Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

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In this insight, we discuss the best ways to position for the growth of REITs in South Korea. In the sections below, we have categorized four main ways in which we think investors would be best positioned to invest in the growing REIT market in Korea over the next 1-2 years, which include the following: 
I) <a href="https://www.smartkarma.com/entities/esr-kendall-square-reit-co-ltd" target="_blank" data-smartkarma-citation="entities:32172:1" rel="noopener">ESR Kendall Square REIT (365550 KS)</a> 
II) Major Korean Construction Companies Entering REIT Market
III) Upcoming New Listings in the REIT Market
IV) Other Notable REITs in Korea
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In this insight, we discuss the best ways to position for the growth of REITs in South Korea. In the sections below, we have categorized four main ways in which we think investors would be best positioned to invest in the growing REIT market in Korea over the next 1-2 years, which include the following: 
I) ESR Kendall Square REIT (365550 KS) 
II) Major Korean Construction Companies Entering REIT Market
III) Upcoming New Listings in the REIT Market
IV) Other Notable REITs in Korea


Best Ways to Position for the Growth of REITs in Korea

Douglas Research Advisory

Event-Driven

<ul>
<li>Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3 billion). </li>
<li>If Delivery Hero is able to sell Woowa Brothers at about 8 trillion won, the market is likely to view this slightly positive for Delivery Hero.</li>
<li>Market will also likely to view this deal to be negative for Coupang (due to heightened competition) and slightly negative for Uber (due to valuation/lower profit margins at Baemin). </li>
</ul>


Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3 billion). 
If Delivery Hero is able to sell Woowa Brothers at about 8 trillion won, the market is likely to view this slightly positive for Delivery Hero.
Market will also likely to view this deal to be negative for Coupang (due to heightened competition) and slightly negative for Uber (due to valuation/lower profit margins at Baemin). 


Uber Partners With Naver to Acquire 100% Stake in Baemin (Woowa Brothers) For 8 Trillion Won

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 analysed the earning revision of component stocks of MS-Indonesia 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 Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia 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 Astra International, Aneka Tambang, Bank Mandiri, Caesars Entertainment, Inc. Common Stock, Indah Kiat Pulp &amp; Paper, Barito Pacific, APA Corporation Common Stock, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>Sea Ltd’s current margin pressure is investment-driven, not price-war driven, with logistics expansion and loyalty programs weighing short-term but strengthening long-term platform economics.</li>
<li>Shopee monetization remains intact with scaling ads and stable take-rates, while Gaming and DFS provide stable earnings and growth support, reducing reliance on near-term e-commerce margin recovery.</li>
<li>At ~0.8x forward sales for Shopee, valuation is depressed; normalization toward 2.0x–2.8x supports ~60% base-case and ~90% upside potential.</li>
</ul>


Sea Ltd’s current margin pressure is investment-driven, not price-war driven, with logistics expansion and loyalty programs weighing short-term but strengthening long-term platform economics.
Shopee monetization remains intact with scaling ads and stable take-rates, while Gaming and DFS provide stable earnings and growth support, reducing reliance on near-term e-commerce margin recovery.
At ~0.8x forward sales for Shopee, valuation is depressed; normalization toward 2.0x–2.8x supports ~60% base-case and ~90% upside potential.


Sea Ltd (SE US): Shopee Trading at Trough Valuations

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> and <a href="https://www.smartkarma.com/entities/comfort-systems-usa-inc" target="_blank" data-smartkarma-citation="entities:6730:1" rel="noopener">Comfort Systems USA (FIX US)</a> are the main candidates for addition due to consistently high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/pure-storage-inc" target="_blank" data-smartkarma-citation="entities:27421:1" rel="noopener">Pure Storage Inc (PSTG US)</a> and <a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> face reduced conviction due to sector balance and turnover.</li>
<li>
<a href="https://www.smartkarma.com/entities/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> has a higher probability of inclusion following the acquisition of <a href="https://www.smartkarma.com/entities/kellogg-co" target="_blank" data-smartkarma-citation="entities:16090:1" rel="noopener">Kellogg Co (K US)</a> which is still pending.</li>
</ul>



CRH (CRH US) and Comfort Systems USA (FIX US) are the main candidates for addition due to consistently high eligibility scores.

Pure Storage Inc (PSTG US) and Solstice Advanced Materials (SOLS US) face reduced conviction due to sector balance and turnover.

Vertiv Holdings Co (VRT US) has a higher probability of inclusion following the acquisition of Kellogg Co (K US) which is still pending.


S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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Coupang (CPNG US)

Best Ways to Position for the Growth of REITs in Korea

In this insight, we discuss the best ways to position for the growth of REITs in South Korea. ESR Kendall Square REIT is our top pick in this sector.

Douglas Kim

Uber Partners With Naver to Acquire 100% Stake in Baemin (Woowa Brothers) For 8 Trillion Won

Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3...

Douglas Kim

MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

We analyzed MS-Indonesia's consensus for Mar 2026 and highlighted changes of EPS in Astra International (ASII IJ), Aneka Tambang (ANTM IJ), Bank...

Ke Yan, CFA, FRM

Sea Ltd (SE US): Shopee Trading at Trough Valuations

Sea Ltd's margin pressure is due to investment in logistics and loyalty programs, not price wars. Valuation for Shopee will re-rate as this margin...

Raj S, CA, CFA

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Best Ways to Position for the Growth of REITs in Korea

In this insight, we discuss the best ways to position for the growth of REITs in South Korea. ESR Kendall Square REIT is our top pick in this sector.

Douglas Kim

Uber Partners With Naver to Acquire 100% Stake in Baemin (Woowa Brothers) For 8 Trillion Won

Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3...

Douglas Kim

MS-Indonesia Index Earning Revision (Mar): Astra International, Aneka Tambang, Bank Mandiri

We analyzed MS-Indonesia's consensus for Mar 2026 and highlighted changes of EPS in Astra International (ASII IJ), Aneka Tambang (ANTM IJ), Bank...

Ke Yan, CFA, FRM

Sea Ltd (SE US): Shopee Trading at Trough Valuations

​Sea Ltd's margin pressure is due to investment in logistics and loyalty programs, not price wars. Valuation for Shopee will re-rate as this margin...

Raj S, CA, CFA

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

​CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

Sea Ltd's margin pressure is due to investment in logistics and loyalty programs, not price wars. Valuation for Shopee will re-rate as this margin...

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...