Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Thematic (Sector/Industry)

<ul>
<li><em><strong>In this insight, I discuss the launch of Korea Exchange's new after hours market and the positive impact it could have on several leading local brokers. </strong></em></li>
<li>Korea Exchange (KRX) officially launched the real time after-hours trading market on 14 September. This new platform operates from 4 PM to 8PM KST.</li>
<li>Given that the retail local investors dominate the KRX after hours market with more than 90% share, this would positively impact Kiwoom Securities, in particular.</li>
</ul>


In this insight, I discuss the launch of Korea Exchange's new after hours market and the positive impact it could have on several leading local brokers. 
Korea Exchange (KRX) officially launched the real time after-hours trading market on 14 September. This new platform operates from 4 PM to 8PM KST.
Given that the retail local investors dominate the KRX after hours market with more than 90% share, this would positively impact Kiwoom Securities, in particular.


VI (Volatility Interruption) Mechanisms Surge in the KRX's New After Hours Market Launch

Equity Bottom-Up

Mirae Asset Securities / Equity Bottom-Up

<ul>
<li>Mirae Asset Securities is the largest Korean investor in SpaceX which is getting ready to complete its IPO this summer at a valuation of about US$1.75 trillion to US$2.0 trillion</li>
<li>Mirae Asset Securities has secured the right to sell nearly US$1 billion of the SpaceX IPO offering to local investors in Korea.</li>
<li>I think many investors are gearing up to sell their shares in Mirae Asset Securities leading up to the SpaceX IPO as well as soon afterwards. </li>
</ul>


Mirae Asset Securities is the largest Korean investor in SpaceX which is getting ready to complete its IPO this summer at a valuation of about US$1.75 trillion to US$2.0 trillion
Mirae Asset Securities has secured the right to sell nearly US$1 billion of the SpaceX IPO offering to local investors in Korea.
I think many investors are gearing up to sell their shares in Mirae Asset Securities leading up to the SpaceX IPO as well as soon afterwards. 


Mirae Asset Securities - To Sell $1 Billion of SpaceX IPO Shares [Buy the Rumor, Sell the News]

<ul>
<li>Elon Musk is seeking an IPO of SpaceX this summer. The valuation that Musk and other major shareholders of SpaceX is seeking has risen from US$1.5 trillion to US$1.75 trillion.</li>
<li>Right now, the Mirae Asset Securities ordinary/preferred shares ratio is more than 2 standard deviations. This ratio is nearly at its highest ratio in the past five years. </li>
<li>We believe this GAP is excessive. The higher probability scenario is for this gap to narrow in the next 3-9 months. </li>
</ul>


Elon Musk is seeking an IPO of SpaceX this summer. The valuation that Musk and other major shareholders of SpaceX is seeking has risen from US$1.5 trillion to US$1.75 trillion.
Right now, the Mirae Asset Securities ordinary/preferred shares ratio is more than 2 standard deviations. This ratio is nearly at its highest ratio in the past five years. 
We believe this GAP is excessive. The higher probability scenario is for this gap to narrow in the next 3-9 months. 


Higher Valuation for SpaceX IPO and Mirae Asset Securities Ordinary Vs Preferred Shares Gap to Close

<ul>
<li>It has been revealed that three Mirae Asset Group companies including Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital combined invested US$278 million in SpaceX.</li>
<li>Mirae Asset Group is the biggest Korean investor in SpaceX. Its investment in SpaceX is estimated to be about 2.3% of the total US$12 billion already received in SpaceX. </li>
<li>If SpaceX's valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies' investment returns in SpaceX could be more than 10x their original investments.</li>
</ul>


It has been revealed that three Mirae Asset Group companies including Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital combined invested US$278 million in SpaceX.
Mirae Asset Group is the biggest Korean investor in SpaceX. Its investment in SpaceX is estimated to be about 2.3% of the total US$12 billion already received in SpaceX. 
If SpaceX's valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies' investment returns in SpaceX could be more than 10x their original investments.


Mirae Asset Group - The Biggest Korean Investor in SpaceX

Cross Asset Strategy

<ul>
<li>NPS and other local pension funds net sold approximately 2.5 trillion won in KOSPI included stocks in the past month (as of 23 June).</li>
<li>Top stocks net sold by the NPS and local pension funds in the past one month include Samsung Electro Mechanics, SK Square, and Mirae Asset Securities. </li>
<li>Top stocks net purchased  by the NPS and local pension funds in the past one month include Naver, SK Hynix, and Hyundai Mobis. </li>
</ul>


NPS and other local pension funds net sold approximately 2.5 trillion won in KOSPI included stocks in the past month (as of 23 June).
Top stocks net sold by the NPS and local pension funds in the past one month include Samsung Electro Mechanics, SK Square, and Mirae Asset Securities. 
Top stocks net purchased  by the NPS and local pension funds in the past one month include Naver, SK Hynix, and Hyundai Mobis. 


NPS: Net Seller of Korean Stocks in the Past Month (What Is It Buying and Selling?)

South Korea

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.

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Mirae Asset Securities (006800 KS)

VI (Volatility Interruption) Mechanisms Surge in the KRX's New After Hours Market Launch

In this insight, I discuss the launch of Korea Exchange's new after hours market and the positive impact it could have on several leading local...

Douglas Kim

Mirae Asset Securities - To Sell $1 Billion of SpaceX IPO Shares [Buy the Rumor, Sell the News]

Mirae Asset Securities has secured the right to sell nearly US$1 billion of the SpaceX IPO offering to local investors in Korea.

Douglas Kim

Higher Valuation for SpaceX IPO and Mirae Asset Securities Ordinary Vs Preferred Shares Gap to Close

Right now, the Mirae Asset Securities ordinary/preferred shares ratio is more than 2 standard deviations. This ratio is nearly at its highest ratio...

Douglas Kim

Mirae Asset Group - The Biggest Korean Investor in SpaceX

If SpaceX's valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies' investment returns in SpaceX could...

Douglas Kim

NPS: Net Seller of Korean Stocks in the Past Month (What Is It Buying and Selling?)

NPS and local pension funds have started to net sell Korean stocks in the past month. This could accelerate in the coming weeks, which could...

Douglas Kim

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