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South Korea Archives | Page 23 of 126 | Smartkarma

Apr 19
0

Daily Brief South Korea: Jeju Bank and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Jeju Bank: Douzone Bizon Becomes Second Largest Shareholder

Jeju Bank: Douzone Bizon Becomes Second Largest Shareholder

By Douglas Kim

  • On 18 April, it was reported that Douzone Bizon (012510 KS) will become the second largest shareholder of Jeju Bank (006220 KS).
  • Douzone Bizon invested 57 billion won for a 14.99% stake in Jeju Bank. Through this investment, Douzone will aim to enhance the digital business of Jeju Bank.
  • This deal is likely to positively impact Jeju Bank’s shares as this capital raise is used to further invest in ERP based banking that could further boost its sales. 

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Apr 18
0

Daily Brief South Korea: SK Innovation, Paradise Co Ltd and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely
  • A Visit to Inspire Integrated Resort in Incheon, South Korea

Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely

By Sanghyun Park

  • KRX’s move on SK Enmove this morning ramps up the odds of an SKI rights issue.
  • Timing’s again the key — unlike POSCO Future M, this isn’t a clean setup. Word is SK may wait for H2 rate cuts and a more risk-on market backdrop.
  • So, doesn’t look near-term — likely post-June once local tape firms up. Watch quirky local hot money flows that front-run moves like this.

A Visit to Inspire Integrated Resort in Incheon, South Korea

By Douglas Kim

  • I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. 
  • Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.
  • The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming & Entertainment (MGE) in February 2025.

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Apr 17
0

Daily Brief South Korea: Samsung Biologics , Hyundai Elevator Co and more

By | Daily Briefs, South Korea

In today’s briefing:

  • 4 Key Movers in TIGER Top 10 in June Reshuffle
  • Asian Dividend Gems: Hyundai Elevator

4 Key Movers in TIGER Top 10 in June Reshuffle

By Sanghyun Park

  • Korea’s battery sector got wrecked, crushing POSCO and Samsung SDI’s caps. Shakeup incoming: Hanwha Aerospace locks in, and Samsung Biologics is also a strong contender.
  • Low pre-positioning leads to highly correlated moves on rebalance day; last June, KB and Shinhan got in while LG Chem and Energy got cut with similar impact, netting ~3% yield.
  • Given the track record, it makes sense to trim the holding window on rebalance day and deploy a long-short strategy.

Asian Dividend Gems: Hyundai Elevator

By Douglas Kim

  • Hyundai Elevator Co (017800 KS)’s share price has been moving higher on the back of higher dividends and a beneficiary of the potential economic co-operations between North and South Korea.
  • Hyundai Elevator currently has a dividend yield of 8%, which is one of the highest dividend yields among Korean companies with more than 2 trillion won in market cap.
  • There have been some initial discussions about increased economic co-operation between North and South Korea. Hyundai Elevator is a key beneficiary in such a scenario. 

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Apr 16
0

Daily Brief South Korea: Samsung Electronics, Lotte Global Logistics and more

By | Daily Briefs, South Korea

In today’s briefing:

  • China’s Export Restrictions on Rare Earth Minerals – Key Impact on Korean Companies
  • Lotte Global Logistics IPO – Thoughts on Peer Comp and Valuation

China’s Export Restrictions on Rare Earth Minerals – Key Impact on Korean Companies

By Douglas Kim

  • In this insight, we discuss some of the key beneficiaries in Korea that could actually stand to gain from such export restrictions. 
  • We also discuss other Korean companies that could be negatively impacted by this move by the Chinese government. 
  • Despite the uncertainties related to China’s export restrictions of rare earths minerals, we do not expect sudden collapse of the entire semiconductor and EVs value-chain in Korea.

Lotte Global Logistics IPO – Thoughts on Peer Comp and Valuation

By Akshat Shah

  • Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
  • Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
  • In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

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Apr 15
0

Daily Brief South Korea: Mini Kospi 200 Futures, Dongwon Industries and more

By | Daily Briefs, South Korea

In today’s briefing:

  • FSS Bans Arb in Local MM Books: Identifying Opportunities from Short-Term Inefficiencies
  • Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

FSS Bans Arb in Local MM Books: Identifying Opportunities from Short-Term Inefficiencies

By Sanghyun Park

  • The FSS is banning arb trades under the MM book, requiring separate books for any arb positions to keep them distinct from MM flow.
  • Most local shops lack the resources to set up a separate arb desk. Splitting teams, creating new workflows, and hiring extra staff isn’t feasible given their tight P&L.
  • Building a tracker for MM dropouts could spot dislocations, as the crackdown creates short-term inefficiencies—if we’re dialed in, there’s alpha to be made.

Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

By Douglas Kim

  • Dongwon Group’s decision to merge Dongwon F&B and Dongwon Industries into one company is a positive move.
  • Dongwon F&B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.
  • Post stock swap between Dongwon Industries and Dongwon F&B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.

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Apr 14
0

Daily Brief South Korea: Posco Future M, Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Timing the Announcement of POSCO Future M’s Rights Issue
  • Kospi Index Options Weekly (Apr 07 – 11):  Skew Shifts Steepens and Positioning Signals

Timing the Announcement of POSCO Future M’s Rights Issue

By Sanghyun Park

  • All three local CRAs are pushing hard — an equity raise isn’t optional, it’s the only shot at keeping the AA- rating intact. Street says it’s not if, it’s when.
  • Late April to mid-May looks like the key window. And start keeping tabs on the flow real tight.
  • Leak channels are still active. FSC’s pointed at IB sales and law firm staff. If we see outsized sell prints—especially from local hedge funds, that’s our cue to act.

Kospi Index Options Weekly (Apr 07 – 11):  Skew Shifts Steepens and Positioning Signals

By John Ley

  • Price action was volatile this week, marked by two large moves and a notable pickup in vol of vol.
  • We examine the material steepening of skew observed over the course of the week.
  • USD/KRW broke its recent range, reinforcing signs that USD assets may be losing their traditional flight to quality appeal.

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Apr 13
0

Daily Brief South Korea: Ecopro BM and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Korea: Short Selling Data Analysis (Which Stocks Are the Gainers and the Losers?)

Korea: Short Selling Data Analysis (Which Stocks Are the Gainers and the Losers?)

By Douglas Kim

  • We provide the short selling data analysis of the Korean stock market including the top 20 stocks in KOSPI with the highest short interest ratios in KOSPI and KOSDAQ, respectively. 
  • There have been noticeable shorting on the Ecopro Group companies and other key names in the rechargeable battery sector including Posco Future M, L&F, and SK IE Technology. 
  • Shorting has generally worked for KOSDAQ names with higher short interest ratios but not for KOSPI names in the past two weeks. 

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Apr 12
0

Daily Brief South Korea: Samsung SDI, Hyundai Rotem Company and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Clearing Up the Confusion: Ex-Rights Trading in Korean Rights Offerings
  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 14 April 2025)

Clearing Up the Confusion: Ex-Rights Trading in Korean Rights Offerings

By Sanghyun Park

  • Not much juice at ex-rights — price move’s small, and shorting’s risky with recall risk and having to compensate the lender for lost rights.
  • Some locals chase rights instead, but it’s not really a go-to trade with all the cost/efficiency uncertainty.
  • First round price pre–ex-rights sets the floor for arb margins and anchors rights pricing once they start trading — key level to keep in the playbook.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 14 April 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 14 April. 
  • Our top 10 picks in the most recent bi-weekly was down 2.5% on average, outperforming KOSPI which was down 4.9% in the same period. 
  • The top 10 picks in this bi-weekly include Binggrae, Hyundai Rotem, Krafton, Nongshim, SK Telecom, Hanwha Systems, APR, SK Inc, Korean Air, and Samsung Heavy Industries. 

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Apr 11
0

Daily Brief South Korea: Posco Future M, CJ Corp and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Korea Short Selling: Biggest Changes in Shorts & Trade Performance
  • Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

Korea Short Selling: Biggest Changes in Shorts & Trade Performance

By Brian Freitas

  • The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.
  • Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.
  • The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.

Corporate Act Amendment Takes Unexpected Turn: Watch for Holdco Momentum Plays Post-June Election

By Sanghyun Park

  • The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.
  • What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.
  • It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&T, with June’s election key.

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Apr 10
0

Daily Brief South Korea: YG Entertainment, Samsung SDI, DL E&C and more

By | Daily Briefs, South Korea

In today’s briefing:

  • June Value-Up Rebalance: Hype Fading, But Key Flags Remain
  • Samsung SDI: Rights Offering Capital Raise Amount Lowered by 14% to 1.7 Trillion Won
  • A Pair Trade Between DL Holdings and DL E&C

June Value-Up Rebalance: Hype Fading, But Key Flags Remain

By Sanghyun Park

  • June rebalance drops mid-May, goes live post-KOSPI 200 expiry. Back to 100 names—net outflow setup with more deletes than adds. ETFs rebalance into June 12 close.
  • KRX confirmed 10 special entries for June; results likely out in May with Value-Up rebalance. 12 protected names stay. Stocks over 10% weight, like Samsung and SK Hynix, remain.
  • Value-Up disclosure isn’t mandatory yet—rule starts June 2026. But compliant firms get a screening boost. Around 76 spots remain, filled via quant screen after excluding 24 protected names.

Samsung SDI: Rights Offering Capital Raise Amount Lowered by 14% to 1.7 Trillion Won

By Douglas Kim

  • Samsung SDI (006400 KS) has lowered the rights offering capital raise amount by 14% to 1.7 trillion won, mainly due to the recent carnage in the global equity markets. 
  • The expected rights offering price has been lowered to 146,200 won, which is 14.9% lower than current price.
  • We remain negative on Samsung SDI’s rights offering capital raise mainly due to shares dilution risk. We also remain concerned that the weak demand for EVs globally could last longer.

A Pair Trade Between DL Holdings and DL E&C

By Douglas Kim

  • In this insight, we discuss a pair trade between DL Holdings Co (000210 KS) (go long) and DL E&C (375500 KS) (go short).
  • In the past three months, DL Holdings’ share price is down 9.9% versus DL E&C which is up 21%. We believe this gap has become too excessive.
  • The shares sold short volume/total traded volume ratio is more than double for DL E&C versus DL Holdings from 31 March to 9 April. 

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