Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

Event-Driven

<ul>
<li>Daishin Securities announced that it will cancel 15.35 million treasury shares and pay its first tax-free dividend. This represents 18.4% and 16.8% of outstanding common and preferred shares, respectively. </li>
<li>The company will also pay tax-free dividends. This will be implemented over approximately four years, starting this year, with a limit of 400 billion won.</li>
<li>This is the MOST SIGNIFICANT shareholder return program announced by Daishin Securities since its founding in 1962.</li>
</ul>


Daishin Securities announced that it will cancel 15.35 million treasury shares and pay its first tax-free dividend. This represents 18.4% and 16.8% of outstanding common and preferred shares, respectively. 
The company will also pay tax-free dividends. This will be implemented over approximately four years, starting this year, with a limit of 400 billion won.
This is the MOST SIGNIFICANT shareholder return program announced by Daishin Securities since its founding in 1962.


Daishin Securities: The Most Significant Shareholder Return Program Announced Since Its Founding

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>The index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.</li>
<li>Some companies not fitting the 'value-up' narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index's original goal.</li>
<li>Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.</li>
</ul>


The index focuses on qualitative factors like capital efficiency and shareholder returns, but efforts to impose sector balance may have overextended its market benchmark role.
Some companies not fitting the 'value-up' narrative got included, while market favorites were sidelined by sector rankings, which is puzzling given the index's original goal.
Still, with rebalancing cut down to once a year, we should expect the flow impact on the index names to hit harder than initially thought compared to their sector peers.


All the Scoop on the Korea Value-Up Index

Thematic (Sector/Industry)

<ul>
<li>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. </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]

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)

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

Daishin Securities: The Most Significant Shareholder Return Program Announced Since Its Founding

Daishin Securities announced that it will cancel 15.35 million treasury shares. This represents 18.4% and 16.8% of outstanding common and preferred...

Douglas Kim

All the Scoop on the Korea Value-Up Index

This post breaks down everything we need to know about the Korea Value-up Index that KRX just unveiled today, especially focusing on those...

Sanghyun Park

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

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