Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The real driver of ITCEN Global's sales, profits, and value is the Digital Asset and Web3 vertical, run partly through strategic holdings such as the Korea Gold Exchange. </li>
<li>If we annualize the company's net profit in 1Q 2026, that would suggest annualized net profit of 291 billion won. </li>
<li>If we attach a 10x P/E on annualized net profit of 291 billion won, this would suggest market cap of 2.9 trillion won (136% higher than its current market cap).</li>
</ul>


The real driver of ITCEN Global's sales, profits, and value is the Digital Asset and Web3 vertical, run partly through strategic holdings such as the Korea Gold Exchange. 
If we annualize the company's net profit in 1Q 2026, that would suggest annualized net profit of 291 billion won. 
If we attach a 10x P/E on annualized net profit of 291 billion won, this would suggest market cap of 2.9 trillion won (136% higher than its current market cap).


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

Thematic (Sector/Industry)

<ul><li>We project global demand for AI computing capacity to reach approximately 187GW by 2030 and 285GW by 2032.</li><li>Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI, and increases in both the number of model calls and token usage.</li><li>Even with improvements in compute efficiency, AI data center demand should continue rising. </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 project global demand for AI computing capacity to reach approximately 187GW by 2030 and 285GW by 2032.Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI, and increases in both the number of model calls and token usage.Even with improvements in compute efficiency, AI data center demand should continue rising. 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.

Internet/Software (Overweight/Maintain)Identifying leaders in the AI data center space

Index Rebalance

<ul>
<li>KRX announced changes to KOSPI200 and KOSDAQ150 indices. These changes will be effective from 12 December 2025. </li>
<li>In KOSPI200, there are 8 new additions and 8 deletions. Among the new additions include LG CNS, Sanil Electric, Asia Holdings, and Paradise.</li>
<li>There could be a buying opportunity for LG CNS due to its inclusion in KOSPI200 combined with its attractive valuations and accelerating sales and operating profit growth in 2026. </li>
</ul>


KRX announced changes to KOSPI200 and KOSDAQ150 indices. These changes will be effective from 12 December 2025. 
In KOSPI200, there are 8 new additions and 8 deletions. Among the new additions include LG CNS, Sanil Electric, Asia Holdings, and Paradise.
There could be a buying opportunity for LG CNS due to its inclusion in KOSPI200 combined with its attractive valuations and accelerating sales and operating profit growth in 2026. 


Event-Driven

<ul>
<li>There will be an end of lock up of 67.5% of LG CNS (064400 KS)'s shares starting 5 August (6 months post IPO).</li>
<li>The shares subject to the release are those held by the largest shareholder LG Corp (003550 KS) and Crystal Korea (Macquarie).</li>
<li>We would emphasize on positive developments on LG CNS (solid operating results and stablecoin rollout in Korea) which could be bigger factors than potential selling by the second largest shareholder.</li>
</ul>


There will be an end of lock up of 67.5% of LG CNS (064400 KS)'s shares starting 5 August (6 months post IPO).
The shares subject to the release are those held by the largest shareholder LG Corp (003550 KS) and Crystal Korea (Macquarie).
We would emphasize on positive developments on LG CNS (solid operating results and stablecoin rollout in Korea) which could be bigger factors than potential selling by the second largest shareholder.


LG CNS: End of Lockup for 67.5% of Outstanding Shares on 5 August

Cross Asset Strategy

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).</li>
<li>Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.</li>
<li>The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).
Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.
The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

South Korea

LG CNS Co., Ltd. provides information technology services and solutions. The Company offers consulting, system integration, outsourcing, convergence, video solutions, conditional access systems, and interactive digital television solutions. LG CNS serves customers worldwide.

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LG CNS (064400 KS)

Korea Small Cap Gem #61: ITCEN Global

The real driver of ITCEN Global's sales, profits, and value is the Digital Asset and Web3 vertical, run partly through strategic holdings such as...

Douglas Kim

Internet/Software (Overweight/Maintain)Identifying leaders in the AI data center space

Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI...

Mirae Asset Securities

KRX Announces Changes to KOSPI200 Index

KRX announced changes to KOSPI200 and KOSDAQ150 indices effective 12 December 2025. LG CNS could present a buying opportunity with its inclusion,...

Douglas Kim

LG CNS: End of Lockup for 67.5% of Outstanding Shares on 5 August

It was announced today that Macquarie PE sold about 7.4 million shares of LG CNS in a block deal trade. The selling price was 60,242 won (9%...

Douglas Kim

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Top 10 picks in this bi-weekly include S&T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise,...

Douglas Kim

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Korea Small Cap Gem #61: ITCEN Global

The real driver of ITCEN Global's sales, profits, and value is the Digital Asset and Web3 vertical, run partly through strategic holdings such as...

Douglas Kim

Internet/Software (Overweight/Maintain)Identifying leaders in the AI data center space

Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI...

Mirae Asset Securities

KRX Announces Changes to KOSPI200 Index

​KRX announced changes to KOSPI200 and KOSDAQ150 indices effective 12 December 2025. LG CNS could present a buying opportunity with its inclusion,...

Douglas Kim

LG CNS: End of Lockup for 67.5% of Outstanding Shares on 5 August

It was announced today that Macquarie PE sold about 7.4 million shares of LG CNS in a block deal trade. The selling price was 60,242 won (9%...

Douglas Kim

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Top 10 picks in this bi-weekly include S&T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise,...

Douglas Kim

KRX announced changes to KOSPI200 and KOSDAQ150 indices effective 12 December 2025. LG CNS could present a buying opportunity with its inclusion,...