Requests Kakao Pay to Revise IPO Filings & Postpone IPO Process

On 16 July, FSS requested Kakao Pay to revise the IPO prospectus filings and postpone the IPO process. It is likely that the IPO price range of...

Douglas Kim

Kakao Pay: An Overview of Korean Fintech Competitors & A Comparison to Viva Republica's Valuation

In this insight, we provide a deeper, competitive analysis of the Korean fintech industry and the major competitors. In addition, we compare Kakao...

Douglas Kim

COOCON Bookbuilding Results and Trading Strategy Post IPO

Coocon Corp (294570 KS), the market leader in providing API based information services in Korea, announced excellent book building results. Demand...

Douglas Kim

COOCON IPO Valuation Analysis

Our base case valuation of Coocon is 66,104 won, which is 65% higher than the high end of the IPO price range of 40,000 won.

Douglas Kim

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