Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coway-co-ltd" target="_blank" data-smartkarma-citation="entities:3022:1" rel="noopener">Coway Co Ltd (021240 KS)</a> counts around 35% of its revenue from Southeast Asia particularly Malaysia and Thailand, where it recorded high growth, offsetting the mature domestic Korean market. </li>
<li>Due to the current haze season that may last until November, Coway's revenues are supposed to be carried up and its share price may see multiple expansion as well. </li>
<li>At &lt;2x PBV, 11x PER and 8x EV/EBITDA, a defensive stock that is committed to Value Up program, including cancellations of treasury and maintaining dividends, it sounds like a bargin. </li>
</ul>



Coway Co Ltd (021240 KS) counts around 35% of its revenue from Southeast Asia particularly Malaysia and Thailand, where it recorded high growth, offsetting the mature domestic Korean market. 
Due to the current haze season that may last until November, Coway's revenues are supposed to be carried up and its share price may see multiple expansion as well. 
At &lt;2x PBV, 11x PER and 8x EV/EBITDA, a defensive stock that is committed to Value Up program, including cancellations of treasury and maintaining dividends, it sounds like a bargin. 


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Coway announced a significantly higher total shareholder return plan, nearly doubling total shareholder returns of consolidated net income from current 20% to about 40% in the next three years.</li>
<li>Coway has low valuation multiples. It is currently trading at EV/EBITDA of 4.1x, P/E of 8.1x, and P/B of 1.4x based on 2025 consensus earnings estimates.</li>
<li>We believe that the combination of improved shareholder returns and low valuation multiples are likely to lead to outperformance of Coway versus the market in the next 6-12 months. </li>
</ul>


Coway announced a significantly higher total shareholder return plan, nearly doubling total shareholder returns of consolidated net income from current 20% to about 40% in the next three years.
Coway has low valuation multiples. It is currently trading at EV/EBITDA of 4.1x, P/E of 8.1x, and P/B of 1.4x based on 2025 consensus earnings estimates.
We believe that the combination of improved shareholder returns and low valuation multiples are likely to lead to outperformance of Coway versus the market in the next 6-12 months. 


Coway: Doubling Total Shareholder Returns to 40% of Consolidated Net Income

Event-Driven

<ul>
<li>Coway's BOD Chairman Bang recently announced that he will buy 10 billion won worth of Coway shares and this is likely to improve positive sentiment on the company. </li>
<li>Align Partners sent its third public shareholder letter to Coway Co Ltd (021240 KS) for various corporate governance improvements in the past week. </li>
<li>Coway is making excellent progress for its overseas business (especially in Thailand and Malaysia). Plus, it is increasing sales for the mattress business in Korea. </li>
</ul>


Coway's BOD Chairman Bang recently announced that he will buy 10 billion won worth of Coway shares and this is likely to improve positive sentiment on the company. 
Align Partners sent its third public shareholder letter to Coway Co Ltd (021240 KS) for various corporate governance improvements in the past week. 
Coway is making excellent progress for its overseas business (especially in Thailand and Malaysia). Plus, it is increasing sales for the mattress business in Korea. 


Align Partners Goes Activist on Coway Again + BOD Chairman to Buy 10 Billion Won of Coway Shares

Cross Asset Strategy

<ul>
<li>In this insight, we discuss the details of the share price performances of the Korea Value Up Index (especially among the index constituents) this year.</li>
<li>It appears that many traders are buying beaten up, higher beta stocks in Korea that were excessively pushed to much lower levels last year. </li>
<li>Among the top 20 best performing stocks in the Korea Value Up Index this year, 15 of them (75% of the top 20 stocks) are listed on KOSDAQ. </li>
</ul>


In this insight, we discuss the details of the share price performances of the Korea Value Up Index (especially among the index constituents) this year.
It appears that many traders are buying beaten up, higher beta stocks in Korea that were excessively pushed to much lower levels last year. 
Among the top 20 best performing stocks in the Korea Value Up Index this year, 15 of them (75% of the top 20 stocks) are listed on KOSDAQ. 


Korea Value Up Index: Winners and Losers in 2025 YTD

<ul>
<li>We discuss how to use the OWL ESG Analytics (available on Smartkarma) to narrow down the list of companies that could be the next targets of corporate activism in Korea. </li>
<li>We go through in detail, step-by-step process of how to narrow down the list of companies, using the OWL ESG Analytics. </li>
<li>Corporate activism has been one of the most important, market moving factors moving the Korean stock market this year.</li>
</ul>


We discuss how to use the OWL ESG Analytics (available on Smartkarma) to narrow down the list of companies that could be the next targets of corporate activism in Korea. 
We go through in detail, step-by-step process of how to narrow down the list of companies, using the OWL ESG Analytics. 
Corporate activism has been one of the most important, market moving factors moving the Korean stock market this year.


Using Smartkarma/OWL ESG Analytics to Narrow Down List of Corporate Activism Targets in Korea

South Korea

Coway Co Ltd develops, manufactures, maintains, and markets environment-related products, such as water purifiers, air cleaners, and water softeners.The Company also provides water testing service.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coway Co Ltd (021240 KS)

Coway (021240): Haze Beneficiary

Coway is the company in South Korea that sells and rents out air purifier, with a large market in Southeast Asia. With the current haze, it should...

Henry Soediarko

Coway: Doubling Total Shareholder Returns to 40% of Consolidated Net Income

Coway announced a significantly higher total shareholder return plan, nearly doubling total shareholder returns of consolidated net income from...

Douglas Kim

Align Partners Goes Activist on Coway Again + BOD Chairman to Buy 10 Billion Won of Coway Shares

Coway's BOD Chairman Bang recently announced that he will buy 10 billion won worth of Coway shares. Align Partners is going activist on Coway once...

Douglas Kim

Korea Value Up Index: Winners and Losers in 2025 YTD

In this insight, we discuss the details of the share price performances of the Korea Value Up Index (especially among the index constituents) this...

Douglas Kim

Using Smartkarma/OWL ESG Analytics to Narrow Down List of Corporate Activism Targets in Korea

We discuss how to use the OWL ESG Analytics (available on Smartkarma) to narrow down the list of companies that could be the next targets of...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)