Tag

South Korea Archives | Page 26 of 127 | Smartkarma

Mar 20
0

Daily Brief South Korea: Samsung KODEX Autos ETF, POSCO Holdings, DN Solutions and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Schedule Info for Front-Running Korea Sector ETF Rebalancing Trades
  • POSCO Holdings Is Selling Nippon Steel Shares Worth 468 Billion Won
  • DN Solutions Pre-IPO – The Negatives – Stagnant Volumes

Schedule Info for Front-Running Korea Sector ETF Rebalancing Trades

By Sanghyun Park

  • Demand for less crowded rebalancing plays is rising, making off-the-radar flows more critical. A structured timeline is key to tracking and managing these setups efficiently.
  • Key ETFs to watch are local sector names with solid AUM—about 20 names. But the trading approach isn’t one-size-fits-all.
  • Stick to the schedule, track potential flow setups, and front-run by securing rebalance details early and positioning ahead of the crowd.

POSCO Holdings Is Selling Nippon Steel Shares Worth 468 Billion Won

By Douglas Kim

  • On 19 March, POSCO Holdings (005490 KS) announced that it is selling its stake in Nippon Steel Corporation (5401 JP) worth nearly 468 billion won (US$320 million).
  • POSCO Holdings’ sale of nearly US$320 million worth of Nippon Steel would be about 1.3% of its market cap. 
  • POSCO Holdings’ sale of its stake in Nippon Steel is a positive move for POSCO Holdings as the company is continuing to execute its strategy of selling off non-core assets.

DN Solutions Pre-IPO – The Negatives – Stagnant Volumes

By Sumeet Singh

  • DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
  • DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
  • In this note, we talk about the not-so-positive aspects of the deal.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 19
0

Daily Brief South Korea: Hanwha Ocean , DN Solutions and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Hunting for Outsized Moves in Off-The-Radar Korean Sector ETFs: SOL Shipbuilding & PLUS K-Defense
  • DN Solutions IPO Valuation Analysis
  • DN Solutions Pre-IPO – The Positives – Growing Market Share

Hunting for Outsized Moves in Off-The-Radar Korean Sector ETFs: SOL Shipbuilding & PLUS K-Defense

By Sanghyun Park

  • March 5 price action overshot passive impact. Theme-trade momentum, one-way institutional flows, and ETF rebalancing (~10% turnover) juiced the move—Hanwha Ocean -5.41%, Samsung Heavy +5.34%, HD KSOE +6.58%.
  • June’s rebalance gets spicier—another ETF, ARIRANG K-Defense ETF (449450 KS), also runs the same 20% reversion on June 13, doubling the flow impact and setting up amplified price action.
  • Key 20% reversion hits: Hanwha Ocean (SOL Shipbuilding) & Hanwha Aerospace (PLUS K-Defense). ~5%p passive outflows (~0.1x DTV) expected, with Hanwha Ocean facing double impact from both ETFs.

DN Solutions IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of DN Solutions suggests target price of 90,167 won per share, which is 1% higher than the high end of the IPO price range. 
  • Our base case valuation is based on 17.9x P/E using our estimated net profit of 317.9 billion won for DN Solutions in 2025. 
  • Given the lack of upside, we have a Negative View of this IPO. DN Solutions has higher operating margin and ROE but lower revenue growth than its comps. 

DN Solutions Pre-IPO – The Positives – Growing Market Share

By Sumeet Singh

  • DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
  • DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
  • In this note, we talk about the company’s past performance.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 18
0

Daily Brief South Korea: Samsung Electronics, Dongjin Semichem, DN Solutions, Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, South Korea

In today’s briefing:

  • The Backdrop Behind Today’s Pivot in Samsung’s Playbook
  • A Potential Family Feud At Dongjin Semichem Post Death of Founder Lee?
  • DN Solutions IPO: Index Inclusion Timing Depends on Lock-Up Expiry Schedule
  • DN Solutions IPO: OC’s Out, but the Hit-And-Run Setup Post-Listing Is Still in Play
  • Kospi Index Options Weekly (Mar 10 – 14): Relative Strength and Volatility Trends in Focus

The Backdrop Behind Today’s Pivot in Samsung’s Playbook

By Sanghyun Park

  • Jay Lee flipping the switch signals Samsung’s pivot—no more playing defense, no more legal jitters. Market’s reading this as full send on the next phase.
  • Near-Term, Samsung’s pushing hard—NVIDIA’s HBM qual tests are in focus. With NVIDIA’s event this week, traders are watching for bullish signals after earlier cautious moves.
  • The real juice? Samsung might drop a bold value-up play and a no-nonsense shareholder message. The prime launchpad: AGM day, this Wednesday, 19th, 9 AM.

A Potential Family Feud At Dongjin Semichem Post Death of Founder Lee?

By Douglas Kim

  • After the death of Dongjin Semichem’s founder Lee on 25 February, the company has yet to reveal the details of the succession plan.
  • There is a potential for a family feud between the two sons of founder Lee if indeed there was no will directing the late chairman Lee’s ownership of Dongjin Holdings.
  • A potential family feud for the control of Dongjin Semichem could lead to a grab for shares by both the family members as well as the general investors.

DN Solutions IPO: Index Inclusion Timing Depends on Lock-Up Expiry Schedule

By Brian Freitas

  • DN Solutions (298440 KS) is looking to raise up to KRW 1,573bn (US$1.08bn), valuing the company at KRW 5.66 trillion (US$3.9bn) at the top end of the IPO price range.
  • The highest probability of DN Solutions being added to the KOSPI200 Index is at the June 2026 rebalance. The stock needs to move 60% higher to be added in December 2025.
  • Inclusion in global indices could commence in August/November and will depend on institutional investor lock-up schedules. Flows are small unless the stock moves higher and is included in bigger indices.

DN Solutions IPO: OC’s Out, but the Hit-And-Run Setup Post-Listing Is Still in Play

By Sanghyun Park

  • Wild card here is the FSS—they’re eyeing a shadow listing risk for DN Automotive (007340 KS). If they push for a revision, a 2-week delay busts the 135-day limit.
  • 14x PE looks cheap, but comps are shaky—LS Electric’s AI play, Fanuc’s scale advantage, and DMG MORI’s automation pivot all make direct comparisons a stretch.
  • DN Solutions is a pure-play machine tool name, making comps shaky. This IPO’s shaping up like an LG CNS rerun—solid numbers, fair valuation, but a weak growth story.

Kospi Index Options Weekly (Mar 10 – 14): Relative Strength and Volatility Trends in Focus

By John Ley

  • Kospi’s price action was concentrated in just two days, with the rest of the week marked by quiet trading.
  • We examine Kospi’s performance relative to SPX within the broader global index landscape. .
  • A word of caution on long volatility positions as current implied vol levels come into focus.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 16
0

Daily Brief South Korea: Kepco Plant Service & Engineering and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025)

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 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 17 March. 
  • Some of the top 10 Korean stock picks in the bi-weekly (starting 17 March) include Kepco Plant Service & Engineering, Hyundai Wia, Poongsan, and Doosan Enerbility. 
  • The biggest near-term negative catalyst on the Korean stock market remains tariffs.  The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of March.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 15
0

Daily Brief South Korea: Samsung SDI, Miwon Specialty Chemical, Coupang , DN Solutions and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Samsung SDI Capital Raise: A Mega Deal Rarely Seen in the Local Market
  • [Quiddity Index Mar25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs
  • Samsung SDI: Announces a 2 Trillion Won Rights Offering Capital Raise
  • Coupang Inc.: Geographic Expansion & Market Penetration Driving Our Optimism!
  • DN Solutions IPO Preview

Samsung SDI Capital Raise: A Mega Deal Rarely Seen in the Local Market

By Sanghyun Park

  • The discount’s tight, but this near-2-trillion-won raise is a rare mega-deal in Korea, despite the issuance ratio below 20%.
  • Samsung Electronics is in for 150 billion won, but plenty of supply remains. A smooth clearance? Unlikely. This could drive stock rights costs lower as price discovery unfolds.
  • The optimal approach is to wait for a decline in rights prices and assess hedge costs through single stock futures (or TRS, if doable), given the shorting restrictions.

[Quiddity Index Mar25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.
  • We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

Samsung SDI: Announces a 2 Trillion Won Rights Offering Capital Raise

By Douglas Kim

  • On 14 March, Samsung SDI (006400 KS) announced a 2 trillion won (US$1.4 billion) rights offering capital raise plan.
  • Samsung SDI’s 2 trillion won capital raise is likely to have a near-term negative impact on the company’s share price.
  • We are negative on Samsung SDI’s rights offering capital raise mainly due to shares dilution. We also remain concerned that weak demand for EVs globally could last longer. 

Coupang Inc.: Geographic Expansion & Market Penetration Driving Our Optimism!

By Baptista Research

  • Coupang’s recent performance in the fourth quarter of 2024 illustrates both advancements and challenges within the company.
  • On the positive side, Coupang’s efforts in expanding its logistical and technological capabilities have yielded significant results.
  • Over the past 12 months, the company reported nearly a $6 billion increase in net revenues, reflecting a 23% growth in constant currency, after excluding the acquisition of Farfetch and the gains from a fulfillment center fire insurance.

DN Solutions IPO Preview

By Douglas Kim

  • DN Solutions is getting ready to complete its IPO in Korea in May 2025. The IPO price range is from 65,000 won to 89,700 won.
  • The book building for the institutional investors will last from 22 to 28 April. The expected IPO offering amount is from 1.14 trillion won to 1.57 trillion won.
  • The IPO price range is based on DN Solutions’ net profit of 317.4 billion won, P/E of 25.2x, and IPO discount rates of 29.1% to 48.6%.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 14
0

Daily Brief South Korea: SOCAR, Korea Stock Exchange KOSPI 200, Samsung Electronics, LS Corp, Seoul Guarantee Insurance, Sam Chun Dang Pharm and more

By | Daily Briefs, South Korea

In today’s briefing:

  • SoCar: A Partial Tender Offer by SOQRI
  • Digging Into the Early Full Rollout of NPS’s Reference Portfolio Play
  • What We Need to Know About the Korean Commercial Act Amendment Right Now
  • Hoban Group Purchases LS Corp Shares – Is This a Hanjin Kal 2.0?
  • Seoul Guarantee Insurance IPO Trading – KDIC Stake Overhang Remains, Yield Might Help
  • Sam Chun Dang Pharm (000250 KS): Oral Semaglutide Trial Begins; Global Expansion of Eylea Biosimilar

SoCar: A Partial Tender Offer by SOQRI

By Douglas Kim

  • After the market close on 13 March, it was reported that SOQRI Co will be doing a partial tender offer public offering of 171,429 common shares of Socar.
  • The tender offer period is from 14 March to 2 April. The tender offer price is 17,500 won which is a 21% premium to current price.
  • Socar’s founder Lee Jae-Woong is pushing for a tender offer to solidify the control of Socar from Lotte Rental which has recently been purchased by Affinity Equity Partners.

Digging Into the Early Full Rollout of NPS’s Reference Portfolio Play

By Sanghyun Park

  • The street suspects NPS is fast-tracking its reference portfolio in local equities, not just rebalancing to cover last year’s underweight in its Q1 2025 adjustment.
  • The passive-to-active shift is on—starting with enhanced passive, then an early ramp into event-driven and high-conviction active plays.
  • We traders should expect outsized swings in leaders and restructuring plays as NPS flows amplify moves.

What We Need to Know About the Korean Commercial Act Amendment Right Now

By Sanghyun Park

  • Lee Bok-hyun, FSS Chairman, unexpectedly reversed his stance and now opposes Choi’s veto on the amendment, pushing for shareholder protection and adjustments in subordinate regs instead.
  • From a short-term trading angle, traders will focus on stocks with high volatility potential related to auditor appointments rather than the extension of directors’ fiduciary duties to shareholders.
  • Large-Cap banks and non-bank stocks, with low controlling stakes and high foreign ownership, are likely to see significant short-term trading impact.

Hoban Group Purchases LS Corp Shares – Is This a Hanjin Kal 2.0?

By Douglas Kim

  • In this insight, we discuss a new catalyst on the share price of LS Corp (006260 KS) which is the purchase of its shares by the Hoban Group. 
  • Hoban Group has recently purchased shares of LS Corp. Although the exact percentage of shares has yet to be made public, it is estimated to be less than 3%. 
  • LS Corp could improve shareholder returns. Plus, the ongoing litigation between Taihan Electric Wire and LS Cable may be the real reason why Hoban decided to invest in LS Corp. 

Seoul Guarantee Insurance IPO Trading – KDIC Stake Overhang Remains, Yield Might Help

By Sumeet Singh

  • Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO. 
  • Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
  • We have looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we talk about the trading dynamics.

Sam Chun Dang Pharm (000250 KS): Oral Semaglutide Trial Begins; Global Expansion of Eylea Biosimilar

By Tina Banerjee

  • Sam Chun Dang Pharm (000250 KS) has commenced bioequivalence study of oral semaglutide. Difference in technology should allow the drug to enter the market as early as 2026.
  • Last December, the company has partnered with Fresenius Kabi for the global commercialization of its Eylea biosimilar in the U.S. and several countries in Latin America.
  • Sam Chun Dang Pharma shares rallied 113% since its early December lows. With continued progress of high-value generics, we remain upbeat on the name.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 13
0

Daily Brief South Korea: Korea Zinc, Kakao Corp, SGX Rubber Future TSR20 and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Is Homeplus Debacle a Key Negative Tipping Point for MBK?
  • Kakao Corp: Insiders Are Buying and Cancellation of Treasury Shares
  • Annual Tire Company Results Show Pace Of Change

Is Homeplus Debacle a Key Negative Tipping Point for MBK?

By Douglas Kim

  • In this insight, we discuss how the Homeplus debacle is causing a major negative sentiment on MBK Partners from both the Korean government and the media.
  • This negative sentiment has grown so much that it could have a legitimate negative impact in the upcoming proxy vote for the control of Korea Zinc. 
  • The Korean government has targeted MBK for tax probe. Plus, a coalition of securities firms is expected to file a lawsuit against Homeplus and MBK. 

Kakao Corp: Insiders Are Buying and Cancellation of Treasury Shares

By Douglas Kim

  • Kakao Corp (035720 KS) has two near-term positive catalysts. First is treasury shares cancellation. Second is insiders buying of its shares.
  • These moves suggest the management’s confidence in the company’s outlook ahead of the AGM on 26 March. 
  • In our view, one of the major reasons why the insiders are buying could be due to Kakao’s collaboration with OpenAI. 

Annual Tire Company Results Show Pace Of Change

By Farah Miller

  • The tire majors losing volume   
  • Smaller tire makers gaining prominence   
  • Most tire majors saw flat or drop in profits

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 12
0

Daily Brief South Korea: Korea Stock Exchange Kospi Index, Hanwha Energy, Philoptics Co Ltd., Samsung Electronics and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Properly Interpreting Korea’s Stock Borrow Data for Short Selling
  • Initial Thoughts on the Hanwha Energy IPO
  • Potential KOSDAQ 150 Rebalance Candidates in June 2025
  • Samsung Electronics (005930 KS) Outlook After 278B Won Shares Block Deal Sale

Properly Interpreting Korea’s Stock Borrow Data for Short Selling

By Sanghyun Park

  • Local instos borrow from brokers or peers, KSD collects and cleans the data, then KOFIA reports stock borrow balances daily with a two-day lag.
  • Offshore borrows via EquiLend or PB deals don’t show up—KSD reporting only covers local institution-to-institution stock loans.
  • Assume 60% of reported borrow balance is real shortable ammo—adjusting for this helps filter out noise in short positioning.

Initial Thoughts on the Hanwha Energy IPO

By Douglas Kim

  • Hanwha Energy, which is 100% owned by the Hanwha Group owner family members, has started the process of going public. Hanwha Energy could complete its IPO in 2025/2026. 
  • One of the scenarios involving Hanwa Energy is that once it completes its IPO, it could merge with Hanwha Corporation (000880 KS). 
  • Hanwha Energy generated revenue of 4.7 trillion won (up 20% YoY) and operating profit of 215 billion won (up 306.5% YoY). 

Potential KOSDAQ 150 Rebalance Candidates in June 2025

By Douglas Kim

  • In this insight, we discuss the potential KOSDAQ 150 rebalance candidates in June 2025.
  • The top 10 inclusion candidates have sharply outperformed KOSDAQ so far this year. These 10 stocks are up on average 75.3% YTD, outperforming KOSDAQ which is up 6.4% YTD.
  • The 10 potential deletion candidates in KOSDAQ 150 in June 2025 are down on average 0.9% YTD, underperforming KOSDAQ which is up 6.4% YTD. 

Samsung Electronics (005930 KS) Outlook After 278B Won Shares Block Deal Sale

By Nico Rosti

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 11
0

Daily Brief South Korea: Iljin Hysolus, Young Poong and more

By | Daily Briefs, South Korea

In today’s briefing:

  • An Update on the Potential KOSPI 200 Rebalance Candidates in June 2025
  • Young Poong: Announces Cancellation of Entire Treasury Shares and 10:1 Stock Split

An Update on the Potential KOSPI 200 Rebalance Candidates in June 2025

By Douglas Kim

  • We discuss the potential KOSPI 200 rebalance candidates in June 2025. In recent years, there have been some alpha generating stocks arising from the KOSPI 200 rebalances.
  • We include eight companies as potential inclusion candidates including LG CNS,  HD Hyundai Marine Solution, Shift Up, and Hanwha Engine.
  • The top 5 potential deletion candidates for KOSPI 200 rebalance in June 2025 include Iljin Hysolus, Hansae, Foosung, Sam A Aluminum, and TKG Huchems.  

Young Poong: Announces Cancellation of Entire Treasury Shares and 10:1 Stock Split

By Douglas Kim

  • On 10 March, Young Poong (000670 KS) announced that it plans to cancel all of its treasury shares and conduct a 10-to-1 stock split.
  • Driven by the treasury shares cancellation and stock split, Young Poong’s share price rose 8.9% to 489,000 won today (10 March 2025). 
  • Our updated NAV of Young Poong suggests NAV per share of 834,064 per share, representing a 71% upside from current levels.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Mar 10
0

Daily Brief South Korea: SK Innovation, Korea Stock Exchange KOSPI 200, Hanmi Pharm and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week
  • The Week Ahead in Options – 10 March
  • Kospi Index Options Weekly (Mar 04 – 07): Market Stabilizes After Sharp Drop
  • Hanmi Pharm (128940 KS): Corporate Value Enhancement Plan Targets W5 Trillion Revenue by 2033

Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week

By Sanghyun Park

  • Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.
  • Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.
  • Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.

The Week Ahead in Options – 10 March

By Gaudenz Schneider

  • US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.
  • Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).
  • Earnings announcements for AIA Group (1299 HK) and Li Auto (2015 HK/LI US) are scheduled for March 14, while India’s markets will be closed that day for the Holi holiday.

Kospi Index Options Weekly (Mar 04 – 07): Market Stabilizes After Sharp Drop

By John Ley

  • Kospi takes a breather this week after last Friday’s sell-off to trade in a narrow range.
  • Short-Term volatility eases in trade shortened week pulling implied vol down.
  • We highlight the dynamic between implied and historic volatility and discuss whether long or short volatility strategies have been the most effective this year.

Hanmi Pharm (128940 KS): Corporate Value Enhancement Plan Targets W5 Trillion Revenue by 2033

By Tina Banerjee

  • Hanmi Pharm (128940 KS) targets revenue CAGR of at least 15% during 2025–2027 (2021–24: 7.5%) to achieve revenue of KRW2.3T in 2027 and KRW5T by 2033.
  • Hanmi expects to achieve operating profit of KRW380B in 2027, with operating margin of 16.5% (2024:14.4%). Operating profit is expected to reach KRW1T in 2033, with operating margin of 20.0%.  
  • R&D pipeline should play a major role in achieving the targets. The company plans to gradually increase the R&D spending to 15%+ of revenue.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free