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

KAI's CEO Gets Axed - Does This Increase Boeing's Chances of Winning the Massive T-X Contract?

KAI Crisis Summary - Implication of Samil PWC's Unmodified Opinion

Korean Aerospace Industries Placement - Turning Around with Overhang Removed

Korea Aerospace Industries - Fighter Jets, Helicopters, & Commercial Planes (Part 1)

Equity Bottom-Up

Korea Aerospace Industries / Equity Bottom-Up

<ul><li>In this report, we lay out the details regarding the complex relationships surrounding <a href="https://www.smartkarma.com/entities/9033" target="_blank" data-smartkarma-citation="entities:9033:1">Korea Aerospace Industries (047810 KS)</a> (KAI), <a href="https://www.smartkarma.com/entities/20372" target="_blank" data-smartkarma-citation="entities:20372:1">Lockheed Martin Corp (LMT US)</a>, THAAD, Extended-Range THAAD, and the enormous T-X contract. The intense uncertainty regarding the continued build-up of nuclear weapons in North Korea and Trump's adamant desire to deter this threat have added to a greater interest in Korean military stocks such as Korea Aerospace Industries in recent weeks. We have a positive view on <a href="https://www.smartkarma.com/entities/9033" target="_blank" data-smartkarma-citation="entities:9033:1">Korea Aerospace Industries (047810 KS)</a>.</li><li>The THAAD system is a big business for Lockheed Martin. From Lockheed Martin's perspective, South Korea is only one of many countries that it plans to export THAAD system to. Lockheed Martin is likely to push aggressively to sell THAAD to other countries/regions such as Japan, Taiwan, and the Middle East. South Korea is almost like a testing ground for installing and operating the THAAD system.</li><li>The current version of THAAD is just the BEGINNING of the THAAD system. Lockheed Martin is in the midst of developing advanced versions of THAAD called Extended-Range (ER) THAAD.  </li><li>From Lockheed Martin-KAI perspective, this JV is a win-win situtation. With regards to THAAD &amp; T-X program, we believe that having an active THAAD system operational in South Korea, could raise the probability of Lockheed Martin-KAI winning the T-X program bid. "If you scratch my back - If you let THAAD system operational in South Korea, I will scratch yours - we (Lockheed Martin &amp; KAI) could work together to win the T-X contract." </li><li>The T-X contract alone could represent nearly 3x KAI's total sales in 2017.</li></ul>

In this report, we lay out the details regarding the complex relationships surrounding Korea Aerospace Industries (047810 KS) (KAI), Lockheed Martin Corp (LMT US), THAAD, Extended-Range THAAD, and the enormous T-X contract. The intense uncertainty regarding the continued build-up of nuclear weapons in North Korea and Trump's adamant desire to deter this threat have added to a greater interest in Korean military stocks such as Korea Aerospace Industries in recent weeks. We have a positive view on Korea Aerospace Industries (047810 KS).The THAAD system is a big business for Lockheed Martin. From Lockheed Martin's perspective, South Korea is only one of many countries that it plans to export THAAD system to. Lockheed Martin is likely to push aggressively to sell THAAD to other countries/regions such as Japan, Taiwan, and the Middle East. South Korea is almost like a testing ground for installing and operating the THAAD system.The current version of THAAD is just the BEGINNING of the THAAD system. Lockheed Martin is in the midst of developing advanced versions of THAAD called Extended-Range (ER) THAAD.  From Lockheed Martin-KAI perspective, this JV is a win-win situtation. With regards to THAAD &amp; T-X program, we believe that having an active THAAD system operational in South Korea, could raise the probability of Lockheed Martin-KAI winning the T-X program bid. "If you scratch my back - If you let THAAD system operational in South Korea, I will scratch yours - we (Lockheed Martin &amp; KAI) could work together to win the T-X contract." The T-X contract alone could represent nearly 3x KAI's total sales in 2017.

한국항공우주산업(KAI) &amp; 록히드마틴 - 내 등을 긁어주면, 나도 네 등을 긁어주겠다 (2부)

Korea Aerospace Industries

한국항공우주산업(KAI) &amp; 록히드마틴 - 내 등을 긁어주면, 나도 네 등을 긁어주겠다 (2부)

한국항공우주산업(KAI) & 록히드마틴 - 내 등을 긁어주면, 나도 네 등을 긁어주겠다 (2부)