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

South Korean Flight.  GEM Investors Scale Back Allocations

To Cut Or Not To Cut Wafer Starts During A Memory Down Cycle & Why It Doesn't Matter!

Thematic (Sector/Industry)

<div class="content-highlight">KOSPI was up 4.7% in September, which was marked by continued political uncertainty regarding the newly elected Justice Minister Cho Kuk. The controversy involving Cho Kuk has become to symbolize the great fight between the socialist left and the conservative right in South Korea. Despite significant backlash and protests, President Moon appointed Cho Kuk as the Justice Minister of South Korea. President Moon's<a href="https://news.joins.com/article/23588663" target="_blank" rel="noopener"> approval ratings</a> which were as high as 48-49% in July have declined to as low as 40-41% in September. </div>The top four reports we wrote in September related to the Korean market were as follows (in terms of views &amp; appreciates):<ul>
<li><a href="https://www.smartkarma.com/insights/an-update-on-korean-consumers-boycott-of-japanese-products-and-travel-to-japan" target="_blank" data-smartkarma-citation="insights:32282" rel="noopener">An Update on Korean Consumers' Boycott of Japanese Products and Travel to Japan</a></li>
<li>
<a href="https://www.smartkarma.com/insights/a-comprehensive-list-of-50-korean-stocks-affected-by-the-asf" target="_blank" data-smartkarma-citation="insights:32697" rel="noopener">A Comprehensive List Of 50 Korean Stocks Affected by the ASF</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/zinus-ipo-valuation-analysis" target="_blank" data-smartkarma-citation="insights:32607" rel="noopener">Zinus IPO Valuation Analysis</a> </li>
<li><a href="https://www.smartkarma.com/insights/initial-thoughts-on-the-hanwha-systems-ipo-the-largest-korean-ipo-in-2019" target="_blank" data-smartkarma-citation="insights:32568" rel="noopener">Initial Thoughts on the Hanwha Systems IPO (The Largest Korean IPO in 2019)</a></li>
</ul>Our model portfolio was down 0.2% in September (cash was 50% of our model portfolio) underperforming  KOSPI which was up 4.7% in September. Our model portfolio is equal-weighted at the beginning of each month. In October, we maintain the cash portion of our model portfolio at 50%. Starting this Korean monthly recap, we include a small section on the delicious Korean traditional foods, including recipes &amp; great restaurants.

KOSPI was up 4.7% in September, which was marked by continued political uncertainty regarding the newly elected Justice Minister Cho Kuk. The controversy involving Cho Kuk has become to symbolize the great fight between the socialist left and the conservative right in South Korea. Despite significant backlash and protests, President Moon appointed Cho Kuk as the Justice Minister of South Korea. President Moon's approval ratings which were as high as 48-49% in July have declined to as low as 40-41% in September. The top four reports we wrote in September related to the Korean market were as follows (in terms of views &amp; appreciates):
An Update on Korean Consumers' Boycott of Japanese Products and Travel to Japan

A Comprehensive List Of 50 Korean Stocks Affected by the ASF 

Zinus IPO Valuation Analysis 
Initial Thoughts on the Hanwha Systems IPO (The Largest Korean IPO in 2019)
Our model portfolio was down 0.2% in September (cash was 50% of our model portfolio) underperforming  KOSPI which was up 4.7% in September. Our model portfolio is equal-weighted at the beginning of each month. In October, we maintain the cash portion of our model portfolio at 50%. Starting this Korean monthly recap, we include a small section on the delicious Korean traditional foods, including recipes &amp; great restaurants.

Korea Stock Market Monthly Recap #40 (September 2019) & Samgyetang