Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

Equity Capital Markets

<ul>
<li>On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  </li>
<li>The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.</li>
<li><em><strong>A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024. </strong></em></li>
</ul>


On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  
The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.
A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024. 


Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

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>Early take based on avg daily mkt cap: 5 MID→LARGE, 6 LARGE→MID. Count mismatch due to LG CNS likely making a direct jump into LARGE post-March IPO.</li>
<li>Local insto-driven moves remain tradable — in the March reshuffle, price action started from T–2M, with strongest returns in the T–1M window.</li>
<li>With cap gaps near historical norms, it’s time to pre-position around top/bottom cutline names — then scale up into borderlines as we move into the T–1M window.</li>
</ul>


Early take based on avg daily mkt cap: 5 MID→LARGE, 6 LARGE→MID. Count mismatch due to LG CNS likely making a direct jump into LARGE post-March IPO.
Local insto-driven moves remain tradable — in the March reshuffle, price action started from T–2M, with strongest returns in the T–1M window.
With cap gaps near historical norms, it’s time to pre-position around top/bottom cutline names — then scale up into borderlines as we move into the T–1M window.


Sizing up September’s KOSPI Size Index Migration Names

<ul>
<li>We discuss the end of the mandatory lock-up periods for 57 stocks in Korea in January 2025, among which four are in KOSPI and 53 are in KOSDAQ. </li>
<li>The ban on short selling of Korean stocks which is still in place is likely to be lifted on 31 March 2025.</li>
<li>Some of the companies mentioned in this insight which highlights the end of the major lockup periods could help to narrow down the list of candidates for potential shorting. </li>
</ul>


We discuss the end of the mandatory lock-up periods for 57 stocks in Korea in January 2025, among which four are in KOSPI and 53 are in KOSDAQ. 
The ban on short selling of Korean stocks which is still in place is likely to be lifted on 31 March 2025.
Some of the companies mentioned in this insight which highlights the end of the major lockup periods could help to narrow down the list of candidates for potential shorting. 


End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2025

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 17th. The aggregated holding was USD1,287.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,706mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, Samsung Elec (PREF), APR, LS ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 17th. The aggregated holding was USD1,287.1bn.
We estimate that foreign flows to be inflows of USD2,706mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, Samsung Elec (PREF), APR, LS ELECTRIC.


KRX Foreign Holding Weekly (Apr 17th): SK Hynix, Doosan Enerbility, Samsung Elec (PREF), APR

South Korea

Shift Up is an all-in -one game design and development studio that crosses a wide range of fields from game production to promotional video and music production, based on original illustration and solid planning and programming skills.

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Shift Up (462870 KS)

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

Shift Up announced that it will be postponing its IPO to July. A major investment positive is the enormous initial success of Stellar Blade which...

Douglas Kim

Sizing up September’s KOSPI Size Index Migration Names

Go-time to front-run the KOSPI Size Index reshuffle. T-1M with 70%+ screens set. Borderline at KRW 3.8–3.9T, ~KRW 100B gap, so likely to hold...

Sanghyun Park

End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2025

Some of the companies mentioned in this insight which highlights the end of the major lockup periods in January could help to narrow down the list...

Douglas Kim

KRX Foreign Holding Weekly (Apr 17th): SK Hynix, Doosan Enerbility, Samsung Elec (PREF), APR

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, Samsung Elec (PREF),...

Ke Yan, CFA, FRM

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