Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

Miwon Specialty Chemical / Index Rebalance

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.</li>
<li>We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).</li>
<li>Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period. </li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.
We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).
Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period. 


An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026

Equity Bottom-Up

<ul>
<li>In 2026, one of the emerging investment themes will likely be the main value-chain suppliers to SpaceX which is gearing up for a huge IPO next year.</li>
<li>Seah Besteel Holdings is expected to be one of the specialty steel suppliers to SpaceX. Seah is investing about US$155 million to build a special alloy plant in the US.</li>
<li>In addition to SpaceX, Seah Besteel Holdings plans to gain additional major US customers including Boeing Co (BA US), Lockheed Martin (LMT US), GE Aerospace, and Pratt &amp; Whitney.</li>
</ul>


In 2026, one of the emerging investment themes will likely be the main value-chain suppliers to SpaceX which is gearing up for a huge IPO next year.
Seah Besteel Holdings is expected to be one of the specialty steel suppliers to SpaceX. Seah is investing about US$155 million to build a special alloy plant in the US.
In addition to SpaceX, Seah Besteel Holdings plans to gain additional major US customers including Boeing Co (BA US), Lockheed Martin (LMT US), GE Aerospace, and Pratt &amp; Whitney.


Korea Small Cap Gem #50: Seah Besteel Holdings - A Potential Beneficiary of SpaceX IPO

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 Mar 14th which has an aggregated short interest worth USD3.6bn.</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 Skc (011790 KS), Korea Aerospace (047810 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 14th which has an aggregated short interest worth USD3.6bn.
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 Skc (011790 KS), Korea Aerospace (047810 KS).


KRX Short Interest Weekly (Mar 14th): Skc, Korea Aerospace

Posco International Corporation / Equity Bottom-Up

<ul>
<li>Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to significantly increase the Alaskan gas fields.</li>
<li>The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.</li>
<li>Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive. </li>
</ul>


Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to significantly increase the Alaskan gas fields.
The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.
Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive. 


POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields

Event-Driven

<ul>
<li>In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. </li>
<li>Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.</li>
<li>Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. </li>
</ul>


In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. 
Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.
Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. 


A Review of Major Equity Indices in Korea in 2024

South Korea

SeAH Steel Holdings Corporation manufactures and sells steel pipes. The Company produces and sells spiral, stainless, titanium tubes, and other products. SeAH Steel Holdings markets its products throughout Korea.

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SeAH Steel Holdings (003030 KS)

An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026

In this insight, we provide an early look at the potential additions (8) and deletions (8) to KOSPI200 rebalance in June 2026.

Douglas Kim

Korea Small Cap Gem #50: Seah Besteel Holdings - A Potential Beneficiary of SpaceX IPO

Seah Besteel Holdings is expected to be one of the specialty steel suppliers to SpaceX which is expected to complete a huge IPO in 2026.

Douglas Kim

KRX Short Interest Weekly (Mar 14th): Skc, Korea Aerospace

We analyzed KRX short interest report for the past week and highlighted short interest changes in Skc (011790 KS), Korea Aerospace (047810 KS).

Ke Yan, CFA, FRM

POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields

Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to...

Douglas Kim

A Review of Major Equity Indices in Korea in 2024

We review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. KRX plans to make special changes to the Korea...

Douglas Kim

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