Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The resumption of short selling in Korea will start again on 31 March. There has been a ban on short selling in Korea since November 2023.</li>
<li>We provide some short selling candidates in Korea. Their sharply increasing share prices in the past five years have resulted in much more burdensome valuations.</li>
<li>Despite their burdensome valuations and sharply higher share prices, the remains high risk of some of these stocks that could overshoot to the upside.</li>
</ul>


The resumption of short selling in Korea will start again on 31 March. There has been a ban on short selling in Korea since November 2023.
We provide some short selling candidates in Korea. Their sharply increasing share prices in the past five years have resulted in much more burdensome valuations.
Despite their burdensome valuations and sharply higher share prices, the remains high risk of some of these stocks that could overshoot to the upside.


Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Miwon Specialty Chemical / Index Rebalance

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.</li>
<li>
<strong>We expect six ADDs and six DELs for the KOSPI 200 index during the June 2025 index rebal</strong> event based on the latest available data.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.

We expect six ADDs and six DELs for the KOSPI 200 index during the June 2025 index rebal event based on the latest available data.


[Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, a Beijing-based warehouse robot maker, filed to list IPO on Hong Kong Stock Exchange. The AI &amp; robotics company plans to raise up to $200M.</li>
<li>Their last round was a $208M Series E1 in August 2022 that was led by Vertex Growth Fund, Intel Capital and B Capital China at a ~$2B post-money valuation.</li>
<li>Geek+ is growing faster than Doosan Robotics, UBTech Robotics and Shenzhen Dobot. The company will likely trade above their last private round valuation of ~$2B in August of 2022.</li>
</ul>


Geek+, a Beijing-based warehouse robot maker, filed to list IPO on Hong Kong Stock Exchange. The AI &amp; robotics company plans to raise up to $200M.
Their last round was a $208M Series E1 in August 2022 that was led by Vertex Growth Fund, Intel Capital and B Capital China at a ~$2B post-money valuation.
Geek+ is growing faster than Doosan Robotics, UBTech Robotics and Shenzhen Dobot. The company will likely trade above their last private round valuation of ~$2B in August of 2022.


Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B

<ul>
<li>Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.</li>
<li>Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp. </li>
<li>Considering Doosan Group's repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous. </li>
</ul>


Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.
Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp. 
Considering Doosan Group's repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous. 


Doosan Corp - NAV Valuation Analysis Amid Index Rebalance Expectations

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.</li>
<li>We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.
We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.


[Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible

South Korea

Doosan Robotics Inc. develops and manufactures industrial equipment. The Company manufactures robots, linear actuation devices, automated production equipment, and other products. Doosan Robotics conducts businesses in South Korea.

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Doosan Robotics (454910 KS)

Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates

The resumption of short selling in Korea will start again on 31 March. There has been a ban on short selling in Korea since November 2023. We...

Douglas Kim

[Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible

We see 6 changes for the KOSPI 200 in June 2025. We still have a short while to go until these changes are cemented but, some have significant...

Travis Lundy

Geek+ IPO Valuation Analysis: Exit Valuation Would Be Significantly Above Last Private Round of ~$2B

Geek+, an early mover in the AMR space with strong international presence, plans to raise fresh capital in Hong Kong IPO. In my insight, I discuss...

Andrei Zakharov

Doosan Corp - NAV Valuation Analysis Amid Index Rebalance Expectations

Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower...

Douglas Kim

[Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible

The KOSPI 200 June 2025 index rebal is a fair ways off but we still believe there are 6 ADDs and 6 DELETEs. And we still like Dongwon Industries...

Travis Lundy

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