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.

Event-Driven

<ul>
<li>KRX will lower the tick sizes for KOSPI and KOSDAQ starting next January to reduce actual transaction costs and increase market liquidity by attracting more high-frequency traders.</li>
<li>KRX's acceptance of the market's long-standing demand at this point can be seen as primarily driven by the purpose of resolving the problem of reduced market liquidity.</li>
<li>We need to design a setup that takes a tighter holding period of event and flow trading in the Korean local market from next year.</li>
</ul>


KRX will lower the tick sizes for KOSPI and KOSDAQ starting next January to reduce actual transaction costs and increase market liquidity by attracting more high-frequency traders.
KRX's acceptance of the market's long-standing demand at this point can be seen as primarily driven by the purpose of resolving the problem of reduced market liquidity.
We need to design a setup that takes a tighter holding period of event and flow trading in the Korean local market from next year.


Lowering Tick Sizes for KOSPI & KOSDAQ Starting Next January

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.</li>
<li>There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front,  Indian IPOs delivered some decent performance while HK IPOs are likely to pick up as well.
There were a number of placement and blocks this week, after the expiry of lockups in a few Indian names.


ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>On 15 November, Ecopro Group announced a major equity grant for 2,706 employees that work for various affiliates of the Ecopro Group.</li>
<li>The company announced that it will provide equity grant shares worth about 10 million won per employee (for most of the Ecopro Group full time employees as of 30 September).</li>
<li>We like what Ecopro Group is trying to do with this equity grant program and we believe this equity grant program will positively impact Ecopro Co and Ecopro BM. </li>
</ul>


On 15 November, Ecopro Group announced a major equity grant for 2,706 employees that work for various affiliates of the Ecopro Group.
The company announced that it will provide equity grant shares worth about 10 million won per employee (for most of the Ecopro Group full time employees as of 30 September).
We like what Ecopro Group is trying to do with this equity grant program and we believe this equity grant program will positively impact Ecopro Co and Ecopro BM. 


Ecopro Group: Major Equity Grants for 2,706 Employees

<ul>
<li>Naver Corp (035420 KS) (market cap of 28.9 trillion won or $20.9 billion) is our 2023 high conviction play.</li>
<li>In this report, we provide a deep-dive analysis of Naver Corp and why we believe this stock has an attractive upside of 30%+ by the end of 2023. </li>
<li>Having followed the company for many years, I often like to think of <strong>Naver as</strong><strong>"The Genius Turtle." </strong>
</li>
</ul>


Naver Corp (035420 KS) (market cap of 28.9 trillion won or $20.9 billion) is our 2023 high conviction play.
In this report, we provide a deep-dive analysis of Naver Corp and why we believe this stock has an attractive upside of 30%+ by the end of 2023. 
Having followed the company for many years, I often like to think of Naver as"The Genius Turtle." 



2023 High Conviction: Naver Corp - "The Genius Turtle"

<ul>
<li>In December 2022, Naver plans to launch its long awaited 24 hours delivery service (Naver Arrival Guarantee Solution), competing directly against Coupang's "rocket delivery" services in Korea.</li>
<li>Coupang's valuations are not attractive at current levels and the heightened competition in the 24 hour delivery service market from Naver/CJ Logistics is likely to negatively impact Coupang. </li>
<li>By providing 24 hours quick delivery service, Naver is expected to take away market share from Coupang from the fast delivery services in Korea.</li>
</ul>


In December 2022, Naver plans to launch its long awaited 24 hours delivery service (Naver Arrival Guarantee Solution), competing directly against Coupang's "rocket delivery" services in Korea.
Coupang's valuations are not attractive at current levels and the heightened competition in the 24 hour delivery service market from Naver/CJ Logistics is likely to negatively impact Coupang. 
By providing 24 hours quick delivery service, Naver is expected to take away market share from Coupang from the fast delivery services in Korea.


Coupang: Market Share Loss Likely Due to Launch of Naver's 24 Hours Next Day Delivery Service

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

Lowering Tick Sizes for KOSPI & KOSDAQ Starting Next January

This post details KRX's pre-announced plan to lower the tick sizes for KOSPI and KOSDAQ starting next January and discusses the market impacts...

Sanghyun Park

ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Ecopro Group: Major Equity Grants for 2,706 Employees

On 15 November, Ecopro Group announced a major equity grant for 2,706 employees that work for various affiliates of the Ecopro Group.

Douglas Kim

2023 High Conviction: Naver Corp - "The Genius Turtle"

Naver Corp is our 2023 high conviction play. In this report, we provide a deep-dive analysis of Naver Corp and why we believe this stock has an...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lowering Tick Sizes for KOSPI & KOSDAQ Starting Next January

This post details KRX's pre-announced plan to lower the tick sizes for KOSPI and KOSDAQ starting next January and discusses the market impacts...

Sanghyun Park

ECM Weekly (20th Nov 2022) - I-Tail, Growatt, Lygend, SinoHytech, Meituan/Tencent, Olympus, Paytm

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Ecopro Group: Major Equity Grants for 2,706 Employees

On 15 November, Ecopro Group announced a major equity grant for 2,706 employees that work for various affiliates of the Ecopro Group.

Douglas Kim

2023 High Conviction: Naver Corp - "The Genius Turtle"

Naver Corp is our 2023 high conviction play. In this report, we provide a deep-dive analysis of Naver Corp and why we believe this stock has an...

Douglas Kim

Coupang: Market Share Loss Likely Due to Launch of Naver's 24 Hours Next Day Delivery Service

Coupang's valuations are not attractive at current levels and the heightened competition in the 24 hour delivery service market from Naver/CJ...

Douglas Kim