Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).</li>
<li>We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. </li>
<li>With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.</li>
</ul>


In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).
We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. 
With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.


Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

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.

<ul>
<li>SK Inc is selling SK Siltron to cut its 68% debt-to-equity ratio. The sale could reduce borrowings below ₩5T and lower debt ratio to 30-40%.</li>
<li>Chey Tae-won's divorce lawsuit risks his majority stake in SK Inc. Selling Siltron helps raise ₩1T for alimony without touching his SK Inc shares, potentially reducing the holding company discount.</li>
<li>SK Inc-SK Square merger is unlikely soon, despite asset sales and preparation on both sides, as SK Square recently reaffirmed no current merger plans. Setting a position now seems premature.</li>
</ul>


SK Inc is selling SK Siltron to cut its 68% debt-to-equity ratio. The sale could reduce borrowings below ₩5T and lower debt ratio to 30-40%.
Chey Tae-won's divorce lawsuit risks his majority stake in SK Inc. Selling Siltron helps raise ₩1T for alimony without touching his SK Inc shares, potentially reducing the holding company discount.
SK Inc-SK Square merger is unlikely soon, despite asset sales and preparation on both sides, as SK Square recently reaffirmed no current merger plans. Setting a position now seems premature.


Key Implications of SK Inc's Disposal of SK Siltron

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>India Real Estate, South Korea Financials and Turkey Financials see big increases in ownership in 2024.</li>
<li>South Korea Materials, China Technology and China Health Care saw investment levels decline.</li>
<li>Sk Hynix saw the largest increase in fund ownership, but which stocks saw large decreases, and which look set for a promising 2025?</li>
</ul>


India Real Estate, South Korea Financials and Turkey Financials see big increases in ownership in 2024.
South Korea Materials, China Technology and China Health Care saw investment levels decline.
Sk Hynix saw the largest increase in fund ownership, but which stocks saw large decreases, and which look set for a promising 2025?


GEM Fund Positioning: The Big Rotations in 2024.

Equity Bottom-Up

<ul>
<li>DeepSeek has been the biggest story in the global markets in the past couple of weeks.</li>
<li>In this insight, we discuss how the rise of DeepSeek could impact the share prices of the major AI related companies in Korea including SK Hynix (000660 KS). </li>
<li><em><strong>The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD Hyundai Electric, and LS Electric. </strong></em></li>
</ul>


DeepSeek has been the biggest story in the global markets in the past couple of weeks.
In this insight, we discuss how the rise of DeepSeek could impact the share prices of the major AI related companies in Korea including SK Hynix (000660 KS). 
The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD Hyundai Electric, and LS Electric. 


Rise of DeepSeek - Impact on SK Hynix and Other Major Korean Stocks

<ul>
<li>SK Inc plans to use SK Hynix as a dividend machine, boosting payouts to ₩3 trillion, and if it absorbs SK Square, it could pocket ₩600 billion—doubling SK Telecom's dividends.</li>
<li>SK Inc will likely use ₩5 trillion from the SK Telecom deal for a tender offer, boosting its stake in SK Square to 60-70% before merging to minimize dilution.</li>
<li>The SK Telecom deal and potential SK Square tender offer could be the main narrative driving SK Group stocks this year, making SK Square a key momentum play.</li>
</ul>


SK Inc plans to use SK Hynix as a dividend machine, boosting payouts to ₩3 trillion, and if it absorbs SK Square, it could pocket ₩600 billion—doubling SK Telecom's dividends.
SK Inc will likely use ₩5 trillion from the SK Telecom deal for a tender offer, boosting its stake in SK Square to 60-70% before merging to minimize dilution.
The SK Telecom deal and potential SK Square tender offer could be the main narrative driving SK Group stocks this year, making SK Square a key momentum play.


SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

South Korea

SK Square Co., Ltd. operates as an investment company. The Company invests in semiconductors, information and communications technologies, and other industries. SK Square conducts businesses in South Korea.

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SK Square (402340 KS)

Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week and the surging share price of Samsung Life...

Douglas Kim

Key Implications of SK Inc's Disposal of SK Siltron

This post explores the key implications of SK Inc's decision to dispose of its stake in SK Siltron, a move that made waves in the local market late...

Sanghyun Park

GEM Fund Positioning: The Big Rotations in 2024.

India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...

Steven Holden

Rise of DeepSeek - Impact on SK Hynix and Other Major Korean Stocks

The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD...

Douglas Kim

SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

This post summarizes the key market narrative around SK Group stocks: SK Telecom’s exit and SK Inc potentially eyeing the absorption of SK Square.

Sanghyun Park

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52-week Range

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Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week and the surging share price of Samsung Life...

Douglas Kim

Key Implications of SK Inc's Disposal of SK Siltron

This post explores the key implications of SK Inc's decision to dispose of its stake in SK Siltron, a move that made waves in the local market late...

Sanghyun Park

GEM Fund Positioning: The Big Rotations in 2024.

​India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...

Steven Holden

Rise of DeepSeek - Impact on SK Hynix and Other Major Korean Stocks

The top five Korean companies that could be negatively impacted by the rise of DeepSeek include SK Hynix, Hanmi Semiconductor, SK Square, HD...

Douglas Kim

SK Stocks’ Main Narrative: SK Telecom Exit & SK Inc Eyeing SK Square

This post summarizes the key market narrative around SK Group stocks: SK Telecom’s exit and SK Inc potentially eyeing the absorption of SK Square.

Sanghyun Park

India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...