External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>For 2Q25, DIO Implant reported in-line revenue of W40.1bn (+158% YoY) and belowconsensus operating profit of W3bn (swinging to black YoY; OP margin of 7.5%).</li><li>Adjusted EBITDA came in at W9.7bn (adjusted EBITDA margin of 24.3%), also swinging to black YoY.</li><li>Domestic revenue was W6.4bn, while exports grew 93% YoY to W32.5bn. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For 2Q25, DIO Implant reported in-line revenue of W40.1bn (+158% YoY) and belowconsensus operating profit of W3bn (swinging to black YoY; OP margin of 7.5%).Adjusted EBITDA came in at W9.7bn (adjusted EBITDA margin of 24.3%), also swinging to black YoY.Domestic revenue was W6.4bn, while exports grew 93% YoY to W32.5bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DIO Implant (039840 KQ/Buy)Solid Underlying Performance Masked by Conservative Accounting Approach

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 22nd. The aggregated short interest was USD10.3bn.</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 COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 22nd. The aggregated short interest was USD10.3bn.
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 COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Aug 22nd): COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 7th which has an aggregated short interest worth USD3.6bn.</li>
<li>We tabulate league table 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 Kakao, Hlb, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 7th which has an aggregated short interest worth USD3.6bn.
We tabulate league table 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 Kakao, Hlb, Samsung Electronics.


KRX Short Interest Weekly (Mar 7th): Kakao, Hlb, Samsung Electronics

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.</li>
<li>The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels</li>
<li>Among the listed companies <a href="https://www.smartkarma.com/entities/3-m-co" target="_blank" data-smartkarma-citation="entities:14866:1" rel="noopener">3M Co (MMM US)</a> , <a href="https://www.smartkarma.com/entities/dentsply-international-inc" target="_blank" data-smartkarma-citation="entities:10926:1" rel="noopener">Dentsply International (XRAY US)</a> , <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> , <a href="https://www.smartkarma.com/entities/envista-holdings-corp" target="_blank" data-smartkarma-citation="entities:35866:1" rel="noopener">Envista Holdings (NVST US)</a>  &amp; <a href="https://www.smartkarma.com/entities/straumann-holding-ag" target="_blank" data-smartkarma-citation="entities:22493:1" rel="noopener">Straumann Holding (STMN SW)</a> stand out. </li>
</ul>


This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.
The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels
Among the listed companies 3M Co (MMM US) , Dentsply International (XRAY US) , Align Technology (ALGN US) , Envista Holdings (NVST US)  &amp; Straumann Holding (STMN SW) stand out. 


A Detailed Look Into Innovations in Dentistry

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Due to the enormous controversy regarding Chairman Choi Gyu-Ok's children exchange CB call options for BWs, the Choi family has decided to change and simplify this transaction structure.</li>
<li>Previously, MBK-Unison decided to acquire the call option on CB that Chairman Choi gave to his children. Under revised contract, MBK-Unison agreed to acquire the convertible bond itself.</li>
<li>We believe MBK-Unison consortium is getting a relative bargain in this deal and the valuation of Osstem Implant remain attractive (EV/EBITDA of 6.4x and P/E of 11.7x in 2024). </li>
</ul>


Due to the enormous controversy regarding Chairman Choi Gyu-Ok's children exchange CB call options for BWs, the Choi family has decided to change and simplify this transaction structure.
Previously, MBK-Unison decided to acquire the call option on CB that Chairman Choi gave to his children. Under revised contract, MBK-Unison agreed to acquire the convertible bond itself.
We believe MBK-Unison consortium is getting a relative bargain in this deal and the valuation of Osstem Implant remain attractive (EV/EBITDA of 6.4x and P/E of 11.7x in 2024). 


Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares

South Korea

DIO Corp. manufactures dental implant and related device. The Company's product includes internal & external implant system, implant surgical device, dental material, and sterilizer. Dio also produces and installs public parking lot systems.

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Dio Corp (039840 KS)

DIO Implant (039840 KQ/Buy)Solid Underlying Performance Masked by Conservative Accounting Approach

For 2Q25, DIO Implant reported in-line revenue of W40.1bn (+158% YoY) and belowconsensus operating profit of W3bn (swinging to black YoY; OP margin...

Mirae Asset Securities

KRX Short Interest Weekly (Aug 22nd): COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in COSMAX, SAMSUNG LIFE, SK Hynix, Hyundai Motor, HD...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Mar 7th): Kakao, Hlb, Samsung Electronics

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakao, Hlb, Samsung Electronics.

Ke Yan, CFA, FRM

A Detailed Look Into Innovations in Dentistry

The report highlights the most innovative well-known & lesser-known dental companies driving advancements in digital dentistry, materials,...

Pyari Menon

Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares

Due to the enormous controversy regarding Chairman Choi Gyu-Ok's children exchange CB call options for BWs, the Choi family has decided to change...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)