Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Nong Shim Holdings Co., Ltd. / Equity Bottom-Up

<ul>
<li>Nong Shim Holdings Co., Ltd. (072710 KS) is part of our top 10 picks in our latest Korea Top 10 Picks Bi-Weekly.</li>
<li>Despite the recent share price appreciation, Nongshim Holdings' price remains undervalued. Our NAV analysis suggests an implied price of 161,564 won per share which is 40% higher than current levels.</li>
<li>Nongshim Holdings' 32.7% stake in Nongshim is the largest component of the value (1 trillion won) which is nearly twice as high as Nongshim Holdings' current market cap.</li>
</ul>


Nong Shim Holdings Co., Ltd. (072710 KS) is part of our top 10 picks in our latest Korea Top 10 Picks Bi-Weekly.
Despite the recent share price appreciation, Nongshim Holdings' price remains undervalued. Our NAV analysis suggests an implied price of 161,564 won per share which is 40% higher than current levels.
Nongshim Holdings' 32.7% stake in Nongshim is the largest component of the value (1 trillion won) which is nearly twice as high as Nongshim Holdings' current market cap.


Nongshim Holdings: NAV Valuation Analysis

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 5th. The aggregated short interest was USD11.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in LCB, Alteogen, Hyundai Motor, Samsung F&amp;M Insurance, HanmiPharm.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 5th. The aggregated short interest was USD11.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in LCB, Alteogen, Hyundai Motor, Samsung F&amp;M Insurance, HanmiPharm.


KRX Short Interest Weekly (Dec 5th): LCB, Alteogen, Hyundai Motor, Samsung F&M Insurance, HanmiPharm

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 26th. The aggregated short interest was USD11.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Kakao, Alteogen, Doosan Enerbility, SamsungElecMech, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 26th. The aggregated short interest was USD11.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Kakao, Alteogen, Doosan Enerbility, SamsungElecMech, Samsung Electronics.


KRX Short Interest Weekly (Sep 26th): Kakao, Alteogen, Doosan Enerbility, SamsungElecMech

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 19th. The aggregated short interest was USD11.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in NAVER, LG Electronics, HMM, LG Display, HYBE.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 19th. The aggregated short interest was USD11.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in NAVER, LG Electronics, HMM, LG Display, HYBE.


KRX Short Interest Weekly (Sep 19th): NAVER, LG Electronics, HMM, LG Display, HYBE

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Mar 21st which has an aggregated short interest worth USD3.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Mobis (012330 KS), Korea Aerospace (047810 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 21st which has an aggregated short interest worth USD3.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Mobis (012330 KS), Korea Aerospace (047810 KS).


KRX Short Interest Weekly (Mar 21st): Mobis, Korea Aerospace

South Korea

Nong Shim Holdings Co., Ltd. is an investment holding company.  The Company, through its subsidiaries, produces foods, manufactures packaging materials, and provides engineering and advertising services.

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Nong Shim Holdings Co., Ltd. (072710 KS)

Nongshim Holdings: NAV Valuation Analysis

Despite the recent share price appreciation, Nongshim Holdings' price remains undervalued. Our NAV analysis suggests an implied price of 161,564...

Douglas Kim

KRX Short Interest Weekly (Dec 5th): LCB, Alteogen, Hyundai Motor, Samsung F&M Insurance, HanmiPharm

We analyzed KRX short interest report for the past week and highlighted short interest changes in LCB, Alteogen, Hyundai Motor, Samsung F&M...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Sep 26th): Kakao, Alteogen, Doosan Enerbility, SamsungElecMech

We analyzed KRX short interest report for the past week and highlighted short interest changes in Kakao, Alteogen, Doosan Enerbility,...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Sep 19th): NAVER, LG Electronics, HMM, LG Display, HYBE

We analyzed KRX short interest report for the past week and highlighted short interest changes in NAVER, LG Electronics, HMM, LG Display, HYBE.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Mar 21st): Mobis, Korea Aerospace

We analyzed KRX short interest report for the past week and highlighted short interest changes in Mobis, Korea Aerospace.

Ke Yan, CFA, FRM

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