Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Kolmar Korea Holdings   / Equity Bottom-Up

<ul>
<li>There is a brewing sibling conflict at the Kolmar Group. Kolmar Holdings and Kolmar BNH have clashed regarding the reorganization of Kolmar BNH’s board of directors.</li>
<li>Yoon Sang-Hyun (brother) wants to shake things up. Yoon Sang-Hyun wants to appoint new members at Kolmar BNH's BOD but his sister Yoon Yeo-Won is opposing this. </li>
<li>We see a higher upside for Kolmar Holdings. Our base case valuation of Kolmar Holdings is NAV per share of 14,675 won (57.5% upside from current levels).</li>
</ul>


There is a brewing sibling conflict at the Kolmar Group. Kolmar Holdings and Kolmar BNH have clashed regarding the reorganization of Kolmar BNH’s board of directors.
Yoon Sang-Hyun (brother) wants to shake things up. Yoon Sang-Hyun wants to appoint new members at Kolmar BNH's BOD but his sister Yoon Yeo-Won is opposing this. 
We see a higher upside for Kolmar Holdings. Our base case valuation of Kolmar Holdings is NAV per share of 14,675 won (57.5% upside from current levels).


Sibling Conflict Between Yoon Sang-Hyun (Brother) And Yoon Yeo-Won (Sister) At Kolmar Group

<ul>
<li>I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. </li>
<li>Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.</li>
<li>The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.</li>
</ul>


I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. 
Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.
The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.


A Visit to Inspire Integrated Resort in Incheon, South Korea

Event-Driven

<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

<ul>
<li>One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. </li>
<li>China's President Xi recently stated <em>"Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” </em>
</li>
<li>We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. </li>
</ul>


One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. 
China's President Xi recently stated "Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” 

We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. 


China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

<ul>
<li>On 4 July, NPS disclosed the details of the ownership changes for 112 listed companies in Korea, of which 87 were listed in KOSPI and 25 in KOSDAQ. </li>
<li>In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies in Korea.</li>
<li>NPS reduced its capital allocation to the military &amp; defense sector. NPS reduced its stake in LIG Nex1 (-2.32%), Poongsan Corp (-2.24%), and Hanwha Aerospace (-1.02%). </li>
</ul>


On 4 July, NPS disclosed the details of the ownership changes for 112 listed companies in Korea, of which 87 were listed in KOSPI and 25 in KOSDAQ. 
In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies in Korea.
NPS reduced its capital allocation to the military &amp; defense sector. NPS reduced its stake in LIG Nex1 (-2.32%), Poongsan Corp (-2.24%), and Hanwha Aerospace (-1.02%). 


What Did NPS Buy and Sell in Korean Stock Market in 2Q 2024?

South Korea

Kolmar Korea Co., Ltd. manufactures and distributes personal care products. The Company produces cosmetics. Kolmar Korea also produces medicine and healthcare products.

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Kolmar Korea (161890 KS)

Sibling Conflict Between Yoon Sang-Hyun (Brother) And Yoon Yeo-Won (Sister) At Kolmar Group

Yoon Sang-Hyun (brother, Vice Chairman of Kolmar Holdings) wants to shake things up. Yoon Sang-Hyun wants to appoint new members at Kolmar BNH's...

Douglas Kim

A Visit to Inspire Integrated Resort in Incheon, South Korea

I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea. I was impressed with its modern facilities, but there was a relative...

Douglas Kim

Dalton Investments Going Activist on Kolmar Holdings and NAV Valuation

In this insight, we discuss Dalton Investments which recently started to go activist on Kolmar Korea Holdings (024720 KS) and NAV valuation of this...

Douglas Kim

China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

One of the big thematic events that have impacted the Korean stock market this week has been the expectation that China could lift ban on Korean...

Douglas Kim

What Did NPS Buy and Sell in Korean Stock Market in 2Q 2024?

In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies...

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)