Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Hyundai Engineering & Construction / Equity Bottom-Up

Hyundai Engineering & Construction (000720 KS)

<ul>
<li>In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and March 2025).</li>
<li>These 10 companies in KOSPI 200 that have announced their Corporate Value Up plans are down on average 1.3% versus KOSPI which is down 2% in the same period.</li>
<li>Three companies that have outperformed KOSPI (since their Corporate Value Up report announcement) include Hanmi Semiconductor, Hyundai Engineering &amp; Construction, and Samyang Foods. </li>
</ul>


In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and March 2025).
These 10 companies in KOSPI 200 that have announced their Corporate Value Up plans are down on average 1.3% versus KOSPI which is down 2% in the same period.
Three companies that have outperformed KOSPI (since their Corporate Value Up report announcement) include Hanmi Semiconductor, Hyundai Engineering &amp; Construction, and Samyang Foods. 


Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025

Event-Driven

<ul>
<li>Dongwon Group's decision to merge Dongwon F&amp;B and Dongwon Industries into one company is a positive move.</li>
<li>Dongwon F&amp;B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.</li>
<li>Post stock swap between Dongwon Industries and Dongwon F&amp;B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.</li>
</ul>


Dongwon Group's decision to merge Dongwon F&amp;B and Dongwon Industries into one company is a positive move.
Dongwon F&amp;B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.
Post stock swap between Dongwon Industries and Dongwon F&amp;B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.


Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

<ul>
<li>Nongshim announced that it plans to increase the prices of its instant noodles and snack products starting next week. </li>
<li>Nongshim plans to raise the retail prices of 14 instant noodle products by 7.2% on average and three snack products by 7.4% starting Monday (10 March).</li>
<li>We estimate the consensus to raise their earnings estimates by 5-10%+ in 2025 and 2026, driven by the higher product prices of major instant noodles and snacks. </li>
</ul>


Nongshim announced that it plans to increase the prices of its instant noodles and snack products starting next week. 
Nongshim plans to raise the retail prices of 14 instant noodle products by 7.2% on average and three snack products by 7.4% starting Monday (10 March).
We estimate the consensus to raise their earnings estimates by 5-10%+ in 2025 and 2026, driven by the higher product prices of major instant noodles and snacks. 


<ul>
<li>One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. </li>
<li>China's President Xi recently stated "Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” 
</li>
<li>We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. </li>
</ul>


One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. 
China's President Xi recently stated "Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.” 

We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. 


China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>4Q24 revenue and OP came in at W480.8bn and W87.3bn, respectively (OPM 18.2%) </li><li>Revenue grew 10% QoQ, but profitability weakened on one-off marketing cost increase</li><li>The noodle maker remains our top pick in the F&amp;B sector, given its unwavering growth potential</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q24 revenue and OP came in at W480.8bn and W87.3bn, respectively (OPM 18.2%) Revenue grew 10% QoQ, but profitability weakened on one-off marketing cost increaseThe noodle maker remains our top pick in the F&amp;B sector, given its unwavering growth potentialContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samyang Foods (003230 KS Feb 6, 2025) - Growth Potential Reaffirmed

South Korea

Samyang Foods Co., Ltd. manufactures instant and processed food products, such as noodles, snacks, cooking oil, and feed.  The Company also produces dairy goods including milk, cheese, and ice cream.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samyang Foods (003230 KS)

Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025

In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and...

Douglas Kim

Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

Dongwon Group announced a major reorganization plan on 14 April. Dongwon F&B (049770 KS) will be delisted and incorporated as a wholly owned...

Douglas Kim

Nongshim Raises Instant Noodles Prices

Nongshim announced that it plans to increase the prices of its instant noodles and snack products. We believe this price increase by Nongshim will...

Douglas Kim

China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

One of the big thematic events that have impacted the Korean stock market this week has been the expectation that China could lift ban on Korean...

Douglas Kim

Samyang Foods (003230 KS Feb 6, 2025) - Growth Potential Reaffirmed

4Q24 revenue and OP came in at W480.8bn and W87.3bn, respectively (OPM 18.2%) Revenue grew 10% QoQ, but profitability weakened on one-off marketing...

Daishin Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)