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

<ul>
<li>A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won. </li>
<li>Shinyoung Wacoal's net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.</li>
<li>Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women's underwear.</li>
</ul>


A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won. 
Shinyoung Wacoal's net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.
Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women's underwear.


Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]