Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. </li>
<li>Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States. </li>
<li>Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials. </li>
</ul>


Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. 
Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States. 
Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials. 


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.

Index Rebalance

<ul>
<li>KRX BBIG Sept review: Mother index BBIG, four kids. Only Bio (adds: Peptron, PharmaResearch; deletes: Hanmi Pharm, SK Bioscience) and Game saw changes. Battery, Internet unchanged.</li>
<li>Game’s tiny AUM won’t move flows; Bio may see meaningful passive impact. Index AUM ~20B KRW: additions ~0.2x DTV inflow, deletions ~0.3–0.4x DTV outflow.</li>
<li>Clean trade setup: index flying under radar, seemingly no pre-positioning. PharmaResearch seems to have moved solo. Thursday likely sees strong ETF-driven price action; enter late morning pullback, exit before close.</li>
</ul>


KRX BBIG Sept review: Mother index BBIG, four kids. Only Bio (adds: Peptron, PharmaResearch; deletes: Hanmi Pharm, SK Bioscience) and Game saw changes. Battery, Internet unchanged.
Game’s tiny AUM won’t move flows; Bio may see meaningful passive impact. Index AUM ~20B KRW: additions ~0.2x DTV inflow, deletions ~0.3–0.4x DTV outflow.
Clean trade setup: index flying under radar, seemingly no pre-positioning. PharmaResearch seems to have moved solo. Thursday likely sees strong ETF-driven price action; enter late morning pullback, exit before close.


A Flow Play on the Market-Missed Reshuffle in KRX Bio Top 10

<ul>
<li>On 6 August, the Korean government confirmed visa-free entry of group tourists from China to South Korea.</li>
<li>The new policy will allow the group tourists from China to visit South Korea on a visa-free basis from 29 September 2025 to end of June 2026.</li>
<li>We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.</li>
</ul>


On 6 August, the Korean government confirmed visa-free entry of group tourists from China to South Korea.
The new policy will allow the group tourists from China to visit South Korea on a visa-free basis from 29 September 2025 to end of June 2026.
We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.


Korean Government Confirms Visa-Free Entry of Group Tourists from China to South Korea

<ul>
<li>In this insight, we discuss the potential adds and deletes of Korean stocks in a major global index in August 2025 as highlighted by the locals in Korea. </li>
<li>There are about 10 potential additions to the major global index mentioned by various local media accounts. LIG Nex1, Hyosung Heavy Industries, and Doosan Corp are most likely inclusion candidates. </li>
<li>There have been three companies that have been consistently mentioned in numerous local media as potential deletion candidates including LG Innotek, CJ Cheiljedang, and SKC Co. </li>
</ul>


In this insight, we discuss the potential adds and deletes of Korean stocks in a major global index in August 2025 as highlighted by the locals in Korea. 
There are about 10 potential additions to the major global index mentioned by various local media accounts. LIG Nex1, Hyosung Heavy Industries, and Doosan Corp are most likely inclusion candidates. 
There have been three companies that have been consistently mentioned in numerous local media as potential deletion candidates including LG Innotek, CJ Cheiljedang, and SKC Co. 


Potential Adds & Deletes in a Major Global Index in August 2025 As Highlighted by Locals in Korea

<ul>
<li>Korea surpassed France as the top exporter of cosmetics to the USA in 2024. Korea exported $1.7 billion worth of cosmetics to the USA in 2024, up 54.2% YoY.</li>
<li>CJ Olive Young's online cosmetic sales to overseas markets soared 70% YoY in 1H 2025, fueled largely by the explosive demand from the United States.</li>
<li>We have raised our NAV valuation of CJ Corp to 207,713 won per share (up 28%). We raised the valuation of CJ Olive Young to 7 trillion won. </li>
</ul>


Korea surpassed France as the top exporter of cosmetics to the USA in 2024. Korea exported $1.7 billion worth of cosmetics to the USA in 2024, up 54.2% YoY.
CJ Olive Young's online cosmetic sales to overseas markets soared 70% YoY in 1H 2025, fueled largely by the explosive demand from the United States.
We have raised our NAV valuation of CJ Corp to 207,713 won per share (up 28%). We raised the valuation of CJ Olive Young to 7 trillion won. 


Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young - Key Beneficiary]

South Korea

PharmaResearch Co., Ltd. operates as a marine biopharmaceuticals company. The Company manufactures and sells botulinum toxin formulations and other products. PharmaResearch also produces and sells medical equipment and cosmetics.

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PharmaResearch (214450 KS)

Korea Small Cap Gem #45: Genic

Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. Genic is one of the biggest suppliers...

Douglas Kim

A Flow Play on the Market-Missed Reshuffle in KRX Bio Top 10

This post highlights a flow play on the market-overlooked KRX Bio Top 10 reshuffle, outlining key adds/deletes, expected passive flows, and timing...

Sanghyun Park

Korean Government Confirms Visa-Free Entry of Group Tourists from China to South Korea

We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.

Douglas Kim

Potential Adds & Deletes in a Major Global Index in August 2025 As Highlighted by Locals in Korea

In this insight, we discuss the potential adds and deletes of Korean stocks in a major global index in August 2025 as highlighted by the locals in...

Douglas Kim

Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young - Key Beneficiary]

Korea surpassed France as the top exporter of cosmetics to the USA in 2024. We have raised our NAV valuation of CJ Corp to 207,713 won per share...

Douglas Kim

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