Daily Brief South Korea: Doosan Robotics , Hyundai Motor , SK D&D Co Ltd, The Pinkfong Company, Myungin Pharmaceutical and more

• There is an end of a lock-up period for 22.1 million shares (34% of outstanding shares) for Doosan Robotics (454910 KS) starting 5 October 2025. 
• This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. 
• Doosan Robotics’ valuation multiples remain extremely high. We remain BEARISH on Doosan Robotics. 

• Fiduciary duty expansion gains teeth once the third-stage treasury cancellation passes—setting up Class A prefs as prime re-rating, discount-compression plays in local flows.
• Fiduciary duty expansion gives Class A prefs new legal backing, making them standout re-rating plays with discount-compression potential, unlike Class B with built-in dividend protections.
• Hyundai Motor 1P vs 2PB offers a tight but tradable setup, while CJ Corp and AmoreH show wider A/B gaps, even after adjusting convertible premiums.

• Hahn & Co. to buy SK Discovery’s 31.3% stake, launch ₩12,750/share tender for 37.4% float (₩88.8B), fully debt-financed, Oct 1–29.
• SK D&D likely gaps to offer price at open; 95% triggers delisting, but bidder must hit ~85%—tender size is heavy, so success isn’t guaranteed.
• Setup for possible 2nd-round tender; current offer one-third of FY25 BPS, minorities unlikely to bite—trade is positioning for a potential price bump.

• The Pinkfong Company, creator of the global phenomenon ‘Baby Shark’, is poised for a KOSDAQ IPO in Q4 2025, aiming to raise capital for content development and global expansion.
• While the company possesses an immensely powerful and globally recognized IP in ‘Baby Shark’, it faces significant challenges related to revenue concentration and recent declines in sales, which have fallen from a peak in 2022.
• The company’s strong balance sheet, characterized by a net cash position, and its strategic shift towards higher-margin digital content sales are key strengths, but its future success hinges on its ability to replicate its hit-making success and diversify its IP portfolio.

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• Myungin Pharmaceutical (MYUNGIN KS) raised around US$142m in its upcoming Korean IPO.
• It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.
• In this note, we talk about the firm’s trading dynamics.