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

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

Korean Defense Companies:  Potential Contracts Worth 28 Trillion Won from Poland, UK, & Norway

Hyundai Rotem: Passage of Export-Import Bank Act To Support Korean Defense Companies

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

Trump Catalyst - Korean Shipbuilding Sector

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>We remain impressed with Hyundai Rotem's aggressive new orders for defense and railway systems.</li>
<li>Defense exports as a percentage of total sales increased from 0% in 2021 to 6.1% in 2022, 19% in 2023, and 36.4% in 2024.</li>
<li>Hyundai Rotem had an order backlog of 14.1 trillion won at the end of 2024. Order backlog/sales ratio was 3.2x in 2024. </li>
</ul>


We remain impressed with Hyundai Rotem's aggressive new orders for defense and railway systems.
Defense exports as a percentage of total sales increased from 0% in 2021 to 6.1% in 2022, 19% in 2023, and 36.4% in 2024.
Hyundai Rotem had an order backlog of 14.1 trillion won at the end of 2024. Order backlog/sales ratio was 3.2x in 2024. 


Hyundai Rotem: Surging Growth of Defense Exports

Hyundai Rotem Company

Hyundai Rotem: Surging Growth of Defense Exports