Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).</li>
<li>Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.</li>
<li>The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).
Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.
The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Headline Asia-ex-Japan EPS estimates have declined over the past 3 and 6 months, dragged down by China, India and Thailand and supported by Korea, Taiwan, Singapore and Philippines.</li>
<li>Looking at earnings estimate trajectories of 100 Asian market-sector combinations, we identify 16 market-sectors with upward revisions over past 3 and 6 months. A month ago, we could spot eight.</li>
<li>Korean and Taiwanese Technology and industrials, Hong Kong Technology Services and ASEAN Financials figure prominently among the sectors with robust and sustainable EPS estimate recovery.</li>
</ul>


Headline Asia-ex-Japan EPS estimates have declined over the past 3 and 6 months, dragged down by China, India and Thailand and supported by Korea, Taiwan, Singapore and Philippines.
Looking at earnings estimate trajectories of 100 Asian market-sector combinations, we identify 16 market-sectors with upward revisions over past 3 and 6 months. A month ago, we could spot eight.
Korean and Taiwanese Technology and industrials, Hong Kong Technology Services and ASEAN Financials figure prominently among the sectors with robust and sustainable EPS estimate recovery.


Asian Equities: Below the Headline Numbers, the Earnings Environment Is Improving

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 foreign holdings of KRX stocks as of Jun 13th. The aggregated holding was USD583.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,005mln. We tabulates 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, Samsung Electronics, Samsung SDI, Hanwha Aerospace, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 13th. The aggregated holding was USD583.2bn.
We estimate that foreign flows to be inflows of USD3,005mln. We tabulates 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, Samsung Electronics, Samsung SDI, Hanwha Aerospace, Hyundai Motor.


KRX Foreign Holding Weekly (Jun 13th): SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>DRAM -- Global Memory Market Has Regained Momentum in Mid-2025, Driven by a Sharp Upswing in Spot Prices.</li>
<li>NAND Flash -- Strategic Outsourcing, High ASP Segments Drive Memory Controller Specialist Gains</li>
<li>Conclusion -- Short-Term Gains vs. Long-Term Growth in Memory Markets</li>
</ul>


DRAM -- Global Memory Market Has Regained Momentum in Mid-2025, Driven by a Sharp Upswing in Spot Prices.
NAND Flash -- Strategic Outsourcing, High ASP Segments Drive Memory Controller Specialist Gains
Conclusion -- Short-Term Gains vs. Long-Term Growth in Memory Markets


Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts - The Memory Market Finds a New Gear

<ul>
<li>Holding companies have been the best performing asset class in the Korean stock market in the past month.</li>
<li>In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.</li>
<li>The NAVs of these five holdcos are about 18% higher than their current prices on average. </li>
</ul>


Holding companies have been the best performing asset class in the Korean stock market in the past month.
In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
The NAVs of these five holdcos are about 18% higher than their current prices on average. 


NAV Valuations of Top Five Largest "Pure" Holdcos in Korea

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Top 10 picks in this bi-weekly include S&T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise,...

Douglas Kim

Asian Equities: Below the Headline Numbers, the Earnings Environment Is Improving

A month ago 8 Asian sectors exhibited reviving EPS est; now 16 do. CN, India, Thailand declining, KR, TW, SGP, Phils rising. KR & TW Tech &...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Jun 13th): SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Samsung SDI,...

Ke Yan, CFA, FRM

Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts - The Memory Market Finds a New Gear

Global memory market sees resurgence in mid-2025 with DRAM spot prices rising, while memory controller specialists benefit from strategic...

Vincent Fernando, CFA

NAV Valuations of Top Five Largest "Pure" Holdcos in Korea

In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Top 10 picks in this bi-weekly include S&T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise,...

Douglas Kim

Asian Equities: Below the Headline Numbers, the Earnings Environment Is Improving

A month ago 8 Asian sectors exhibited reviving EPS est; now 16 do. CN, India, Thailand declining, KR, TW, SGP, Phils rising. KR & TW Tech &...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Jun 13th): SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Samsung SDI,...

Ke Yan, CFA, FRM

Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts - The Memory Market Finds a New Gear

​Global memory market sees resurgence in mid-2025 with DRAM spot prices rising, while memory controller specialists benefit from strategic...

Vincent Fernando, CFA

NAV Valuations of Top Five Largest "Pure" Holdcos in Korea

In this insight, we provide updated NAV valuations of the top five, largest "pure" holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin...

Douglas Kim

Global memory market sees resurgence in mid-2025 with DRAM spot prices rising, while memory controller specialists benefit from strategic...