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Smartkarma AI Primers

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Equity Bottom-Up

Taeyoung Engineering & Construction / Equity Bottom-Up

Taeyoung Engineering & Construction (009410 KS)

<ul>
 <li>Taeyoung E&amp;C is currently undergoing a creditor-led debt restructuring program initiated in late 2023 to avoid bankruptcy, stemming from a severe liquidity crisis tied to its extensive project financing (PF) loan guarantees.</li>
 <li>The company's financial performance has deteriorated significantly, culminating in a massive net loss and negative operating cash flow in 2023, leading to the suspension of dividends and a complete erosion of capital.</li>
 <li>The future viability of the company is entirely dependent on the successful execution of its high-stakes workout plan, which involves significant asset sales (including stakes in TY Holdings and broadcaster SBS), debt-to-equity swaps, and operational restructuring under the strict oversight of its creditors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Taeyoung E&amp;C is currently undergoing a creditor-led debt restructuring program initiated in late 2023 to avoid bankruptcy, stemming from a severe liquidity crisis tied to its extensive project financing (PF) loan guarantees.
  The company's financial performance has deteriorated significantly, culminating in a massive net loss and negative operating cash flow in 2023, leading to the suspension of dividends and a complete erosion of capital.
  The future viability of the company is entirely dependent on the successful execution of its high-stakes workout plan, which involves significant asset sales (including stakes in TY Holdings and broadcaster SBS), debt-to-equity swaps, and operational restructuring under the strict oversight of its creditors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Taeyoung Engineering & Construction (009410 KS) - Nov 2025

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, I discuss about SK Innovation (096770 KS) and four other stocks in KOSPI that could experience additional selling with end of mandatory lock-up periods in September.</li>
<li>The end of these lock-up periods could potentially result in additional selling by insiders which could negatively impact the share prices of these companies (on average) in the coming weeks.</li>
<li>SK Innovation recently announced its merger plans with SK IE Technology (361610 KS) which I viewed negatively due to negative impact on SK Innovation's financials. </li>
</ul>


In this insight, I discuss about SK Innovation (096770 KS) and four other stocks in KOSPI that could experience additional selling with end of mandatory lock-up periods in September.
The end of these lock-up periods could potentially result in additional selling by insiders which could negatively impact the share prices of these companies (on average) in the coming weeks.
SK Innovation recently announced its merger plans with SK IE Technology (361610 KS) which I viewed negatively due to negative impact on SK Innovation's financials. 


SK Innovation and Other Stocks in KOSPI With End of Mandatory Lock-Up Period In September

Cross Asset Strategy

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions.

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, <a href="https://www.smartkarma.com/entities/dong-a-socio-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4271:1" rel="noopener">Dong A Socio Holdings (000640 KS), </a>and <a href="https://www.smartkarma.com/entities/dong-a-st-co-ltd" target="_blank" data-smartkarma-citation="entities:16873:1" rel="noopener">Dong A St (170900 KS)</a>.Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, Dong A Socio Holdings (000640 KS), and Dong A St (170900 KS).Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.  

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

<ul>
<li>
Deteriorating credit metrics continue to support our view that the level of risk is increasing within the small-mid cap universe. </li>
<li>
Our screen looks for high valuation multiples presented by candidates with significant earnings growth forecasts, as well as financial indicators that suggest balance sheet distress. Therefore, with the credit markets pointing towards high yield stress, this screen becomes highly relevant.</li>
<li>
15 stocks appear in our Q2 2020 screen. The average stock rank in our list has decreased to 67.5 from 72.1 points since early March 2019. The reduction reflects some of the continued bearish moves in recent weeks within the Asian Universe. We, therefore, feel, as highlighted in other recent commentary, that the market is currently undergoing a defined separation of Quality, Value and relative Momentum.</li>
</ul>



Deteriorating credit metrics continue to support our view that the level of risk is increasing within the small-mid cap universe. 

Our screen looks for high valuation multiples presented by candidates with significant earnings growth forecasts, as well as financial indicators that suggest balance sheet distress. Therefore, with the credit markets pointing towards high yield stress, this screen becomes highly relevant.

15 stocks appear in our Q2 2020 screen. The average stock rank in our list has decreased to 67.5 from 72.1 points since early March 2019. The reduction reflects some of the continued bearish moves in recent weeks within the Asian Universe. We, therefore, feel, as highlighted in other recent commentary, that the market is currently undergoing a defined separation of Quality, Value and relative Momentum.


Screening the Silk Road: Q2 2020 Small-Mid Cap High Risk Names to Avoid

South Korea

Taeyoung Engineering & Construction provides civil engineering, architectural, and plant construction services.  The Company concentrates on public civil engineering projects including highways, water drainage systems, and bridges. Taeyoung also operates leisure and broadcasting businesses through its affiliate s, such as Taeyoung Leisure, and Seoul Broadcasting System (SBS) Production.

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Taeyoung Engineering & Construction (009410 KS)

Primer: Taeyoung Engineering & Construction (009410 KS) - Nov 2025

Taeyoung E&C is currently undergoing a creditor-led debt restructuring program initiated in late 2023 to avoid bankruptcy, stemming from a...

αSK Primers

SK Innovation and Other Stocks in KOSPI With End of Mandatory Lock-Up Period In September

In this insight, I discuss about SK Innovation (096770 KS) and four other stocks in KOSPI that could experience additional selling with end of...

Douglas Kim

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

KRX anounced its KOSPI200 index rebalance. There were no surprises among the new additions but a few surprises among the deletions.

Douglas Kim

Screening the Silk Road: Q2 2020 Small-Mid Cap High Risk Names to Avoid

Deteriorating credit metrics continue to support our view that the level of risk is increasing within the small-mid cap universe. Our screen...

David Lepper

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