In today’s briefing:
- SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice
- TXR Robotics IPO Valuation Analysis
- Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector
SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice
- This 20% reversion and 30% cap setup creates solid flow trades. With just 13 holdings, SOL ETF’s weight swings hard—Hanwha Ocean’s already pushing 27% post-rebal.
- Constituent changes drive the biggest dislocations—still the main setup. “The other 10” names are FICS-screened by market cap (May/Nov cut), making rotations fairly predictable.
- With AUM only ramping recently, this ETF is still in price discovery mode. Pre-positioning ahead of flows has juice, making it a prime target for aggressive flow trading.
TXR Robotics IPO Valuation Analysis
- According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).
- Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.
- To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps’ valuation multiple.
Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector
- Naver’s CHZZK has been increasing its market share in the Korean live game streaming sector. This improving momentum is likely to continue to positively impact Naver’s share price.
- CHZZK was the top ranking live streaming platform in Korea in December 2024 with about 2.5 million MAU.
- Naver is currently trading at EV/EBITDA of 11.4x and P/E of 18.3x, which are 50% and 51% lower respectively than its historical average valuation multiples from 2020 to 2023.
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