Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

SKonec Entertainment / Equity Capital Markets

<ul>
<li>SKonec Entertainment (276040 KS), which specializes in VR based metaverse technologies, is getting ready to complete an IPO in the Korean stock market in the next several weeks.</li>
<li>Currently, Skonec Entertainment has a gray market value of 34,000 won, which is 183% higher than the high end of the IPO price range of 12,000 won. </li>
<li>The company has been one of the first game companies to develop VR based gun shooting games in Korea.</li>
</ul>


SKonec Entertainment (276040 KS), which specializes in VR based metaverse technologies, is getting ready to complete an IPO in the Korean stock market in the next several weeks.
Currently, Skonec Entertainment has a gray market value of 34,000 won, which is 183% higher than the high end of the IPO price range of 12,000 won. 
The company has been one of the first game companies to develop VR based gun shooting games in Korea.


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.

Event-Driven

Korea Short 350: Loan Balance, Short Interest, & % to 52WH

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>The Korea Exchange (KRX) launched 5 indices last year following the New Deal initiative that the Government launched to digitalise social infrastructure and jumpstart the transition to green energy.</p><p>The KRX created 4 indices tracking the Secondary Battery, Biotech, Internet and Gaming sectors that are expected to benefit from the New Deal initiative plus an additional index (BBIG) that includes the top 3 stocks from each sector.</p><p>All indices have performed well since then. The KRX announced changes to the 5 indices late last week and the changes become effective post the close of trading on 25 February.</p><div><p><a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> replaces <a href="https://www.smartkarma.com/entities/pearl-abyss-corp" target="_blank" data-smartkarma-citation="entities:24391:1" rel="noopener">Pearl Abyss (263750 KS)</a> in the BBIG Index.</p></div><div><p>In the Secondary Battery index, <a href="https://www.smartkarma.com/entities/soulbrain-co-ltd" target="_blank" data-smartkarma-citation="entities:16883:1" rel="noopener">Soulbrain (036830 KS)</a> and <a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F Co Ltd (066970 KS)</a> replace <a href="https://www.smartkarma.com/entities/doosan-solus-co-ltd" target="_blank" data-smartkarma-citation="entities:28947:1" rel="noopener">Doosan Solus Co Ltd (336370 KS)</a> and <a href="https://www.smartkarma.com/entities/foosung-co-ltd" target="_blank" data-smartkarma-citation="entities:16811:1" rel="noopener">Foosung Co Ltd (093370 KS)</a>.</p></div><div><p>In the Biotech index, <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a> and <a href="https://www.smartkarma.com/entities/green-cross-corp" target="_blank" data-smartkarma-citation="entities:2969:1" rel="noopener">Green Cross (006280 KS)</a> replace <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> and <a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a>.</p></div><div><p>In the Internet index, <a href="https://www.smartkarma.com/entities/ace-technologies-corp" target="_blank" data-smartkarma-citation="entities:7868:1" rel="noopener">Ace Technologies (088800 KS)</a> and <a href="https://www.smartkarma.com/entities/rsupport-co-ltd" target="_blank" data-smartkarma-citation="entities:14783:1" rel="noopener">Rsupport Co Ltd (131370 KS)</a> replace <a href="https://www.smartkarma.com/entities/kg-inicis-co-ltd" target="_blank" data-smartkarma-citation="entities:5234:1" rel="noopener">KG Inicis Co Ltd (035600 KS)</a> and <a href="https://www.smartkarma.com/entities/ubiquoss-inc" target="_blank" data-smartkarma-citation="entities:14341:1" rel="noopener">Ubiquoss Holding (078070 KS)</a>.</p></div><div><p>In the Gaming index, <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> and <a href="https://www.smartkarma.com/entities/neptune-company" target="_blank" data-smartkarma-citation="entities:28826:1" rel="noopener">Neptune Company (217270 KS)</a> replace <a href="https://www.smartkarma.com/entities/neowiz-games-corp" target="_blank" data-smartkarma-citation="entities:12425:1" rel="noopener">Neowiz Games (095660 KS)</a> and Golfzon (215000 KS).</p></div>

The Korea Exchange (KRX) launched 5 indices last year following the New Deal initiative that the Government launched to digitalise social infrastructure and jumpstart the transition to green energy.The KRX created 4 indices tracking the Secondary Battery, Biotech, Internet and Gaming sectors that are expected to benefit from the New Deal initiative plus an additional index (BBIG) that includes the top 3 stocks from each sector.All indices have performed well since then. The KRX announced changes to the 5 indices late last week and the changes become effective post the close of trading on 25 February.Kakao Games Corp (293490 KS) replaces Pearl Abyss (263750 KS) in the BBIG Index.In the Secondary Battery index, Soulbrain (036830 KS) and L&amp;F Co Ltd (066970 KS) replace Doosan Solus Co Ltd (336370 KS) and Foosung Co Ltd (093370 KS).In the Biotech index, Shinpoong Pharmaceutical (019170 KS) and Green Cross (006280 KS) replace Alteogen Inc (196170 KS) and Hanmi Pharm (128940 KS).In the Internet index, Ace Technologies (088800 KS) and Rsupport Co Ltd (131370 KS) replace KG Inicis Co Ltd (035600 KS) and Ubiquoss Holding (078070 KS).In the Gaming index, Kakao Games Corp (293490 KS) and Neptune Company (217270 KS) replace Neowiz Games (095660 KS) and Golfzon (215000 KS).

KRX BBIG K-NewDeal Index Rebalance: First Set of Changes Announced

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

<p>2018 has been another excellent year for the nascent eSports market, with growth of around 35~40% from 2017. With some big end-of-year tournaments yet to come, the 2018 prize pool looks to be up 28~30% at US$148~150mil, while sponsorship has grown even more quickly. With two months left in 2018, it seems highly likely that Dota 2 will continue to be the largest eSport by prize money, but the rise in Fortnite from nowhere at the start of the year to 2nd place suggests that Dota 2 is likely to be dethroned in 2019. Fortnite, though, is primarily a US phenomenon and elsewhere games like PUBG and ShadowVerse may have more of an impact as eSports, reflecting regional tastes. Overall, though, those companies investing in eSports - be it in facilities, tournaments, teams and leagues - should get rewarded.</p>

2018 has been another excellent year for the nascent eSports market, with growth of around 35~40% from 2017. With some big end-of-year tournaments yet to come, the 2018 prize pool looks to be up 28~30% at US$148~150mil, while sponsorship has grown even more quickly. With two months left in 2018, it seems highly likely that Dota 2 will continue to be the largest eSport by prize money, but the rise in Fortnite from nowhere at the start of the year to 2nd place suggests that Dota 2 is likely to be dethroned in 2019. Fortnite, though, is primarily a US phenomenon and elsewhere games like PUBG and ShadowVerse may have more of an impact as eSports, reflecting regional tastes. Overall, though, those companies investing in eSports - be it in facilities, tournaments, teams and leagues - should get rewarded.

ESports - 2018 Provides a Great Platform for 2019

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/1113" target="_blank" data-smartkarma-citation="entities:1113:1">LG Uplus Corp (032640 KS)</a> is very close to formalizing its contract with <a href="https://www.smartkarma.com/entities/20451" target="_blank" data-smartkarma-citation="entities:20451:1">Netflix Inc (NFLX US)</a> to distribute Netflix contents on its IPTV service called U+TV. </strong>As of 17 September, LG Uplus' market cap was 7.6 trillion won, just shy of <a href="https://www.smartkarma.com/entities/1112" target="_blank" data-smartkarma-citation="entities:1112:1">Kt Corp (030200 KS)</a>'s market cap of 7.8 trillion won. For more than two decades, LG Uplus was ranked the third largest market cap telco in Korea. However, due to LG Uplus' sound strategic moves, combined with lack of corporate value enhancing policies at KT Corp, this has resulted LG Uplus almost surpassing KT Corp as the second largest market cap telco in Korea. LG Uplus recently announced a major strategic move to partner with Netflix to provide its contents on its U+TV and this may be the knock-out punch that could finally catapult LG Uplus to exceed KT Corp in market cap.</li>
<li>It is estimated that for Over-the-Top (OTT) services like Netflix, nearly 90% of the members subscribe to the service on their mobile phones but <strong>nearly 70% of the contents viewing time is done on TVs.</strong>
</li>
<li>In August 2018, SK Broadband, a subsidiary of SK Telecom, announced that it is considering on spinning off, its mobile platform <strong>Oksusu, </strong>which is basically a serious attempt by SK Telecom to compete against Netflix and Youtube.</li>
</ul>



LG Uplus Corp (032640 KS) is very close to formalizing its contract with Netflix Inc (NFLX US) to distribute Netflix contents on its IPTV service called U+TV. As of 17 September, LG Uplus' market cap was 7.6 trillion won, just shy of Kt Corp (030200 KS)'s market cap of 7.8 trillion won. For more than two decades, LG Uplus was ranked the third largest market cap telco in Korea. However, due to LG Uplus' sound strategic moves, combined with lack of corporate value enhancing policies at KT Corp, this has resulted LG Uplus almost surpassing KT Corp as the second largest market cap telco in Korea. LG Uplus recently announced a major strategic move to partner with Netflix to provide its contents on its U+TV and this may be the knock-out punch that could finally catapult LG Uplus to exceed KT Corp in market cap.
It is estimated that for Over-the-Top (OTT) services like Netflix, nearly 90% of the members subscribe to the service on their mobile phones but nearly 70% of the contents viewing time is done on TVs.

In August 2018, SK Broadband, a subsidiary of SK Telecom, announced that it is considering on spinning off, its mobile platform Oksusu, which is basically a serious attempt by SK Telecom to compete against Netflix and Youtube.


LG Uplus + Netflix Partnership > KT Corp?

South Korea

Soop Co., Ltd. offers new media platform services. The Company provides digital media storage, streaming, downloading, video on demand, advertising services, and other services. Soop offers services in South Korea.

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Soop (067160 KS)

Skonec Entertainment IPO Preview

SKonec Entertainment (276040 KS), which specializes in VR based metaverse technologies, is getting ready to complete an IPO in the Korean stock...

Douglas Kim

Korea Short 350: Loan Balance, Short Interest, & % to 52WH

Korea's short selling will resume on May 3 on the KOSPI 200 and KOSDAQ 150 constituents, called 'Short 350'. This post gathers the loan balance,...

Sanghyun Park

KRX BBIG K-NewDeal Index Rebalance: First Set of Changes Announced

The KRX has announced changes to the KRX New Deal indices that will be effective after the close of trading on 25 February. Pearl Abyss is...

Brian Freitas

ESports - 2018 Provides a Great Platform for 2019

2018 has been another excellent year for the nascent eSports market, with growth of around 35~40% from 2017. With some big end-of-year tournaments...

Pelham Smithers Associates

LG Uplus + Netflix Partnership > KT Corp?

LG Uplus Corp (032640 KS) is very close to formalizing its contract with Netflix Inc (NFLX US) to distribute Netflix contents on its IPTV service...

Douglas Kim

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