Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Sephora recently announced that 19 OLIVE YOUNG curated Korean cosmetic brands will become available at 500+ Sephora stores in the U.S. and at Sephora.com.</li>
<li>Unlike the semiconductor sector where the industry cyclicality is highly volatile, the global consumers' preference for Korean cosmetics could well last much longer for the next 3-5 years. </li>
<li>Korean cosmetics exports reached a record high of $7.0 billion in 1H 2026, up 27.3% YoY. The primary export destinations were the US at $1.45 billion (up 41.5% YoY).</li>
</ul>


Sephora recently announced that 19 OLIVE YOUNG curated Korean cosmetic brands will become available at 500+ Sephora stores in the U.S. and at Sephora.com.
Unlike the semiconductor sector where the industry cyclicality is highly volatile, the global consumers' preference for Korean cosmetics could well last much longer for the next 3-5 years. 
Korean cosmetics exports reached a record high of $7.0 billion in 1H 2026, up 27.3% YoY. The primary export destinations were the US at $1.45 billion (up 41.5% YoY).


Olive Young Partners With Sephora to Target 500+ Stores With 19 Curated Korean Cosmetic Brands

Cross Asset Strategy

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <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>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, <a href="https://www.smartkarma.com/entities/dong-a-socio-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4271:1" rel="noopener">Dong A Socio Holdings (000640 KS), </a>and <a href="https://www.smartkarma.com/entities/dong-a-st-co-ltd" target="_blank" data-smartkarma-citation="entities:16873:1" rel="noopener">Dong A St (170900 KS)</a>.Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, Dong A Socio Holdings (000640 KS), and Dong A St (170900 KS).Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.  

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

South Korea

Dong-A ST Co., Ltd. manufactures pharmaceutical products, including vaccines, AIDS diagnostic kit, chemotherapeutic, nutrition and health drinks, antipyretic, analgesic, and other over-the-counter drugs.

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Dong A St (170900 KS)

Olive Young Partners With Sephora to Target 500+ Stores With 19 Curated Korean Cosmetic Brands

Recent major partnership between Sephora and CJ Olive Young, the strong export growth of Korean cosmetics in 1H26, and the recent outperformance of...

Douglas Kim

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

KRX anounced its KOSPI200 index rebalance. There were no surprises among the new additions but a few surprises among the deletions.

Douglas Kim

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's...

Nomadic Equity

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

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