Douglas Kim

Korea/Asia, New Economy, IPOs, Events

Equity Bottom-Up

<ul>
<li>On 15 December, it was announced that Korea's FTC decided to refer K Cube Holdings (KCH) to the prosecution over alleged illegal execution of voting rights to Kakao companies.</li>
<li>This could signal that the financial regulators may become more forceful in enforcing numerous other regulatory pressures on Kakao Corp and its affiliated companies to reduce their monopolistic business practices</li>
<li>Our NAV valuation of Kakao Corp suggests NAV per share of 45,942 won, which is 17% lower than current price.</li>
</ul>

Clarence Chu

APAC IPOs & Placements

Aequitas Research

IPOs and Placements coverage across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.</li>
<li>Coming up for three-month lockup expiry are the firm’s three pre-IPO investors, together with Gunwoo Ha (ex-CEO). The three pre-IPO investors had earlier trimmed their respective stakes in the IPO.</li>
</ul>

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

<ul>
<li>In the wake of this incident, the presidential office suggested that Kakao Corp should be brought into the framework of regulation as a national infrastructure operator.</li>
<li>This is likely to be the leading investment point that attracts the most attention from the market for Kakao.</li>
<li>Regulatory risks will inevitably act as a structural and long-term discount factor for Kakao Corp, and we need to design a short position based on this angle.</li>
</ul>

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

<ul>
<li>Why <a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">KakaoBank (323410 KS)</a> , <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> and <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a> were hit recently</li>
<li>Aside from the sum of the 3, why <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> is getting hit further</li>
<li>Are near the bottom or is there more to go? </li>
</ul>

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>

South Korea

No authorization provided.

Kakao Corp. provides Internet portal services such as news, free e-mail, and leisure information.  The Company also offers cross-platform mobile messaging application that allows users to exchange messages.

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Kakao Corp - 035720 KS

Kakao Corp: FTC Going After Chairman Kim Beom-Su's K Cube Holdings

On 15 December, it was announced that Korea's FTC decided to refer K Cube Holdings (KCH) to the prosecution over alleged illegal execution of...

Douglas Kim

Bionote Lock-Up - Uncertainty on the Horizon, Likely to See Some Selling Pressure

Bionote (377740 KS) was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.

Clarence Chu

Shorting Angle on Kakao Corp in the Wake of an Unprecedented Server Failure Incident

This post summarizes Kakao's unprecedented server failure incident and examines the leading investment point based on the imminent regulatory risks.

Sanghyun Park

Is Kakao Cheap or Not? Actions Louder than Words

Has Kakao bottomed or is there further downside from here? We examine why the stock is more likely to fall and what investors are using as...

Ken S. Kim

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

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