Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Local institutional investors were disappointed Kiwoom omitted COE from their value-up disclosure. They seek clearer plans to address low-yield assets and reduce COE.</li>
<li>Rapidly rising interest in COE among local institutional investors is now shaping the screening criteria for the Korea Exchange's value-up index, possibly using COE as a primary factor for inclusion.</li>
<li>Competition likely centers on selecting and weighting stocks, including those beyond KOSPI 200. Key metric: COE linked with ROE.</li>
</ul>


Local institutional investors were disappointed Kiwoom omitted COE from their value-up disclosure. They seek clearer plans to address low-yield assets and reduce COE.
Rapidly rising interest in COE among local institutional investors is now shaping the screening criteria for the Korea Exchange's value-up index, possibly using COE as a primary factor for inclusion.
Competition likely centers on selecting and weighting stocks, including those beyond KOSPI 200. Key metric: COE linked with ROE.


Hot Topic Among Local Institutions in Recent Days: Utilizing COE in Value-Up Investing

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/fnguide-inc" target="_blank" data-smartkarma-citation="entities:28294:1" rel="noopener">FnGuide Inc (064850 KS)</a> is getting ready to complete its IPO on December 17th on the KOSDAQ market in Korea. In this insight, we provide a detailed analysis of the company's business model. The IPO price has been finalized at 7,000 won, which is higher than the original IPO price range of 5,200 won to 6,500 won.  A 1.6 million shares are being offered in this IPO (1.0 million new shares and 0.6 million shares from existing investors). </p><p>If we attach a 35x P/E multiple on this stock (closer to the valuation multiple of Wise Itech) on its annualized net profit of 3.9 billion won, this would result in an implied market cap of 136 billion won or implied price of 11,280 won. This would be 61% higher than the IPO price of 7,000 won. Therefore, we are positive on the share price performance of this stock when it starts trading. </p>

FnGuide Inc (064850 KS) is getting ready to complete its IPO on December 17th on the KOSDAQ market in Korea. In this insight, we provide a detailed analysis of the company's business model. The IPO price has been finalized at 7,000 won, which is higher than the original IPO price range of 5,200 won to 6,500 won.  A 1.6 million shares are being offered in this IPO (1.0 million new shares and 0.6 million shares from existing investors). If we attach a 35x P/E multiple on this stock (closer to the valuation multiple of Wise Itech) on its annualized net profit of 3.9 billion won, this would result in an implied market cap of 136 billion won or implied price of 11,280 won. This would be 61% higher than the IPO price of 7,000 won. Therefore, we are positive on the share price performance of this stock when it starts trading. 

South Korea

FnGuide Inc., offers financial market data and solution for user.  The Company provides fixed income, equity, index, economic, and customized financial. Fnguide offers financial solution such as valuation model, risk management system, and asset management system for financial companies.  FnGuide also publishes quarterly company analysis for listed companies in Korea.

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FnGuide Inc (064850 KS)

Hot Topic Among Local Institutions in Recent Days: Utilizing COE in Value-Up Investing

This post delves into the recent buzz among local institutions, as they gear up to incorporate COE linked with ROE for value-up investing.

Sanghyun Park

Fnguide IPO Preview

FnGuide Inc (064850 KS) is getting ready to complete its IPO on December 17th on the KOSDAQ market in Korea. In this insight, we provide a detailed...

Douglas Kim

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