Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, <a href="https://www.smartkarma.com/entities/dong-a-socio-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4271:1" rel="noopener">Dong A Socio Holdings (000640 KS), </a>and <a href="https://www.smartkarma.com/entities/dong-a-st-co-ltd" target="_blank" data-smartkarma-citation="entities:16873:1" rel="noopener">Dong A St (170900 KS)</a>.Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, Dong A Socio Holdings (000640 KS), and Dong A St (170900 KS).Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.  

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:<ul>
<li>Share price performances YTD</li>
<li>Market Cap</li>
<li>Operating Profit Growth Momentum</li>
</ul><div class="content-highlight">
Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  
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In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to announce the KOSPI 200 and KOSDAQ 150 rebalanced stocks at the end of May and the changed KOSPI 200 and KOSDAQ 150 indices will be effective starting 12 June.We have broken down the potential inclusions into KOSPI 200 KOSDAQ 150 into 3 major categories including the following:
Share price performances YTD
Market Cap
Operating Profit Growth Momentum

Combining all of these three factors, the top five companies in our list including Zinus, Hwa Sung Enterprises, F&amp;F, Cuckoo Homesys, POSCO Chemtech, and Cuckoo Homesys are the ones that not only are potential inclusions in KOSPI 200 but also those that can potentially outperform the market after being included in KOSPI 200. 
Combining all of these three factors, the top five companies in our list including ITM Semiconductor, Cowintech, Daou Data Corp, Ebest Investment &amp; Securities, and Neowiz Games are the ones that not only are potential inclusions in KOSDAQ 150 but also those that can potentially outperform the market after being included in KOSDAQ 150.  


KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>3Q25 net and core profit rose strongly YoY and QoQ, driven by US CCGT projects (higher volume QoQ, full-quarter capacity price rise, wider spark spread) and Nam San 3A &amp; 3B (higher output from increased rainfall and water flow).</li><li>We maintain our BUY call and 2026 FV at Bt10.00, as Valuation Metrics remain positive on the current valuation and stronger 2Y core EPS growth (+17% CAGR) versus peers, with neutral tactical risk.</li><li>3Q25 turned to a Bt627mn NP, in line with preview (vs. Bt28mn net loss in 3Q24 from a Bt480mn forex loss and Bt651mn net loss in 2Q25 from Bt673mn one-offs related to impairment loss in the Nabas project and EDL receivables).</li></ul>

3Q25 net and core profit rose strongly YoY and QoQ, driven by US CCGT projects (higher volume QoQ, full-quarter capacity price rise, wider spark spread) and Nam San 3A &amp; 3B (higher output from increased rainfall and water flow).We maintain our BUY call and 2026 FV at Bt10.00, as Valuation Metrics remain positive on the current valuation and stronger 2Y core EPS growth (+17% CAGR) versus peers, with neutral tactical risk.3Q25 turned to a Bt627mn NP, in line with preview (vs. Bt28mn net loss in 3Q24 from a Bt480mn forex loss and Bt651mn net loss in 2Q25 from Bt673mn one-offs related to impairment loss in the Nabas project and EDL receivables).

BCPG Plc. (BCPG): Solid 3Q25 Profit As Expected From US CCGT...

Equity Capital Markets

<ul>
<li>LS Materials IPO price has been determined at 6,000 won per share, which is higher than the high end of the IPO price range (5,500 won). </li>
<li>A total 2,025 institutional investors participated in this IPO book building. The demand ratio was 396.8 to 1. The IPO offering amount is 87.8 billion won. </li>
<li>We believe that its share price is likely to trade higher than the high end of our valuation range (7,953 won per share) post IPO. </li>
</ul>


LS Materials IPO price has been determined at 6,000 won per share, which is higher than the high end of the IPO price range (5,500 won). 
A total 2,025 institutional investors participated in this IPO book building. The demand ratio was 396.8 to 1. The IPO offering amount is 87.8 billion won. 
We believe that its share price is likely to trade higher than the high end of our valuation range (7,953 won per share) post IPO. 


LS Materials IPO Bookbuilding Results Analysis

South Korea

Namsun Aluminum Co., Ltd. manufactures aluminum products, such as aluminum sash and circlet.

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Namsun Aluminum (008350 KS)

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

KRX anounced its KOSPI200 index rebalance. There were no surprises among the new additions but a few surprises among the deletions.

Douglas Kim

KOSPI 200 & KOSDAQ 150 Rebalancing in June Update

In this insight, we provide additional insights regarding the upcoming KOSPI 200 and KOSDAQ 150 rebalancing. According to the KRX, it plans to...

Douglas Kim

BCPG Plc. (BCPG): Solid 3Q25 Profit As Expected From US CCGT...

3Q25 net and core profit rose strongly YoY and QoQ, driven by US CCGT projects (higher volume QoQ, full-quarter capacity price rise, wider spark...

Krungthai XSpring

LS Materials IPO Bookbuilding Results Analysis

LS Materials reported excellent bookbuilding results. We believe that its share price is likely to trade higher than the high end of our valuation...

Douglas Kim

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