Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>There has been an intensified discussions of a potential physical split of Samsung Electronics (005930 KS) into two companies.</li>
<li>A major dispute facing Samsung Electronics is the fact that its semiconductor business (DS unit; Device Solutions) is making so much more money than the other business units.</li>
<li>Despite this dispute, I think the most likely scenario is for Samsung Electronics to maintain its status quo and not split the company into two separate companies.</li>
</ul>


There has been an intensified discussions of a potential physical split of Samsung Electronics (005930 KS) into two companies.
A major dispute facing Samsung Electronics is the fact that its semiconductor business (DS unit; Device Solutions) is making so much more money than the other business units.
Despite this dispute, I think the most likely scenario is for Samsung Electronics to maintain its status quo and not split the company into two separate companies.


A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

Equity Bottom-Up

<ul>
<li>The most viewed insight that I published in the past six months was Top 12 Korean Companies - Key Beneficiaries of the SpaceX IPO in 2026 (14 December 2025).</li>
<li>In this insight, I highlighted 12 companies in Korea that could best outperform due to the upcoming IPO of SpaceX.</li>
<li>The key thesis of this insight is that the easy money on these companies is gone. Overall, I would be very cautious on chasing after these stocks anymore.</li>
</ul>


The most viewed insight that I published in the past six months was Top 12 Korean Companies - Key Beneficiaries of the SpaceX IPO in 2026 (14 December 2025).
In this insight, I highlighted 12 companies in Korea that could best outperform due to the upcoming IPO of SpaceX.
The key thesis of this insight is that the easy money on these companies is gone. Overall, I would be very cautious on chasing after these stocks anymore.


Magnificent 12 Companies in Korea (Beneficiaries of SpaceX IPO) To Become Dirty Dozen?

<ul>
<li>On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder Aju Inc.</li>
<li>Aju IB Investment owns a small stake in SpaceX shares through its US subsidiary Solasta Ventures (US). The exact investment amount has not been disclosed.</li>
<li>In my view, Aju Inc is trying to take some profits after an enormous share price appreciation (up more than 660% in the past 6 months). </li>
</ul>


On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder Aju Inc.
Aju IB Investment owns a small stake in SpaceX shares through its US subsidiary Solasta Ventures (US). The exact investment amount has not been disclosed.
In my view, Aju Inc is trying to take some profits after an enormous share price appreciation (up more than 660% in the past 6 months). 


Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Apr 24th. The aggregated short interest was USD18.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SK Hynix, DB HiTek, KOREA AEROSPACE, HDHMS, HD HYUNDAI ELECTRIC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Apr 24th. The aggregated short interest was USD18.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SK Hynix, DB HiTek, KOREA AEROSPACE, HDHMS, HD HYUNDAI ELECTRIC.


KRX Short Interest Weekly (Apr 24th): SK Hynix, DB HiTek, KOREA AEROSPACE, HDHMS

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> results came out strong and indicated a real turnaround potential that has started in 4Q25, thanks to the shift from EV battery to ESS. </li>
<li>SDI is a beneficiary of the massive surge in AI capex spending, in addition to its EV battery business that recently won a mandate from Mercedez. </li>
<li>There could be an additional USD 315 million from AMPC on 2H26 from SDI's operation in the US through its JV with <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a> </li>
</ul>



Samsung SDI (006400 KS) results came out strong and indicated a real turnaround potential that has started in 4Q25, thanks to the shift from EV battery to ESS. 
SDI is a beneficiary of the massive surge in AI capex spending, in addition to its EV battery business that recently won a mandate from Mercedez. 
There could be an additional USD 315 million from AMPC on 2H26 from SDI's operation in the US through its JV with Stellantis NV (STLAM IM) 


Samsung SDI (006400): Turnaround and AMPC

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)

A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Douglas Kim

Magnificent 12 Companies in Korea (Beneficiaries of SpaceX IPO) To Become Dirty Dozen?

Highlighting 12 Korean companies poised to benefit from SpaceX IPO, cautioning against chasing after these stocks. Easy money on these companies...

Douglas Kim

Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder...

Douglas Kim

KRX Short Interest Weekly (Apr 24th): SK Hynix, DB HiTek, KOREA AEROSPACE, HDHMS

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, DB HiTek, KOREA AEROSPACE, HDHMS, HD...

Ke Yan, CFA, FRM

Samsung SDI (006400): Turnaround and AMPC

Samsung SDI's strong results signal a turnaround potential driven by shift to ESS, AI capex surge, awith potential USD 315 million from US...

Henry Soediarko

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Physical Split of Samsung Electronics into Two Companies Amid Big Profit Difference in DS and DX?

​Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Douglas Kim

Magnificent 12 Companies in Korea (Beneficiaries of SpaceX IPO) To Become Dirty Dozen?

​Highlighting 12 Korean companies poised to benefit from SpaceX IPO, cautioning against chasing after these stocks. Easy money on these companies...

Douglas Kim

Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc

On 29 April, Aju IB Investment (027360 KS) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder...

Douglas Kim

KRX Short Interest Weekly (Apr 24th): SK Hynix, DB HiTek, KOREA AEROSPACE, HDHMS

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, DB HiTek, KOREA AEROSPACE, HDHMS, HD...

Ke Yan, CFA, FRM

Samsung SDI (006400): Turnaround and AMPC

​Samsung SDI's strong results signal a turnaround potential driven by shift to ESS, AI capex surge, awith potential USD 315 million from US...

Henry Soediarko

Discussion intensifies over potential split of Samsung Electronics due to disparity in profits between semiconductor business and other units, but...

Highlighting 12 Korean companies poised to benefit from SpaceX IPO, cautioning against chasing after these stocks. Easy money on these companies...

Samsung SDI's strong results signal a turnaround potential driven by shift to ESS, AI capex surge, awith potential USD 315 million from US...