In today’s briefing:
- Korea’s FSC Is Rolling Out the Legal Framework for Fractional Share Trading, Starting September 30
- D’Alba Global IPO Bookbuilding Results Analysis
- HK Inno. N (195940 KS): Promising US Trial Result for K-CAB Raises Hope; Starts 2025 on Strong Note
- F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB
Korea’s FSC Is Rolling Out the Legal Framework for Fractional Share Trading, Starting September 30
- With the Capital Markets Act in place, real-time quotes, intraday fills, and orderbook trading for fractional shares are possible—opening the door for Korea’s Robinhood moment.
- Fractional share trading in Korea is still minimal at 0.1% of volume, but real-time infrastructure from brokers could drive significant flow and growth.
- It will deepen sentiment-driven flows and cause real-time price discovery shifts, opening up new trading opportunities.
D’Alba Global IPO Bookbuilding Results Analysis
- The IPO price of d’Alba Global has been finalized at 66,300 won which is at the high end of the IPO price range.
- The demand ratio of the IPO was 1,141 to 1. A 98.4% of the IPO shares applied thought that the value of the company is 66,300 won or more.
- Our base case valuation of d’Alba Global is a target price of 101,609 won per share, which represents 53% higher than the IPO price of 66,300 won.
HK Inno. N (195940 KS): Promising US Trial Result for K-CAB Raises Hope; Starts 2025 on Strong Note
- HK inno.N (195940 KS) announced positive topline result from the U.S. Phase 3 trial evaluating K-CAB in gastroesophageal reflux disease. U.S. filing is expected in 4Q25.
- HK inno.N has reported strong 1Q25 result, with double-digit growth across all key parameters. Revenue increased 16% YoY, while operating profit grew at a faster pace of 47% YoY.
- The U.S. filing and approval are the major catalysts. However, HK inno has other growth engines as well. Innovative pipeline is also progressing, ensuring long-term growth prospect.
F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB
- F&F is one of the key beneficiaries of the exploding popularity of Jung Hoo Lee in the MLB (Major League Baseball) in the United States.
- The surging popularity of Jung Hoo Lee could lead to higher demand for F&F’s core products (MLB baseball caps and apparel products), which could lead to higher sales and profits.
- F&F recently provided new shareholder return plans including providing at least 25% of net profit as dividends/buybacks/cancellations (including buyback at least 60 billion won from 2025 to 2027).
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