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

Korea Small Cap Gem Insights - Relative Outperformance Vs KOSDAQ

Korea Small Cap Gem #31: Daesang - A Consistently Profitable F&B Company Run by the Lim Sisters

Samyang Foods: KOSPI 200 Inclusion & Improving Fundamentals

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>S&amp;D Co Ltd (260970 KS) specializes in making Korean sauces, food ingredients, seasoning materials, and specialty health-related raw materials.</li>
<li>Its price has declined by 60% since its highs in June 2025. Market has provided a "fat pitch" to buy S&amp;D shares at a big discount to its intrinsic value. </li>
<li>If I attach a 9x P/E on estimated net profit of 50.2 billion won (2028E), this would suggest market cap of 451 billion won (195% higher than current market cap).</li>
</ul>


S&amp;D Co Ltd (260970 KS) specializes in making Korean sauces, food ingredients, seasoning materials, and specialty health-related raw materials.
Its price has declined by 60% since its highs in June 2025. Market has provided a "fat pitch" to buy S&amp;D shares at a big discount to its intrinsic value. 
If I attach a 9x P/E on estimated net profit of 50.2 billion won (2028E), this would suggest market cap of 451 billion won (195% higher than current market cap).


Korea Small Cap Gem #62: S&D (Specializes on Korean Sauces and Food Ingredients)