Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

Equity Bottom-Up

<ul>
<li>F&amp;F is one of the key beneficiaries of the exploding popularity of Jung Hoo Lee in the MLB (Major League Baseball) in the United States.</li>
<li>The surging popularity of Jung Hoo Lee could lead to higher demand for F&amp;F's core products (MLB baseball caps and apparel products), which could lead to higher sales and profits.</li>
<li>F&amp;F recently provided new shareholder return plans including providing at least 25% of net profit as dividends/buybacks/cancellations (including buyback at least 60 billion won from 2025 to 2027).</li>
</ul>


F&amp;F is one of the key beneficiaries of the exploding popularity of Jung Hoo Lee in the MLB (Major League Baseball) in the United States.
The surging popularity of Jung Hoo Lee could lead to higher demand for F&amp;F's core products (MLB baseball caps and apparel products), which could lead to higher sales and profits.
F&amp;F recently provided new shareholder return plans including providing at least 25% of net profit as dividends/buybacks/cancellations (including buyback at least 60 billion won from 2025 to 2027).


F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB

Event-Driven

<ul>
<li>The M&amp;A of TaylorMade is coming to a conclusion in the next few weeks. Old Tom Capital (US) so far has submitted the highest bid at about 4.4 trillion won.</li>
<li>F&amp;F could sell its stake in TaylorMade to Old Tom Capital at higher than 4 trillion won, which could result in cash inflow of nearly 1 trillion won for F&amp;F</li>
<li>From this stake sale, one of the emerging scenarios is for F&amp;F to potentially acquire the controlling stake in <strong>Canada Goose.</strong>
</li>
</ul>


The M&amp;A of TaylorMade is coming to a conclusion in the next few weeks. Old Tom Capital (US) so far has submitted the highest bid at about 4.4 trillion won.
F&amp;F could sell its stake in TaylorMade to Old Tom Capital at higher than 4 trillion won, which could result in cash inflow of nearly 1 trillion won for F&amp;F
From this stake sale, one of the emerging scenarios is for F&amp;F to potentially acquire the controlling stake in Canada Goose.



F&F - To Sell Its Stake in TaylorMade to Buy Canada Goose?

<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

<ul>
<li>This article discusses the potential inclusions and exclusions of KOSPI200 rebalance in June 2022 (especially those that are highlighted by the locals). </li>
<li>The potential inclusions include Meritz F&amp;M Insurance, Hana Tour, SD Biosensor, Hanil Cement, K Car, F&amp;F, and Iljin Hysolus. </li>
<li>The potential exclusions include CJ CGV, SK Discovery, Nexen Tire, SNT Motiv, Cuckoo Holdings, Bukwang Pharm, and Youngjin Pharm. </li>
</ul>


This article discusses the potential inclusions and exclusions of KOSPI200 rebalance in June 2022 (especially those that are highlighted by the locals). 
The potential inclusions include Meritz F&amp;M Insurance, Hana Tour, SD Biosensor, Hanil Cement, K Car, F&amp;F, and Iljin Hysolus. 
The potential exclusions include CJ CGV, SK Discovery, Nexen Tire, SNT Motiv, Cuckoo Holdings, Bukwang Pharm, and Youngjin Pharm. 


Potential Inclusions and Exclusions of KOSPI200 Rebalance in June As Highlighted by Locals

South Korea

F&F Co.,Ltd operates clothing production businesses. The Company produces coats, shirts, jackets, and other apparels. F&F conducts businesses in South Korea.

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F&F (383220 KS)

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB

The surging popularity of Jung Hoo Lee could lead to higher demand for F&F's core products (MLB baseball caps and apparel products), which could...

Douglas Kim

F&F - To Sell Its Stake in TaylorMade to Buy Canada Goose?

TaylorMade M&A nearing end with Old Tom Capital leading bid at 4.4 trillion won. F&F could sell stake for 1 trillion won cash inflow, potentially...

Douglas Kim

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

Potential Inclusions and Exclusions of KOSPI200 Rebalance in June As Highlighted by Locals

This article discusses the potential inclusions and exclusions of KOSPI200 rebalance in June 2022 (especially those that are highlighted by the...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB

The surging popularity of Jung Hoo Lee could lead to higher demand for F&F's core products (MLB baseball caps and apparel products), which could...

Douglas Kim

F&F - To Sell Its Stake in TaylorMade to Buy Canada Goose?

​TaylorMade M&A nearing end with Old Tom Capital leading bid at 4.4 trillion won. F&F could sell stake for 1 trillion won cash inflow, potentially...

Douglas Kim

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

Potential Inclusions and Exclusions of KOSPI200 Rebalance in June As Highlighted by Locals

This article discusses the potential inclusions and exclusions of KOSPI200 rebalance in June 2022 (especially those that are highlighted by the...

Douglas Kim

TaylorMade M&A nearing end with Old Tom Capital leading bid at 4.4 trillion won. F&F could sell stake for 1 trillion won cash inflow, potentially...