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

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>K-Beauty ODM segment appears positioned both to ride the secular growth of Korean skincare in the U.S. and to tide over tariff turbulence given their US based manufacturing facilities.</li>
<li>By contrast to OEM/ODM players, major legacy consumer beauty brands like AmorePacific, LG Household &amp; Health Care have been slower to localise production leaving them exposed to reciprocal tariffs.</li>
<li>With American cosmetic imports from Korea hitting all-time highs, Korean ODMs with local facilities could see demand growth and profit recovery as clients onshore production to avoid tariffs.</li>
</ul>


K-Beauty ODM segment appears positioned both to ride the secular growth of Korean skincare in the U.S. and to tide over tariff turbulence given their US based manufacturing facilities.
By contrast to OEM/ODM players, major legacy consumer beauty brands like AmorePacific, LG Household &amp; Health Care have been slower to localise production leaving them exposed to reciprocal tariffs.
With American cosmetic imports from Korea hitting all-time highs, Korean ODMs with local facilities could see demand growth and profit recovery as clients onshore production to avoid tariffs.


Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

<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

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

Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

Korean Beauty OEMs seem more resilient than bigger consumer beauty brands in handling tariff impact given their US based manufacturing facilities...

Devi Subhakesan

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

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