Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in December 2025 and January 2026.</li>
<li>We provide a list of 18 companies in the Korean stock market that have announced share buyback programs in December 2025 and January 2026.</li>
<li>There were five companies with more than 200 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.</li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in December 2025 and January 2026.
We provide a list of 18 companies in the Korean stock market that have announced share buyback programs in December 2025 and January 2026.
There were five companies with more than 200 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (December 2025 & January 2026)

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>Shares of Hyundai Motor (HMC) have gained 38% YTD, significantly outperforming the broader market (+12%).</li><li>With Hyundai Motor Group (HMG) having unveiled its robotics strategy (timelines for the full-scale production and deployment of Atlas, collaboration with Google DeepMind, etc.), HMC’s stock has begun to price in the value of its stake in Boston Dynamics.</li><li>In another positive development, HMG appointed a new advanced vehicle platform (AVP) division head with prior experience at Nvidia and Tesla. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shares of Hyundai Motor (HMC) have gained 38% YTD, significantly outperforming the broader market (+12%).With Hyundai Motor Group (HMG) having unveiled its robotics strategy (timelines for the full-scale production and deployment of Atlas, collaboration with Google DeepMind, etc.), HMC’s stock has begun to price in the value of its stake in Boston Dynamics.In another positive development, HMG appointed a new advanced vehicle platform (AVP) division head with prior experience at Nvidia and Tesla. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor (005380 KS/Buy)Earnings Set to Improve in 2026;

<ul>
<li>The introduction of the next-generation Atlas robot at CES 2026 has been a huge success for Boston Dynamics/Hyundai Motor Group companies.</li>
<li>HMG aims to achieve mass production capacity of 30,000 Atlas units annually by 2028, signaling a transition from prototypes to volume-manufactured humanoid robots.</li>
<li>If Boston Dynamics/Hyundai Motor Group companies are able to successfully produce these robots, many investors could attach higher valuation multiples on Hyundai Motor.</li>
</ul>


The introduction of the next-generation Atlas robot at CES 2026 has been a huge success for Boston Dynamics/Hyundai Motor Group companies.
HMG aims to achieve mass production capacity of 30,000 Atlas units annually by 2028, signaling a transition from prototypes to volume-manufactured humanoid robots.
If Boston Dynamics/Hyundai Motor Group companies are able to successfully produce these robots, many investors could attach higher valuation multiples on Hyundai Motor.


Boston Dynamics' Next-Gen Atlas Robot Boosts Higher Valuation for Hyundai Motor Group Companies

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.

<ul>
<li>Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.</li>
<li>With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.</li>
<li>Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.</li>
</ul>


Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.
With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.
Nine first-tier names (25–40% payout, &lt;10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.


Local Desks Target Year-End Dividend Boost Trading Setup

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tn</li><li>For 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy </li><li>Less about 2H25 performance; more about how the recovery builds into 1H26</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tnFor 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM partnership, and (4) BD (robotics) mass-production strategy Less about 2H25 performance; more about how the recovery builds into 1H26Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Motor Company (005380 Oct 31, 2025) - Stronger from the Setback

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hyundai Motor (005387 KS)

Hyundai Motor (005380 KS/Buy)Earnings Set to Improve in 2026;

In another positive development, HMG appointed a new advanced vehicle platform (AVP) division head with prior experience at Nvidia and Tesla.

Mirae Asset Securities

Boston Dynamics' Next-Gen Atlas Robot Boosts Higher Valuation for Hyundai Motor Group Companies

The introduction of the next-generation Atlas robot at CES 2026 has been a huge success for Boston Dynamics/Hyundai Motor Group companies.

Douglas Kim

Local Desks Target Year-End Dividend Boost Trading Setup

Local desks in Korea are zeroing in on a trading setup targeting dividend boosts from now through early next year, ahead of AGMs.

Sanghyun Park

Hyundai Motor Company (005380 Oct 31, 2025) - Stronger from the Setback

Strong 3Q25 OP; in line with consensus of W2.5tn and our forecast of W2.4tnFor 1H26, watch: (1) share buybacks, (2) Palisade HEV, (3) GM...

Daishin Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)