Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in June 2026.</li>
<li>We provide 8 potential deletion candidates including Seoul Semiconductor (046890 KS), Kolmar BNH (200130 KS), GOLFZON (215000 KS), and Devsisters (194480 KS).</li>
<li>Of the eight potential additions in KOSDAQ150 in June 2026, six of them are IPOs in 2025. </li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in June 2026.
We provide 8 potential deletion candidates including Seoul Semiconductor (046890 KS), Kolmar BNH (200130 KS), GOLFZON (215000 KS), and Devsisters (194480 KS).
Of the eight potential additions in KOSDAQ150 in June 2026, six of them are IPOs in 2025. 


An Early Look at Potential Additions and Deletions to KOSDAQ150 in June 2026

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

<ul>
<li>The reshuffle results align with expectations, but the decision to list 11 KOSDAQ Global stocks in April is surprising. Local authorities seem to prioritize boosting the derivatives market for liquidity.</li>
<li>Ecopro Materials' SSF listing, earlier than expected, attracts attention, potentially leading to an unusual basis pattern, coinciding with a major lockup release on May 17th.</li>
<li>We should also be wary of a pattern akin to last July's in KOSDAQ stocks. Spot prices of recent SSFs showed a pronounced short-term uptrend, especially in KOSDAQ, versus KOSPI.</li>
</ul>


The reshuffle results align with expectations, but the decision to list 11 KOSDAQ Global stocks in April is surprising. Local authorities seem to prioritize boosting the derivatives market for liquidity.
Ecopro Materials' SSF listing, earlier than expected, attracts attention, potentially leading to an unusual basis pattern, coinciding with a major lockup release on May 17th.
We should also be wary of a pattern akin to last July's in KOSDAQ stocks. Spot prices of recent SSFs showed a pronounced short-term uptrend, especially in KOSDAQ, versus KOSPI.


KRX's Official SSF/SSO Reshuffle Results: Trading Considerations

Private Capital Markets

<ul>
<li>In this insight, we discuss our initial thoughts on the Golfzon County IPO which is likely in 1H 2023.</li>
<li>As of September 2022, Golfzon County owned and operated 18 golf courses and 387 holes, the largest in Korea. </li>
<li>Golfzon Newdin owns a 43.2% in Golfzon County. We estimate Golfzon Newdin's market cap to be 273 billion won or 6,369 won per share, representing a 44% upside. </li>
</ul>


In this insight, we discuss our initial thoughts on the Golfzon County IPO which is likely in 1H 2023.
As of September 2022, Golfzon County owned and operated 18 golf courses and 387 holes, the largest in Korea. 
Golfzon Newdin owns a 43.2% in Golfzon County. We estimate Golfzon Newdin's market cap to be 273 billion won or 6,369 won per share, representing a 44% upside. 


Initial Thoughts on Golfzon County IPO: Impact on Golfzon Newdin Holdings

Equity Capital Markets

Golfzon Commerce / Equity Capital Markets

<ul>
<li>Our base case valuation analysis suggests a target price of 9,405 won per share, which is 25% lower than the mid-point of the IPO price range.</li>
<li>Given the lower expected target price relative to the IPO price range, we have a Negative view of Golfzon Commerce IPO. </li>
<li>Golfzon Commerce is the number one distributor of golf products such as clubs, shoes, apparel in Korea. The book building for the institutional investors starts on 11 October.</li>
</ul>


Our base case valuation analysis suggests a target price of 9,405 won per share, which is 25% lower than the mid-point of the IPO price range.
Given the lower expected target price relative to the IPO price range, we have a Negative view of Golfzon Commerce IPO. 
Golfzon Commerce is the number one distributor of golf products such as clubs, shoes, apparel in Korea. The book building for the institutional investors starts on 11 October.


<ul>
<li>Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. </li>
<li>The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. </li>
<li>Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). </li>
</ul>


Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. 
The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. 
Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). 


South Korea

GOLFZON Co., Ltd manufactures and sells screen golf simulators. The Company develops software application as well as the hardware used in these screen golf simulators.

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GOLFZON (215000 KS)

An Early Look at Potential Additions and Deletions to KOSDAQ150 in June 2026

In this insight, we provide an early look at the potential additions and deletions to KOSDAQ 150 rebalance in June 2026. Of the eight potential...

Douglas Kim

KRX's Official SSF/SSO Reshuffle Results: Trading Considerations

As pointed out in this post, considering KOSDAQ additions as a long basket is suitable. However, stocks with high pre-reshuffle price appreciation...

Sanghyun Park

Initial Thoughts on Golfzon County IPO: Impact on Golfzon Newdin Holdings

In this insight, we discuss our initial thoughts on the Golfzon County IPO which is likely in 1H 2023. Golfzon County owns and operates 18 golf...

Douglas Kim

Golfzon Commerce IPO Valuation Analysis

Our base case valuation analysis suggests a target price of 9,405 won per share, which is 25% lower than the mid-point of the IPO price range. We...

Douglas Kim

Golfzon Commerce IPO Preview

Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won.

Douglas Kim

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