Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Mirae Asset Securities / Equity Bottom-Up

<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?)

<ul>
<li>In this insight, we discuss the sharp capital flight out of Korea into major stocks in the US in the past several years, especially into the MAG7 stocks.</li>
<li>We provide seven major reasons why Koreans' investments in the US stocks (especially MAG7) have been surging in the past several years. </li>
<li>When will they sell? We provide some clues on this.</li>
</ul>


In this insight, we discuss the sharp capital flight out of Korea into major stocks in the US in the past several years, especially into the MAG7 stocks.
We provide seven major reasons why Koreans' investments in the US stocks (especially MAG7) have been surging in the past several years. 
When will they sell? We provide some clues on this.


7 Main Reasons Driving Surging Ownership into MAG7 Stocks by Korean Investors: When Will They Sell?

<ul>
<li>We provide the details of the 11 most recent companies in KOSPI that have announced their Corporate Value Up plans (June and July 2025), including their shareholder returns. </li>
<li>These 11 companies experienced a sharp underperformance (from one day prior to their corporate value up announcement to current) versus KOSPI in the past two months.</li>
<li>Among the 11 companies include Doosan Bobcat, Hana Financial, KCC Corp, Orion Corp, Hanmi Semiconductor, Hanwha Aerospace, Hanwha Systems, Kolmar Holdings, Mirae Asset Securities, and KDHC. </li>
</ul>


We provide the details of the 11 most recent companies in KOSPI that have announced their Corporate Value Up plans (June and July 2025), including their shareholder returns. 
These 11 companies experienced a sharp underperformance (from one day prior to their corporate value up announcement to current) versus KOSPI in the past two months.
Among the 11 companies include Doosan Bobcat, Hana Financial, KCC Corp, Orion Corp, Hanmi Semiconductor, Hanwha Aerospace, Hanwha Systems, Kolmar Holdings, Mirae Asset Securities, and KDHC. 


Korea Value Up Plans Announcements by Companies in KOSPI in June and July 2025

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)

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

7 Main Reasons Driving Surging Ownership into MAG7 Stocks by Korean Investors: When Will They Sell?

In this insight, we discuss the sharp capital flight out of Korea into major stocks in the US in the past several years, especially into the MAG7...

Douglas Kim

Korea Value Up Plans Announcements by Companies in KOSPI in June and July 2025

We provide the details of the 11 most recent companies in KOSPI that have announced their Corporate Value Up plans (June and July 2025), including...

Douglas Kim

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