Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul><li>Coupang is perhaps the fastest growing E-commerce company in the world. </li><li>We highlight five special sauces of what makes Coupang great. </li></ul><ol><li>Ultra customer-centric, fast delivery system (vertically integrated)</li><li>Focus on repeat customers with low(est) prices </li><li>"Best-in-class" mobile app for E-commerce</li><li>Huge cash war chest with $US1 billion investment from Softbank, your ultimate<em> "Godfather"</em> venture capitalist.</li><li>Economies of Scale - Bargaining power with vendors</li></ol><ul><li>Despite its great progress, Coupang has its share of problems including recent decline in average monthly visitors, which we explain. </li><li>If you are interested in E-commerce, logistics, and retail sectors in Korea, Coupang is a must know company. </li></ul>

Coupang is perhaps the fastest growing E-commerce company in the world. We highlight five special sauces of what makes Coupang great. Ultra customer-centric, fast delivery system (vertically integrated)Focus on repeat customers with low(est) prices "Best-in-class" mobile app for E-commerceHuge cash war chest with $US1 billion investment from Softbank, your ultimate "Godfather" venture capitalist.Economies of Scale - Bargaining power with vendorsDespite its great progress, Coupang has its share of problems including recent decline in average monthly visitors, which we explain. If you are interested in E-commerce, logistics, and retail sectors in Korea, Coupang is a must know company. 

Coupang: Fastest Growing E-Commerce Company in the World

<ul>
<li>In this report, we provide an overview of our coverage in the Korean equity space which we have been highlighting in the past three months. </li>
<li>There is a common theme to our coverage in the Korean equity space - which is to highlight companies (both value and growth) with innovative business models/gaining market shares that are <strong>number one player in their respective sectors. </strong>By picking the number one players in their respective markets, we believe it could improve the overall risk/return ratio of a…</li>
</ul>


In this report, we provide an overview of our coverage in the Korean equity space which we have been highlighting in the past three months. 
There is a common theme to our coverage in the Korean equity space - which is to highlight companies (both value and growth) with innovative business models/gaining market shares that are number one player in their respective sectors. By picking the number one players in their respective markets, we believe it could improve the overall risk/return ratio of a…


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.</li>
<li>We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February. We're gone through 80% of the trading days.
We currently forecast 42 stocks migrating between the size segments. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap, 1 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The recent market volatility has led to a narrowing of that gap.


KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.</li>
<li>A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
A third of the way through the averaging period, we forecast 37 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap, 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last few months. The gap between the small and mid-cap migrations has continued to widen.


KOSPI Size Indices: Small-To-Mid Migrations Running Up

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.</li>
<li>Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.</li>
<li>The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> is a lot smaller.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.
Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus the KOSPI2 INDEX is a lot smaller.


KOSPI Size Indices: Lots of Change as Averaging Starts

South Korea

Samyang Holdings Corp manufactures a wide range of food, such as sugar, cooking oil, wheat flour, and livestock feed.  The Company also operates trading business and produces industrial fibers and chemical products, such as engineering plastics, PET bottles and ion exchange resin.

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Samyang Holdings (000070 KS)

Coupang: Fastest Growing E-Commerce Company in the World

Coupang is perhaps the fastest growing E-commerce company in the world. We highlight five special sauces of what makes Coupang great. Ultra...

Douglas Kim

Commonality of Our Coverage

In this report, we provide an overview of our coverage in the Korean equity space which we have been highlighting in the past three months. There...

Douglas Kim

KOSPI Size Indices: Market Volatility Narrows Spread (A Bit)

There could be 42 migrations across categories in March, plus new listings being added. The recent market volatility has narrowed the...

Brian Freitas

KOSPI Size Indices: Small-To-Mid Migrations Running Up

There could be 37 migrations across categories in March, plus new listings being added. The small-to-mid cap migrations have continued to move...

Brian Freitas

KOSPI Size Indices: Lots of Change as Averaging Starts

There could be 34 migrations for the KOSPI Size Indices in March. Among new listings, there could be 1 LargeCap add, 2 MidCap adds and 2 SmallCap...

Brian Freitas

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