South Korea

• Samyang Foods is pursuing a block deal sale of 103 billion won of its treasury shares to secure additional funds for facility investment and improve its financial structure.
• Samyang Foods plans to sell 74,887 common shares (0.99% of issued shares) at 1,372,000 won per share.  The expected block deal price is 1% lower than the current price.
• The counterparties of this block deal sale have already been announced which include Viridian Asset Management, Jump Trading, and Weiss Asset Management.

• Dunamu and Naver Financial are expected to hold separate board meetings on 26 November and the potential merger of the two companies is on the agenda. 
• The valuation of Dunamu is expected to be about 15 trillion won and the valuation of Naver Financial is expected to be about 5 trillion won.
• This merger offers clear long-term advantages, including the opportunity to compete globally with overseas fintech firms like PayPal and Coinbase. Additionally, the collaboration strengthens Korea’s position as a stablecoin leader. 

• Seoul Express Bus Terminal is finally being redeveloped. Official registered value of this property is 1 trillion won. Market value could be much higher at more than 1.5 trillion won.
• Chunil Express owns 16.67% stake in Seoul Express Bus Terminal. We believe Chunil Express’ share price could rise sharply (more than double from here) in the next few days/weeks.
• Redevelopment of the Seoul Express Bus Terminal has been discussed repeatedly for more than two decades. It appears that the major redevelopment of this area will FINALLY be taking place. 

• ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
• ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
• From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.

• There will be 7 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 11 December.
• As expected, there are no adhoc inclusions as Samsung Epis Holdings is added to the index to offset the gap created by the Hyundai Heavy/ Hyundai Mipo merger.
• The adds have outperformed the deletes very handily while also outperforming the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) but by a much narrower margin.

• There will be 16 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 11 December.
• Making use of their discretionary powers, the index committee has not added Wonik Holdings Co., Ltd (030530 KS), Samhyun (437730 KS) and Fadu (440110 KS) to the index.
• The adds have outperformed the deletes and the KOSDAQ 150 Index over the last 6 months and there has been a short-term move higher too. Watch out for short covering.

• IT trio got in as 1st/2nd screens didn’t fill 200; KRX used 3rd‑stage, pulling in the three names with biggest average daily mkt cap.
• Old buffer rule recycled constituents, but since two years ago Step 3 applies to the whole universe—first shortfall let big IT names like Hyundai Autoever slide in.
• Dec 12 rebalance: ~₩60tn passive flow expected; IT trio volumes high, but joining KOSPI 200 IT index could still trigger noticeable price impact near effective date.

• TMC is getting ready to complete its IPO in Korea in December 2025. The IPO price range is from 8,000 won to 9,300 won per share. 
• TMC is one of the largest Korean producers of specialty industrial cables used for shipbuilding, marine, optical cables, and nuclear power.
• At the IPO price range, the expected market cap of the company is from 193 billion won to 224 billion won. 

• KRX announced changes to KOSPI200 and KOSDAQ150 indices. These changes will be effective from 12 December 2025. 
• In KOSPI200, there are 8 new additions and 8 deletions. Among the new additions include LG CNS, Sanil Electric, Asia Holdings, and Paradise.
• There could be a buying opportunity for LG CNS due to its inclusion in KOSPI200 combined with its attractive valuations and accelerating sales and operating profit growth in 2026. 

• Jaeyoung Solutec is a South Korean manufacturer of high-precision components, primarily serving the mobile, semiconductor, and automotive industries. Its core products include plastic injection molds, semiconductor test sockets, and camera lens modules for smartphones.
• The company has demonstrated a significant financial turnaround, recovering from a substantial net loss in 2022 to achieve profitability in 2023 and 2024. This recovery is reflected in its strong ‘Growth’ and ‘Momentum’ scores, although historical performance has been volatile.
• Future growth is closely tied to the smartphone market, particularly the increasing adoption of high-performance, multi-lens cameras in mid-range models. A recent strategic investment in hybrid Optical Image Stabilization (OIS) equipment aims to capitalize on this trend, specifically targeting Samsung’s Galaxy A series.

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• Align Partners is launching a tender offer of 19.91% stake in APlus Asset Advisor. Tender offer price is 8,000 won per share, which is 35.6% higher than current price.
• The tender offer period is from 18 November to 7 December. The total value of the tender offer is 36 billion won involving 4.5 million shares.
• This tender offer has a sizeable premium and likely to positively impact its share price. 

• FSC’s rule gives same‑day vote ratios, offering quick sentiment read and partial visibility on appraisal risk—step one toward faster hard‑count disclosure down the line.
• Hard count of dissenting shares only surfaces in quarterly reports, post‑appraisal window—denominator risk stays live for corp‑action trades tied to appraisal rights.
• FSC rule applies from March ’26 AGMs/EGMs; half‑baked disclosure, but appraisal‑linked corp‑actions may see new post‑meeting trading patterns—stay prepped for the shift.

• Celltrion is strategically transitioning from a biosimilar powerhouse to a global innovative biopharmaceutical company, underscored by the recent US launch of Zymfentra™, a novel subcutaneous formulation of infliximab.
• The late 2023 merger with Celltrion Healthcare is a pivotal move to enhance operational efficiency, improve cost competitiveness by creating a fully integrated value chain, and increase transparency, which is expected to fund large-scale investments in its future pipeline.
• While facing intense competition in the biosimilar market, the company is pursuing a dual-track growth strategy, aiming to expand its biosimilar portfolio to 22 products by 2030 while targeting 40% of its revenue from a robust pipeline of new drugs, including antibody-drug conjugates (ADCs) and multi-specific antibodies.

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• This week buyback‑burn names in focus; committees start debates, traders eye five bills’ overlap: retroactive cancellation of both new and legacy treasury stock.
• Grace period ranges from immediate to five years, but four of five bills cluster at one year; market treating one‑year retroactive cancellation as base case.
• Usual suspects in play: holdcos, financials, and >30% treasury stock names. Hard‑line Assembly stance means loopholes unlikely; grace‑period noise not driving near‑term price action.

• Shinhan Financial Group is one of South Korea’s largest and most diversified financial institutions, with a strong market position in banking, credit cards, securities, and insurance. Its scale and diversified business model provide a stable earnings base.
• The company is actively pursuing digital transformation and global expansion to drive future growth. Strategic initiatives like the ‘Super SOL’ application and investments in fintech aim to enhance competitiveness against traditional peers and emerging digital players.
• While the company exhibits attractive valuation multiples (low P/E and P/B ratios), it faces key risks from the domestic economic slowdown, potential deterioration in asset quality, particularly from real estate project financing (PF), and intense competition within the South Korean financial sector.

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• The KODEX Korea China Semiconductor ETF (450190 KS) offers synthetic exposure to the semiconductor industries of South Korea and China by tracking the KRX CSI Korea China Semiconductor Index.
• The underlying index is composed of 15 leading semiconductor companies from South Korea and 15 from China, providing investors with a targeted investment vehicle into the semiconductor value chains of these two major global players.
• Given its synthetic nature and concentration in a geopolitically sensitive sector, the ETF carries a high uncertainty rating. Its performance is intrinsically linked to the complex relationship between the Korean and Chinese semiconductor industries, which involves both collaboration and competition.

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• Samsung Elec 1P discount hinges on tech selloff cooling retail’s semi chase; setup ripe, odds high for reversion early next week.
• Dividend tax hearings may cut threshold to 35%; ~20 large‑caps (₩10T+ mkt cap) screen in FY25, Samsung included, fresh catalyst not yet priced into 1P discount.
• If tech selloff extends next week and dividend tax headlines hit, retail cools, driving Samsung Elec 1P discount to snap tighter quickly.

• AI-Driven KOSPI concentration necessitates a balanced, diversified portfolio (AI/Tech + Defensives) with a tactical hedge.
• KOSPI’s 84% YTD gain is narrowly led by Samsung and SK Hynix (45% of gains), raising concentration risk tied to the volatile global AI capex cycle.
• The strategy is built by blending high-beta AI-linked technology exposure with lower-beta insurance and industrial stocks for ballast and stability.

• Coupang faces a fast-emerging risk: a potential ban on early dawn deliveries (midnight–5 AM), driven by the powerful 1.1 million-member Korean Confederation of Trade Unions (KCTU). 
• The Coupang Union and most drivers strongly oppose the ban, warning of layoffs and slower deliveries. Consumers also prefer the current system. 
• If enacted, the ban could severely hurt Coupang and Korea’s economy. Probability of passage has risen sharply. I would be cautious on Coupang until this risk factor is fully resolved. 

• 3Q25 marks a clear earnings inflection, with record revenue, strong EBITDA growth, and underlying net profit above ₩250 bn after adjusting for one-off derivative losses.
• TC/RC recovery and rare-metals strength drive upgrades, lifting FY25–27 EBITDA/EPS by 8–20% and establishing a higher structural margin base.
• Overnance resolution and treasury cancellations offer re-rating potential, with a target price of ₩1.52 mn implying ~27% upside.

• Hyundai Engineering is well-positioned to capitalize on the global energy transition, with a strategic focus on nuclear power, including small modular reactors (SMRs), and renewable energy projects. This positions the company for long-term growth in high-demand sectors.
• The company has a strong track record of securing large-scale international projects, particularly in the Middle East and Asia, which provides a robust order backlog and revenue visibility. Diversification into new markets in Europe and the Americas is expected to further enhance its global footprint.
• Despite a challenging operating environment with rising material costs and labor shortages, the company is focused on improving profitability through smart construction technologies, cost optimization, and a selective bidding strategy for high-margin projects.

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• Classys (214150 KS) has reported revenue and operating profit of KRW83B and KRW38B for 3Q25, up 40% and 30%, YoY, respectively. Despite controlled sales in Brazil, export grew 32% YoY.
• 4Q25 revenue is projected to grow 15% QoQ and 30% YoY.  With this, 2025 annual revenue is expected to be KRW338–340B, matching the lower end of the guidance range.
• Brazil sales are expected to recover starting in 4Q25. Classys is well-positioned for accelerating market expansion through direct operations in South America via acquisition of the region’s largest aesthetics distributor.

• On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly & Co (LLY US) worth 22 billion won (US$15 million).
• ABL Bio will issue 175,079 new shares at 125,900 won per share (27% lower than current price). Despite the high valuation multiples, we maintain a Positive view on ABL Bio.
• Its recent major technology agreement with Eli Lilly serves as strong validation from a leading global pharmaceutical company, confirming the significant market potential of ABL’s unique platform technology.

• Our base case valuation of Livsmed is target price of 88,294 won per share, representing a 61% upside from the high end of the IPO price range. 
• At our base case valuation, Livsmed’s market cap would be 2.3 trillion won. At this level, the probability of Livsmed being included in KOSDAQ150 index is very high in 2026.
• LivsMed is a medical device maker of advanced, articulating laparoscopic instruments that offer robotic-style dexterity and tactile feedback at a fraction of the capital cost of robotic surgical platforms.

• Hynix tagged L2: cash‑only, no margin. >40% two‑day rip triggers KRX halt. L2 caps distort tape; Square’s Oct 27–Nov 10 run showed the messy playbook.
• Hynix L2 review: five >200% YoY prints since Nov 4, but no fresh 15‑day high—₩620k from Nov 3 still the cap, yesterday stalled just below.
• Break above ₩620k likely triggers L2, leverage caps, volatile tape, Square outperformance; hold below into Monday kills L2 risk, keeps Hynix’s relative bid with retail still piling in.

• MBK Partners acquired an additional 2.7% stake in Korea Zinc raising its total ownership to 39.7%. This is likely to fuel additional positive share price momentum on Korea Zinc.
• This is likely to rekindle a potential M&A fight for the management control of the company. 
• This additional additional purchase of Korea Zinc by MBK Partners is a signal, not noise. Another M&A fight is likely in the next AGM in March 2026. 

• Classys is a high-growth medical aesthetics company poised for significant global expansion, driven by its flagship ‘Ultraformer’ (HIFU) and ‘Volnewmer’ (RF) product lines. The company’s growth strategy is centered on penetrating new, high-value markets such as the United States and Europe, supported by recent and anticipated regulatory approvals.
• The business model, which combines initial equipment sales with recurring revenue from high-margin consumables, has delivered a robust financial profile characterized by strong revenue growth and impressive profitability. Consumables now account for a significant and growing portion of sales, providing a stable and predictable revenue stream.
• Near-term challenges include potential margin compression due to shifts in product and geographic sales mix, as well as foreign exchange volatility. Long-term success is contingent on effective execution of its global expansion strategy, navigating intense competition, and maintaining its pace of innovation.

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• Soosan Industries is a key player in the South Korean power plant maintenance sector, specializing in essential services for the nation’s nuclear and thermal power generation facilities. The company is positioned to benefit from the government’s renewed focus on nuclear energy as a cornerstone of its long-term electricity supply plan.
• The company exhibits attractive valuation metrics, with a low price-to-earnings and price-to-book ratio compared to the broader market. This, combined with a consistent dividend history, may appeal to value-oriented investors.
• Recent financial performance indicates top-line pressure and margin contraction, reflecting potential cyclicality and a competitive operating environment. Future growth is heavily tied to securing new maintenance contracts and the execution of the national energy strategy, which includes both the extension of life for existing plants and the construction of new ones.

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• In this insight, we provide reasoning behind the clear recent outperformance of Korean preferred shares versus common shares.
• Among the 10 pairs, nine of them have preferred shares outperforming common shares in the past five days.
• One of the main reasons why the preferred shares have recently outperformed their common counterparts is because of the expectation of the higher probability of lowering tax on dividends.

• Square closed ₩290,000, missing all criteria; Level 2 removal effectively confirmed, with KRX disclosure expected ~8 p.m. Seoul, effective from tomorrow’s open.
• Square vs Hynix hinges on retail chase structurally, but near‑term Square’s underperformance worsened by asymmetric leverage shackles.
• Square’s Level 2 setup ends tomorrow; flows normalize, likely giving Square more juice vs Hynix. Key spot to watch from tomorrow’s open.

• Our updated NAV valuation of LG Corp suggests implied market cap of 17.2 trillion won or target price of 111,605 won per share, representing 29.3% higher than current levels.
• LG Corp’s investment stakes in LG Chem and LG Electronics are worth 15.7 trillion won representing 119% of LG Corp’s entire market cap.
• Lower taxes on dividends could accelerate the capital allocation to companies with higher dividend yields/payouts such as LG Corp.

• Dividend tax reform hits calendar: Assembly’s Strategy & Finance Committee starts hearings Nov 13; street buzzing as assembly headlines will push dividend theme.
• Ruling party resists 25% payout threshold; cutting that low kills dividend incentive, while keeping 40% pushes corporates in 20–40% band to hike payouts.
• From Thursday, dividend momentum likely drives locals into >4% yielders with >40% payout, so these names should be our near‑term targets.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (7 to 21 November 2025).
• Our top 10 picks in the next two weeks include KT&G, Samsung Electronics, Samsung Life Insurance, Orion Corp, Dentium, Hanmi Pharm, LG Chem (pref), Amorepacific Corp, Daewoong Pharm, and SK.  
• Notable stocks with excellent share price performances in the past two weeks are as follows: Taihan Electric Wire (up 32.7%) Hanmi Pharm (up 29.5%), and SK Hynix (up 13.7%).

• Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. 
• In this cut, we revisit memory stocks’ stellar year, unpack results from the best pure-play gaming franchise, and spotlight airline stocks poised for lift-off.
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