Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Sungho Electronics is trading at 49% and 39% discount to Robotechnik in terms of their 2027 and 2028 consensus earnings estimates, respectively.</li>
<li>Sungho Electronics is trading at 94% and 93% discount to Robotechnik based on P/B valuation multiples in 2027 and 2028, respectively. </li>
<li>Consensus estimates Sungho Electronics' operating profit to increase from 7.6 billion won in 2025 to 41 billion won in 2026 and 108.1 billion won in 2027. </li>
</ul>


Sungho Electronics is trading at 49% and 39% discount to Robotechnik in terms of their 2027 and 2028 consensus earnings estimates, respectively.
Sungho Electronics is trading at 94% and 93% discount to Robotechnik based on P/B valuation multiples in 2027 and 2028, respectively. 
Consensus estimates Sungho Electronics' operating profit to increase from 7.6 billion won in 2025 to 41 billion won in 2026 and 108.1 billion won in 2027. 


Sungho Electronics - Significantly Undervalued Vs RoboTechnik's Recent IPO in Hong Kong

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With 70% of the review period complete, there could be 14 constituent changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> in June.</li>
<li>There has been huge interest in the KOSDAQ market lately and that has led to big ETF creations in the last few months. That leads to increased flow and impact.</li>
<li>The forecast adds have MASSIVELY outperformed the forecast deletes over the last few months and in the last week. While the flow/impact are huge, watch out for short-term reversal.</li>
</ul>


With 70% of the review period complete, there could be 14 constituent changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) in June.
There has been huge interest in the KOSDAQ market lately and that has led to big ETF creations in the last few months. That leads to increased flow and impact.
The forecast adds have MASSIVELY outperformed the forecast deletes over the last few months and in the last week. While the flow/impact are huge, watch out for short-term reversal.


KOSDAQ150 Index Rebalance Preview: Soaring AUM and Increased Flow/Impact

<ul>
<li><em><strong>Nvidia's transitioning from copper to optical fiber for AI data center infrastructure is likely to benefit key Korean companies including TMC (217590 KS). </strong></em></li>
<li>What may be a better value could be KPF which has a 48.8% stake in TMC. KPF's market cap is 30% of its stake in KPF.  </li>
<li>Optical fibers transmit data at two-thirds the speed of light. Power consumption is 5 to 20 times lower than that of copper.</li>
</ul>


Nvidia's transitioning from copper to optical fiber for AI data center infrastructure is likely to benefit key Korean companies including TMC (217590 KS). 
What may be a better value could be KPF which has a 48.8% stake in TMC. KPF's market cap is 30% of its stake in KPF.  
Optical fibers transmit data at two-thirds the speed of light. Power consumption is 5 to 20 times lower than that of copper.


An Update on TMC + Nvidia's Transitioning from Copper to Optical Fiber for AI Data Center Infra

South Korea

Sungho Electronics Co., Ltd. manufactures capacitors.  The Company's products include metallized polyester film capacitors, metallized polypropylene film capacitors, polypropylene film capacitors, and metallized polypropylene sulphide film capacitors.  Sungho Electronics also produces film capacitor manufacturing equipment.

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Sungho Electronics (043260 KS)

Sungho Electronics - Significantly Undervalued Vs RoboTechnik's Recent IPO in Hong Kong

With the acquisitions of ADST, Sungho Electronics should now be viewed as a niche global leader in the optical module alignment equipment used in...

Douglas Kim

KOSDAQ150 Index Rebalance Preview: Soaring AUM and Increased Flow/Impact

There could be 14 constituent changes for the KOSDAQ150 in June. AUM linked to the index has soared over the last couple of months. The forecast...

Brian Freitas

An Update on TMC + Nvidia's Transitioning from Copper to Optical Fiber for AI Data Center Infra

Nvidia's transitioning from copper to optical fiber for AI data center infrastructure is likely to benefit key Korean companies including TMC...

Douglas Kim

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