Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Korea District Heating / Equity Bottom-Up

<ul>
<li>There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return program (especially for dividends).</li>
<li>The BOD members of KDHC and other major Korean utility companies are increasingly likely to focus on improving shareholder value by raising prices.</li>
<li>Its valuations remain attractive. It is trading at P/E of 3.2x, P/B of 0.4x, and EV/EBITDA of 6.8x based on 2025 consensus estimates.</li>
</ul>


There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return program (especially for dividends).
The BOD members of KDHC and other major Korean utility companies are increasingly likely to focus on improving shareholder value by raising prices.
Its valuations remain attractive. It is trading at P/E of 3.2x, P/B of 0.4x, and EV/EBITDA of 6.8x based on 2025 consensus estimates.


Asian Dividend Gems: Korea District Heating Corp (KDHC)