Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>The Korea Exchange introduced the Corporate Value Up program on the KIND website. This is a voluntary system aimed at boosting the corporate value of listed Korean companies.</li>
<li>Five key investment indicators for the 2,400+ listed Korean companies include PBR, PER, ROE, dividend payout, and dividend yield. The detailed data these indicators can be easily downloaded on excel. </li>
<li>Corporate Value Up program is a marathon, not a sprint. In this race, the runners (Korean companies) also need some water (such as improvements to dividend/corporate income tax policy).</li>
</ul>


The Korea Exchange introduced the Corporate Value Up program on the KIND website. This is a voluntary system aimed at boosting the corporate value of listed Korean companies.
Five key investment indicators for the 2,400+ listed Korean companies include PBR, PER, ROE, dividend payout, and dividend yield. The detailed data these indicators can be easily downloaded on excel. 
Corporate Value Up program is a marathon, not a sprint. In this race, the runners (Korean companies) also need some water (such as improvements to dividend/corporate income tax policy).


Korea Exchange Launches the Disclosure of Corporate Value Up Program on KIND System

Event-Driven

<ul>
<li>KDIC plans to sell a 33.9% stake in Seoul Guarantee Insurance (031210 KS) (SGI) in 2026 which is worth 1.3 trillion won at current prices. </li>
<li>On 24 March, KDIC announced that it plans to sell its entire 10% stake in Hanwha Life Insurance (088350 KS) in 2026 (worth 420 billion won) at current prices. </li>
<li>These potential block deal sales of Seoul Guarantee Insurance and Hanwha Life Insurance are likely to act as negative overhangs on their share prices in the coming months. </li>
</ul>


KDIC plans to sell a 33.9% stake in Seoul Guarantee Insurance (031210 KS) (SGI) in 2026 which is worth 1.3 trillion won at current prices. 
On 24 March, KDIC announced that it plans to sell its entire 10% stake in Hanwha Life Insurance (088350 KS) in 2026 (worth 420 billion won) at current prices. 
These potential block deal sales of Seoul Guarantee Insurance and Hanwha Life Insurance are likely to act as negative overhangs on their share prices in the coming months. 


KDIC Plans to Sell a 33.9% Stake in SGI Insurance and a 10% Stake in Hanwha Life Insurance in 2026

<ul>
<li>Choi Sang-Mok (Deputy Prime Minister and Minister of Strategy and Finance) stated that the Korean government will announce specific plans to increase the value of low PBR stocks this month. </li>
<li>We provide a list of 97 stocks in KOSPI 200 that are trading below 1x P/B. They are trading at average P/B of 0.54x. </li>
<li>We expect these low P/B stocks to continue to outperform the market in the next several weeks leading up to the government's actual announcement.</li>
</ul>


Choi Sang-Mok (Deputy Prime Minister and Minister of Strategy and Finance) stated that the Korean government will announce specific plans to increase the value of low PBR stocks this month. 
We provide a list of 97 stocks in KOSPI 200 that are trading below 1x P/B. They are trading at average P/B of 0.54x. 
We expect these low P/B stocks to continue to outperform the market in the next several weeks leading up to the government's actual announcement.


Korean Government to Announce Specific Measures to Increase Value of Low PBR Stocks in February

<ul>
<li>FSC Chairman Kim Joo-hyun mentioned that too many companies in Korea are trading below book value and the FSC plans to implement changes to improve upon this issue. </li>
<li>According to Korea Exchange, 1,111 companies out of total listed in KOSPI and KOSDAQ in Korea (2,538) are trading at below 1x book value (PBR) (liquidation value). </li>
<li>According to the Capital Group, about 39% of companies in the TOPIX trade below book value, compared to just 5% for companies in the S&amp;P 500 Index. </li>
</ul>


FSC Chairman Kim Joo-hyun mentioned that too many companies in Korea are trading below book value and the FSC plans to implement changes to improve upon this issue. 
According to Korea Exchange, 1,111 companies out of total listed in KOSPI and KOSDAQ in Korea (2,538) are trading at below 1x book value (PBR) (liquidation value). 
According to the Capital Group, about 39% of companies in the TOPIX trade below book value, compared to just 5% for companies in the S&amp;P 500 Index. 


44% of Korean Stocks Are Trading Below Book Value - FSC Wants to Improve This (Following Japan)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Positive COVID vaccine news has since led to bullish inflections in a staggering number of countries, ACWI-US included. Our current outlook is bullish. Buy dips. In this report we outline key technical levels across markets and highlight actionable ideas within our Financials &amp; Energy Sectors.</p>

Positive COVID vaccine news has since led to bullish inflections in a staggering number of countries, ACWI-US included. Our current outlook is bullish. Buy dips. In this report we outline key technical levels across markets and highlight actionable ideas within our Financials &amp; Energy Sectors.

South Korea

Hanwha Life Insurance Co., Ltd. offers life insurance services and reinsurance services.  The Company also does insurance against loss business, beverages business, real estate rental, and securities investment business through its subsidiaries.

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Hanwha Life Insurance (088350 KS)

Korea Exchange Launches the Disclosure of Corporate Value Up Program on KIND System

The Korea Exchange introduced the Corporate Value Up program on the KIND website. This is a voluntary system aimed at boosting the corporate value...

Douglas Kim

KDIC Plans to Sell a 33.9% Stake in SGI Insurance and a 10% Stake in Hanwha Life Insurance in 2026

KDIC plans to sell 33.9% stake in Seoul Guarantee Insurance and 10% stake in Hanwha Life Insurance in 2026. These potential block deal sales could...

Douglas Kim

Korean Government to Announce Specific Measures to Increase Value of Low PBR Stocks in February

Korean government announced it will reveal Corporate Value Program details to reduce stock market valuation discount on 26 February. They include...

Douglas Kim

44% of Korean Stocks Are Trading Below Book Value - FSC Wants to Improve This (Following Japan)

A 44% of Korean stocks are trading below book value. FSC wants to improve this, following Japan's "name and shame" policy.

Douglas Kim

Bullish Inflections Around The World

In this report we outline key technical levels across markets and highlight actionable ideas within our Financials & Energy Sectors.

Vermilion Research

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