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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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.

Equity Bottom-Up

<ul><li>We downgrade our rating on JB Financial Group to Hold (from Trading Buy) while raising our target price to W25,000 (from W19,000).</li><li>We derive our target price by applying a target P/B of 0.8x to our 2025F BPS.</li><li>The 0.8x multiple reflects: 1) the company’s plan to raise its shareholder return ratio to 50% by 2027 (as part of its value-enhancement plan); and 2) its solid capital ratios, which should allow it to achieve this goal. However, with upside limited to just 9.6%, we lower our rating to Hold.</li></ul><p><em>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.</em></p>

We downgrade our rating on JB Financial Group to Hold (from Trading Buy) while raising our target price to W25,000 (from W19,000).We derive our target price by applying a target P/B of 0.8x to our 2025F BPS.The 0.8x multiple reflects: 1) the company’s plan to raise its shareholder return ratio to 50% by 2027 (as part of its value-enhancement plan); and 2) its solid capital ratios, which should allow it to achieve this goal. However, with upside limited to just 9.6%, we lower our rating to Hold.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.

JB Financial Group (175330 KS/Hold)Limited Upside

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 index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.</li>
<li>Some companies not fitting the 'value-up' narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index's original goal.</li>
<li>Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.</li>
</ul>


The index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.
Some companies not fitting the 'value-up' narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index's original goal.
Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.


All the Scoop on the Korea Value-Up Index

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss Dalton Investments which recently started to go activist on Kolmar Korea Holdings (024720 KS) and NAV valuation of this company.</li>
<li>Our base case valuation of Kolmar Holdings is NAV of 475 billion won or NAV per share of 13,836 won, representing a 46% upside from current levels.</li>
<li>Dalton Investments is likely to pressure Kolmar Holdings to increase share buyback and cancellations.</li>
</ul>


In this insight, we discuss Dalton Investments which recently started to go activist on Kolmar Korea Holdings (024720 KS) and NAV valuation of this company.
Our base case valuation of Kolmar Holdings is NAV of 475 billion won or NAV per share of 13,836 won, representing a 46% upside from current levels.
Dalton Investments is likely to pressure Kolmar Holdings to increase share buyback and cancellations.


Dalton Investments Going Activist on Kolmar Holdings and NAV Valuation

Cross Asset Strategy

<ul>
<li>On 11 February, the Korea Exchange announced eight major incentives for selected excellent Corporate Value Up companies every May starting this year.</li>
<li>Some of the major incentives include preferential tax treatment and preferential inclusion in the Korea Value Up index. </li>
<li>The Korea Exchange plans to select and announce 10 companies that will be included as Excellent Value Up Companies for the first time in May 2025.</li>
</ul>


On 11 February, the Korea Exchange announced eight major incentives for selected excellent Corporate Value Up companies every May starting this year.
Some of the major incentives include preferential tax treatment and preferential inclusion in the Korea Value Up index. 
The Korea Exchange plans to select and announce 10 companies that will be included as Excellent Value Up Companies for the first time in May 2025.


Korea Exchange Announces 8 Major Incentives for Selected Excellent Value-Up Companies

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

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.</li>
<li>Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
Over halfway through the review period, we forecast 39 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
Three potential downward migrations were deleted from a global index in November. Now, four more potential downward migrations could be deleted from the same global index in February.


KOSPI Size Indices: When Active Met Passive

South Korea

JB Financial Group Co. Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services.

Price Gauge
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Jb Financial Group (175330 KS)