Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Satrec Initiative / Equity Capital Markets

<ul>
<li>In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.</li>
<li>Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).</li>
<li>SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.</li>
</ul>


In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.


Top 12 Korean Companies - Key Beneficiaries of the SpaceX IPO in 2026

<ul>
<li>There has been a change in the distribution of SpaceX IPO shares in Korea. SpaceX plans to distribute its IPO shares in Korea through private placement basis in Korea.</li>
<li>Mirae Asset Securities has applied for a SpaceX public offering volume worth approximately $5 billion (7.5 trillion won).</li>
<li>The SpaceX IPO could potentially result in some institutional investors reducing their holdings in aerospace related companies in Korea.</li>
</ul>


There has been a change in the distribution of SpaceX IPO shares in Korea. SpaceX plans to distribute its IPO shares in Korea through private placement basis in Korea.
Mirae Asset Securities has applied for a SpaceX public offering volume worth approximately $5 billion (7.5 trillion won).
The SpaceX IPO could potentially result in some institutional investors reducing their holdings in aerospace related companies in Korea.


SpaceX IPO Shares Distribution in Korea & Impact on Aerospace/Other Related Stocks in Korea

Equity Bottom-Up

<ul>
<li>The most viewed insight that I published in the past six months was Top 12 Korean Companies - Key Beneficiaries of the SpaceX IPO in 2026 (14 December 2025).</li>
<li>In this insight, I highlighted 12 companies in Korea that could best outperform due to the upcoming IPO of SpaceX.</li>
<li>The key thesis of this insight is that the easy money on these companies is gone. Overall, I would be very cautious on chasing after these stocks anymore.</li>
</ul>


The most viewed insight that I published in the past six months was Top 12 Korean Companies - Key Beneficiaries of the SpaceX IPO in 2026 (14 December 2025).
In this insight, I highlighted 12 companies in Korea that could best outperform due to the upcoming IPO of SpaceX.
The key thesis of this insight is that the easy money on these companies is gone. Overall, I would be very cautious on chasing after these stocks anymore.


Magnificent 12 Companies in Korea (Beneficiaries of SpaceX IPO) To Become Dirty Dozen?

Event-Driven

<ul>
<li>On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder Aju Inc.</li>
<li>Aju IB Investment owns a small stake in SpaceX shares through its US subsidiary Solasta Ventures (US). The exact investment amount has not been disclosed.</li>
<li>In my view, Aju Inc is trying to take some profits after an enormous share price appreciation (up more than 660% in the past 6 months). </li>
</ul>


On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder Aju Inc.
Aju IB Investment owns a small stake in SpaceX shares through its US subsidiary Solasta Ventures (US). The exact investment amount has not been disclosed.
In my view, Aju Inc is trying to take some profits after an enormous share price appreciation (up more than 660% in the past 6 months). 


Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Doronicum owns nearly 90% of <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a> and they have launched another tender offer to buy the remaining shares.</li>
<li>Once the exchange has concluded there is a high probability of delisting, <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a> will be deleted from the indices and there will be replacements.</li>
<li>With <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon</a> in the top 3 group for the KRX Internet Top10 Index and a part of the KRX BBIG Index, there will be a replacement and a rebalance.</li>
</ul>


Doronicum owns nearly 90% of Douzone Bizon (012510 KS) and they have launched another tender offer to buy the remaining shares.
Once the exchange has concluded there is a high probability of delisting, Douzone Bizon (012510 KS) will be deleted from the indices and there will be replacements.
With Douzone Bizon in the top 3 group for the KRX Internet Top10 Index and a part of the KRX BBIG Index, there will be a replacement and a rebalance.


KRX Internet Top 10/ BBIG Index Rebalance Preview: Replacements for Douzone Bizon

South Korea

Intellian Technologies, Inc. provides and manufactures communication equipments.  The Company's main products are satellite communication antenna and broadcasting satellite antenna for maritime.

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Intellian Technologies (189300 KS)

Top 12 Korean Companies - Key Beneficiaries of the SpaceX IPO in 2026

In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026. These 12 stocks are on average 16.7% in the...

Douglas Kim

Magnificent 12 Companies in Korea (Beneficiaries of SpaceX IPO) To Become Dirty Dozen?

Highlighting 12 Korean companies poised to benefit from SpaceX IPO, cautioning against chasing after these stocks. Easy money on these companies...

Douglas Kim

Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder...

Douglas Kim

KRX Internet Top 10/ BBIG Index Rebalance Preview: Replacements for Douzone Bizon

Doronicum owns ~90% of DouzoneBizon and has launched another tender offer. There will be 1 add to the Internet Top10 Index and 1 add to the BBIG...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Top 12 Korean Companies - Key Beneficiaries of the SpaceX IPO in 2026

In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026. These 12 stocks are on average 16.7% in the...

Douglas Kim

SpaceX IPO Shares Distribution in Korea & Impact on Aerospace/Other Related Stocks in Korea

There has been a change in the distribution of SpaceX IPO shares in Korea. SpaceX plans to distribute its IPO shares in Korea through private...

Douglas Kim

Magnificent 12 Companies in Korea (Beneficiaries of SpaceX IPO) To Become Dirty Dozen?

​Highlighting 12 Korean companies poised to benefit from SpaceX IPO, cautioning against chasing after these stocks. Easy money on these companies...

Douglas Kim

Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder...

Douglas Kim

KRX Internet Top 10/ BBIG Index Rebalance Preview: Replacements for Douzone Bizon

Doronicum owns ~90% of DouzoneBizon and has launched another tender offer. There will be 1 add to the Internet Top10 Index and 1 add to the BBIG...

Brian Freitas

Highlighting 12 Korean companies poised to benefit from SpaceX IPO, cautioning against chasing after these stocks. Easy money on these companies...