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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We raise our target price for Korean Re to W14,000 (W12,600), which corresponds to a 2026F target dividend yield of 5% (unchanged) based on our DPS estimate of W700 (vs. W630 previously).</li><li>In its previous “value-up” disclosure, the company stated that it planned to increase dividends with the aim of meeting the requirements for separate taxation of dividend income.</li><li>We believe this goal is achievable, as we see no constraints on dividend capacity arising from surrender value reserves. </li></ul>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.

We raise our target price for Korean Re to W14,000 (W12,600), which corresponds to a 2026F target dividend yield of 5% (unchanged) based on our DPS estimate of W700 (vs. W630 previously).In its previous “value-up” disclosure, the company stated that it planned to increase dividends with the aim of meeting the requirements for separate taxation of dividend income.We believe this goal is achievable, as we see no constraints on dividend capacity arising from surrender value reserves. 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.

Korean Re (003690 KS/Hold)Strong Earnings Raise Dividend Expectations

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 12 March, Korean Reinsurance Co (003690 KS) announced that its BOD has decided to cancel 18.1 million shares (valued at 245.4 billion won and 9.3% of outstanding shares).</li>
<li>This large scale share cancellation should have a positive boost on Korean Re's share price as it improves ROE and EPS, and raises the ownership levels of existing shareholders.  </li>
<li>Korean Reinsurance Co (003690 KS) is the largest reinsurance company in Korea. </li>
</ul>


On 12 March, Korean Reinsurance Co (003690 KS) announced that its BOD has decided to cancel 18.1 million shares (valued at 245.4 billion won and 9.3% of outstanding shares).
This large scale share cancellation should have a positive boost on Korean Re's share price as it improves ROE and EPS, and raises the ownership levels of existing shareholders.  
Korean Reinsurance Co (003690 KS) is the largest reinsurance company in Korea. 


Korean Re: Cancellation of 9.3% of Outstanding Shares

Cross Asset Strategy

<ul>
<li>We are starting a new series of insights called "Top 10 Korean Stock Picks Bi-Weekly."
</li>
<li>The main purpose of these insights is to pick top 10 stocks in Korea that could outperform KOSPI in the following two week period.</li>
<li>The top 10 stock picks include Kia Corp, Kangwon Land, OCI Holdings, HD Hyundai, Doosan Bobcat, BNK Financial, Hyundai Mobis, HMM, Hyundai Glovis, and Korean Reinsurance.</li>
</ul>


We are starting a new series of insights called "Top 10 Korean Stock Picks Bi-Weekly."

The main purpose of these insights is to pick top 10 stocks in Korea that could outperform KOSPI in the following two week period.
The top 10 stock picks include Kia Corp, Kangwon Land, OCI Holdings, HD Hyundai, Doosan Bobcat, BNK Financial, Hyundai Mobis, HMM, Hyundai Glovis, and Korean Reinsurance.


Top 10 Korean Stock Picks Bi-Weekly (Starting 20 January 2025)

<ul>
<li>FSC Chairman Kim Joo-hyun mentioned that too many companies in Korea are trading below book value and the FSC plans to implement changes to improve upon this issue. </li>
<li>According to Korea Exchange, 1,111 companies out of total listed in KOSPI and KOSDAQ in Korea (2,538) are trading at below 1x book value (PBR) (liquidation value). </li>
<li>According to the Capital Group, about 39% of companies in the TOPIX trade below book value, compared to just 5% for companies in the S&amp;P 500 Index. </li>
</ul>


FSC Chairman Kim Joo-hyun mentioned that too many companies in Korea are trading below book value and the FSC plans to implement changes to improve upon this issue. 
According to Korea Exchange, 1,111 companies out of total listed in KOSPI and KOSDAQ in Korea (2,538) are trading at below 1x book value (PBR) (liquidation value). 
According to the Capital Group, about 39% of companies in the TOPIX trade below book value, compared to just 5% for companies in the S&amp;P 500 Index. 


44% of Korean Stocks Are Trading Below Book Value - FSC Wants to Improve This (Following Japan)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>You wouldn't short <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>. Look to add on a big dip.</li>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy</a><a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener"> (2688 HK)</a> remains a challenging situation. But arguably there is upside potential here; but it's not a high conviction trade.</li>
<li>Large treasury share cancellations in vogue from the likes of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Inc (034730 KS)</a>, among a slew others.</li>
</ul>


You wouldn't short ROHM Co Ltd (6963 JP). Look to add on a big dip.

ENN Energy (2688 HK) remains a challenging situation. But arguably there is upside potential here; but it's not a high conviction trade.
Large treasury share cancellations in vogue from the likes of Samsung Electronics (005930 KS), SK Inc (034730 KS), among a slew others.


Last Week In Event SPACE: ROHM, ENN Energy, Samsung Electronics, SK Inc, JCNC/Astra

South Korea

Korean Reinsurance Company is a reinsurer which underwrites life and non-life insurance.  The Company's products include life, fire, marine, auto, casualty, guarantee, pension, long-term, and foreign reinsurance.

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Korean Reinsurance Co (003690 KS)

Korean Re (003690 KS/Hold)Strong Earnings Raise Dividend Expectations

We raise our target price for Korean Re to W14,000 (W12,600), which corresponds to a 2026F target dividend yield of 5% (unchanged) based on our DPS...

Mirae Asset Securities

Korean Re: Cancellation of 9.3% of Outstanding Shares

On 12 March, Korean Reinsurance Co (003690 KS) announced that its BOD has decided to cancel 18.1 million shares (valued at 245.4 billion won and...

Douglas Kim

Top 10 Korean Stock Picks Bi-Weekly (Starting 20 January 2025)

We are starting a new series of insights called "Top 10 Korean Stock Picks Bi-Weekly." Main purpose of them is to pick top 10 stocks in Korea that...

Douglas Kim

44% of Korean Stocks Are Trading Below Book Value - FSC Wants to Improve This (Following Japan)

A 44% of Korean stocks are trading below book value. FSC wants to improve this, following Japan's "name and shame" policy.

Douglas Kim

Last Week In Event SPACE: ROHM, ENN Energy, Samsung Electronics, SK Inc, JCNC/Astra

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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