In today’s briefing:
- Samyang Comtech IPO Book Building Results Analysis
- Tax Pivot in Play: Ruling Party Rethink Could Flip Market Narrative
- Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.
- Samsung Electronics (005930 KS) Tactical Outlook After Disappointing Earnings
- HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum
Samyang Comtech IPO Book Building Results Analysis
- Samyang Comtech completed solid book building results. The IPO price has been finalized at 7,700 won per share, which was at the high end of the IPO price range.
- A 48.4% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is a bullish signal.
- Our valuation analysis suggests target price of 13,187 won, which represents a 71% upside from IPO price. Given the excellent upside, we have a Positive view of this IPO.
Tax Pivot in Play: Ruling Party Rethink Could Flip Market Narrative
- Today’s selloff spooked the ruling party, prompting top lawmakers to signal tax tweak talks less than 24hrs after rollout — and they’re clearly watching the tape.
- Cap gains threshold likely gets bumped to ₩3–5bn. STT hike stays. Div tax top rate may drop from 35% to 25% amid internal party push.
- President Lee’s focused on pragmatism—cutting household debt and boosting corporate liquidity. Expect the tax narrative to pivot next week, sending local market sentiment in a new direction from Friday’s tape.
Tech Supply Chain Tracker (01-Aug-2025): Hyundai chief joins Samsung, Hanwha in US tariff blitz.
- Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.
- Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.
- BOE secures half of Apple’s MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.
Samsung Electronics (005930 KS) Tactical Outlook After Disappointing Earnings
- Samsung Electronics (005930 KS) 2Q earnings have been somehow disappointing for investors.
- We don’t dissect the earnings details, as market reactions—regardless of headlines—almost always fall within the behavioral range defined by our model.
- What we see right now is FEAR: Samsung Electronics was rallying hard, reached the tails area in our model, then retreated back sharply after the earnings.
HK Inno.N (195940 KS): Mixed 2Q Result; Pipeline Progress to Maintain Positive Momentum
- HK inno.N (195940 KS) reported 2Q25 result, with double-digit revenue growth and decline in operating and net profit. Continued strong sales of prescription drug business remained the key driver.
- During 2Q25, domestic outpatient prescription sales of K-CAB increased 14% YoY to KRW53B. Next major trigger for K-CAB will be the U.S. filing for both EE and NERD in 4Q25.
- Recently, the company’s investigational new drug IN-115314 advances to Phase 3 trial for the treatment of atopic dermatitis in dogs. If approved, IN-115314 has blockbuster revenue potential.
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