Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li><em><strong>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. </strong></em></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).


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)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121


Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

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

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

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