https://www.smartkarma.com/segment/feeds/korea.rssSmartkarma Feed KOREA2024-03-28T16:18:36.923031+00:00Smartkarma Analystsinsights@smartkarma.compython-feedgenhttps://www.smartkarma.com/segment/feeds/korea.rss/9caf7e0b-1c6a-3010-890f-0f1b4b630a79Brief Korea: Kum Yang: Auditor Raises Flags on Viability as a Going Concern + Chairman Ryu Could Sell Shares and more2024-03-28T16:18:37.220365+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kum-yang-auditor-raises-flags-on-viability-as-a-going-concern-chairman-ryu-could-sell-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Kum Yang: Auditor Raises Flags on Viability as a Going Concern + Chairman Ryu Could Sell Shares</a></li><li><a href="https://www.smartkarma.com/insights/doosan-bobcat-1q24f-op-to-beat-consensus-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Doosan Bobcat - 1Q24F OP to beat consensus expectations</a></li><li><a href="https://www.smartkarma.com/insights/local-color-on-hd-hyundai-marine-solution-s-excessive-ipo-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Local Color on HD Hyundai Marine Solution's Excessive IPO Valuation</a></li><li><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-strong-profitability-growth-but-lacking-in-disclosures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures</a></li><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kum-yang-auditor-raises-flags-on-viability-as-a-going-concern-chairman-ryu-could-sell-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Kum Yang: Auditor Raises Flags on Viability as a Going Concern + Chairman Ryu Could Sell Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/890/original/image_90988038921711623876718.png?1711623876"/> <ul>
<li>On 28 March, the external auditor of Kum Yang (Samil PriceWaterhouseCoopers) raised warnings about the viability of Kum Yang as a going concern. </li>
<li>The auditor also mentioned increasing probability of Chairman Ryu of Kum Yang potentially selling a portion of his shares to raise further capital.</li>
<li>It is<strong> RARE</strong> for an auditor to raise concerns about a company's viability of the entity as a going concern. This is likely to negatively impact Kum Yang's share price. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/doosan-bobcat-1q24f-op-to-beat-consensus-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Doosan Bobcat - 1Q24F OP to beat consensus expectations </a></h3><p></p><ul><li>We now forecast 1Q24F OP of W302bn, 12% higher than the current Bloomberg consensus estimate, with solid shipments and profitability.</li><li> We lift our FY24F/FY25F OP by 17%/15% to reflect better-than-expected construction equipment sales/margins amid robust US infra/housing market.</li><li> Reiterate Add with higher TP of W66k (9x CY24F P/E, 12% ROE for 2024F) in view of its earnings visibility and US infra stimulus potential.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/local-color-on-hd-hyundai-marine-solution-s-excessive-ipo-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Local Color on HD Hyundai Marine Solution's Excessive IPO Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/807/original/2.jpg?1711602831"/> <ul>
<li>Valuation controversy arises from comparing HD Hyundai Marine Solution, a ship AS specialist, with diverse global companies, leading to a target market cap of ₩5T.</li>
<li>HD KSOE's inclusion worsens the valuation controversy. Applying HD KSOE's last year PER without adjusting for a significant one-off profit seems to inflate HD Hyundai Marine Solution's PER.</li>
<li>Currently, major local IPO funds see HD Hyundai Marine's valuation nearing ₩4T as excessive, despite the industry's revival and potential growth in eco-friendly ship conversions, impacting the upcoming bookbuilding process.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-strong-profitability-growth-but-lacking-in-disclosures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/778/original/image?1711592820"/> <ul>
<li>
<a data-smartkarma-citation="entities:41002:1" href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" rel="noopener" target="_blank">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kum-yang-auditor-raises-flags-on-viability-as-a-going-concern-chairman-ryu-could-sell-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Kum Yang: Auditor Raises Flags on Viability as a Going Concern + Chairman Ryu Could Sell Shares</a></li><li><a href="https://www.smartkarma.com/insights/doosan-bobcat-1q24f-op-to-beat-consensus-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Doosan Bobcat - 1Q24F OP to beat consensus expectations</a></li><li><a href="https://www.smartkarma.com/insights/local-color-on-hd-hyundai-marine-solution-s-excessive-ipo-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Local Color on HD Hyundai Marine Solution's Excessive IPO Valuation</a></li><li><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-strong-profitability-growth-but-lacking-in-disclosures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures</a></li><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kum-yang-auditor-raises-flags-on-viability-as-a-going-concern-chairman-ryu-could-sell-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Kum Yang: Auditor Raises Flags on Viability as a Going Concern + Chairman Ryu Could Sell Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/890/original/image_90988038921711623876718.png?1711623876"/> <ul>
<li>On 28 March, the external auditor of Kum Yang (Samil PriceWaterhouseCoopers) raised warnings about the viability of Kum Yang as a going concern. </li>
<li>The auditor also mentioned increasing probability of Chairman Ryu of Kum Yang potentially selling a portion of his shares to raise further capital.</li>
<li>It is<strong> RARE</strong> for an auditor to raise concerns about a company's viability of the entity as a going concern. This is likely to negatively impact Kum Yang's share price. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/doosan-bobcat-1q24f-op-to-beat-consensus-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Doosan Bobcat - 1Q24F OP to beat consensus expectations </a></h3><p></p><ul><li>We now forecast 1Q24F OP of W302bn, 12% higher than the current Bloomberg consensus estimate, with solid shipments and profitability.</li><li> We lift our FY24F/FY25F OP by 17%/15% to reflect better-than-expected construction equipment sales/margins amid robust US infra/housing market.</li><li> Reiterate Add with higher TP of W66k (9x CY24F P/E, 12% ROE for 2024F) in view of its earnings visibility and US infra stimulus potential.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/local-color-on-hd-hyundai-marine-solution-s-excessive-ipo-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Local Color on HD Hyundai Marine Solution's Excessive IPO Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/807/original/2.jpg?1711602831"/> <ul>
<li>Valuation controversy arises from comparing HD Hyundai Marine Solution, a ship AS specialist, with diverse global companies, leading to a target market cap of ₩5T.</li>
<li>HD KSOE's inclusion worsens the valuation controversy. Applying HD KSOE's last year PER without adjusting for a significant one-off profit seems to inflate HD Hyundai Marine Solution's PER.</li>
<li>Currently, major local IPO funds see HD Hyundai Marine's valuation nearing ₩4T as excessive, despite the industry's revival and potential growth in eco-friendly ship conversions, impacting the upcoming bookbuilding process.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-strong-profitability-growth-but-lacking-in-disclosures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/778/original/image?1711592820"/> <ul>
<li>
<a data-smartkarma-citation="entities:41002:1" href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" rel="noopener" target="_blank">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul>2024-03-28T19:42:23+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "001570@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "241560@KS"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "SHORTS"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "443060@KS"}, {"term": "WRT1V@FH"}, {"term": "KOG@NO"}, {"term": "ALFA@SS"}, {"term": "009540@KS"}, {"term": "267250@KS"}, {"term": "373220@KS"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "443060@KS"}, {"term": "032830@KS"}, {"term": "018260@KS"}, {"term": "028050@KS"}, {"term": "006400@KS"}, {"term": "028260@KS"}, {"term": "000830@KS"}, {"term": "005930@KS"}, {"term": "010140@KS"}, {"term": "SMSD@LI"}, {"term": "SMSN@LI"}, {"term": "ALFA@SS"}, {"term": "009540@KS"}, {"term": "600482@CH"}, {"term": "7014@JP"}, {"term": "601989@CH"}, {"term": "YZJSGD@SP"}, {"term": "004560@KS"}, {"term": "017800@KS"}, {"term": "048410@KS"}, {"term": "042670@KS"}, {"term": "010620@KS"}, {"term": "057050@KS"}, {"term": "064350@KS"}, {"term": "004020@KS"}, {"term": "005380@KS"}, {"term": "HCSZ@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "INTC@US"}, {"term": "IFX@GR"}, {"term": "LRCX@US"}, {"term": "TXN@US"}, {"term": "AVGO@US"}, {"term": "ASML@NA"}, {"term": "NVDA@US"}, {"term": "2330@TT"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "001570@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "241560@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "373220@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "HCSZ@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2330@TT"}]https://www.smartkarma.com/segment/feeds/korea.rss/539a56a5-464d-34b3-b89c-c4d14b7f433fBrief Korea: Lotte Tour Development: A Major Asset Revaluation Resulting in More Than 8X Increase in Equity and more2024-03-28T16:18:37.184446+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lotte-tour-development-a-major-asset-revaluation-resulting-in-more-than-8x-increase-in-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Lotte Tour Development: A Major Asset Revaluation Resulting in More Than 8X Increase in Equity</a></li><li><a href="https://www.smartkarma.com/insights/alteogen-block-deal-sale-of-about-3-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Alteogen: Block Deal Sale of About 3% of Shares</a></li><li><a href="https://www.smartkarma.com/insights/entertainment-re-rating-signs-spotted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Entertainment - Re-rating signs spotted</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-22nd-samsung-sdi-rainbow-robotics-jyp-entertainment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 22nd): Samsung SDI, Rainbow Robotics, Jyp Entertainment</a></li><li><a href="https://www.smartkarma.com/insights/w-scope-ipo-lock-up-part-of-the-parent-s-stake-will-be-freed-but-it-s-been-adding-instead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">W-Scope IPO Lock-Up - Part of the Parent’s Stake Will Be Freed, but It's Been Adding Instead</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lotte-tour-development-a-major-asset-revaluation-resulting-in-more-than-8x-increase-in-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Lotte Tour Development: A Major Asset Revaluation Resulting in More Than 8X Increase in Equity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/748/original/image_79209392931711578789928.png?1711578790"/> <ul>
<li>Lotte Tour Development announced that it will conduct a major asset revaluation which could positively impact its share price. </li>
<li>The company's assets will increase to 2.39 trillion won and equity will increase to 569.3 billion won (up more than 8x) at end of 1Q 2024 due to asset revaluation.</li>
<li>As a result of the asset revaluation, the company's balance sheet will improve significantly and this likely result in many investors taking another look at the company for potential investments. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/alteogen-block-deal-sale-of-about-3-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Alteogen: Block Deal Sale of About 3% of Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/697/original/image_85578721921711530657704.png?1711530657"/> <ul>
<li>On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock in after-hours trading in block deal sale. </li>
<li>The block deal sale price was 197,770 won. Alteogen's share price declined by 10.9% today to 195,600 won. Block deal sale amount was about 316 billion won. </li>
<li>This block deal sale combined with the sharp recent, share price increase are likely to result in a near-term consolidation of its share price in the next several months.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/entertainment-re-rating-signs-spotted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Entertainment - Re-rating signs spotted </a></h3><p></p><ul><li>HYBE today announced a partnership deal with UMG. We think this could expedite expansion of its artistes and Weverse platform to a global fanbase.</li><li> NCT Dream saw stronger 1st day album sales for latest album vs. prior one; investor concerns over shrinking album sales to fade, in our view.</li><li> We expect P/E multiple re-rating for K-pop companies given 1) turnaround in physical album sales, and 2) ample new album and IP lineups in 2Q24F.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-22nd-samsung-sdi-rainbow-robotics-jyp-entertainment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. KRX Short Interest Weekly (Mar 22nd): Samsung SDI, Rainbow Robotics, Jyp Entertainment </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/660/original/image_77772367421711512154575.png?1711512154"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 22nd which has an aggregated short interest worth USD7.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung SDI, Rainbow Robotics, Jyp Entertainment.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/w-scope-ipo-lock-up-part-of-the-parent-s-stake-will-be-freed-but-it-s-been-adding-instead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. W-Scope IPO Lock-Up - Part of the Parent’s Stake Will Be Freed, but It's Been Adding Instead </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/530/original/image?1711445695"/> <ul>
<li>WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO. The lockup on some of its parent’s stake will expire soon.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lotte-tour-development-a-major-asset-revaluation-resulting-in-more-than-8x-increase-in-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Lotte Tour Development: A Major Asset Revaluation Resulting in More Than 8X Increase in Equity</a></li><li><a href="https://www.smartkarma.com/insights/alteogen-block-deal-sale-of-about-3-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Alteogen: Block Deal Sale of About 3% of Shares</a></li><li><a href="https://www.smartkarma.com/insights/entertainment-re-rating-signs-spotted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Entertainment - Re-rating signs spotted</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-22nd-samsung-sdi-rainbow-robotics-jyp-entertainment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 22nd): Samsung SDI, Rainbow Robotics, Jyp Entertainment</a></li><li><a href="https://www.smartkarma.com/insights/w-scope-ipo-lock-up-part-of-the-parent-s-stake-will-be-freed-but-it-s-been-adding-instead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">W-Scope IPO Lock-Up - Part of the Parent’s Stake Will Be Freed, but It's Been Adding Instead</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lotte-tour-development-a-major-asset-revaluation-resulting-in-more-than-8x-increase-in-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Lotte Tour Development: A Major Asset Revaluation Resulting in More Than 8X Increase in Equity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/748/original/image_79209392931711578789928.png?1711578790"/> <ul>
<li>Lotte Tour Development announced that it will conduct a major asset revaluation which could positively impact its share price. </li>
<li>The company's assets will increase to 2.39 trillion won and equity will increase to 569.3 billion won (up more than 8x) at end of 1Q 2024 due to asset revaluation.</li>
<li>As a result of the asset revaluation, the company's balance sheet will improve significantly and this likely result in many investors taking another look at the company for potential investments. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/alteogen-block-deal-sale-of-about-3-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Alteogen: Block Deal Sale of About 3% of Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/697/original/image_85578721921711530657704.png?1711530657"/> <ul>
<li>On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock in after-hours trading in block deal sale. </li>
<li>The block deal sale price was 197,770 won. Alteogen's share price declined by 10.9% today to 195,600 won. Block deal sale amount was about 316 billion won. </li>
<li>This block deal sale combined with the sharp recent, share price increase are likely to result in a near-term consolidation of its share price in the next several months.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/entertainment-re-rating-signs-spotted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Entertainment - Re-rating signs spotted </a></h3><p></p><ul><li>HYBE today announced a partnership deal with UMG. We think this could expedite expansion of its artistes and Weverse platform to a global fanbase.</li><li> NCT Dream saw stronger 1st day album sales for latest album vs. prior one; investor concerns over shrinking album sales to fade, in our view.</li><li> We expect P/E multiple re-rating for K-pop companies given 1) turnaround in physical album sales, and 2) ample new album and IP lineups in 2Q24F.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-22nd-samsung-sdi-rainbow-robotics-jyp-entertainment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. KRX Short Interest Weekly (Mar 22nd): Samsung SDI, Rainbow Robotics, Jyp Entertainment </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/660/original/image_77772367421711512154575.png?1711512154"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 22nd which has an aggregated short interest worth USD7.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung SDI, Rainbow Robotics, Jyp Entertainment.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/w-scope-ipo-lock-up-part-of-the-parent-s-stake-will-be-freed-but-it-s-been-adding-instead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. W-Scope IPO Lock-Up - Part of the Parent’s Stake Will Be Freed, but It's Been Adding Instead </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/530/original/image?1711445695"/> <ul>
<li>WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO. The lockup on some of its parent’s stake will expire soon.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>2024-03-28T07:28:08+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "032350@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "196170@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "352820@KS"}, {"term": "041510@KS"}, {"term": "035900@KS"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "375500@KS"}, {"term": "007070@KS"}, {"term": "271940@KS"}, {"term": "028300@KS"}, {"term": "034220@KS"}, {"term": "302440@KS"}, {"term": "213420@KS"}, {"term": "032350@KS"}, {"term": "005930@KS"}, {"term": "086520@KS"}, {"term": "058470@KS"}, {"term": "017800@KS"}, {"term": "336260@KS"}, {"term": "373220@KS"}, {"term": "064760@KS"}, {"term": "003670@KS"}, {"term": "004000@KS"}, {"term": "000210@KS"}, {"term": "000660@KS"}, {"term": "006400@KS"}, {"term": "277810@KS"}, {"term": "010130@KS"}, {"term": "247540@KS"}, {"term": "111770@KS"}, {"term": "035900@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "393890@KS"}, {"term": "103260@KS"}, {"term": "293490@KS"}, {"term": "9868@HK"}, {"term": "XPEV@US"}, {"term": "NIO@US"}, {"term": "9866@HK"}, {"term": "7203@JP"}, {"term": "TSLA@US"}, {"term": "1838597D@KS"}, {"term": "005930@KS"}, {"term": "035420@KS"}, {"term": "051915@KS"}, {"term": "051910@KS"}, {"term": "373220@KS"}, {"term": "323410@KS"}, {"term": "377300@KS"}, {"term": "035720@KS"}, {"term": "005380@KS"}, {"term": "7267@JP"}, {"term": "300750@CH"}, {"term": "3931@HK"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "032350@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "196170@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "035900@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "035900@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3931@HK"}]https://www.smartkarma.com/segment/feeds/korea.rss/c98571c5-30e3-3d55-88dd-7c4cdcb665e0Brief Korea: Hana Tour Service: Major Shareholders Including IMM PE Likely to Sell Their Shares and more2024-03-28T16:18:37.163473+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hana-tour-service-major-shareholders-including-imm-pe-likely-to-sell-their-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hana Tour Service: Major Shareholders Including IMM PE Likely to Sell Their Shares</a></li><li><a href="https://www.smartkarma.com/insights/hanmi-science-nps-sides-with-mother-chairwoman-and-daughter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hanmi Science: NPS Sides With Mother (Chairwoman) And Daughter</a></li><li><a href="https://www.smartkarma.com/insights/samsung-electronics-we-estimate-1q23-to-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samsung Electronics - We estimate 1Q23 to beat expectations</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-3-6-stake-in-shinhan-financial-by-bnp-paribas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of 3.6% Stake in Shinhan Financial by BNP Paribas</a></li><li><a href="https://www.smartkarma.com/insights/hanatour-management-sale-minority-shareholder-tender-offer-price-premium-assessment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HanaTour Management Sale: Minority Shareholder Tender Offer & Price Premium Assessment</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hana-tour-service-major-shareholders-including-imm-pe-likely-to-sell-their-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Hana Tour Service: Major Shareholders Including IMM PE Likely to Sell Their Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/590/original/image_33995942821711493479539.png?1711493479"/> <ul>
<li>Hana Tour Service (039130 KS), the number one travel platform in Korea, announced that IMM PE (controlling shareholder of the company) is planning to sell its controlling stake. </li>
<li>The total stake in the company that is up for sale could rise to 27.78%, including stakes held by Hana Tour founder Park Sang-hwan and co-founder Kwon Hee-seok. </li>
<li>Potential buyers of the controlling stake in Hana Tour include Yanolja, Hotels.com, Booking.com, and Trip.com.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/hanmi-science-nps-sides-with-mother-chairwoman-and-daughter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Hanmi Science: NPS Sides With Mother (Chairwoman) And Daughter </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/568/original/image_56074528541711465826592.png?1711465826"/> <ul>
<li>After the market close on 26 March, it was reported that NPS has decided it will side with Chairwoman Young-Sook Song (mother) and her daughter Ju-Hyun Lim. </li>
<li>As a result, Chairwoman Young-Sook Song (mother) and Ju-Hyun Lim have secured 40.86% of the shares, which is slightly higher than the ownership of her two sons (38.4%). </li>
<li>In the near term, this battle for the control of the company could have a positive impact on Hanmi Science's share price. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/samsung-electronics-we-estimate-1q23-to-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Samsung Electronics - We estimate 1Q23 to beat expectations </a></h3><p></p><ul><li>We expect 1Q24F OP of W5.36tr, beating Bloomberg consensus’ estimate.</li><li> We expect 2Q24F DRAM/NAND ASPs to further grow 14%/15%.</li><li> We revise up FY24F memory OP, due to higher ASP improving profitability, while we lower mobile and S.LSI/Foundry OP on increased costs.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-3-6-stake-in-shinhan-financial-by-bnp-paribas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Block Deal Sale of 3.6% Stake in Shinhan Financial by BNP Paribas </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/546/original/image_25593874251711450126102.png?1711450126"/> <ul>
<li>After the market close on 26 March, it was announced that BNP Paribas plans to sell its 3.6% stake in Shinhan Financial in a block deal sale 18.7 million shares). </li>
<li>The block deal sale is estimated to be about 900 billion won, which would represent one of the largest block deal sales in Korea in the past several years.</li>
<li>We have a Negative view on the Shinhan Financial Group block deal and we would not subscribe to it due to three major reasons. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hanatour-management-sale-minority-shareholder-tender-offer-price-premium-assessment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. HanaTour Management Sale: Minority Shareholder Tender Offer & Price Premium Assessment </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/518/original/1.png?1711441269"/> <ul>
<li>HanaTour seeks new ownership after 4 years under IMM PE. Despite COVID-19 setbacks, successful restructuring attracts attention from online travel and investment giants.</li>
<li>Market rumors hint at Yanolja and Hotels.com interest, possibly intensifying acquisition competition, leading to a higher price premium. IMM's 16.68% stake may value at ₩250B, a 35% premium.</li>
<li>Last year's mandatory tender offer for 50%+1 share awaits legislation. Unlikely to affect HanaTour sale. Nonetheless, potential acquirers may buy additional shares, suggesting further premium formation in share price.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hana-tour-service-major-shareholders-including-imm-pe-likely-to-sell-their-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hana Tour Service: Major Shareholders Including IMM PE Likely to Sell Their Shares</a></li><li><a href="https://www.smartkarma.com/insights/hanmi-science-nps-sides-with-mother-chairwoman-and-daughter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hanmi Science: NPS Sides With Mother (Chairwoman) And Daughter</a></li><li><a href="https://www.smartkarma.com/insights/samsung-electronics-we-estimate-1q23-to-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samsung Electronics - We estimate 1Q23 to beat expectations</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-3-6-stake-in-shinhan-financial-by-bnp-paribas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of 3.6% Stake in Shinhan Financial by BNP Paribas</a></li><li><a href="https://www.smartkarma.com/insights/hanatour-management-sale-minority-shareholder-tender-offer-price-premium-assessment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HanaTour Management Sale: Minority Shareholder Tender Offer & Price Premium Assessment</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hana-tour-service-major-shareholders-including-imm-pe-likely-to-sell-their-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Hana Tour Service: Major Shareholders Including IMM PE Likely to Sell Their Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/590/original/image_33995942821711493479539.png?1711493479"/> <ul>
<li>Hana Tour Service (039130 KS), the number one travel platform in Korea, announced that IMM PE (controlling shareholder of the company) is planning to sell its controlling stake. </li>
<li>The total stake in the company that is up for sale could rise to 27.78%, including stakes held by Hana Tour founder Park Sang-hwan and co-founder Kwon Hee-seok. </li>
<li>Potential buyers of the controlling stake in Hana Tour include Yanolja, Hotels.com, Booking.com, and Trip.com.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/hanmi-science-nps-sides-with-mother-chairwoman-and-daughter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Hanmi Science: NPS Sides With Mother (Chairwoman) And Daughter </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/568/original/image_56074528541711465826592.png?1711465826"/> <ul>
<li>After the market close on 26 March, it was reported that NPS has decided it will side with Chairwoman Young-Sook Song (mother) and her daughter Ju-Hyun Lim. </li>
<li>As a result, Chairwoman Young-Sook Song (mother) and Ju-Hyun Lim have secured 40.86% of the shares, which is slightly higher than the ownership of her two sons (38.4%). </li>
<li>In the near term, this battle for the control of the company could have a positive impact on Hanmi Science's share price. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/samsung-electronics-we-estimate-1q23-to-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Samsung Electronics - We estimate 1Q23 to beat expectations </a></h3><p></p><ul><li>We expect 1Q24F OP of W5.36tr, beating Bloomberg consensus’ estimate.</li><li> We expect 2Q24F DRAM/NAND ASPs to further grow 14%/15%.</li><li> We revise up FY24F memory OP, due to higher ASP improving profitability, while we lower mobile and S.LSI/Foundry OP on increased costs.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-3-6-stake-in-shinhan-financial-by-bnp-paribas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Block Deal Sale of 3.6% Stake in Shinhan Financial by BNP Paribas </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/546/original/image_25593874251711450126102.png?1711450126"/> <ul>
<li>After the market close on 26 March, it was announced that BNP Paribas plans to sell its 3.6% stake in Shinhan Financial in a block deal sale 18.7 million shares). </li>
<li>The block deal sale is estimated to be about 900 billion won, which would represent one of the largest block deal sales in Korea in the past several years.</li>
<li>We have a Negative view on the Shinhan Financial Group block deal and we would not subscribe to it due to three major reasons. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hanatour-management-sale-minority-shareholder-tender-offer-price-premium-assessment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. HanaTour Management Sale: Minority Shareholder Tender Offer & Price Premium Assessment </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/518/original/1.png?1711441269"/> <ul>
<li>HanaTour seeks new ownership after 4 years under IMM PE. Despite COVID-19 setbacks, successful restructuring attracts attention from online travel and investment giants.</li>
<li>Market rumors hint at Yanolja and Hotels.com interest, possibly intensifying acquisition competition, leading to a higher price premium. IMM's 16.68% stake may value at ₩250B, a 35% premium.</li>
<li>Last year's mandatory tender offer for 50%+1 share awaits legislation. Unlikely to affect HanaTour sale. Nonetheless, potential acquirers may buy additional shares, suggesting further premium formation in share price.</li>
</ul>2024-03-27T07:55:17+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "039130@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "008930@KS"}, {"term": "010060@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "005930@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "055550@KS"}, {"term": "316140@KS"}, {"term": "024110@KS"}, {"term": "BNP@FP"}, {"term": "086790@KS"}, {"term": "005490@KS"}, {"term": "005380@KS"}, {"term": "105560@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "039130@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "039130@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "010060@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005930@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "105560@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "039130@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/98ddb1e0-b357-3d0b-abc0-bec3bea13b9dBrief Korea: Shinhan Financial Group Placement - Another Selldown, Momentum Is Strong but Deal Is Large and more2024-03-28T16:18:37.153335+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-another-selldown-momentum-is-strong-but-deal-is-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Shinhan Financial Group Placement - Another Selldown, Momentum Is Strong but Deal Is Large</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Are Chair Powell and I on the Same Page?</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li><li><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HD Hyundai Marine Solution IPO Preview</a></li><li><a href="https://www.smartkarma.com/insights/sillajen-rights-offering-worth-34-of-outstanding-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SillaJen Rights Offering Worth 34% of Outstanding Shares</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-another-selldown-momentum-is-strong-but-deal-is-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Shinhan Financial Group Placement - Another Selldown, Momentum Is Strong but Deal Is Large </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/513/original/image?1711440723"/> <ul>
<li>
<a data-smartkarma-citation="entities:525:1" href="https://www.smartkarma.com/entities/bnp-paribas" rel="noopener" target="_blank">BNP Paribas (BNP FP)</a> is looking to raise around US$680m via selling 3.5% of its stake in <a data-smartkarma-citation="entities:6978:1" href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" rel="noopener" target="_blank">Shinhan Financial (055550 KS)</a>.</li>
<li>This will be the fourth selldown for the stock since the start of the year. It will also be the largest one of the lot, so far.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. HD Hyundai Marine Solution IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/403/original/image_88318121971711384788416.png?1711384791"/> <ul>
<li>HD Hyundai Marine Solution is getting ready to complete its IPO in KOSPI in May 2024. This will be one of the largest IPOs in Korea in 2024. </li>
<li>The IPO price range is from 73,300 won to 83,400 won. The IPO offering amount is from 652.4 billion won to 742.3 billion won. </li>
<li>A key beneficiary of HD Hyundai Marine Solution IPO is HD Hyundai (62% ownership). Our NAV analysis suggests implied price of 95,632 for HD Hyundai (40% higher than current price).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sillajen-rights-offering-worth-34-of-outstanding-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. SillaJen Rights Offering Worth 34% of Outstanding Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/341/original/image_50472531631711361418342.png?1711361417"/> <ul>
<li>On 22 March, SillaJen Inc (215600 KS) announced that it will conduct a rights offering worth about 129 billion won for R&D and financials improvement. </li>
<li>The rights offering size is 34.5 million shares, representing 34% of total outstanding shares. The expected rights offering price is 3,750 won which is 26% lower than current price. </li>
<li>We would not subscribe to this rights offering and we remain negative on the company.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-another-selldown-momentum-is-strong-but-deal-is-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Shinhan Financial Group Placement - Another Selldown, Momentum Is Strong but Deal Is Large</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Are Chair Powell and I on the Same Page?</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li><li><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HD Hyundai Marine Solution IPO Preview</a></li><li><a href="https://www.smartkarma.com/insights/sillajen-rights-offering-worth-34-of-outstanding-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SillaJen Rights Offering Worth 34% of Outstanding Shares</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-another-selldown-momentum-is-strong-but-deal-is-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Shinhan Financial Group Placement - Another Selldown, Momentum Is Strong but Deal Is Large </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/513/original/image?1711440723"/> <ul>
<li>
<a data-smartkarma-citation="entities:525:1" href="https://www.smartkarma.com/entities/bnp-paribas" rel="noopener" target="_blank">BNP Paribas (BNP FP)</a> is looking to raise around US$680m via selling 3.5% of its stake in <a data-smartkarma-citation="entities:6978:1" href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" rel="noopener" target="_blank">Shinhan Financial (055550 KS)</a>.</li>
<li>This will be the fourth selldown for the stock since the start of the year. It will also be the largest one of the lot, so far.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. HD Hyundai Marine Solution IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/403/original/image_88318121971711384788416.png?1711384791"/> <ul>
<li>HD Hyundai Marine Solution is getting ready to complete its IPO in KOSPI in May 2024. This will be one of the largest IPOs in Korea in 2024. </li>
<li>The IPO price range is from 73,300 won to 83,400 won. The IPO offering amount is from 652.4 billion won to 742.3 billion won. </li>
<li>A key beneficiary of HD Hyundai Marine Solution IPO is HD Hyundai (62% ownership). Our NAV analysis suggests implied price of 95,632 for HD Hyundai (40% higher than current price).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sillajen-rights-offering-worth-34-of-outstanding-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. SillaJen Rights Offering Worth 34% of Outstanding Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/341/original/image_50472531631711361418342.png?1711361417"/> <ul>
<li>On 22 March, SillaJen Inc (215600 KS) announced that it will conduct a rights offering worth about 129 billion won for R&D and financials improvement. </li>
<li>The rights offering size is 34.5 million shares, representing 34% of total outstanding shares. The expected rights offering price is 3,750 won which is 26% lower than current price. </li>
<li>We would not subscribe to this rights offering and we remain negative on the company.</li>
</ul>2024-03-26T16:18:58+08:00[{"term": "Equity Capital Markets"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "055550@KS"}, {"term": "373220@KS"}, {"term": "051915@KS"}, {"term": "051910@KS"}, {"term": "064350@KS"}, {"term": "012330@KS"}, {"term": "004020@KS"}, {"term": "005380@KS"}, {"term": "HCSZ@KS"}, {"term": "009150@KS"}, {"term": "028050@KS"}, {"term": "006400@KS"}, {"term": "028260@KS"}, {"term": "000830@KS"}, {"term": "005930@KS"}, {"term": "010140@KS"}, {"term": "SMSD@LI"}, {"term": "SMSN@LI"}, {"term": "1838597D@KS"}, {"term": "035420@KS"}, {"term": "1522016D@KS"}, {"term": "323410@KS"}, {"term": "377300@KS"}, {"term": "103260@KS"}, {"term": "293490@KS"}, {"term": "035720@KS"}, {"term": "105560@KS"}, {"term": "KB@US"}, {"term": "388220@KS"}, {"term": "086790@KS"}, {"term": "009420@KS"}, {"term": "039130@KS"}, {"term": "067310@KS"}, {"term": "HANA@LN"}, {"term": "HANA@TB"}, {"term": "404990@KS"}, {"term": "KOSPI2@INDEX"}, {"term": "393360@KS"}, {"term": "032710@KS"}, {"term": "005450@KS"}, {"term": "SHG@US"}, {"term": "BNP@FP"}, {"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "HK"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MALAYSIA"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "THAILAND"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "PHILIPPINES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "TURKEY"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "BRAZIL"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "PUERTO RICO"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "3330@HK"}, {"term": "2099@HK"}, {"term": "601088@CH"}, {"term": "1088@HK"}, {"term": "1898@HK"}, {"term": "1171@HK"}, {"term": "883@HK"}, {"term": "Equity Capital Markets"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "267250@KS"}, {"term": "009540@KS"}, {"term": "373220@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "215600@KS"}, {"term": "ROIV@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "BNP@FP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "883@HK"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "373220@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "ROIV@US"}]https://www.smartkarma.com/segment/feeds/korea.rss/77c97fff-95e2-3442-90f3-6bb7bc234ae7Brief Korea: LG Household & Health Care Ltd - At a pivot point: directional shift for LG H&H and more2024-03-28T16:18:37.142435+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lg-household-health-care-ltd-at-a-pivot-point-directional-shift-for-lg-h-h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Household & Health Care Ltd - At a pivot point: directional shift for LG H&H</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Portfolio Watch: Data green-lighting continued rally – cautious metals however</a></li><li><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-22nd-samsung-electronics-hyundai-motor-sk-hynix-kia-posco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-canariabio-addition-c-c-international?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lg-household-health-care-ltd-at-a-pivot-point-directional-shift-for-lg-h-h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. LG Household & Health Care Ltd - At a pivot point: directional shift for LG H&H </a></h3><p></p><ul><li>We expect LG HH to record 1Q24F sales of W1.7tr and OP of W135.2bn, with the latter exceeding Bloomberg consensus forecast by 6%.</li><li>We expect LG HH to record 1Q24F sales of W1.7tr and OP of W135.2bn, with the latter exceeding Bloomberg consensus forecast by 6%.</li><li> Despite having embarked on a large-scale brand rebranding in Sep 2023, LG HH is on track to reach its target of break-even point (BEP) in 1H24F. We reiterate Hold, with an unchanged TP of W400k, as uncertainly lingers despite our forecast of a turnaround in its China segment.</li><li> Despite having embarked on a large-scale brand rebranding in Sep 2023, LG HH is on track to reach its target of break-even point (BEP) in 1H24F. We reiterate Hold, with an unchanged TP of W400k, as uncertainly lingers despite our forecast of a turnaround in its China segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Portfolio Watch: Data green-lighting continued rally – cautious metals however </a></h3><p></p><ul><li>Our early conviction in pro-cyclical trends keeps getting confirmed.</li><li>Initially, our nowcast indicator for China signaled a positive outlook, and most notably this week, the Li Keqiang Index has experienced its strongest monthly surge since 1999.</li><li>Consequently, Asian currencies and the AUD still appear undervalued when compared to the early yet unfolding expansion outside the US.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-22nd-samsung-electronics-hyundai-motor-sk-hynix-kia-posco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/110/original/KIA_CORP%28000270_KS%29_Stock_Foreign_Holdings2024-03-23_10_10_46.png?1711180630"/> <ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,746mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-canariabio-addition-c-c-international?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/995/original/image_14471880131711127522256.png?1711127522"/> <ul>
<li>On 22 March, the Korea Exchange announced special changes to KOSDAQ 150. CanariaBio will be excluded from KOSDAQ 150 and it will be replaced by C&C International.</li>
<li>Canaria Bio was designated as "administrative issue" and "investment attention issue" on 22 March 2024, which resulted in KRX deciding to remove this stock from KOSDAQ 150 on 26 March.</li>
<li>We believe that this inclusion of C&C International in KOSDAQ 150 is likely to further positively impact its share price.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lg-household-health-care-ltd-at-a-pivot-point-directional-shift-for-lg-h-h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Household & Health Care Ltd - At a pivot point: directional shift for LG H&H</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Portfolio Watch: Data green-lighting continued rally – cautious metals however</a></li><li><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-22nd-samsung-electronics-hyundai-motor-sk-hynix-kia-posco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-canariabio-addition-c-c-international?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lg-household-health-care-ltd-at-a-pivot-point-directional-shift-for-lg-h-h?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. LG Household & Health Care Ltd - At a pivot point: directional shift for LG H&H </a></h3><p></p><ul><li>We expect LG HH to record 1Q24F sales of W1.7tr and OP of W135.2bn, with the latter exceeding Bloomberg consensus forecast by 6%.</li><li>We expect LG HH to record 1Q24F sales of W1.7tr and OP of W135.2bn, with the latter exceeding Bloomberg consensus forecast by 6%.</li><li> Despite having embarked on a large-scale brand rebranding in Sep 2023, LG HH is on track to reach its target of break-even point (BEP) in 1H24F. We reiterate Hold, with an unchanged TP of W400k, as uncertainly lingers despite our forecast of a turnaround in its China segment.</li><li> Despite having embarked on a large-scale brand rebranding in Sep 2023, LG HH is on track to reach its target of break-even point (BEP) in 1H24F. We reiterate Hold, with an unchanged TP of W400k, as uncertainly lingers despite our forecast of a turnaround in its China segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Portfolio Watch: Data green-lighting continued rally – cautious metals however </a></h3><p></p><ul><li>Our early conviction in pro-cyclical trends keeps getting confirmed.</li><li>Initially, our nowcast indicator for China signaled a positive outlook, and most notably this week, the Li Keqiang Index has experienced its strongest monthly surge since 1999.</li><li>Consequently, Asian currencies and the AUD still appear undervalued when compared to the early yet unfolding expansion outside the US.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-22nd-samsung-electronics-hyundai-motor-sk-hynix-kia-posco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. KRX Foreign Holding Weekly (Mar 22nd): Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/110/original/KIA_CORP%28000270_KS%29_Stock_Foreign_Holdings2024-03-23_10_10_46.png?1711180630"/> <ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 22nd which has an aggregated holding worth USD546.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,746mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics, Hyundai Motor, Sk Hynix, Kia, Posco, Naver.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-canariabio-addition-c-c-international?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/995/original/image_14471880131711127522256.png?1711127522"/> <ul>
<li>On 22 March, the Korea Exchange announced special changes to KOSDAQ 150. CanariaBio will be excluded from KOSDAQ 150 and it will be replaced by C&C International.</li>
<li>Canaria Bio was designated as "administrative issue" and "investment attention issue" on 22 March 2024, which resulted in KRX deciding to remove this stock from KOSDAQ 150 on 26 March.</li>
<li>We believe that this inclusion of C&C International in KOSDAQ 150 is likely to further positively impact its share price.</li>
</ul>2024-03-25T13:15:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "051900@KS"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "THAILAND"}, {"term": "MALAYSIA"}, {"term": "AUSTRALIA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "XBTUSD@CURNCY"}, {"term": "BITO@US"}, {"term": "SLV@US"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USDTHB@CURNCY"}, {"term": "USDMYR@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "USDCNY@CURNCY"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "051910@KS"}, {"term": "207940@KS"}, {"term": "068270@KS"}, {"term": "006400@KS"}, {"term": "105560@KS"}, {"term": "086520@KS"}, {"term": "035420@KS"}, {"term": "005490@KS"}, {"term": "000270@KS"}, {"term": "042660@KS"}, {"term": "051900@KS"}, {"term": "000660@KS"}, {"term": "196170@KS"}, {"term": "005930@KS"}, {"term": "005380@KS"}, {"term": "028260@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOI@FP"}, {"term": "4063@JP"}, {"term": "6488@TT"}, {"term": "3436@JP"}, {"term": "WAF@GR"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "352480@KS"}, {"term": "016790@KS"}, {"term": "237880@KS"}, {"term": "090430@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "051900@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDCNY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "028260@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "WAF@GR"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "090430@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/76a18980-2fc3-3695-8849-ac19a7370956Brief Korea: EM Traffic Light March 2024 and more2024-03-28T16:18:37.134558+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/em-traffic-light-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EM Traffic Light March 2024</a></li><li><a href="https://www.smartkarma.com/insights/hlb-life-science-impact-of-rights-offering-capital-raise-of-150-billion-won?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won</a></li><li><a href="https://www.smartkarma.com/insights/ncsoft-has-already-reached-rock-bottom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">NCSOFT - Has already reached rock bottom</a></li><li><a href="https://www.smartkarma.com/insights/daishin-securities-announces-a-capital-raise-of-230-billion-won-through-rcps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Daishin Securities: Announces A Capital Raise of 230 Billion Won Through RCPS</a></li><li><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-stcube-052020-and-addition-psk-holdings-031980?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Special Changes in KOSDAQ 150: Deletion - STCube (052020) And Addition - PSK Holdings (031980)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/em-traffic-light-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. EM Traffic Light March 2024 </a></h3><p></p><ul><li>The risk levels remain lowin the EM Traffic Light for March.</li><li>Ahead lies a year with many elections in the EM countries e.g. South Korea, India, South Africa and Mexico. Kazakhstan, Argentina and Mexico are all labelled as medium risk and they were all in top four last month.</li><li>The global economy has turned out better than feared at the start of the year last year when fears of recession were a dominant feature.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/hlb-life-science-impact-of-rights-offering-capital-raise-of-150-billion-won?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/936/original/image_69096955641711101680784.png?1711101682"/> <ul>
<li>On 21 March, HLB Life Science announced a rights offering capital raise worth 150 billion won. </li>
<li>The expected rights offering price is 13,630 won (32% lower than current price of 19,930 won) and there are 11 million shares in this rights offering (10% of outstanding shares). </li>
<li>HLB Inc (028300 KS) is the largest controlling shareholder of HLB Life Science (067630 KS) with an 18.7% stake in the company.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ncsoft-has-already-reached-rock-bottom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. NCSOFT - Has already reached rock bottom </a></h3><p></p><ul><li>NCSoft’s net cash of W1.7tr and real estate value of W0.8tr on top of stable revenue from Lineage M should prevent further downside to its share price.</li><li> We expect still-poor OP in 1Q24F, below Bloomberg consensus estimate.</li><li> We retain our Hold call with TP reduced to W194k, based on 20x FY24F P/E; weaker TL revenue and higher marketing costs are fully reflected, we believe.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/daishin-securities-announces-a-capital-raise-of-230-billion-won-through-rcps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Daishin Securities: Announces A Capital Raise of 230 Billion Won Through RCPS </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/856/original/image_89578038141711058877947.png?1711058878"/> <ul>
<li>After the market close on 21 March, Daishin Securities announced a capital raise worth 230 billion won through RCPS. Daishin Securities currently has a market cap of 901 billion won. </li>
<li>Through this issue of 230 billion won in RCPS, Daishin Securities achieved 3 trillion won in equity capital, which is a condition for applying as a comprehensive financial investment business.</li>
<li>We are Negative on Daishin Securities in the next 6-12 months as the concerns about RCPS capital raise related shares dilution are likely to weigh negatively on its stock price.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-stcube-052020-and-addition-psk-holdings-031980?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Special Changes in KOSDAQ 150: Deletion - STCube (052020) And Addition - PSK Holdings (031980) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/748/original/image_64610507531711010687827.png?1711010686"/> <ul>
<li>KRX announced special changes to KOSDAQ 150. Since STCube (052020 KS) has been designated as "administrative issue," the Korea Exchange will exclude it from KOSDAQ 150 on 26 March 2024. </li>
<li>PSK Holdings Inc (031980 KS) will be new addition to KOSDAQ 150 index, replacing ST Cube.</li>
<li>PSK Holdings' core business is providing process technology, source, and hardware for semiconductor packaging equipment.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/em-traffic-light-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EM Traffic Light March 2024</a></li><li><a href="https://www.smartkarma.com/insights/hlb-life-science-impact-of-rights-offering-capital-raise-of-150-billion-won?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won</a></li><li><a href="https://www.smartkarma.com/insights/ncsoft-has-already-reached-rock-bottom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">NCSOFT - Has already reached rock bottom</a></li><li><a href="https://www.smartkarma.com/insights/daishin-securities-announces-a-capital-raise-of-230-billion-won-through-rcps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Daishin Securities: Announces A Capital Raise of 230 Billion Won Through RCPS</a></li><li><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-stcube-052020-and-addition-psk-holdings-031980?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Special Changes in KOSDAQ 150: Deletion - STCube (052020) And Addition - PSK Holdings (031980)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/em-traffic-light-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. EM Traffic Light March 2024 </a></h3><p></p><ul><li>The risk levels remain lowin the EM Traffic Light for March.</li><li>Ahead lies a year with many elections in the EM countries e.g. South Korea, India, South Africa and Mexico. Kazakhstan, Argentina and Mexico are all labelled as medium risk and they were all in top four last month.</li><li>The global economy has turned out better than feared at the start of the year last year when fears of recession were a dominant feature.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/hlb-life-science-impact-of-rights-offering-capital-raise-of-150-billion-won?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/936/original/image_69096955641711101680784.png?1711101682"/> <ul>
<li>On 21 March, HLB Life Science announced a rights offering capital raise worth 150 billion won. </li>
<li>The expected rights offering price is 13,630 won (32% lower than current price of 19,930 won) and there are 11 million shares in this rights offering (10% of outstanding shares). </li>
<li>HLB Inc (028300 KS) is the largest controlling shareholder of HLB Life Science (067630 KS) with an 18.7% stake in the company.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ncsoft-has-already-reached-rock-bottom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. NCSOFT - Has already reached rock bottom </a></h3><p></p><ul><li>NCSoft’s net cash of W1.7tr and real estate value of W0.8tr on top of stable revenue from Lineage M should prevent further downside to its share price.</li><li> We expect still-poor OP in 1Q24F, below Bloomberg consensus estimate.</li><li> We retain our Hold call with TP reduced to W194k, based on 20x FY24F P/E; weaker TL revenue and higher marketing costs are fully reflected, we believe.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/daishin-securities-announces-a-capital-raise-of-230-billion-won-through-rcps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Daishin Securities: Announces A Capital Raise of 230 Billion Won Through RCPS </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/856/original/image_89578038141711058877947.png?1711058878"/> <ul>
<li>After the market close on 21 March, Daishin Securities announced a capital raise worth 230 billion won through RCPS. Daishin Securities currently has a market cap of 901 billion won. </li>
<li>Through this issue of 230 billion won in RCPS, Daishin Securities achieved 3 trillion won in equity capital, which is a condition for applying as a comprehensive financial investment business.</li>
<li>We are Negative on Daishin Securities in the next 6-12 months as the concerns about RCPS capital raise related shares dilution are likely to weigh negatively on its stock price.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/special-changes-in-kosdaq-150-deletion-stcube-052020-and-addition-psk-holdings-031980?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Special Changes in KOSDAQ 150: Deletion - STCube (052020) And Addition - PSK Holdings (031980) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/748/original/image_64610507531711010687827.png?1711010686"/> <ul>
<li>KRX announced special changes to KOSDAQ 150. Since STCube (052020 KS) has been designated as "administrative issue," the Korea Exchange will exclude it from KOSDAQ 150 on 26 March 2024. </li>
<li>PSK Holdings Inc (031980 KS) will be new addition to KOSDAQ 150 index, replacing ST Cube.</li>
<li>PSK Holdings' core business is providing process technology, source, and hardware for semiconductor packaging equipment.</li>
</ul>2024-03-22T20:00:58+08:00[{"term": "Macroeconomics"}, {"term": "KAZAKHSTAN"}, {"term": "ARGENTINA"}, {"term": "MEXICO"}, {"term": "SOUTH AFRICA"}, {"term": "INDIA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "LATIN AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "067630@KS"}, {"term": "028300@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "036570@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "003540@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "031980@KS"}, {"term": "319660@KS"}, {"term": "052020@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "028300@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "036570@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "003540@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "052020@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/9812e562-bc6d-3817-8797-ec7e0e9d37acBrief Korea: BGF Retail - Solid and defensive and more2024-03-28T16:18:37.123769+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/bgf-retail-solid-and-defensive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">BGF Retail - Solid and defensive</a></li><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/back-testing-the-impact-of-national-assembly-elections-on-the-korean-stock-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Back-Testing the Impact of National Assembly Elections on the Korean Stock Market</a></li><li><a href="https://www.smartkarma.com/insights/noteworthy-price-movements-associated-with-1q-ex-dates-trading-setups?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups</a></li><li><a href="https://www.smartkarma.com/insights/s-oil-corp-roe-recovery-cycle-in-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">S-Oil Corp - ROE recovery cycle in 2024F</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/bgf-retail-solid-and-defensive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. BGF Retail - Solid and defensive </a></h3><p></p><ul><li>We expect BGF Retail to record FY24F sales/OP of W9tr (+7% yoy)/W279bn (+10% yoy) on the back of net opening of 800 stores.</li><li> Although the Korean government has said it will not increase cigarette prices in FY24F, we believe an increase will nevertheless take place before FY27F. We reiterate our Add call on BGFR due to favourable valuations and earnings stability compared to its peers in the retail industry, with TP cut to W160k.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/back-testing-the-impact-of-national-assembly-elections-on-the-korean-stock-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Back-Testing the Impact of National Assembly Elections on the Korean Stock Market </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/695/original/image_88059929421710977380587.png?1710977380"/> <ul>
<li>In this insight, we provide a back-testing analysis of the impact of the National Assembly Elections on the Korean stock market. </li>
<li>KOSPI tends to display positive price performance one month and three months prior to the election date leading up to the election date. </li>
<li>On the other hand, KOSPI tends to decline one month and three months post the election date. We believe that post National Assembly Election, KOSPI could face greater headwinds.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/noteworthy-price-movements-associated-with-1q-ex-dates-trading-setups?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/668/original/2.png?1710959478"/> <ul>
<li>Investors buying on February ex-dates, perhaps due to the Value-up factor, led to a successful strategy for local managers: buying before ex-date and selling at close, yielding positive results.</li>
<li>On March 19th, Kia Corp (000270 KS) diverged from February's pattern. Notably, FINANCIAL INVESTMENT sold heavily on Kia's ex-date, a deviation from their quiet February activity.</li>
<li>FINANCIAL INVESTMENT's trend of liquidating positions held since last quarter, especially for dividends, gains momentum as March ends, possibly overshadowing February's Value-up factor.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/s-oil-corp-roe-recovery-cycle-in-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. S-Oil Corp - ROE recovery cycle in 2024F </a></h3><p></p><ul><li>We expect S-Oil’s ROE to improve to 15% in 2024F (2023: 11%) due to solid refining margins, as well as lower inventory losses and maintenance costs.</li><li> S-Oil is trading at an undemanding 0.86x FY24F P/BV (5-year historical low); we expect its better ROE to support a share price recovery.</li><li> We reiterate Add with a higher TP of W100k to reflect earnings changes due to its refining earnings recovery and a solid lube oil business in 2024F.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/bgf-retail-solid-and-defensive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">BGF Retail - Solid and defensive</a></li><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/back-testing-the-impact-of-national-assembly-elections-on-the-korean-stock-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Back-Testing the Impact of National Assembly Elections on the Korean Stock Market</a></li><li><a href="https://www.smartkarma.com/insights/noteworthy-price-movements-associated-with-1q-ex-dates-trading-setups?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups</a></li><li><a href="https://www.smartkarma.com/insights/s-oil-corp-roe-recovery-cycle-in-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">S-Oil Corp - ROE recovery cycle in 2024F</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/bgf-retail-solid-and-defensive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. BGF Retail - Solid and defensive </a></h3><p></p><ul><li>We expect BGF Retail to record FY24F sales/OP of W9tr (+7% yoy)/W279bn (+10% yoy) on the back of net opening of 800 stores.</li><li> Although the Korean government has said it will not increase cigarette prices in FY24F, we believe an increase will nevertheless take place before FY27F. We reiterate our Add call on BGFR due to favourable valuations and earnings stability compared to its peers in the retail industry, with TP cut to W160k.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/back-testing-the-impact-of-national-assembly-elections-on-the-korean-stock-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Back-Testing the Impact of National Assembly Elections on the Korean Stock Market </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/695/original/image_88059929421710977380587.png?1710977380"/> <ul>
<li>In this insight, we provide a back-testing analysis of the impact of the National Assembly Elections on the Korean stock market. </li>
<li>KOSPI tends to display positive price performance one month and three months prior to the election date leading up to the election date. </li>
<li>On the other hand, KOSPI tends to decline one month and three months post the election date. We believe that post National Assembly Election, KOSPI could face greater headwinds.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/noteworthy-price-movements-associated-with-1q-ex-dates-trading-setups?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Noteworthy Price Movements Associated with 1Q Ex-Dates Trading Setups </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/668/original/2.png?1710959478"/> <ul>
<li>Investors buying on February ex-dates, perhaps due to the Value-up factor, led to a successful strategy for local managers: buying before ex-date and selling at close, yielding positive results.</li>
<li>On March 19th, Kia Corp (000270 KS) diverged from February's pattern. Notably, FINANCIAL INVESTMENT sold heavily on Kia's ex-date, a deviation from their quiet February activity.</li>
<li>FINANCIAL INVESTMENT's trend of liquidating positions held since last quarter, especially for dividends, gains momentum as March ends, possibly overshadowing February's Value-up factor.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/s-oil-corp-roe-recovery-cycle-in-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. S-Oil Corp - ROE recovery cycle in 2024F </a></h3><p></p><ul><li>We expect S-Oil’s ROE to improve to 15% in 2024F (2023: 11%) due to solid refining margins, as well as lower inventory losses and maintenance costs.</li><li> S-Oil is trading at an undemanding 0.86x FY24F P/BV (5-year historical low); we expect its better ROE to support a share price recovery.</li><li> We reiterate Add with a higher TP of W100k to reflect earnings changes due to its refining earnings recovery and a solid lube oil business in 2024F.</li></ul>2024-03-21T13:32:43+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "282330@KS"}, {"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "HK"}, {"term": "BRUNEI"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "029780@KS"}, {"term": "000270@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "010950@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "282330@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "000270@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "010950@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/f087ce7f-8bf2-3504-b33c-edfebe975b8fBrief Korea: Jeil Machine & Solution IPO Valuation Analysis and more2024-03-28T16:18:37.116668+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Jeil Machine & Solution IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-kospi-200-jun-24-up-to-five-changes-possible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-15th-sk-hynix-posco-dx-kum-yang-samsung-biologic-samsung-sdi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 15th): Sk Hynix, Posco Dx, Kum Yang, Samsung Biologic, Samsung SDI</a></li><li><a href="https://www.smartkarma.com/insights/eqd-kospi-200-weekly-bottom-may-be-behind-the-corner?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EQD</a></li><li><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Jeil Machine & Solution IPO Preview</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Jeil Machine & Solution IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/615/original/image_108072731710927583122.png?1710927582"/> <ul>
<li>Our base case valuation of Jeil M&S is target price of 24,354 won per share, which is 35% higher than the high end of the IPO price range.</li>
<li>We estimate the Jeil M&S to generate sales of 279 billion won (up 94.9% YoY) and operating profit of 18.1 billion won (up 928% YoY).</li>
<li>Jeil M&S's main products include mixing equipment for the rechargeable battery sector. Its major customers include Samsung SDI, LG Energy Solution, and Northvolt. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-kospi-200-jun-24-up-to-five-changes-possible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/587/original/image?1710918500"/> <ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.</li>
<li>There could be up to five changes in the KOSPI 200 index during the June 2024 index rebal event.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-15th-sk-hynix-posco-dx-kum-yang-samsung-biologic-samsung-sdi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. KRX Short Interest Weekly (Mar 15th): Sk Hynix, Posco Dx, Kum Yang, Samsung Biologic, Samsung SDI </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/540/original/image_60242667861710909012361.png?1710909012"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 15th which has an aggregated short interest worth USD7.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sk Hynix, Posco Dx, Kum Yang, Samsung Biologic, Samsung SDI, Kia, Hyundai Motor.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eqd-kospi-200-weekly-bottom-may-be-behind-the-corner?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/324/original/image_4961407431710871584192.png?1710871584"/> <ul>
<li>The <a data-smartkarma-citation="entities:26021:1" href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" rel="noopener" target="_blank">KOSPI 200 INDEX</a> is falling for the second week in a row, but the pullback is modest so far.</li>
<li>This pullback is probably just another occasion to buy at better prices, however some more pullback may be in store between here and the end of the week.</li>
<li>The support area where we think a LONG trade has good probability of success based on our models is between 356 and 350.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Jeil Machine & Solution IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/314/original/image_3119404721710859203529.png?1710859202"/> <ul>
<li>Jeil Machine & Solution is getting ready for an IPO in April in the Korean stock market. The IPO price range is 15,000 won to 18,000 won. </li>
<li>The total offering amount ranges from 36 billion won to 43.2 billion won. The book building for the institutional investors will last from 5 to 12 April. </li>
<li>According to the bankers' assessment, the implied market cap of the company ranges from 309 billion won to 371 billion won. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Jeil Machine & Solution IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-kospi-200-jun-24-up-to-five-changes-possible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-15th-sk-hynix-posco-dx-kum-yang-samsung-biologic-samsung-sdi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 15th): Sk Hynix, Posco Dx, Kum Yang, Samsung Biologic, Samsung SDI</a></li><li><a href="https://www.smartkarma.com/insights/eqd-kospi-200-weekly-bottom-may-be-behind-the-corner?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EQD</a></li><li><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Jeil Machine & Solution IPO Preview</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Jeil Machine & Solution IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/615/original/image_108072731710927583122.png?1710927582"/> <ul>
<li>Our base case valuation of Jeil M&S is target price of 24,354 won per share, which is 35% higher than the high end of the IPO price range.</li>
<li>We estimate the Jeil M&S to generate sales of 279 billion won (up 94.9% YoY) and operating profit of 18.1 billion won (up 928% YoY).</li>
<li>Jeil M&S's main products include mixing equipment for the rechargeable battery sector. Its major customers include Samsung SDI, LG Energy Solution, and Northvolt. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-kospi-200-jun-24-up-to-five-changes-possible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/587/original/image?1710918500"/> <ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.</li>
<li>There could be up to five changes in the KOSPI 200 index during the June 2024 index rebal event.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-15th-sk-hynix-posco-dx-kum-yang-samsung-biologic-samsung-sdi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. KRX Short Interest Weekly (Mar 15th): Sk Hynix, Posco Dx, Kum Yang, Samsung Biologic, Samsung SDI </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/540/original/image_60242667861710909012361.png?1710909012"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 15th which has an aggregated short interest worth USD7.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sk Hynix, Posco Dx, Kum Yang, Samsung Biologic, Samsung SDI, Kia, Hyundai Motor.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eqd-kospi-200-weekly-bottom-may-be-behind-the-corner?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/324/original/image_4961407431710871584192.png?1710871584"/> <ul>
<li>The <a data-smartkarma-citation="entities:26021:1" href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" rel="noopener" target="_blank">KOSPI 200 INDEX</a> is falling for the second week in a row, but the pullback is modest so far.</li>
<li>This pullback is probably just another occasion to buy at better prices, however some more pullback may be in store between here and the end of the week.</li>
<li>The support area where we think a LONG trade has good probability of success based on our models is between 356 and 350.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jeil-machine-solution-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Jeil Machine & Solution IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/314/original/image_3119404721710859203529.png?1710859202"/> <ul>
<li>Jeil Machine & Solution is getting ready for an IPO in April in the Korean stock market. The IPO price range is 15,000 won to 18,000 won. </li>
<li>The total offering amount ranges from 36 billion won to 43.2 billion won. The book building for the institutional investors will last from 5 to 12 April. </li>
<li>According to the bankers' assessment, the implied market cap of the company ranges from 309 billion won to 371 billion won. </li>
</ul>2024-03-20T19:02:31+08:00[{"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "JMS@KS"}, {"term": "373220@KS"}, {"term": "006400@KS"}, {"term": "372170@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "454910@KS"}, {"term": "457190@KS"}, {"term": "020560@KS"}, {"term": "178920@KS"}, {"term": "066970@KS"}, {"term": "042700@KS"}, {"term": "019170@KS"}, {"term": "003030@KS"}, {"term": "010780@KS"}, {"term": "003410@KS"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "006400@KS"}, {"term": "086520@KS"}, {"term": "180640@KS"}, {"term": "066970@KS"}, {"term": "000210@KS"}, {"term": "064760@KS"}, {"term": "005490@KS"}, {"term": "032350@KS"}, {"term": "017800@KS"}, {"term": "022100@KS"}, {"term": "166090@KS"}, {"term": "302440@KS"}, {"term": "009520@KS"}, {"term": "068270@KS"}, {"term": "271940@KS"}, {"term": "001570@KS"}, {"term": "000270@KS"}, {"term": "373220@KS"}, {"term": "111770@KS"}, {"term": "247540@KS"}, {"term": "336260@KS"}, {"term": "207940@KS"}, {"term": "005380@KS"}, {"term": "003670@KS"}, {"term": "000660@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "MEAN-REVERSION"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI2@INDEX"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "JMS@KS"}, {"term": "372170@KS"}, {"term": "373220@KS"}, {"term": "006400@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "372170@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "003410@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "000660@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KOSPI2@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "006400@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/282dc969-1a51-313c-a5bd-a60366a51dcaBrief Korea: Shipbuilding - Benefits from US shipbuilding union petition and more2024-03-28T16:18:37.105575+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shipbuilding-benefits-from-us-shipbuilding-union-petition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Shipbuilding - Benefits from US shipbuilding union petition</a></li><li><a href="https://www.smartkarma.com/insights/korean-government-announces-tax-incentives-for-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Korean Government Announces Tax Incentives for Shares Cancellation and Dividends</a></li><li><a href="https://www.smartkarma.com/insights/sthree-q1-resilient-but-still-tough?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Sthree - Q1 resilient, but still tough</a></li><li><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Democracy's Market Dance: Elections and Economic Sentiment in India</a></li><li><a href="https://www.smartkarma.com/insights/korea-small-cap-gem-27-wins-co?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Korea Small Cap Gem #27: Wins Co.</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shipbuilding-benefits-from-us-shipbuilding-union-petition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Shipbuilding - Benefits from US shipbuilding union petition </a></h3><p></p><ul><li>We expect Korean shipbuilders to benefit if the United Steelworkers’s petition to implement port fees on China-built vessels comes to pass.</li><li>We also believe Korea shipbuilders could secure MRO order wins for the US Navy’s fleets given the Navy’s rising MRO cost and fleet size.</li><li>Reiterate Overweight call.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/korean-government-announces-tax-incentives-for-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Korean Government Announces Tax Incentives for Shares Cancellation and Dividends </a></h3><p></p><ul>
<li>On 19 March, Choi Sang-Mok announced that the Korean government plans to provide corporate tax reduction benefits to companies that cancel their treasury shares. </li>
<li>The separate taxation of dividend income is also expected to be promoted. All of these are law amendment issues and must go through the legislative process of the National Assembly. </li>
<li>At this time, the Korean government did not provide the entire details about the exact amount of corporate tax reductions from share cancellation and separate taxation of dividend income. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/sthree-q1-resilient-but-still-tough?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Sthree - Q1 resilient, but still tough </a></h3><p></p><ul><li>SThree’s contract business has continued to perform resiliently in Q1 24E, but permanent recruitment was tougher than we expected.</li><li>Contract extensions were strong across markets, but new business wins remain under pressure.</li><li>While there are signs of improving sentiment in the US, Germany is still difficult.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Democracy's Market Dance: Elections and Economic Sentiment in India </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/117/original/image?1710758901"/> <ul>
<li>Indian elections significantly sway stock markets, with pre-election rallies and post-election stability reflecting investor sentiment and policy expectations.</li>
<li>Historical data unveils market surges preceding elections, highlighting the importance of economic reforms and policy promises in driving investor confidence.</li>
<li>Amidst market volatility, strategic investing demands a focus on long-term fundamentals over short-term fluctuations, emphasizing informed, adaptable approaches for sustainable growth.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/korea-small-cap-gem-27-wins-co?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Korea Small Cap Gem #27: Wins Co. </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/152/original/image?1710782771"/> <ul>
<li>Wins Co. is engaged in the business of developing and supplying information security solutions and developing software related to network security to protect networks from cyber threats and viruses. </li>
<li>The company has a consistent growth in sales and profits. It also has a strong balance sheet. At the end of 2023, it had a debt ratio of 15.4%. </li>
<li>Wins Co is trading at EV/EBITDA of 1.7x, P/E of 7.8x, and P/B of 0.9x in 2024 which are 75%, 26%, and 25% lower than the historical valuation multiples.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shipbuilding-benefits-from-us-shipbuilding-union-petition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Shipbuilding - Benefits from US shipbuilding union petition</a></li><li><a href="https://www.smartkarma.com/insights/korean-government-announces-tax-incentives-for-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Korean Government Announces Tax Incentives for Shares Cancellation and Dividends</a></li><li><a href="https://www.smartkarma.com/insights/sthree-q1-resilient-but-still-tough?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Sthree - Q1 resilient, but still tough</a></li><li><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Democracy's Market Dance: Elections and Economic Sentiment in India</a></li><li><a href="https://www.smartkarma.com/insights/korea-small-cap-gem-27-wins-co?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Korea Small Cap Gem #27: Wins Co.</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shipbuilding-benefits-from-us-shipbuilding-union-petition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Shipbuilding - Benefits from US shipbuilding union petition </a></h3><p></p><ul><li>We expect Korean shipbuilders to benefit if the United Steelworkers’s petition to implement port fees on China-built vessels comes to pass.</li><li>We also believe Korea shipbuilders could secure MRO order wins for the US Navy’s fleets given the Navy’s rising MRO cost and fleet size.</li><li>Reiterate Overweight call.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/korean-government-announces-tax-incentives-for-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Korean Government Announces Tax Incentives for Shares Cancellation and Dividends </a></h3><p></p><ul>
<li>On 19 March, Choi Sang-Mok announced that the Korean government plans to provide corporate tax reduction benefits to companies that cancel their treasury shares. </li>
<li>The separate taxation of dividend income is also expected to be promoted. All of these are law amendment issues and must go through the legislative process of the National Assembly. </li>
<li>At this time, the Korean government did not provide the entire details about the exact amount of corporate tax reductions from share cancellation and separate taxation of dividend income. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/sthree-q1-resilient-but-still-tough?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Sthree - Q1 resilient, but still tough </a></h3><p></p><ul><li>SThree’s contract business has continued to perform resiliently in Q1 24E, but permanent recruitment was tougher than we expected.</li><li>Contract extensions were strong across markets, but new business wins remain under pressure.</li><li>While there are signs of improving sentiment in the US, Germany is still difficult.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Democracy's Market Dance: Elections and Economic Sentiment in India </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/117/original/image?1710758901"/> <ul>
<li>Indian elections significantly sway stock markets, with pre-election rallies and post-election stability reflecting investor sentiment and policy expectations.</li>
<li>Historical data unveils market surges preceding elections, highlighting the importance of economic reforms and policy promises in driving investor confidence.</li>
<li>Amidst market volatility, strategic investing demands a focus on long-term fundamentals over short-term fluctuations, emphasizing informed, adaptable approaches for sustainable growth.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/korea-small-cap-gem-27-wins-co?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Korea Small Cap Gem #27: Wins Co. </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/152/original/image?1710782771"/> <ul>
<li>Wins Co. is engaged in the business of developing and supplying information security solutions and developing software related to network security to protect networks from cyber threats and viruses. </li>
<li>The company has a consistent growth in sales and profits. It also has a strong balance sheet. At the end of 2023, it had a debt ratio of 15.4%. </li>
<li>Wins Co is trading at EV/EBITDA of 1.7x, P/E of 7.8x, and P/B of 0.9x in 2024 which are 75%, 26%, and 25% lower than the historical valuation multiples.</li>
</ul>2024-03-19T20:30:09+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "042660@KS"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "KYLINZ@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "INDIA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "VALUE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "136540@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "042660@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KYLINZ@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "136540@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/2c67540b-0111-3d00-9b33-7ff9f793452aBrief Korea: Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July and more2024-03-28T16:18:37.098564+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/exploring-trading-setups-utilizing-nps-s-esg-fund-flows-after-july?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July</a></li><li><a href="https://www.smartkarma.com/insights/thungela-excellent-execution-on-strategy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Thungela - Excellent execution on strategy</a></li><li><a href="https://www.smartkarma.com/insights/lg-corp-updated-nav-analysis-amid-ongoing-corporate-value-up-program-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea</a></li><li><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Generative AI. Innovation Turns To Litigation, Licensing & Regulation</a></li><li><a href="https://www.smartkarma.com/insights/krafton-treasury-stock-purchase-prevents-downside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Krafton - Treasury stock purchase prevents downside</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/exploring-trading-setups-utilizing-nps-s-esg-fund-flows-after-july?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/158/original/5.png?1710795127"/> <ul>
<li>From July, Korea's listed firms will disclose value enhancement plans. Korea's NPS may exclude non-compliant firms, pending official response, though internal review suggests likely implementation.</li>
<li>It's crucial to know portfolio stocks for proactive positioning. A setup targeting potential exclusion from NPS's ESG funds due to post-July compliance must be designed.</li>
<li>Managers often use KRX ESG Leaders 150, aligning portfolios with it. Thus, it's crucial to use this list for post-July compliance monitoring and to adapt setups for NPS's flow impacts.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/thungela-excellent-execution-on-strategy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Thungela - Excellent execution on strategy </a></h3><p></p><ul><li>Thungela has produced a pleasing set of results with 1) the expansion of two South African operations on track and on budget, 2) the new Ensham acquisition bedding down rapidly, and 3) combined capital returns of R1.9bn beating expectations of R1.5bn.</li><li>At current spot prices, capital returns lift as capex falls away, to R4.0bn in 2024 and R3.1bn in 2025.</li><li>We see limited downside in thermal coal prices and scope for improvement on Transnet, leaving Thungela as an excellent value play.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lg-corp-updated-nav-analysis-amid-ongoing-corporate-value-up-program-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/123/original/image_14926622741710758989872.png?1710758988"/> <ul>
<li>Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.</li>
<li>For holdco discount, we used a 50% holdco discount. If investors perceive improvement in value (such as through corporate governance improvements), the holdco discount on LG Corp would decline.</li>
<li>LG Corp's shares are up 5.9% in the past six months, outperforming all the major LG Group related companies including LG Chem, LG H&H, LG Electronics, and LG Energy Solution. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Generative AI. Innovation Turns To Litigation, Licensing & Regulation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/103/original/image?1710754257"/> <ul>
<li>The EU has just launched the World's first AI Act</li>
<li>OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during one of its training phases. </li>
<li>Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/krafton-treasury-stock-purchase-prevents-downside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Krafton - Treasury stock purchase prevents downside </a></h3><p></p><ul><li>We expect Krafton to buy back W195bn of treasury stock from end-Mar 24 to May 24; treasury stock purchase prevents further downside, in our view.</li><li> According to SteamDB, PUBG PC’s peak user traffic rose from 627k in 4Q23 to 707k users in 1Q24 despite investors’ concerns.</li><li> Reiterate Add and TP of W270k on the back of ample new IP line-up ahead.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/exploring-trading-setups-utilizing-nps-s-esg-fund-flows-after-july?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July</a></li><li><a href="https://www.smartkarma.com/insights/thungela-excellent-execution-on-strategy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Thungela - Excellent execution on strategy</a></li><li><a href="https://www.smartkarma.com/insights/lg-corp-updated-nav-analysis-amid-ongoing-corporate-value-up-program-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea</a></li><li><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Generative AI. Innovation Turns To Litigation, Licensing & Regulation</a></li><li><a href="https://www.smartkarma.com/insights/krafton-treasury-stock-purchase-prevents-downside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Krafton - Treasury stock purchase prevents downside</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/exploring-trading-setups-utilizing-nps-s-esg-fund-flows-after-july?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Exploring Trading Setups Utilizing NPS's ESG Fund Flows After July </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/158/original/5.png?1710795127"/> <ul>
<li>From July, Korea's listed firms will disclose value enhancement plans. Korea's NPS may exclude non-compliant firms, pending official response, though internal review suggests likely implementation.</li>
<li>It's crucial to know portfolio stocks for proactive positioning. A setup targeting potential exclusion from NPS's ESG funds due to post-July compliance must be designed.</li>
<li>Managers often use KRX ESG Leaders 150, aligning portfolios with it. Thus, it's crucial to use this list for post-July compliance monitoring and to adapt setups for NPS's flow impacts.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/thungela-excellent-execution-on-strategy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Thungela - Excellent execution on strategy </a></h3><p></p><ul><li>Thungela has produced a pleasing set of results with 1) the expansion of two South African operations on track and on budget, 2) the new Ensham acquisition bedding down rapidly, and 3) combined capital returns of R1.9bn beating expectations of R1.5bn.</li><li>At current spot prices, capital returns lift as capex falls away, to R4.0bn in 2024 and R3.1bn in 2025.</li><li>We see limited downside in thermal coal prices and scope for improvement on Transnet, leaving Thungela as an excellent value play.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lg-corp-updated-nav-analysis-amid-ongoing-corporate-value-up-program-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. LG Corp: Updated NAV Analysis Amid Ongoing Corporate Value Up Program in Korea </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/123/original/image_14926622741710758989872.png?1710758988"/> <ul>
<li>Our NAV analysis of LG Corp suggests an implied market cap of 16.3 trillion won or 103,781 won per share which is 16% higher than current share price.</li>
<li>For holdco discount, we used a 50% holdco discount. If investors perceive improvement in value (such as through corporate governance improvements), the holdco discount on LG Corp would decline.</li>
<li>LG Corp's shares are up 5.9% in the past six months, outperforming all the major LG Group related companies including LG Chem, LG H&H, LG Electronics, and LG Energy Solution. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Generative AI. Innovation Turns To Litigation, Licensing & Regulation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/103/original/image?1710754257"/> <ul>
<li>The EU has just launched the World's first AI Act</li>
<li>OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during one of its training phases. </li>
<li>Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/krafton-treasury-stock-purchase-prevents-downside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Krafton - Treasury stock purchase prevents downside </a></h3><p></p><ul><li>We expect Krafton to buy back W195bn of treasury stock from end-Mar 24 to May 24; treasury stock purchase prevents further downside, in our view.</li><li> According to SteamDB, PUBG PC’s peak user traffic rose from 627k in 4Q23 to 707k users in 1Q24 despite investors’ concerns.</li><li> Reiterate Add and TP of W270k on the back of ample new IP line-up ahead.</li></ul>2024-03-19T05:03:08+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "028260@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "KYLINZ@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "VALUE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "003550@KS"}, {"term": "373220@KS"}, {"term": "032640@KS"}, {"term": "066570@KS"}, {"term": "051900@KS"}, {"term": "051910@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "NYT@US"}, {"term": "RDDT@US"}, {"term": "META@US"}, {"term": "GOOG@US"}, {"term": "2193707D@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "259960@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "028260@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KYLINZ@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "051910@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2193707D@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "259960@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/809b1378-168f-3d87-851c-c068c9f32c2bBrief Korea: SigmaRoc - Resilient trading and operational improvements and more2024-03-28T16:18:37.086585+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sigmaroc-resilient-trading-and-operational-improvements?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SigmaRoc - Resilient trading and operational improvements</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Portfolio Watch: Markets sniffing out the Chinese resurgence case</a></li><li><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-15th-hyundai-motor-naver-celltrion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion</a></li><li><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sigmaroc-resilient-trading-and-operational-improvements?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. SigmaRoc - Resilient trading and operational improvements </a></h3><p></p><ul><li>SigmaRoc has reported FY23 adjusted FD EPS of 7.8p, 1% ahead of FY22 and 2% ahead of our estimates.</li><li>Like-for-like EBITDA increased by 10% with the EBITDA margin increasing from 18.8% to 20.0%, as it benefited from its diversification across both end markets and regions and its strong market position, while continuing to emphasise operational efficiency.</li><li>During FY23 leverage came down from 1.9x to 1.6x, demonstrating the group’s ability to de-gear, while continuing to invest in growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Portfolio Watch: Markets sniffing out the Chinese resurgence case </a></h3><p></p><ul><li>Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.</li><li>The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.</li><li>An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-15th-hyundai-motor-naver-celltrion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/736/original/HYUNDAI_MOTOR%28005380_KS%29_Stock_Foreign_Holdings2024-03-16_10_07_55.png?1710558082"/> <ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 15th which has an aggregated holding worth USD526.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD704mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Hyundai Motor, Naver, Celltrion Inc.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. China BIG-3 Mainland Airlines Traffic 18% Higher than 2019! </a></h3><p></p><ul>
<li>In aggregate, traffic among the Big-3 Chinese airlines was up 67% YoY in February and +18% vs 2019. Incontestable proof that China has regained its air travel mojo. </li>
<li>Published March schedules show total implied capacity is 31% higher YoY and 9% higher than 2019 levels. This is driven by domestic travel, international remains depressed. </li>
<li>Driven by domestic travel, international remains depressed. POSITIVE for China Eastern and other North Asian carriers that provide the missing North America link. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sigmaroc-resilient-trading-and-operational-improvements?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SigmaRoc - Resilient trading and operational improvements</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Portfolio Watch: Markets sniffing out the Chinese resurgence case</a></li><li><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-15th-hyundai-motor-naver-celltrion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion</a></li><li><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sigmaroc-resilient-trading-and-operational-improvements?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. SigmaRoc - Resilient trading and operational improvements </a></h3><p></p><ul><li>SigmaRoc has reported FY23 adjusted FD EPS of 7.8p, 1% ahead of FY22 and 2% ahead of our estimates.</li><li>Like-for-like EBITDA increased by 10% with the EBITDA margin increasing from 18.8% to 20.0%, as it benefited from its diversification across both end markets and regions and its strong market position, while continuing to emphasise operational efficiency.</li><li>During FY23 leverage came down from 1.9x to 1.6x, demonstrating the group’s ability to de-gear, while continuing to invest in growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Portfolio Watch: Markets sniffing out the Chinese resurgence case </a></h3><p></p><ul><li>Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.</li><li>The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.</li><li>An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-15th-hyundai-motor-naver-celltrion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. KRX Foreign Holding Weekly (Mar 15th): Hyundai Motor, Naver, Celltrion </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/736/original/HYUNDAI_MOTOR%28005380_KS%29_Stock_Foreign_Holdings2024-03-16_10_07_55.png?1710558082"/> <ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 15th which has an aggregated holding worth USD526.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD704mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Hyundai Motor, Naver, Celltrion Inc.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. China BIG-3 Mainland Airlines Traffic 18% Higher than 2019! </a></h3><p></p><ul>
<li>In aggregate, traffic among the Big-3 Chinese airlines was up 67% YoY in February and +18% vs 2019. Incontestable proof that China has regained its air travel mojo. </li>
<li>Published March schedules show total implied capacity is 31% higher YoY and 9% higher than 2019 levels. This is driven by domestic travel, international remains depressed. </li>
<li>Driven by domestic travel, international remains depressed. POSITIVE for China Eastern and other North Asian carriers that provide the missing North America link. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul>2024-03-18T16:00:18+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "KYLINZ@KS"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "SWITZERLAND"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "XETUSD@CURNCY"}, {"term": "XBTUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "CL1@COM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USDCNY@CURNCY"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "000660@KS"}, {"term": "138040@KS"}, {"term": "000270@KS"}, {"term": "207940@KS"}, {"term": "028300@KS"}, {"term": "035420@KS"}, {"term": "006400@KS"}, {"term": "035900@KS"}, {"term": "034020@KS"}, {"term": "005930@KS"}, {"term": "051900@KS"}, {"term": "068270@KS"}, {"term": "051910@KS"}, {"term": "028260@KS"}, {"term": "005490@KS"}, {"term": "042660@KS"}, {"term": "105560@KS"}, {"term": "373220@KS"}, {"term": "086520@KS"}, {"term": "005380@KS"}, {"term": "003670@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "600009@CH"}, {"term": "600115@CH"}, {"term": "9201@JP"}, {"term": "2618@TT"}, {"term": "2610@TT"}, {"term": "003490@KS"}, {"term": "293@HK"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "BERMUDA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MEXICO"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "GBTC@US"}, {"term": "MXWO@LN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KYLINZ@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDCNY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "003670@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "293@HK"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "MXWO@LN"}]https://www.smartkarma.com/segment/feeds/korea.rss/7b35ee71-bf36-36f8-ae63-a7809636e5f8Brief Korea: GEMWeekly (15 Mar 2024): China, South Korea, India Macro; TSMC, Samsung Electronics, Xiaomi, Alibaba and more2024-03-28T16:18:37.076963+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/gemweekly-15-mar-2024-china-south-korea-india-macro-tsmc-samsung-electronics-xiaomi-alibaba?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">GEMWeekly (15 Mar 2024): China, South Korea, India Macro; TSMC, Samsung Electronics, Xiaomi, Alibaba</a></li><li><a href="https://www.smartkarma.com/insights/investigating-the-size-and-timing-of-korea-s-local-dividend-arbitrage-traders-position-liquidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Investigating the Size and Timing of Korea's Local Dividend Arbitrage Traders' Position Liquidation</a></li><li><a href="https://www.smartkarma.com/insights/blue-lotus-daily-tmt-update-baba-002352-sz-1519-hk-3690-hk-meta-700-hk-259960-krx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX</a></li><li><a href="https://www.smartkarma.com/insights/lg-innotek-1q24f-likely-to-be-the-bottom-for-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Innotek - 1Q24F likely to be the bottom for 2024F</a></li><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/gemweekly-15-mar-2024-china-south-korea-india-macro-tsmc-samsung-electronics-xiaomi-alibaba?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. GEMWeekly (15 Mar 2024): China, South Korea, India Macro; TSMC, Samsung Electronics, Xiaomi, Alibaba </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/767/original/image_29793997221710575757662.png?1710575758"/> <ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong>Macro data points:</strong></em> China and India inflation data, South Korea labour market data.</li>
<li>
<em><strong> Companies mentioned:</strong></em><a data-smartkarma-citation="entities:11230:1" href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" rel="noopener" target="_blank">Taiwan Semiconductor (TSMC) (2330 TT)</a>, <a data-smartkarma-citation="entities:191:1" href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" rel="noopener" target="_blank">Samsung Electronics (005930 KS)</a>, <a data-smartkarma-citation="entities:24409:1" href="https://www.smartkarma.com/entities/xiaomi-corp" rel="noopener" target="_blank">Xiaomi Corp (1810 HK)</a>, <a data-smartkarma-citation="entities:28434:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" rel="noopener" target="_blank">Alibaba Group Holding (9988 HK)</a>
</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/investigating-the-size-and-timing-of-korea-s-local-dividend-arbitrage-traders-position-liquidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Investigating the Size and Timing of Korea's Local Dividend Arbitrage Traders' Position Liquidation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/886/original/5.png?1710613264"/> <ul>
<li>Estimating FINANCIAL INVESTMENT's dividend arbitrage positions' exact size and liquidation plans is challenging. Yet, past trading patterns suggest a substantial portion may be liquidated soon, akin to January's volume (≥₩2T).</li>
<li>Many local market participants expect a scenario unfolding post-March, aligning with KOSPI companies rescheduling ex-dividend dates. Expect substantial position liquidation by April's end, likely impacting index negatively, akin to January.</li>
<li>Position setups should adapt to short-term index corrections, leveraging earnings season for earnings-based spreads using index short hedging.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/blue-lotus-daily-tmt-update-baba-002352-sz-1519-hk-3690-hk-meta-700-hk-259960-krx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. [Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/602/original/image_22192395731710493031842.png?1710493032"/> <ul>
<li>BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)</li>
<li>3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)</li>
<li>700 HK/259960 KRX:The development team of <PUBG> has unveiled its major game update plan for 2024.(+) </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/lg-innotek-1q24f-likely-to-be-the-bottom-for-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. LG Innotek - 1Q24F likely to be the bottom for 2024F </a></h3><p></p><ul><li>We expect LGI’s 1Q24F OP to beat market consensus due to 1) favourable FX rate, and 2) improved profitability backed by its camera module business.</li><li> We believe 1Q24F to be the bottom for LGI as we see increasing shipments of iPhone 16 series and rising blended ASP of its camera modules in FY24F. We maintain our Add call on LGI with an SOP-based TP of W250k.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/gemweekly-15-mar-2024-china-south-korea-india-macro-tsmc-samsung-electronics-xiaomi-alibaba?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">GEMWeekly (15 Mar 2024): China, South Korea, India Macro; TSMC, Samsung Electronics, Xiaomi, Alibaba</a></li><li><a href="https://www.smartkarma.com/insights/investigating-the-size-and-timing-of-korea-s-local-dividend-arbitrage-traders-position-liquidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Investigating the Size and Timing of Korea's Local Dividend Arbitrage Traders' Position Liquidation</a></li><li><a href="https://www.smartkarma.com/insights/blue-lotus-daily-tmt-update-baba-002352-sz-1519-hk-3690-hk-meta-700-hk-259960-krx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX</a></li><li><a href="https://www.smartkarma.com/insights/lg-innotek-1q24f-likely-to-be-the-bottom-for-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Innotek - 1Q24F likely to be the bottom for 2024F</a></li><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/gemweekly-15-mar-2024-china-south-korea-india-macro-tsmc-samsung-electronics-xiaomi-alibaba?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. GEMWeekly (15 Mar 2024): China, South Korea, India Macro; TSMC, Samsung Electronics, Xiaomi, Alibaba </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/767/original/image_29793997221710575757662.png?1710575758"/> <ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong>Macro data points:</strong></em> China and India inflation data, South Korea labour market data.</li>
<li>
<em><strong> Companies mentioned:</strong></em><a data-smartkarma-citation="entities:11230:1" href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" rel="noopener" target="_blank">Taiwan Semiconductor (TSMC) (2330 TT)</a>, <a data-smartkarma-citation="entities:191:1" href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" rel="noopener" target="_blank">Samsung Electronics (005930 KS)</a>, <a data-smartkarma-citation="entities:24409:1" href="https://www.smartkarma.com/entities/xiaomi-corp" rel="noopener" target="_blank">Xiaomi Corp (1810 HK)</a>, <a data-smartkarma-citation="entities:28434:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" rel="noopener" target="_blank">Alibaba Group Holding (9988 HK)</a>
</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/investigating-the-size-and-timing-of-korea-s-local-dividend-arbitrage-traders-position-liquidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Investigating the Size and Timing of Korea's Local Dividend Arbitrage Traders' Position Liquidation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/886/original/5.png?1710613264"/> <ul>
<li>Estimating FINANCIAL INVESTMENT's dividend arbitrage positions' exact size and liquidation plans is challenging. Yet, past trading patterns suggest a substantial portion may be liquidated soon, akin to January's volume (≥₩2T).</li>
<li>Many local market participants expect a scenario unfolding post-March, aligning with KOSPI companies rescheduling ex-dividend dates. Expect substantial position liquidation by April's end, likely impacting index negatively, akin to January.</li>
<li>Position setups should adapt to short-term index corrections, leveraging earnings season for earnings-based spreads using index short hedging.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/blue-lotus-daily-tmt-update-baba-002352-sz-1519-hk-3690-hk-meta-700-hk-259960-krx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. [Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/602/original/image_22192395731710493031842.png?1710493032"/> <ul>
<li>BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)</li>
<li>3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)</li>
<li>700 HK/259960 KRX:The development team of <PUBG> has unveiled its major game update plan for 2024.(+) </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/lg-innotek-1q24f-likely-to-be-the-bottom-for-2024f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. LG Innotek - 1Q24F likely to be the bottom for 2024F </a></h3><p></p><ul><li>We expect LGI’s 1Q24F OP to beat market consensus due to 1) favourable FX rate, and 2) improved profitability backed by its camera module business.</li><li> We believe 1Q24F to be the bottom for LGI as we see increasing shipments of iPhone 16 series and rising blended ASP of its camera modules in FY24F. We maintain our Add call on LGI with an SOP-based TP of W250k.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul>2024-03-17T15:59:32+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "9988@HK"}, {"term": "1810@HK"}, {"term": "005930@KS"}, {"term": "2330@TT"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "259960@KS"}, {"term": "700@HK"}, {"term": "META@US"}, {"term": "1519@HK"}, {"term": "002352@CH"}, {"term": "BABA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "011070@KS"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "EMXC@US"}, {"term": "SX5E@INDEX"}, {"term": "USD@CURNCY"}, {"term": "SPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2330@TT"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KOSPI@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "BABA@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "011070@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "SPX@INDEX"}]https://www.smartkarma.com/segment/feeds/korea.rss/9d39686f-b685-3d95-80ac-56354f099785Brief Korea: Another Brewing Fight for the Controlling Shareholding of Hanjin Kal? and more2024-03-28T16:18:37.067205+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/another-brewing-fight-for-the-controlling-shareholding-of-hanjin-kal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Another Brewing Fight for the Controlling Shareholding of Hanjin Kal?</a></li><li><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Rotating EM Flows: From Japan to Emerging Asia</a></li><li><a href="https://www.smartkarma.com/insights/oci-or-no-oci-hanmi-pharm-128940-ks-will-continue-to-roar-on-strong-base-business-and-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">OCI Or No OCI, Hanmi Pharm (128940 KS) Will Continue to Roar on Strong Base Business and Pipeline</a></li><li><a href="https://www.smartkarma.com/insights/an-update-of-the-potential-kospi200-rebalance-candidates-in-june-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">An Update of the Potential KOSPI200 Rebalance Candidates in June 2024</a></li><li><a href="https://www.smartkarma.com/insights/samsung-electro-mechanics-1q24f-op-expected-to-be-a-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samsung Electro-Mechanics - 1Q24F OP expected to be a beat</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/another-brewing-fight-for-the-controlling-shareholding-of-hanjin-kal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Another Brewing Fight for the Controlling Shareholding of Hanjin Kal? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/496/original/image?1710447879"/> <ul>
<li>On 14 March, NPS announced that it has decided to vote against the re-appointment of the CEO Cho Won-tae as the executive director of Korean Air Lines.</li>
<li>It was also announced on 14 March that GS Retail purchased a 1% stake in Hanjin Kal. In addition, Korean Air Lines also purchased a 1.2% stake in GS Retail.</li>
<li>One of the growing probabilities of the changing shareholding structures is that KDB may be interested in selling its 10.6% stake in Hanjin Kal.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Rotating EM Flows: From Japan to Emerging Asia </a></h3><p></p><ul><li>Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.</li><li><span style="font-weight: 400;">Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. </span></li><li><span style="font-weight: 400;">For 2023 however, the Nikkei 225 actually outperformed the S&P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). </span></li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/oci-or-no-oci-hanmi-pharm-128940-ks-will-continue-to-roar-on-strong-base-business-and-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. OCI Or No OCI, Hanmi Pharm (128940 KS) Will Continue to Roar on Strong Base Business and Pipeline </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/254/original/Pic%201.png?1710315086"/> <ul>
<li>In 2023, <a data-smartkarma-citation="entities:12476:1" href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" rel="noopener" target="_blank">Hanmi Pharm (128940 KS)</a> reported 12% and 40% growth in revenue and operating profit, respectively, driven by double-digit revenue increase from Rosuzet and improving performance of China subsidiary.</li>
<li>In January, the company has enrolled first patient in phase 3 trial of type 2 diabetes/obesity drug candidate Efpeglenatide. The study is expected to complete in 2026.</li>
<li>Hanmi Science-OCI merger has hit a roadblock. Although merger with OCI will bring synergistic effect, Hanmi Pharm will continue to grow even if the merger does not happen.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/an-update-of-the-potential-kospi200-rebalance-candidates-in-june-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. An Update of the Potential KOSPI200 Rebalance Candidates in June 2024 </a></h3><p></p><ul>
<li>We provide an update of the potential KOSPI200 rebalance candidates in June 2024. </li>
<li>The bottom 5% market caps in KOSPI200 could be excluded from the KOSPI200 rebalance in June 2024. These 10 stocks are down on average 12.6% YTD. </li>
<li>We identified seven potential inclusion candidates. Among them, those that have low PBR multiples including HHI and Dongwon Industries could continue to outperform the market leading up to rebalance announcement. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/samsung-electro-mechanics-1q24f-op-expected-to-be-a-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Samsung Electro-Mechanics - 1Q24F OP expected to be a beat </a></h3><p></p><ul><li>We adjusted SEMCO’s 1Q24F sales/OP upward to W2.43tr/W172bn, thanks to sales improvement for MLCCs and camera modules.</li><li> We expect SEMCO to start delivering FCBGA substrates for AI servers in 2H24F, which should improve OPM of its substrate business unit.</li><li> We reiterate our Add call with an unchanged SOP-based TP of W180k.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/another-brewing-fight-for-the-controlling-shareholding-of-hanjin-kal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Another Brewing Fight for the Controlling Shareholding of Hanjin Kal?</a></li><li><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Rotating EM Flows: From Japan to Emerging Asia</a></li><li><a href="https://www.smartkarma.com/insights/oci-or-no-oci-hanmi-pharm-128940-ks-will-continue-to-roar-on-strong-base-business-and-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">OCI Or No OCI, Hanmi Pharm (128940 KS) Will Continue to Roar on Strong Base Business and Pipeline</a></li><li><a href="https://www.smartkarma.com/insights/an-update-of-the-potential-kospi200-rebalance-candidates-in-june-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">An Update of the Potential KOSPI200 Rebalance Candidates in June 2024</a></li><li><a href="https://www.smartkarma.com/insights/samsung-electro-mechanics-1q24f-op-expected-to-be-a-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samsung Electro-Mechanics - 1Q24F OP expected to be a beat</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/another-brewing-fight-for-the-controlling-shareholding-of-hanjin-kal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Another Brewing Fight for the Controlling Shareholding of Hanjin Kal? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/496/original/image?1710447879"/> <ul>
<li>On 14 March, NPS announced that it has decided to vote against the re-appointment of the CEO Cho Won-tae as the executive director of Korean Air Lines.</li>
<li>It was also announced on 14 March that GS Retail purchased a 1% stake in Hanjin Kal. In addition, Korean Air Lines also purchased a 1.2% stake in GS Retail.</li>
<li>One of the growing probabilities of the changing shareholding structures is that KDB may be interested in selling its 10.6% stake in Hanjin Kal.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Rotating EM Flows: From Japan to Emerging Asia </a></h3><p></p><ul><li>Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.</li><li><span style="font-weight: 400;">Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. </span></li><li><span style="font-weight: 400;">For 2023 however, the Nikkei 225 actually outperformed the S&P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). </span></li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/oci-or-no-oci-hanmi-pharm-128940-ks-will-continue-to-roar-on-strong-base-business-and-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. OCI Or No OCI, Hanmi Pharm (128940 KS) Will Continue to Roar on Strong Base Business and Pipeline </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/254/original/Pic%201.png?1710315086"/> <ul>
<li>In 2023, <a data-smartkarma-citation="entities:12476:1" href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" rel="noopener" target="_blank">Hanmi Pharm (128940 KS)</a> reported 12% and 40% growth in revenue and operating profit, respectively, driven by double-digit revenue increase from Rosuzet and improving performance of China subsidiary.</li>
<li>In January, the company has enrolled first patient in phase 3 trial of type 2 diabetes/obesity drug candidate Efpeglenatide. The study is expected to complete in 2026.</li>
<li>Hanmi Science-OCI merger has hit a roadblock. Although merger with OCI will bring synergistic effect, Hanmi Pharm will continue to grow even if the merger does not happen.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/an-update-of-the-potential-kospi200-rebalance-candidates-in-june-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. An Update of the Potential KOSPI200 Rebalance Candidates in June 2024 </a></h3><p></p><ul>
<li>We provide an update of the potential KOSPI200 rebalance candidates in June 2024. </li>
<li>The bottom 5% market caps in KOSPI200 could be excluded from the KOSPI200 rebalance in June 2024. These 10 stocks are down on average 12.6% YTD. </li>
<li>We identified seven potential inclusion candidates. Among them, those that have low PBR multiples including HHI and Dongwon Industries could continue to outperform the market leading up to rebalance announcement. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/samsung-electro-mechanics-1q24f-op-expected-to-be-a-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Samsung Electro-Mechanics - 1Q24F OP expected to be a beat </a></h3><p></p><ul><li>We adjusted SEMCO’s 1Q24F sales/OP upward to W2.43tr/W172bn, thanks to sales improvement for MLCCs and camera modules.</li><li> We expect SEMCO to start delivering FCBGA substrates for AI servers in 2H24F, which should improve OPM of its substrate business unit.</li><li> We reiterate our Add call with an unchanged SOP-based TP of W180k.</li></ul>2024-03-15T06:51:51+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "180640@KS"}, {"term": "007070@KS"}, {"term": "DAL@US"}, {"term": "003490@KS"}, {"term": "UAL@US"}, {"term": "Macroeconomics"}, {"term": "AUSTRALIA"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI@INDEX"}, {"term": "SPX@INDEX"}, {"term": "SPY@US"}, {"term": "NKY@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "128940@KS"}, {"term": "069620@KS"}, {"term": "003000@KS"}, {"term": "LLY@US"}, {"term": "NOVOB@DC"}, {"term": "010060@KS"}, {"term": "008930@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "006040@KS"}, {"term": "278470@KS"}, {"term": "066970@KS"}, {"term": "022100@KS"}, {"term": "454910@KS"}, {"term": "298040@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "009150@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "UAL@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NKY@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "008930@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "298040@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "009150@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/c39e8260-aae4-338a-96d2-2ad21b3032e6Brief Korea: The Usual & Unusual Details in the Latest CPI Release and more2024-03-28T16:18:37.055703+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">The Usual & Unusual Details in the Latest CPI Release</a></li><li><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Angel Robotics: IPO Bookbuilding Results Analysis</a></li><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/new-information-on-korea-value-up-index-scoring-system-constituent-weighting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">New Information on Korea Value-Up Index Scoring System & Constituent Weighting</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-8th-enchem-hmm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 8th): Enchem, Hmm</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Angel Robotics: IPO Bookbuilding Results Analysis </a></h3><p></p><ul>
<li>Angel Robotics reported exceptional IPO bookbuilding results. Angel Robotics' IPO price has been determined at 20,000 won, which is 33% higher than the high end of the IPO price range. </li>
<li>A total of 2,067 institutional investors participated in this IPO book building. The demand ratio was 1,157 to 1. Angel Robotics will start trading on 26 March 2024. </li>
<li>We remain positive on Angel Robotics. There is likely to be a sharp overshooting of its share price relative to its intrinsic value on the first day of trading. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/new-information-on-korea-value-up-index-scoring-system-constituent-weighting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. New Information on Korea Value-Up Index Scoring System & Constituent Weighting </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/210/original/1.png?1710303955"/> <ul>
<li>KRX considers a comprehensive change to the Value-up Index scoring system. Weightings emphasize ROE, PER, and FCF while reducing PBR weight.</li>
<li>KRX considers adopting scoring-based constituent weighting to prevent JPX Prime 150's issues, but NPS opposes. Float market cap weighting like JPX Prime 150 is contemplated to address concerns.</li>
<li>Momentum trading in the Value-up initiative will favor low PER and high ROE stocks over low PBR. The semiconductor sector is anticipated to benefit significantly from float market cap-based weighting.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-8th-enchem-hmm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. KRX Short Interest Weekly (Mar 8th): Enchem, Hmm </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/053/original/image_11462978151710237837268.png?1710237838"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 8th which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Enchem Co Ltd, and Hmm Co Ltd.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">The Usual & Unusual Details in the Latest CPI Release</a></li><li><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Angel Robotics: IPO Bookbuilding Results Analysis</a></li><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/new-information-on-korea-value-up-index-scoring-system-constituent-weighting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">New Information on Korea Value-Up Index Scoring System & Constituent Weighting</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-8th-enchem-hmm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 8th): Enchem, Hmm</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Angel Robotics: IPO Bookbuilding Results Analysis </a></h3><p></p><ul>
<li>Angel Robotics reported exceptional IPO bookbuilding results. Angel Robotics' IPO price has been determined at 20,000 won, which is 33% higher than the high end of the IPO price range. </li>
<li>A total of 2,067 institutional investors participated in this IPO book building. The demand ratio was 1,157 to 1. Angel Robotics will start trading on 26 March 2024. </li>
<li>We remain positive on Angel Robotics. There is likely to be a sharp overshooting of its share price relative to its intrinsic value on the first day of trading. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/new-information-on-korea-value-up-index-scoring-system-constituent-weighting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. New Information on Korea Value-Up Index Scoring System & Constituent Weighting </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/210/original/1.png?1710303955"/> <ul>
<li>KRX considers a comprehensive change to the Value-up Index scoring system. Weightings emphasize ROE, PER, and FCF while reducing PBR weight.</li>
<li>KRX considers adopting scoring-based constituent weighting to prevent JPX Prime 150's issues, but NPS opposes. Float market cap weighting like JPX Prime 150 is contemplated to address concerns.</li>
<li>Momentum trading in the Value-up initiative will favor low PER and high ROE stocks over low PBR. The semiconductor sector is anticipated to benefit significantly from float market cap-based weighting.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-8th-enchem-hmm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. KRX Short Interest Weekly (Mar 8th): Enchem, Hmm </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/053/original/image_11462978151710237837268.png?1710237838"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 8th which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Enchem Co Ltd, and Hmm Co Ltd.</li>
</ul>2024-03-13T21:00:28+08:00[{"term": "Macroeconomics"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "455900@KS"}, {"term": "454910@KS"}, {"term": "005930@KS"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "TLH@US"}, {"term": "TLT@US"}, {"term": "TU1@COMDTY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "MOMENTUM"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI@INDEX"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "011790@KS"}, {"term": "120110@KS"}, {"term": "010780@KS"}, {"term": "114090@KS"}, {"term": "003670@KS"}, {"term": "066970@KS"}, {"term": "047040@KS"}, {"term": "005490@KS"}, {"term": "028300@KS"}, {"term": "011200@KS"}, {"term": "140410@KS"}, {"term": "271940@KS"}, {"term": "000660@KS"}, {"term": "336260@KS"}, {"term": "302440@KS"}, {"term": "247540@KS"}, {"term": "081660@KS"}, {"term": "069260@KS"}, {"term": "086520@KS"}, {"term": "032350@KS"}, {"term": "017800@KS"}, {"term": "000150@KS"}, {"term": "253450@KS"}, {"term": "348370@KS"}, {"term": "000210@KS"}, {"term": "373220@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005930@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KOSPI@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "373220@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/d20cf6b4-690a-3820-aa5d-4741d371ce92Brief Korea: LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics and more2024-03-28T16:18:37.048140+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics</a></li><li><a href="https://www.smartkarma.com/insights/kcc-corp-taking-a-closer-step-to-separating-the-ownership-structures-of-the-kcc-group?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group</a></li><li><a href="https://www.smartkarma.com/insights/security-token-journal-bitcoins-to-the-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Security Token Journal: Bitcoins to the Mass</a></li><li><a href="https://www.smartkarma.com/insights/sm-entertainment-co-ltd-focus-should-be-on-solid-lineups-in-2q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SM Entertainment Co Ltd - Focus should be on solid lineups in 2Q24F</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/126/original/image_82266930321710272094774.png?1710272093"/> <ul>
<li>In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a major player in the global robotics industry. </li>
<li>LG Electronics announced that it invested a $60 million Series C funding round in Bear Robotics, a Silicon Valley based company that provides service robotics and artificial intelligence solutions.</li>
<li>One of the key goals of LG Electronics is to expand into the global robotics software market, which is expected to grow to about 100 trillion won in eight years.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/kcc-corp-taking-a-closer-step-to-separating-the-ownership-structures-of-the-kcc-group?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/064/original/image?1710244364"/> <ul>
<li>There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various KCC Group related companies.</li>
<li>KCC's 9.17% stake in Samsung C&T is worth 2.8 trillion won. KCC's stake in Samsung C&T is worth 117% of KCC's own market cap. </li>
<li>According to our valuation analysis, it suggests NAV of 355,925 won per share, representing a 30% upside from current levels.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/security-token-journal-bitcoins-to-the-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Security Token Journal: Bitcoins to the Mass </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/069/original/image_86384224141710245356293.png?1710245356"/> <ul>
<li>The security token market, though, has slowly developed mainly due to declining risk appetites sparked by COVID-19 in 2020 and the Russian invasion of Ukraine on 24-February 2022.</li>
<li>What has changed that led us to update readers on tokenization is the approval of Bitcoin ETFs</li>
<li>The Bitcoin ETFs will be the first step to allow institutional investors to invest in cryptocurrencies. Next, we expect more ETFs of other well-known cryptocurrencies such as Ethereum (ETH).</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sm-entertainment-co-ltd-focus-should-be-on-solid-lineups-in-2q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. SM Entertainment Co Ltd - Focus should be on solid lineups in 2Q24F </a></h3><p></p><ul><li>SME’s boy group NCT Wish sold 0.4m copies of their physical album (KR/JP) in the first week of release, surpassing that of HYBE’s new boyband TWS. The expected poor 1Q24F earnings are already baked into the stock price; we think investors’ focus will be on the solid album lineup for 2Q24F. Reiterate Add on SME for its attractive valuation; we expect a P/E multiple re-rating ahead as new IPs start proving SME’s production capabilities.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics</a></li><li><a href="https://www.smartkarma.com/insights/kcc-corp-taking-a-closer-step-to-separating-the-ownership-structures-of-the-kcc-group?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group</a></li><li><a href="https://www.smartkarma.com/insights/security-token-journal-bitcoins-to-the-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Security Token Journal: Bitcoins to the Mass</a></li><li><a href="https://www.smartkarma.com/insights/sm-entertainment-co-ltd-focus-should-be-on-solid-lineups-in-2q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SM Entertainment Co Ltd - Focus should be on solid lineups in 2Q24F</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/126/original/image_82266930321710272094774.png?1710272093"/> <ul>
<li>In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a major player in the global robotics industry. </li>
<li>LG Electronics announced that it invested a $60 million Series C funding round in Bear Robotics, a Silicon Valley based company that provides service robotics and artificial intelligence solutions.</li>
<li>One of the key goals of LG Electronics is to expand into the global robotics software market, which is expected to grow to about 100 trillion won in eight years.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/kcc-corp-taking-a-closer-step-to-separating-the-ownership-structures-of-the-kcc-group?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. KCC Corp: Taking a Closer Step to Separating the Ownership Structures of the KCC Group </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/064/original/image?1710244364"/> <ul>
<li>There is an increasing probability that KCC Corp is closer to separating the ownership structures of the three Chung brothers regarding the various KCC Group related companies.</li>
<li>KCC's 9.17% stake in Samsung C&T is worth 2.8 trillion won. KCC's stake in Samsung C&T is worth 117% of KCC's own market cap. </li>
<li>According to our valuation analysis, it suggests NAV of 355,925 won per share, representing a 30% upside from current levels.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/security-token-journal-bitcoins-to-the-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Security Token Journal: Bitcoins to the Mass </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/069/original/image_86384224141710245356293.png?1710245356"/> <ul>
<li>The security token market, though, has slowly developed mainly due to declining risk appetites sparked by COVID-19 in 2020 and the Russian invasion of Ukraine on 24-February 2022.</li>
<li>What has changed that led us to update readers on tokenization is the approval of Bitcoin ETFs</li>
<li>The Bitcoin ETFs will be the first step to allow institutional investors to invest in cryptocurrencies. Next, we expect more ETFs of other well-known cryptocurrencies such as Ethereum (ETH).</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sm-entertainment-co-ltd-focus-should-be-on-solid-lineups-in-2q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. SM Entertainment Co Ltd - Focus should be on solid lineups in 2Q24F </a></h3><p></p><ul><li>SME’s boy group NCT Wish sold 0.4m copies of their physical album (KR/JP) in the first week of release, surpassing that of HYBE’s new boyband TWS. The expected poor 1Q24F earnings are already baked into the stock price; we think investors’ focus will be on the solid album lineup for 2Q24F. Reiterate Add on SME for its attractive valuation; we expect a P/E multiple re-rating ahead as new IPs start proving SME’s production capabilities.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul>2024-03-13T05:07:00+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "066570@KS"}, {"term": "090710@KS"}, {"term": "@388720@KS"}, {"term": "270660@KS"}, {"term": "090360@KS"}, {"term": "277810@KS"}, {"term": "454910@KS"}, {"term": "AMZN@US"}, {"term": "GOOG@US"}, {"term": "MSFT@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "002380@KS"}, {"term": "028260@KS"}, {"term": "021320@KS"}, {"term": "Macroeconomics"}, {"term": "BERMUDA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MEXICO"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "COIN@US"}, {"term": "WT@US"}, {"term": "IVZ@US"}, {"term": "BLK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "041510@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "BERMUDA"}, {"term": "MEXICO"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "MSFT@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "021320@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "BLK@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "041510@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "INTC@US"}]https://www.smartkarma.com/segment/feeds/korea.rss/1beb68d7-04a2-34da-97ae-ba22089d82acBrief Korea: KRX's Official SSF/SSO Reshuffle Results: Trading Considerations and more2024-03-28T16:18:37.036839+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/krx-s-official-ssf-sso-reshuffle-results-trading-considerations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX's Official SSF/SSO Reshuffle Results: Trading Considerations</a></li><li><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener</a></li><li><a href="https://www.smartkarma.com/insights/samhyun-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samhyun IPO Bookbuilding Results Analysis</a></li><li><a href="https://www.smartkarma.com/insights/medy-tox-increase-in-stock-volatility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Medy-Tox - Increase in stock volatility</a></li><li><a href="https://www.smartkarma.com/insights/on-a-charge-hanon-systems-renewed-interest-in-hahn-hankook-s-stake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/krx-s-official-ssf-sso-reshuffle-results-trading-considerations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. KRX's Official SSF/SSO Reshuffle Results: Trading Considerations </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/028/original/6.png?1710226043"/> <ul>
<li>The reshuffle results align with expectations, but the decision to list 11 KOSDAQ Global stocks in April is surprising. Local authorities seem to prioritize boosting the derivatives market for liquidity.</li>
<li>Ecopro Materials' SSF listing, earlier than expected, attracts attention, potentially leading to an unusual basis pattern, coinciding with a major lockup release on May 17th.</li>
<li>We should also be wary of a pattern akin to last July's in KOSDAQ stocks. Spot prices of recent SSFs showed a pronounced short-term uptrend, especially in KOSDAQ, versus KOSPI.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/886/original/Pic%201.png?1710147795"/> <ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter. </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/samhyun-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Samhyun IPO Bookbuilding Results Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/868/original/image?1710142178"/> <ul>
<li>Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the high end of the IPO price range.</li>
<li>A total of 2,168 institutional investors participated in this IPO book building. The demand ratio was 649 to 1. Samhyun will start trading on 21 March 2024. </li>
<li>Our base case valuation of Samhyun is implied market cap of 396 billion won or target price of 37,402 won, which is 25% higher than the IPO price.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/medy-tox-increase-in-stock-volatility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Medy-Tox - Increase in stock volatility </a></h3><p></p><ul><li>We believe revenue will start to grow meaningfully from 2H24F, when the company’s low-cost BTX product, Newlux, begins overseas expansion.</li><li> The USFDA’s rejection of MT10109L’s application and unfavourable comments by ITC have amplified Medy-Tox’s share price volatility.</li><li> We reiterate our Add call with a lower TP of W170k to reflect the uncertainties Medy-Tox is facing.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/on-a-charge-hanon-systems-renewed-interest-in-hahn-hankook-s-stake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/854/original/image_53647480481710136248285.png?1710136248"/> <ul>
<li>Back in 2004, Hahn & Co and <strong><a data-smartkarma-citation="entities:20031:1" href="https://www.smartkarma.com/entities/hankook-tire-technology" rel="noopener" target="_blank">Hankook Tire (161390 KS)</a></strong> acquired a 70% stake in <strong><a data-smartkarma-citation="entities:11506:1" href="https://www.smartkarma.com/entities/hanon-systems" rel="noopener" target="_blank">Hanon Systems (018880 KS)</a></strong> from <strong><a data-smartkarma-citation="entities:5471:1" href="https://www.smartkarma.com/entities/visteon-corp" rel="noopener" target="_blank">Visteon (VC US)</a></strong>, an automotive electronics supplier, for ₩3.8tn.</li>
<li>Three years ago, Hahn/Hankook explored the sale of this 70% stake, which was expected to fetch ~₩8tn (US$7bn). Reportedly, Carlyle, TPG, Bain and auto supplier Mahle submitted preliminary bids.</li>
<li>That 70% stake is now worth ₩2.3tn. And reportedly, Carlyle has returned to the trough. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/krx-s-official-ssf-sso-reshuffle-results-trading-considerations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX's Official SSF/SSO Reshuffle Results: Trading Considerations</a></li><li><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener</a></li><li><a href="https://www.smartkarma.com/insights/samhyun-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samhyun IPO Bookbuilding Results Analysis</a></li><li><a href="https://www.smartkarma.com/insights/medy-tox-increase-in-stock-volatility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Medy-Tox - Increase in stock volatility</a></li><li><a href="https://www.smartkarma.com/insights/on-a-charge-hanon-systems-renewed-interest-in-hahn-hankook-s-stake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/krx-s-official-ssf-sso-reshuffle-results-trading-considerations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. KRX's Official SSF/SSO Reshuffle Results: Trading Considerations </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/028/original/6.png?1710226043"/> <ul>
<li>The reshuffle results align with expectations, but the decision to list 11 KOSDAQ Global stocks in April is surprising. Local authorities seem to prioritize boosting the derivatives market for liquidity.</li>
<li>Ecopro Materials' SSF listing, earlier than expected, attracts attention, potentially leading to an unusual basis pattern, coinciding with a major lockup release on May 17th.</li>
<li>We should also be wary of a pattern akin to last July's in KOSDAQ stocks. Spot prices of recent SSFs showed a pronounced short-term uptrend, especially in KOSDAQ, versus KOSPI.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/886/original/Pic%201.png?1710147795"/> <ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter. </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/samhyun-ipo-bookbuilding-results-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Samhyun IPO Bookbuilding Results Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/868/original/image?1710142178"/> <ul>
<li>Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the high end of the IPO price range.</li>
<li>A total of 2,168 institutional investors participated in this IPO book building. The demand ratio was 649 to 1. Samhyun will start trading on 21 March 2024. </li>
<li>Our base case valuation of Samhyun is implied market cap of 396 billion won or target price of 37,402 won, which is 25% higher than the IPO price.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/medy-tox-increase-in-stock-volatility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Medy-Tox - Increase in stock volatility </a></h3><p></p><ul><li>We believe revenue will start to grow meaningfully from 2H24F, when the company’s low-cost BTX product, Newlux, begins overseas expansion.</li><li> The USFDA’s rejection of MT10109L’s application and unfavourable comments by ITC have amplified Medy-Tox’s share price volatility.</li><li> We reiterate our Add call with a lower TP of W170k to reflect the uncertainties Medy-Tox is facing.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/on-a-charge-hanon-systems-renewed-interest-in-hahn-hankook-s-stake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook's Stake </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/854/original/image_53647480481710136248285.png?1710136248"/> <ul>
<li>Back in 2004, Hahn & Co and <strong><a data-smartkarma-citation="entities:20031:1" href="https://www.smartkarma.com/entities/hankook-tire-technology" rel="noopener" target="_blank">Hankook Tire (161390 KS)</a></strong> acquired a 70% stake in <strong><a data-smartkarma-citation="entities:11506:1" href="https://www.smartkarma.com/entities/hanon-systems" rel="noopener" target="_blank">Hanon Systems (018880 KS)</a></strong> from <strong><a data-smartkarma-citation="entities:5471:1" href="https://www.smartkarma.com/entities/visteon-corp" rel="noopener" target="_blank">Visteon (VC US)</a></strong>, an automotive electronics supplier, for ₩3.8tn.</li>
<li>Three years ago, Hahn/Hankook explored the sale of this 70% stake, which was expected to fetch ~₩8tn (US$7bn). Reportedly, Carlyle, TPG, Bain and auto supplier Mahle submitted preliminary bids.</li>
<li>That 70% stake is now worth ₩2.3tn. And reportedly, Carlyle has returned to the trough. </li>
</ul>2024-03-12T15:20:42+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "036930@KS"}, {"term": "450080@KS"}, {"term": "272290@KS"}, {"term": "319660@KS"}, {"term": "084370@KS"}, {"term": "348210@KS"}, {"term": "166090@KS"}, {"term": "074600@KS"}, {"term": "215000@KS"}, {"term": "003380@KS"}, {"term": "215200@KS"}, {"term": "214450@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "CHINA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "4507@JP"}, {"term": "137310@KS"}, {"term": "4151@JP"}, {"term": "CIPLA@IN"}, {"term": "EBO@AU"}, {"term": "MEGA@TB"}, {"term": "6960@JP"}, {"term": "BOOT@IN"}, {"term": "ZYDUSLIF@IN"}, {"term": "4887@JP"}, {"term": "SANL@IN"}, {"term": "4521@JP"}, {"term": "SUNP@IN"}, {"term": "9987@JP"}, {"term": "4551@JP"}, {"term": "096530@KS"}, {"term": "4547@JP"}, {"term": "SQUARE@BD"}, {"term": "3933@HK"}, {"term": "NTCPH@IN"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "SAM@KS"}, {"term": "005380@KS"}, {"term": "000270@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "086900@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "018880@KS"}, {"term": "MG@CN"}, {"term": "000240@KS"}, {"term": "VC@US"}, {"term": "161390@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "214450@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NTCPH@IN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "000270@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "086900@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "161390@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/7caf994e-41e1-3853-8c09-35b5a25cf517Brief Korea: Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History and more2024-03-28T16:18:37.025876+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li><li><a href="https://www.smartkarma.com/insights/gemweekly-8-mar-2024-south-korea-china-macro-tata-motors-sk-hynix-indosat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">GEMWeekly (8 Mar 2024): South Korea, China Macro; Tata Motors, SK Hynix, Indosat</a></li><li><a href="https://www.smartkarma.com/insights/hyundai-motor-company-firing-on-all-cylinders?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hyundai Motor Company - Firing on all cylinders</a></li><li><a href="https://www.smartkarma.com/insights/classys-one-of-korea-s-top-beauty-medical-device-makers-higher-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Classys: One of Korea's Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends</a></li><li><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Silicon Wafers Area Shipments Decline 14.3% YoY in 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/gemweekly-8-mar-2024-south-korea-china-macro-tata-motors-sk-hynix-indosat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. GEMWeekly (8 Mar 2024): South Korea, China Macro; Tata Motors, SK Hynix, Indosat </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/385/original/image_19492038021709883444196.png?1709883445"/> <ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong> Macro data points:</strong></em> South Korea industrial production and inflation data, China trade data.</li>
<li>
<em><strong>Companies mentioned:</strong></em><a data-smartkarma-citation="entities:216:1" href="https://www.smartkarma.com/entities/tata-motors-ltd" rel="noopener" target="_blank">Tata Motors Ltd (TTMT IN)</a>, <a data-smartkarma-citation="entities:16955:1" href="https://www.smartkarma.com/entities/sk-hynix-inc" rel="noopener" target="_blank">SK Hynix (000660 KS)</a>, <a data-smartkarma-citation="entities:5737:1" href="https://www.smartkarma.com/entities/indosat-tbk-pt" rel="noopener" target="_blank">Indosat Tbk PT (ISAT IJ)</a>
</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hyundai-motor-company-firing-on-all-cylinders?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Hyundai Motor Company - Firing on all cylinders </a></h3><p></p><ul><li>We expect HMC to post strong 1Q24F OP on 1) improvement in product mix, 2) favourable FX rate and 3) normalising raw material costs as of 2M24.</li><li> We believe HMC could be a beneficiary of Korea’s Company Value Up (CVP) programme, with shareholder return policies, such as share buybacks.</li><li> Reiterate Add with a higher TP of W300k.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/classys-one-of-korea-s-top-beauty-medical-device-makers-higher-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Classys: One of Korea's Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/291/original/image_20997663241709833209541.png?1709833209"/> <ul>
<li>Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.</li>
<li>We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company's strong growth in sales and profits.</li>
<li>On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Silicon Wafers Area Shipments Decline 14.3% YoY in 2023 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/379/original/image?1709880467"/> <ul>
<li>Silicon wafers area shipments (in MSI) declined by 14.3% YoY in 2023</li>
<li>Wafer revenues also declined by 10.9% to $12.3 billion over the same period</li>
<li>We expect Q124 revenues to be down ~20% QoQ and anticipate a further 5% YoY decline in full year 2024 shipments</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li><li><a href="https://www.smartkarma.com/insights/gemweekly-8-mar-2024-south-korea-china-macro-tata-motors-sk-hynix-indosat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">GEMWeekly (8 Mar 2024): South Korea, China Macro; Tata Motors, SK Hynix, Indosat</a></li><li><a href="https://www.smartkarma.com/insights/hyundai-motor-company-firing-on-all-cylinders?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hyundai Motor Company - Firing on all cylinders</a></li><li><a href="https://www.smartkarma.com/insights/classys-one-of-korea-s-top-beauty-medical-device-makers-higher-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Classys: One of Korea's Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends</a></li><li><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Silicon Wafers Area Shipments Decline 14.3% YoY in 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/gemweekly-8-mar-2024-south-korea-china-macro-tata-motors-sk-hynix-indosat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. GEMWeekly (8 Mar 2024): South Korea, China Macro; Tata Motors, SK Hynix, Indosat </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/385/original/image_19492038021709883444196.png?1709883445"/> <ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong> Macro data points:</strong></em> South Korea industrial production and inflation data, China trade data.</li>
<li>
<em><strong>Companies mentioned:</strong></em><a data-smartkarma-citation="entities:216:1" href="https://www.smartkarma.com/entities/tata-motors-ltd" rel="noopener" target="_blank">Tata Motors Ltd (TTMT IN)</a>, <a data-smartkarma-citation="entities:16955:1" href="https://www.smartkarma.com/entities/sk-hynix-inc" rel="noopener" target="_blank">SK Hynix (000660 KS)</a>, <a data-smartkarma-citation="entities:5737:1" href="https://www.smartkarma.com/entities/indosat-tbk-pt" rel="noopener" target="_blank">Indosat Tbk PT (ISAT IJ)</a>
</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hyundai-motor-company-firing-on-all-cylinders?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Hyundai Motor Company - Firing on all cylinders </a></h3><p></p><ul><li>We expect HMC to post strong 1Q24F OP on 1) improvement in product mix, 2) favourable FX rate and 3) normalising raw material costs as of 2M24.</li><li> We believe HMC could be a beneficiary of Korea’s Company Value Up (CVP) programme, with shareholder return policies, such as share buybacks.</li><li> Reiterate Add with a higher TP of W300k.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/classys-one-of-korea-s-top-beauty-medical-device-makers-higher-shares-cancellation-and-dividends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Classys: One of Korea's Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/291/original/image_20997663241709833209541.png?1709833209"/> <ul>
<li>Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.</li>
<li>We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company's strong growth in sales and profits.</li>
<li>On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Silicon Wafers Area Shipments Decline 14.3% YoY in 2023 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/379/original/image?1709880467"/> <ul>
<li>Silicon wafers area shipments (in MSI) declined by 14.3% YoY in 2023</li>
<li>Wafer revenues also declined by 10.9% to $12.3 billion over the same period</li>
<li>We expect Q124 revenues to be down ~20% QoQ and anticipate a further 5% YoY decline in full year 2024 shipments</li>
</ul>2024-03-11T10:55:36+08:00[{"term": "Macroeconomics"}, {"term": "SWEDEN"}, {"term": "GERMANY"}, {"term": "JAPAN"}, {"term": "AUSTRALIA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "GT10@GOVT"}, {"term": "USD@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "BERMUDA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MEXICO"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "ISAT@IJ"}, {"term": "000660@KS"}, {"term": "TTMT@IN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "005380@KS"}, {"term": "Equity Capital Markets"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "214150@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "ARGENTINA"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MEXICO"}, {"term": "CHILE"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "4063@JP"}, {"term": "WAF@GR"}, {"term": "6488@TT"}, {"term": "3436@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TTMT@IN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005380@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "214150@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3436@JP"}]https://www.smartkarma.com/segment/feeds/korea.rss/182f9a8b-df47-3802-bff9-2652cea8a92bBrief Korea: Local Observations on Carlyle's Possible Buyout of Hanon Systems and more2024-03-28T16:18:37.016135+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/local-observations-on-carlyle-s-possible-buyout-of-hanon-systems?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Local Observations on Carlyle's Possible Buyout of Hanon Systems</a></li><li><a href="https://www.smartkarma.com/insights/paradise-announces-a-switch-in-listing-from-kosdaq-to-kospi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Paradise Announces A Switch in Listing from KOSDAQ to KOSPI</a></li><li><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Angel Robotics: IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/coupang-inc-amplifying-luxury-retail-reach-with-the-farfetch-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/kumho-petrochemical-a-significant-shares-cancellation-announcement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Kumho Petrochemical - A Significant Shares Cancellation Announcement</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/local-observations-on-carlyle-s-possible-buyout-of-hanon-systems?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Local Observations on Carlyle's Possible Buyout of Hanon Systems </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/374/original/1.png?1709879051"/> <ul>
<li>Carlyle's renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.</li>
<li>Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn & Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.</li>
<li>Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/paradise-announces-a-switch-in-listing-from-kosdaq-to-kospi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Paradise Announces A Switch in Listing from KOSDAQ to KOSPI </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/260/original/image_49131969421709813010795.png?1709813012"/> <ul>
<li>On 7 March, Paradise Co Ltd (034230 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. </li>
<li>Paradise will be excluded from KOSDAQ150 when it makes the switch to KOSPI. However, it is not certain if and when the company will be included in KOSPI200.</li>
<li>All in all, we would argue that the valuations are not especially appealing for Paradise, despite the sharp pick-up in business in 2023.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Angel Robotics: IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/225/original/image_97833686821709801537825.png?1709801538"/> <ul>
<li>Our base case valuation of Angel Robotics is target price of 20,277 won per share, which represents a 35% upside from the high end of the IPO price range. </li>
<li>We estimate sales of 9 billion won in 2024 (up 75.2% YoY) and 14.9 billion won in 2025 (up 65.3% YoY). Our estimates are more conservative than the company's estimates.</li>
<li>We like the strong sales growth of Angel Robotics. Many investors are likely to view this positively in this IPO. LG Electronics and Samsung Electronics are customers of Angel Robotics. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/coupang-inc-amplifying-luxury-retail-reach-with-the-farfetch-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! - Major Drivers </a></h3><p></p><ul>
<li>Coupang Inc., an e-commerce giant based in South Korea, has reportedly shown significant advancements and growth in their latest fourth quarter earnings.</li>
<li>They boasted a year of accelerating growth, record profits and notably expanded free cash flows in business, with the creation of the ‘wow’ moments for customers deemed as the foundation to their long-term growth, profitability and in turn, shareholder value.</li>
<li>Customer growth and revenues notably accelerated every quarter in 2023, with active customers growing 16% year-over-year.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/kumho-petrochemical-a-significant-shares-cancellation-announcement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Kumho Petrochemical - A Significant Shares Cancellation Announcement </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/121/original/image_43388268041709759136045.png?1709759135"/> <ul>
<li>After the market close on 6 May, Kumho Petrochem announced a significant shares cancellation program which is likely to have a positive impact on its share price. </li>
<li>The company announced that it will cancel 430 billion won worth of its common shares in the next three years, representing nearly 10.5% of its market cap.</li>
<li>Park Chul Wan, nephew of Kumho Petrochem Chairman Park Chan Koo, has been very vocal about the need for Kumho Petrochem to improve its corporate governance in past several years.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/local-observations-on-carlyle-s-possible-buyout-of-hanon-systems?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Local Observations on Carlyle's Possible Buyout of Hanon Systems</a></li><li><a href="https://www.smartkarma.com/insights/paradise-announces-a-switch-in-listing-from-kosdaq-to-kospi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Paradise Announces A Switch in Listing from KOSDAQ to KOSPI</a></li><li><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Angel Robotics: IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/coupang-inc-amplifying-luxury-retail-reach-with-the-farfetch-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/kumho-petrochemical-a-significant-shares-cancellation-announcement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Kumho Petrochemical - A Significant Shares Cancellation Announcement</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/local-observations-on-carlyle-s-possible-buyout-of-hanon-systems?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Local Observations on Carlyle's Possible Buyout of Hanon Systems </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/374/original/1.png?1709879051"/> <ul>
<li>Carlyle's renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.</li>
<li>Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn & Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.</li>
<li>Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/paradise-announces-a-switch-in-listing-from-kosdaq-to-kospi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Paradise Announces A Switch in Listing from KOSDAQ to KOSPI </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/260/original/image_49131969421709813010795.png?1709813012"/> <ul>
<li>On 7 March, Paradise Co Ltd (034230 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. </li>
<li>Paradise will be excluded from KOSDAQ150 when it makes the switch to KOSPI. However, it is not certain if and when the company will be included in KOSPI200.</li>
<li>All in all, we would argue that the valuations are not especially appealing for Paradise, despite the sharp pick-up in business in 2023.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Angel Robotics: IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/225/original/image_97833686821709801537825.png?1709801538"/> <ul>
<li>Our base case valuation of Angel Robotics is target price of 20,277 won per share, which represents a 35% upside from the high end of the IPO price range. </li>
<li>We estimate sales of 9 billion won in 2024 (up 75.2% YoY) and 14.9 billion won in 2025 (up 65.3% YoY). Our estimates are more conservative than the company's estimates.</li>
<li>We like the strong sales growth of Angel Robotics. Many investors are likely to view this positively in this IPO. LG Electronics and Samsung Electronics are customers of Angel Robotics. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/coupang-inc-amplifying-luxury-retail-reach-with-the-farfetch-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! - Major Drivers </a></h3><p></p><ul>
<li>Coupang Inc., an e-commerce giant based in South Korea, has reportedly shown significant advancements and growth in their latest fourth quarter earnings.</li>
<li>They boasted a year of accelerating growth, record profits and notably expanded free cash flows in business, with the creation of the ‘wow’ moments for customers deemed as the foundation to their long-term growth, profitability and in turn, shareholder value.</li>
<li>Customer growth and revenues notably accelerated every quarter in 2023, with active customers growing 16% year-over-year.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/kumho-petrochemical-a-significant-shares-cancellation-announcement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Kumho Petrochemical - A Significant Shares Cancellation Announcement </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/121/original/image_43388268041709759136045.png?1709759135"/> <ul>
<li>After the market close on 6 May, Kumho Petrochem announced a significant shares cancellation program which is likely to have a positive impact on its share price. </li>
<li>The company announced that it will cancel 430 billion won worth of its common shares in the next three years, representing nearly 10.5% of its market cap.</li>
<li>Park Chul Wan, nephew of Kumho Petrochem Chairman Park Chan Koo, has been very vocal about the need for Kumho Petrochem to improve its corporate governance in past several years.</li>
</ul>2024-03-08T14:43:47+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MOMENTUM"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "018880@KS"}, {"term": "161390@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "034230@KS"}, {"term": "114090@KS"}, {"term": "032350@KS"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "455900@KS"}, {"term": "005930@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "CPNG@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "011780@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "161390@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "032350@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005930@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "CPNG@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "011780@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/f0dae03c-3ef2-3b3f-8399-2b42908303d4Brief Korea: EM Stimulus Showdown: From Beijing with Boost to EM? and more2024-03-28T16:18:37.005394+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EM Stimulus Showdown: From Beijing with Boost to EM?</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-about-400-billion-won-of-shinhan-financial-by-eqt-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners</a></li><li><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Angel Robotics: IPO Preview</a></li><li><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-recent-selldowns-have-held-up-since-momentum-is-strong-as-well?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Shinhan Financial Group Placement - Recent Selldowns Have Held up Since, Momentum Is Strong as Well</a></li><li><a href="https://www.smartkarma.com/insights/interpreting-kumho-petro-chemical-s-unexpected-move-to-cancel-treasury-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Interpreting Kumho Petro Chemical's Unexpected Move to Cancel Treasury Shares</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. EM Stimulus Showdown: From Beijing with Boost to EM? </a></h3><p></p><ul><li>Welcome to this week’s edition of our EM-angled editorial, which comes hot on the heels of the PBOC Key Ministry Briefing.</li><li>So, where better to turn first than China?</li><li>Findings in brief: More stimulus for the Chinese economy and markets; Spill-overs to manufacturing/China sensitive geographies and currencies; Both EM (particularly Asian) equity and FX appear cheap.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-about-400-billion-won-of-shinhan-financial-by-eqt-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/096/original/image_42188121921709745442193.png?1709745442"/> <ul>
<li>EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale.</li>
<li>The block deal sale price range is expected to be 43,776 won to 44,688 won, representing 2% to 4% discount to the closing price on 6 March (45,600 won).</li>
<li>We would take the deal. The block deal discount is reasonable and Shinhan Financial continues to have attractive valuations and dividend yield despite recent share price appreciation. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Angel Robotics: IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/088/original/image_57535358141709735884690.png?1709735885"/> <ul>
<li>Angel Robotics is getting ready to complete its IPO in KOSDAQ in March. The IPO price range is from 11,000 won to 15,000 won. </li>
<li>The IPO offering amount is from 17.6 billion won to 24 billion won. At the IPO price range, the company's valuation ranges from 154 billion won to 210 billion won. </li>
<li>Angel Robotics is likely to be compared to Doosan Robotics and Rainbow Robotics. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-recent-selldowns-have-held-up-since-momentum-is-strong-as-well?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Shinhan Financial Group Placement - Recent Selldowns Have Held up Since, Momentum Is Strong as Well </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/036/original/image?1709717069"/> <ul>
<li>
<a data-smartkarma-citation="entities:28922:1" href="https://www.smartkarma.com/entities/eqt-ab" rel="noopener" target="_blank">EQT (EQT SS)</a> , via Supreme, is looking to raise US$311m from selling its stake in <a data-smartkarma-citation="entities:6978:1" href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" rel="noopener" target="_blank">Shinhan Financial (055550 KS)</a>.</li>
<li>Momentum on the stock has been strong over the past few months, and the recent selldowns in the stock have held up by the end of the week.</li>
<li>The share sale here will be a cleanup one, and a small one to digest at just 5.3 days of ADV. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/interpreting-kumho-petro-chemical-s-unexpected-move-to-cancel-treasury-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Interpreting Kumho Petro Chemical's Unexpected Move to Cancel Treasury Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/030/original/1.png?1709713711"/> <ul>
<li>Kumho Petro Chemical (011780 KS) intends to retire 50% of its common shares, totaling 2,624,417 shares, starting from the 2024 fiscal year until the 2026 fiscal year.</li>
<li>With the annual general meeting nearing, NPS hasn't revealed its support, causing unease for Park Chan-gu. Considering NPS's obligation to the Value-Up policy, cancellation seems inevitable for Park Chan-gu.</li>
<li>Whether the battle persists hinges on NPS's stance. If NPS backs Park Chan-gu, their stake surpassing 25% could deter the opposition's financial strength. Conversely, NPS's neutrality could escalate the battle.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EM Stimulus Showdown: From Beijing with Boost to EM?</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-about-400-billion-won-of-shinhan-financial-by-eqt-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners</a></li><li><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Angel Robotics: IPO Preview</a></li><li><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-recent-selldowns-have-held-up-since-momentum-is-strong-as-well?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Shinhan Financial Group Placement - Recent Selldowns Have Held up Since, Momentum Is Strong as Well</a></li><li><a href="https://www.smartkarma.com/insights/interpreting-kumho-petro-chemical-s-unexpected-move-to-cancel-treasury-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Interpreting Kumho Petro Chemical's Unexpected Move to Cancel Treasury Shares</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. EM Stimulus Showdown: From Beijing with Boost to EM? </a></h3><p></p><ul><li>Welcome to this week’s edition of our EM-angled editorial, which comes hot on the heels of the PBOC Key Ministry Briefing.</li><li>So, where better to turn first than China?</li><li>Findings in brief: More stimulus for the Chinese economy and markets; Spill-overs to manufacturing/China sensitive geographies and currencies; Both EM (particularly Asian) equity and FX appear cheap.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-about-400-billion-won-of-shinhan-financial-by-eqt-partners?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Block Deal Sale of About 400 Billion Won of Shinhan Financial by EQT Partners </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/096/original/image_42188121921709745442193.png?1709745442"/> <ul>
<li>EQT Partners announced that it is selling all of its remaining shares in Shinhan Financial for about 400 billion won in a block deal sale.</li>
<li>The block deal sale price range is expected to be 43,776 won to 44,688 won, representing 2% to 4% discount to the closing price on 6 March (45,600 won).</li>
<li>We would take the deal. The block deal discount is reasonable and Shinhan Financial continues to have attractive valuations and dividend yield despite recent share price appreciation. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/angel-robotics-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Angel Robotics: IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/088/original/image_57535358141709735884690.png?1709735885"/> <ul>
<li>Angel Robotics is getting ready to complete its IPO in KOSDAQ in March. The IPO price range is from 11,000 won to 15,000 won. </li>
<li>The IPO offering amount is from 17.6 billion won to 24 billion won. At the IPO price range, the company's valuation ranges from 154 billion won to 210 billion won. </li>
<li>Angel Robotics is likely to be compared to Doosan Robotics and Rainbow Robotics. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/shinhan-financial-group-placement-recent-selldowns-have-held-up-since-momentum-is-strong-as-well?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Shinhan Financial Group Placement - Recent Selldowns Have Held up Since, Momentum Is Strong as Well </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/036/original/image?1709717069"/> <ul>
<li>
<a data-smartkarma-citation="entities:28922:1" href="https://www.smartkarma.com/entities/eqt-ab" rel="noopener" target="_blank">EQT (EQT SS)</a> , via Supreme, is looking to raise US$311m from selling its stake in <a data-smartkarma-citation="entities:6978:1" href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" rel="noopener" target="_blank">Shinhan Financial (055550 KS)</a>.</li>
<li>Momentum on the stock has been strong over the past few months, and the recent selldowns in the stock have held up by the end of the week.</li>
<li>The share sale here will be a cleanup one, and a small one to digest at just 5.3 days of ADV. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/interpreting-kumho-petro-chemical-s-unexpected-move-to-cancel-treasury-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Interpreting Kumho Petro Chemical's Unexpected Move to Cancel Treasury Shares </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/030/original/1.png?1709713711"/> <ul>
<li>Kumho Petro Chemical (011780 KS) intends to retire 50% of its common shares, totaling 2,624,417 shares, starting from the 2024 fiscal year until the 2026 fiscal year.</li>
<li>With the annual general meeting nearing, NPS hasn't revealed its support, causing unease for Park Chan-gu. Considering NPS's obligation to the Value-Up policy, cancellation seems inevitable for Park Chan-gu.</li>
<li>Whether the battle persists hinges on NPS's stance. If NPS backs Park Chan-gu, their stake surpassing 25% could deter the opposition's financial strength. Conversely, NPS's neutrality could escalate the battle.</li>
</ul>2024-03-07T05:13:56+08:00[{"term": "Macroeconomics"}, {"term": "INDIA"}, {"term": "HK"}, {"term": "TAIWAN"}, {"term": "MALAYSIA"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "USDCNY@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDMYR@CURNCY"}, {"term": "HSI@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "055550@KS"}, {"term": "105560@KS"}, {"term": "316140@KS"}, {"term": "086790@KS"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "455900@KS"}, {"term": "005930@KS"}, {"term": "277810@KS"}, {"term": "066570@KS"}, {"term": "454910@KS"}, {"term": "004380@KS"}, {"term": "Equity Capital Markets"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "055550@KS"}, {"term": "SHG@US"}, {"term": "EQT@SS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "MOMENTUM"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "011780@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "HSI@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "086790@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "004380@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "EQT@SS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "011780@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/e3baf251-96d4-3c29-801e-593eb9addfbaBrief Korea: KRX Short Interest Weekly (Mar 1st): Samsung SDI, Hyundai Mipo Doc, Hotel Shilla, Amorepacific and more2024-03-28T16:18:36.996906+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-1st-samsung-sdi-hyundai-mipo-doc-hotel-shilla-amorepacific?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 1st): Samsung SDI, Hyundai Mipo Doc, Hotel Shilla, Amorepacific</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-2-2-of-kakao-pay-by-alipay?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of 2.2% of Kakao Pay by Alipay</a></li><li><a href="https://www.smartkarma.com/insights/sk-hynix-we-expect-another-high-op-in-1q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SK Hynix - We expect another high OP in 1Q24F</a></li><li><a href="https://www.smartkarma.com/insights/locals-driving-corporate-reforms-and-10-korean-companies-recently-announcing-share-cancellations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-1st-samsung-sdi-hyundai-mipo-doc-hotel-shilla-amorepacific?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. KRX Short Interest Weekly (Mar 1st): Samsung SDI, Hyundai Mipo Doc, Hotel Shilla, Amorepacific </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/008/original/image_16989823551709710745185.png?1709710746"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 1st which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung SDI, Hyundai Mipo Doc, Hotel Shilla, Amorepacific Cor.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-2-2-of-kakao-pay-by-alipay?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Block Deal Sale of 2.2% of Kakao Pay by Alipay </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/884/original/image_69720615531709654819421.png?1709654819"/> <ul>
<li>After the market close on 5 March, it was reported that Alipay will sell a 2.2% stake (2.95 million shares) in Kakaopay (377300 KS) in a block deal sale.</li>
<li>A key component of this block deal sale is that there will be a lock up period of 90 days post the sale date.</li>
<li>We would avoid this block deal sale. There is a high probability of Kakao Pay's share price falling below the block deal price of 38,380 won after 90 days. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sk-hynix-we-expect-another-high-op-in-1q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. SK Hynix - We expect another high OP in 1Q24F </a></h3><p></p><ul><li>We expect SK Hynix to record a 1Q24F OP of W1.25tr (+261% qoq) on higher HBM sales leading to blended DRAM ASP increase of 20% qoq.</li><li> We see limited DRAM production by global memory makers in 2024F as we think expansion in HBM production will likely curtail regular DRAM supplies.</li><li> Reiterate Add with a higher TP of W200k, based on 2.2x 12M-fwd P/BV.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/locals-driving-corporate-reforms-and-10-korean-companies-recently-announcing-share-cancellations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/840/original/image_87604586731709639157203.png?1709639157"/> <ul>
<li>In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.</li>
<li>The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.</li>
<li>All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-1st-samsung-sdi-hyundai-mipo-doc-hotel-shilla-amorepacific?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Mar 1st): Samsung SDI, Hyundai Mipo Doc, Hotel Shilla, Amorepacific</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-2-2-of-kakao-pay-by-alipay?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of 2.2% of Kakao Pay by Alipay</a></li><li><a href="https://www.smartkarma.com/insights/sk-hynix-we-expect-another-high-op-in-1q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">SK Hynix - We expect another high OP in 1Q24F</a></li><li><a href="https://www.smartkarma.com/insights/locals-driving-corporate-reforms-and-10-korean-companies-recently-announcing-share-cancellations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-mar-1st-samsung-sdi-hyundai-mipo-doc-hotel-shilla-amorepacific?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. KRX Short Interest Weekly (Mar 1st): Samsung SDI, Hyundai Mipo Doc, Hotel Shilla, Amorepacific </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/008/original/image_16989823551709710745185.png?1709710746"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Mar 1st which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung SDI, Hyundai Mipo Doc, Hotel Shilla, Amorepacific Cor.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-2-2-of-kakao-pay-by-alipay?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Block Deal Sale of 2.2% of Kakao Pay by Alipay </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/884/original/image_69720615531709654819421.png?1709654819"/> <ul>
<li>After the market close on 5 March, it was reported that Alipay will sell a 2.2% stake (2.95 million shares) in Kakaopay (377300 KS) in a block deal sale.</li>
<li>A key component of this block deal sale is that there will be a lock up period of 90 days post the sale date.</li>
<li>We would avoid this block deal sale. There is a high probability of Kakao Pay's share price falling below the block deal price of 38,380 won after 90 days. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sk-hynix-we-expect-another-high-op-in-1q24f?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. SK Hynix - We expect another high OP in 1Q24F </a></h3><p></p><ul><li>We expect SK Hynix to record a 1Q24F OP of W1.25tr (+261% qoq) on higher HBM sales leading to blended DRAM ASP increase of 20% qoq.</li><li> We see limited DRAM production by global memory makers in 2024F as we think expansion in HBM production will likely curtail regular DRAM supplies.</li><li> Reiterate Add with a higher TP of W200k, based on 2.2x 12M-fwd P/BV.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/locals-driving-corporate-reforms-and-10-korean-companies-recently-announcing-share-cancellations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/840/original/image_87604586731709639157203.png?1709639157"/> <ul>
<li>In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.</li>
<li>The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.</li>
<li>All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.</li>
</ul>2024-03-06T15:41:50+08:00[{"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "120110@KS"}, {"term": "207940@KS"}, {"term": "032350@KS"}, {"term": "000660@KS"}, {"term": "336260@KS"}, {"term": "017800@KS"}, {"term": "006400@KS"}, {"term": "298020@KS"}, {"term": "066970@KS"}, {"term": "003670@KS"}, {"term": "302440@KS"}, {"term": "090430@KS"}, {"term": "008770@KS"}, {"term": "086520@KS"}, {"term": "373220@KS"}, {"term": "383220@KS"}, {"term": "005490@KS"}, {"term": "010620@KS"}, {"term": "180640@KS"}, {"term": "247540@KS"}, {"term": "271940@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "INTC@US"}, {"term": "AMD@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "377300@KS"}, {"term": "007070@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "000660@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "068270@KS"}, {"term": "109740@KS"}, {"term": "456040@KS"}, {"term": "006120@KS"}, {"term": "006800@KS"}, {"term": "033780@KS"}, {"term": "001740@KS"}, {"term": "101930@KS"}, {"term": "214150@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "271940@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMD@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "007070@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "000660@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "214150@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/a6061014-2eea-3888-a447-d27f206c972cBrief Korea: May Lockup Release & April SSF Listing May Lead to Weird Trading Dynamics for Ecopro Materials and more2024-03-28T16:18:36.986852+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/may-lockup-release-april-ssf-listing-may-lead-to-weird-trading-dynamics-for-ecopro-materials?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">May Lockup Release & April SSF Listing May Lead to Weird Trading Dynamics for Ecopro Materials</a></li><li><a href="https://www.smartkarma.com/insights/ecopro-materials-potential-selling-by-second-largest-shareholder-post-end-of-lockup-period-in-may?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Ecopro Materials: Potential Selling by Second Largest Shareholder Post End of Lockup Period in May</a></li><li><a href="https://www.smartkarma.com/insights/hyundai-motor-company-implication-of-hmc-s-2m24-us-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hyundai Motor Company - Implication of HMC’s 2M24 US sales</a></li><li><a href="https://www.smartkarma.com/insights/screening-for-gems-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Screening for GEMs: March 2024</a></li><li><a href="https://www.smartkarma.com/insights/why-hbm-is-the-hottest-thing-in-memory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Why HBM is the Hottest Thing in Memory</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/may-lockup-release-april-ssf-listing-may-lead-to-weird-trading-dynamics-for-ecopro-materials?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. May Lockup Release & April SSF Listing May Lead to Weird Trading Dynamics for Ecopro Materials </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/690/original/2.png?1709596530"/> <ul>
<li>May 17th, all eyes on EcoPro Materials for a buzzed-about lockup release. BRV Capital holds 24.5% stake, 17M shares. Lockup ends May 16th; they're free to sell off without constraints.</li>
<li>Apparently, they're eager to cash out, with a profit margin around 30 times and 7 years invested. Many at Yeouido bet they'll sell out once the lockup's over.</li>
<li>We might start building a shorting position with futures targeting this lockup release from April 22nd. This could stir up some weird backwardation, which could give us another trading opportunity.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ecopro-materials-potential-selling-by-second-largest-shareholder-post-end-of-lockup-period-in-may?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Ecopro Materials: Potential Selling by Second Largest Shareholder Post End of Lockup Period in May </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/653/original/image_69331245321709578975743.png?1709578976"/> <ul>
<li>We discuss the strong likelihood of potential selling of EcoPro Materials by BRV Capital Management (the second largest shareholder of Ecopro Materials with a 24.7% stake) in May 2024. </li>
<li>BRV Capital Management's stake in Ecopro Materials is currently worth 3.1 trillion won. In the past seven years, BRV Capital Management has invested about 93 billion won in Ecopro Materials. </li>
<li>On 4 March, Ecopro Materials announced it has entered into a contract to supply precursor to a U.S. auto company. There is some local speculation that this could be Tesla. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hyundai-motor-company-implication-of-hmc-s-2m24-us-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Hyundai Motor Company - Implication of HMC’s 2M24 US sales </a></h3><p></p><ul><li>On 1 Mar 2024, Hyundai Motor America posted Feb 24 sales of 60,341 units in the US (excluding Genesis, up 6% yoy).</li><li> The company’s product mix improvement was backed by its mainstay SUVs, such as Tucson, Kona, Palisade, and the new Santa Fe model.</li><li> Reiterate Add call on HMC, which is our sector top pick given its likely robust earnings in 1Q24F and positives from Corporate Value Up Programme.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/screening-for-gems-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Screening for GEMs: March 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/321/original/image_82459006041709448563808.png?1709448563"/> <ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/why-hbm-is-the-hottest-thing-in-memory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Why HBM is the Hottest Thing in Memory </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/478/original/image?1709518019"/> <ul><li><p>Investing in semiconductors can be pretty simple if you let it be.</p></li><li><p>At a high level, I believe you want to invest in the secular at a decent price or invest in places where there are unwarranted dislocations.</p></li><li><p>Sometimes the entire ecosystem says one thing and the stocks say another. Usually, the ecosystem is right.</p><p></p></li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/may-lockup-release-april-ssf-listing-may-lead-to-weird-trading-dynamics-for-ecopro-materials?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">May Lockup Release & April SSF Listing May Lead to Weird Trading Dynamics for Ecopro Materials</a></li><li><a href="https://www.smartkarma.com/insights/ecopro-materials-potential-selling-by-second-largest-shareholder-post-end-of-lockup-period-in-may?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Ecopro Materials: Potential Selling by Second Largest Shareholder Post End of Lockup Period in May</a></li><li><a href="https://www.smartkarma.com/insights/hyundai-motor-company-implication-of-hmc-s-2m24-us-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hyundai Motor Company - Implication of HMC’s 2M24 US sales</a></li><li><a href="https://www.smartkarma.com/insights/screening-for-gems-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Screening for GEMs: March 2024</a></li><li><a href="https://www.smartkarma.com/insights/why-hbm-is-the-hottest-thing-in-memory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Why HBM is the Hottest Thing in Memory</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/may-lockup-release-april-ssf-listing-may-lead-to-weird-trading-dynamics-for-ecopro-materials?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. May Lockup Release & April SSF Listing May Lead to Weird Trading Dynamics for Ecopro Materials </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/690/original/2.png?1709596530"/> <ul>
<li>May 17th, all eyes on EcoPro Materials for a buzzed-about lockup release. BRV Capital holds 24.5% stake, 17M shares. Lockup ends May 16th; they're free to sell off without constraints.</li>
<li>Apparently, they're eager to cash out, with a profit margin around 30 times and 7 years invested. Many at Yeouido bet they'll sell out once the lockup's over.</li>
<li>We might start building a shorting position with futures targeting this lockup release from April 22nd. This could stir up some weird backwardation, which could give us another trading opportunity.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ecopro-materials-potential-selling-by-second-largest-shareholder-post-end-of-lockup-period-in-may?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Ecopro Materials: Potential Selling by Second Largest Shareholder Post End of Lockup Period in May </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/653/original/image_69331245321709578975743.png?1709578976"/> <ul>
<li>We discuss the strong likelihood of potential selling of EcoPro Materials by BRV Capital Management (the second largest shareholder of Ecopro Materials with a 24.7% stake) in May 2024. </li>
<li>BRV Capital Management's stake in Ecopro Materials is currently worth 3.1 trillion won. In the past seven years, BRV Capital Management has invested about 93 billion won in Ecopro Materials. </li>
<li>On 4 March, Ecopro Materials announced it has entered into a contract to supply precursor to a U.S. auto company. There is some local speculation that this could be Tesla. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hyundai-motor-company-implication-of-hmc-s-2m24-us-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Hyundai Motor Company - Implication of HMC’s 2M24 US sales </a></h3><p></p><ul><li>On 1 Mar 2024, Hyundai Motor America posted Feb 24 sales of 60,341 units in the US (excluding Genesis, up 6% yoy).</li><li> The company’s product mix improvement was backed by its mainstay SUVs, such as Tucson, Kona, Palisade, and the new Santa Fe model.</li><li> Reiterate Add call on HMC, which is our sector top pick given its likely robust earnings in 1Q24F and positives from Corporate Value Up Programme.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/screening-for-gems-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Screening for GEMs: March 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/321/original/image_82459006041709448563808.png?1709448563"/> <ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/why-hbm-is-the-hottest-thing-in-memory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Why HBM is the Hottest Thing in Memory </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/478/original/image?1709518019"/> <ul><li><p>Investing in semiconductors can be pretty simple if you let it be.</p></li><li><p>At a high level, I believe you want to invest in the secular at a decent price or invest in places where there are unwarranted dislocations.</p></li><li><p>Sometimes the entire ecosystem says one thing and the stocks say another. Usually, the ecosystem is right.</p><p></p></li></ul>2024-03-05T08:23:18+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "450080@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "450080@KS"}, {"term": "003670@KS"}, {"term": "247540@KS"}, {"term": "066970@KS"}, {"term": "005070@KS"}, {"term": "TSLA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "005380@KS"}, {"term": "Quantitative Analysis"}, {"term": "BERMUDA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MEXICO"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "STC@AB"}, {"term": "FSR@SJ"}, {"term": "QNBK@QD"}, {"term": "EMAAR@DB"}, {"term": "9618@HK"}, {"term": "2881@TT"}, {"term": "2015@HK"}, {"term": "9999@HK"}, {"term": "AMXL@MM"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "000660@KS"}, {"term": "SMCI@US"}, {"term": "CLS@CN"}, {"term": "MOD@US"}, {"term": "VRT@US"}, {"term": "005930@KS"}, {"term": "MU@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "450080@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TSLA@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005380@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMXL@MM"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "MU@US"}]https://www.smartkarma.com/segment/feeds/korea.rss/7102348b-5740-3fc4-af01-b8f2e798ee26Brief Korea: Nowcasting Nearly Half of Global GDP and more2024-03-28T16:18:36.976626+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Nowcasting Nearly Half of Global GDP</a></li><li><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-1st-sk-hynix-samsung-electronics-hanwha-aerospace-kakao?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao</a></li><li><a href="https://www.smartkarma.com/insights/what-we-need-to-know-about-speeding-up-delisting-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">What We Need to Know About Speeding Up Delisting in Korea</a></li><li><a href="https://www.smartkarma.com/insights/korea-value-up-index-probable-constituents-impact-of-nps-us-8-2bn-allocation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Korea Value-Up Index: Probable Constituents & Impact of NPS' US$8.2bn Allocation</a></li><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Macro Research: Waiting on Words (And Data)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-1st-sk-hynix-samsung-electronics-hanwha-aerospace-kakao?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/083/original/image_776446977101709355893407.png?1709355893"/> <ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/what-we-need-to-know-about-speeding-up-delisting-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. What We Need to Know About Speeding Up Delisting in Korea </a></h3><p></p><ul>
<li>Korea's authorities aim to streamline delisting and tighten rules for smooth market funds. 71 companies (17 in KOSPI, 54 in KOSDAQ) under review, about 8 trillion won tied up.</li>
<li>It's unclear if this ties directly to the FSS chief's mention of kicking non-compliant firms of the Value-up Program. Rumors hint at FSS-FSC differences. Impact on Value-up trading seems minimal.</li>
<li>Nonetheless, we must explore stocks that may gain from expediting delisting for the 71 companies under review.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/korea-value-up-index-probable-constituents-impact-of-nps-us-8-2bn-allocation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Korea Value-Up Index: Probable Constituents & Impact of NPS' US$8.2bn Allocation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/344/original/image_64231123551709458707907.png?1709458708"/> <ul>
<li>Media reports indicate that the National Pension Service (NPS) could invest up to KRW 11tn (US$8.2bn) in a new index tracking stocks with low Price to Book ratios.</li>
<li>Filtering stocks with market cap higher than US$500m, ADTV of atleast US$1m, div yield of atleast 1.5% and Price to Book less than 1 throws up 94 potential index candidates.</li>
<li>Choosing an index of 50 stocks will require managers to buy between 1.7-3.4% of the float on the stocks. Increasing the number of constituents will reduce the impact.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Nowcasting Nearly Half of Global GDP</a></li><li><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-1st-sk-hynix-samsung-electronics-hanwha-aerospace-kakao?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao</a></li><li><a href="https://www.smartkarma.com/insights/what-we-need-to-know-about-speeding-up-delisting-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">What We Need to Know About Speeding Up Delisting in Korea</a></li><li><a href="https://www.smartkarma.com/insights/korea-value-up-index-probable-constituents-impact-of-nps-us-8-2bn-allocation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Korea Value-Up Index: Probable Constituents & Impact of NPS' US$8.2bn Allocation</a></li><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Global Macro Research: Waiting on Words (And Data)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/krx-foreign-holding-weekly-mar-1st-sk-hynix-samsung-electronics-hanwha-aerospace-kakao?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. KRX Foreign Holding Weekly (Mar 1st): Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/083/original/image_776446977101709355893407.png?1709355893"/> <ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Mar 1st which has an aggregated holding worth USD517.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,159mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.</li>
<li>We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanwha Aerospace, Kakao, LG Chem.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/what-we-need-to-know-about-speeding-up-delisting-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. What We Need to Know About Speeding Up Delisting in Korea </a></h3><p></p><ul>
<li>Korea's authorities aim to streamline delisting and tighten rules for smooth market funds. 71 companies (17 in KOSPI, 54 in KOSDAQ) under review, about 8 trillion won tied up.</li>
<li>It's unclear if this ties directly to the FSS chief's mention of kicking non-compliant firms of the Value-up Program. Rumors hint at FSS-FSC differences. Impact on Value-up trading seems minimal.</li>
<li>Nonetheless, we must explore stocks that may gain from expediting delisting for the 71 companies under review.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/korea-value-up-index-probable-constituents-impact-of-nps-us-8-2bn-allocation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Korea Value-Up Index: Probable Constituents & Impact of NPS' US$8.2bn Allocation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/344/original/image_64231123551709458707907.png?1709458708"/> <ul>
<li>Media reports indicate that the National Pension Service (NPS) could invest up to KRW 11tn (US$8.2bn) in a new index tracking stocks with low Price to Book ratios.</li>
<li>Filtering stocks with market cap higher than US$500m, ADTV of atleast US$1m, div yield of atleast 1.5% and Price to Book less than 1 throws up 94 potential index candidates.</li>
<li>Choosing an index of 50 stocks will require managers to buy between 1.7-3.4% of the float on the stocks. Increasing the number of constituents will reduce the impact.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>2024-03-04T09:03:07+08:00[{"term": "Macroeconomics"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "065350@KS"}, {"term": "207940@KS"}, {"term": "028260@KS"}, {"term": "454910@KS"}, {"term": "051900@KS"}, {"term": "005930@KS"}, {"term": "068270@KS"}, {"term": "373220@KS"}, {"term": "086520@KS"}, {"term": "005490@KS"}, {"term": "042660@KS"}, {"term": "105560@KS"}, {"term": "006400@KS"}, {"term": "000660@KS"}, {"term": "000270@KS"}, {"term": "012450@KS"}, {"term": "005380@KS"}, {"term": "035720@KS"}, {"term": "035420@KS"}, {"term": "051910@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSDQ150@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI@INDEX"}, {"term": "476850@KS"}, {"term": "000270@KS"}, {"term": "207940@KS"}, {"term": "373220@KS"}, {"term": "000660@KS"}, {"term": "005930@KS"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "USDEUR@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "051910@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KOSDQ150@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005930@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}]https://www.smartkarma.com/segment/feeds/korea.rss/740991f4-843f-37d9-bb29-731512849b87Brief Korea: Portfolio Watch: What if We Add a Rate Cut to This Fire.. and more2024-03-28T16:18:36.966713+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li><li><a href="https://www.smartkarma.com/insights/celltrion-068270-ks-solid-performance-in-core-business-in-2023-eyes-60-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/gemweekly-1-mar-2024-china-india-macro-ant-alibaba-netease-reliance-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">GEMWeekly (1 Mar 2024): China, India Macro; Ant, Alibaba, NetEase, Reliance Industries</a></li><li><a href="https://www.smartkarma.com/insights/nps-to-invest-11-trillion-won-in-low-pbr-value-stocks-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">NPS to Invest 11 Trillion Won in Low PBR/Value Stocks in Korea?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/celltrion-068270-ks-solid-performance-in-core-business-in-2023-eyes-60-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/247/original/Pic%201.png?1709376401"/> <ul>
<li>
<a data-smartkarma-citation="entities:991:1" href="https://www.smartkarma.com/entities/celltrion-inc" rel="noopener" target="_blank">Celltrion Inc (068270 KS)</a> has reported 12% YoY growth in its core business of biosimilars in 2023. Growth was mainly driven by new portfolios including Remsima SC and Yuflyma.</li>
<li>Operating profit and operating margin improved slightly YoY, led by an increase in high-margin biosimilar sales. Biosimilar products contributed 67% of total revenue in 2023, up from 57% in 2022. </li>
<li>The company is targeting more than 60% global sales growth to KRW3.5 trillion in 2024. Celltrion is eyeing KRW1.6 trillion EBITDA and more than 40% EBITDA margin in 2024.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gemweekly-1-mar-2024-china-india-macro-ant-alibaba-netease-reliance-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. GEMWeekly (1 Mar 2024): China, India Macro; Ant, Alibaba, NetEase, Reliance Industries </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/966/original/image_77628162021709273836941.png?1709273837"/> <ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong> Macro data points:</strong></em> China PMI data, India GDP growth data</li>
<li>
<em><strong> Companies mentioned:</strong></em><a data-smartkarma-citation="entities:24240:1" href="https://www.smartkarma.com/entities/ant-group-co-ltd" rel="noopener" target="_blank">Ant Group (6688 HK)</a>, <a data-smartkarma-citation="entities:28434:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" rel="noopener" target="_blank">Alibaba Group Holding (9988 HK)</a>, <a data-smartkarma-citation="entities:29030:1" href="https://www.smartkarma.com/entities/netease-inc" rel="noopener" target="_blank">NetEase (9999 HK)</a>, <a data-smartkarma-citation="entities:198:1" href="https://www.smartkarma.com/entities/reliance-industries-ltd" rel="noopener" target="_blank">Reliance Industries (RIL IN)</a>
</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nps-to-invest-11-trillion-won-in-low-pbr-value-stocks-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. NPS to Invest 11 Trillion Won in Low PBR/Value Stocks in Korea? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/058/original/image_34281748021709331531061.png?1709331531"/> <ul>
<li>NPS is in discussion to invest nearly 11 trillion won in low PBR/undervalued Korean stocks.</li>
<li>Korea Exchange is in discussion with NPS to create a new index tracking low PBR/undervalued stocks in Korea in efforts to boost government's efforts to boost the local stock market</li>
<li>This index is tentatively named Korea Value-Up Index and institutional investors are expected to use it as one of the benchmark indices for equity investments.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li><li><a href="https://www.smartkarma.com/insights/celltrion-068270-ks-solid-performance-in-core-business-in-2023-eyes-60-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/gemweekly-1-mar-2024-china-india-macro-ant-alibaba-netease-reliance-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">GEMWeekly (1 Mar 2024): China, India Macro; Ant, Alibaba, NetEase, Reliance Industries</a></li><li><a href="https://www.smartkarma.com/insights/nps-to-invest-11-trillion-won-in-low-pbr-value-stocks-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">NPS to Invest 11 Trillion Won in Low PBR/Value Stocks in Korea?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/celltrion-068270-ks-solid-performance-in-core-business-in-2023-eyes-60-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/247/original/Pic%201.png?1709376401"/> <ul>
<li>
<a data-smartkarma-citation="entities:991:1" href="https://www.smartkarma.com/entities/celltrion-inc" rel="noopener" target="_blank">Celltrion Inc (068270 KS)</a> has reported 12% YoY growth in its core business of biosimilars in 2023. Growth was mainly driven by new portfolios including Remsima SC and Yuflyma.</li>
<li>Operating profit and operating margin improved slightly YoY, led by an increase in high-margin biosimilar sales. Biosimilar products contributed 67% of total revenue in 2023, up from 57% in 2022. </li>
<li>The company is targeting more than 60% global sales growth to KRW3.5 trillion in 2024. Celltrion is eyeing KRW1.6 trillion EBITDA and more than 40% EBITDA margin in 2024.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gemweekly-1-mar-2024-china-india-macro-ant-alibaba-netease-reliance-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. GEMWeekly (1 Mar 2024): China, India Macro; Ant, Alibaba, NetEase, Reliance Industries </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/966/original/image_77628162021709273836941.png?1709273837"/> <ul>
<li>The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong> Macro data points:</strong></em> China PMI data, India GDP growth data</li>
<li>
<em><strong> Companies mentioned:</strong></em><a data-smartkarma-citation="entities:24240:1" href="https://www.smartkarma.com/entities/ant-group-co-ltd" rel="noopener" target="_blank">Ant Group (6688 HK)</a>, <a data-smartkarma-citation="entities:28434:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" rel="noopener" target="_blank">Alibaba Group Holding (9988 HK)</a>, <a data-smartkarma-citation="entities:29030:1" href="https://www.smartkarma.com/entities/netease-inc" rel="noopener" target="_blank">NetEase (9999 HK)</a>, <a data-smartkarma-citation="entities:198:1" href="https://www.smartkarma.com/entities/reliance-industries-ltd" rel="noopener" target="_blank">Reliance Industries (RIL IN)</a>
</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nps-to-invest-11-trillion-won-in-low-pbr-value-stocks-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. NPS to Invest 11 Trillion Won in Low PBR/Value Stocks in Korea? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/058/original/image_34281748021709331531061.png?1709331531"/> <ul>
<li>NPS is in discussion to invest nearly 11 trillion won in low PBR/undervalued Korean stocks.</li>
<li>Korea Exchange is in discussion with NPS to create a new index tracking low PBR/undervalued stocks in Korea in efforts to boost government's efforts to boost the local stock market</li>
<li>This index is tentatively named Korea Value-Up Index and institutional investors are expected to use it as one of the benchmark indices for equity investments.</li>
</ul>2024-03-03T16:49:28+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOL@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "ETHE@US"}, {"term": "XBTUSD@CURNCY"}, {"term": "GBTC@US"}, {"term": "USDSEK@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "TUR@US"}, {"term": "EWW@US"}, {"term": "MXMX@INDEX"}, {"term": "EWJ@US"}, {"term": "EWQ@US"}, {"term": "EWP@US"}, {"term": "MXWO@LN"}, {"term": "EWG@US"}, {"term": "EDEN@US"}, {"term": "EWN@US"}, {"term": "EPOL@US"}, {"term": "INDA@US"}, {"term": "INDIA@SP"}, {"term": "EWZ@US"}, {"term": "MCHI@US"}, {"term": "EWD@US"}, {"term": "@EWT@US"}, {"term": "TAMSCI@INDEX"}, {"term": "XLV@US"}, {"term": "XLRE@US"}, {"term": "XLC@US"}, {"term": "XLI@US"}, {"term": "SPY@US"}, {"term": "XLF@US"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "KMS1@INDEX"}, {"term": "KOSPI2@INDEX"}, {"term": "KOSPI@INDEX"}, {"term": "USDKRW@CURNCY"}, {"term": "XLE@US"}, {"term": "XLP@US"}, {"term": "XHB@US"}, {"term": "XLB@US"}, {"term": "XLY@US"}, {"term": "XLK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "068270@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "8035@JP"}, {"term": "ASML@NA"}, {"term": "LRCX@US"}, {"term": "KLAC@US"}, {"term": "AMAT@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "DIS@US"}, {"term": "RIL@IN"}, {"term": "9999@HK"}, {"term": "9988@HK"}, {"term": "6688@HK"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "XLK@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "068270@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMAT@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6688@HK"}]https://www.smartkarma.com/segment/feeds/korea.rss/b7b1b2a1-76c4-3e1f-a1b7-462dfdb1ce46Brief Korea: Hugel Inc - USFDA approval reinforces our conviction and more2024-03-28T16:18:36.954796+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hugel-inc-usfda-approval-reinforces-our-conviction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hugel Inc - USFDA approval reinforces our conviction</a></li><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/classys-214150-ks-2023-sales-beat-guidance-to-reach-record-high-stellar-performance-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Classys (214150 KS): 2023 Sales Beat Guidance to Reach Record High; Stellar Performance to Continue</a></li><li><a href="https://www.smartkarma.com/insights/alpha-generation-through-share-buybacks-in-korea-bi-monthly-jan-and-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (Jan and Feb 2024)</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-1-7-stake-of-woori-financial-by-imm-private-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hugel-inc-usfda-approval-reinforces-our-conviction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Hugel Inc - USFDA approval reinforces our conviction </a></h3><p></p><ul><li>On 1 Mar, Hugel’s BTX product obtained an USFDA approval; this should give it a strong sales uplift as the US is the world’s largest BTX market.</li><li> We anticipate Hugel to generate sales of W48bn from the US market in FY24F, contributing 10% to its consolidated sales.</li><li> We reiterate Add in view of its strong growth momentum in the US and China.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/classys-214150-ks-2023-sales-beat-guidance-to-reach-record-high-stellar-performance-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Classys (214150 KS): 2023 Sales Beat Guidance to Reach Record High; Stellar Performance to Continue </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/802/original/Pic%201.png?1709215071"/> <ul>
<li>
<a data-smartkarma-citation="entities:29688:1" href="https://www.smartkarma.com/entities/classys" rel="noopener" target="_blank">Classys (214150 KS)</a> achieved its highest performance ever in 2023. Revenue grew 27% YoY to KRW180 billion, 6% higher than the forecast of KRW170 billion announced early last year.</li>
<li>As demand for equipment increased rapidly in major countries, overseas sales last year exceeded KRW100 billion for the first time, and specially in Brazil, annual sales exceeded KRW40 billion.</li>
<li>With a positive outlook, Classys is expected to maintain growth trajectory. The company expects 2024 annual revenue of KRW225 billion, up 25% YoY. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alpha-generation-through-share-buybacks-in-korea-bi-monthly-jan-and-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (Jan and Feb 2024) </a></h3><p></p><ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in Korea in January and February 2024.</li>
<li>We provide a list of 22 stocks in the Korean stock market that have announced share buyback programs in the past two months.</li>
<li>Major companies that have announced share buybacks in Korea in the past two months include Shinhan Financial, Hyundai Mobis, and Samick Musical Instruments. All three have outperformed the market. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-1-7-stake-of-woori-financial-by-imm-private-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/793/original/image_86008628441709207117824.png?1709207117"/> <ul>
<li>IMM Private Equity announced that it is selling a 1.7% stake in Woori Financial Group (316140 KS) in a block deal sale. </li>
<li>The number of shares subject to sale is 12.56 million, or 177.7 billion won to 181.5 billion won.</li>
<li>Block deal sale discount range is reasonable, valuation multiples are low, and we expect continued positive capital inflow into stocks related to Corporate Value Up in the next 12 months. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hugel-inc-usfda-approval-reinforces-our-conviction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Hugel Inc - USFDA approval reinforces our conviction</a></li><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/classys-214150-ks-2023-sales-beat-guidance-to-reach-record-high-stellar-performance-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Classys (214150 KS): 2023 Sales Beat Guidance to Reach Record High; Stellar Performance to Continue</a></li><li><a href="https://www.smartkarma.com/insights/alpha-generation-through-share-buybacks-in-korea-bi-monthly-jan-and-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (Jan and Feb 2024)</a></li><li><a href="https://www.smartkarma.com/insights/block-deal-sale-of-1-7-stake-of-woori-financial-by-imm-private-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hugel-inc-usfda-approval-reinforces-our-conviction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Hugel Inc - USFDA approval reinforces our conviction </a></h3><p></p><ul><li>On 1 Mar, Hugel’s BTX product obtained an USFDA approval; this should give it a strong sales uplift as the US is the world’s largest BTX market.</li><li> We anticipate Hugel to generate sales of W48bn from the US market in FY24F, contributing 10% to its consolidated sales.</li><li> We reiterate Add in view of its strong growth momentum in the US and China.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/classys-214150-ks-2023-sales-beat-guidance-to-reach-record-high-stellar-performance-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Classys (214150 KS): 2023 Sales Beat Guidance to Reach Record High; Stellar Performance to Continue </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/802/original/Pic%201.png?1709215071"/> <ul>
<li>
<a data-smartkarma-citation="entities:29688:1" href="https://www.smartkarma.com/entities/classys" rel="noopener" target="_blank">Classys (214150 KS)</a> achieved its highest performance ever in 2023. Revenue grew 27% YoY to KRW180 billion, 6% higher than the forecast of KRW170 billion announced early last year.</li>
<li>As demand for equipment increased rapidly in major countries, overseas sales last year exceeded KRW100 billion for the first time, and specially in Brazil, annual sales exceeded KRW40 billion.</li>
<li>With a positive outlook, Classys is expected to maintain growth trajectory. The company expects 2024 annual revenue of KRW225 billion, up 25% YoY. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alpha-generation-through-share-buybacks-in-korea-bi-monthly-jan-and-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (Jan and Feb 2024) </a></h3><p></p><ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in Korea in January and February 2024.</li>
<li>We provide a list of 22 stocks in the Korean stock market that have announced share buyback programs in the past two months.</li>
<li>Major companies that have announced share buybacks in Korea in the past two months include Shinhan Financial, Hyundai Mobis, and Samick Musical Instruments. All three have outperformed the market. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/block-deal-sale-of-1-7-stake-of-woori-financial-by-imm-private-equity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. Block Deal Sale of 1.7% Stake of Woori Financial by IMM Private Equity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/793/original/image_86008628441709207117824.png?1709207117"/> <ul>
<li>IMM Private Equity announced that it is selling a 1.7% stake in Woori Financial Group (316140 KS) in a block deal sale. </li>
<li>The number of shares subject to sale is 12.56 million, or 177.7 billion won to 181.5 billion won.</li>
<li>Block deal sale discount range is reasonable, valuation multiples are low, and we expect continued positive capital inflow into stocks related to Corporate Value Up in the next 12 months. </li>
</ul>2024-03-01T20:00:31+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "145020@KS"}, {"term": "Thematic (Sector/Industry)"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "SAUDI ARABIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "SHORTS"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "BABA@US"}, {"term": "BIDU@US"}, {"term": "MSFT@US"}, {"term": "AMZN@US"}, {"term": "META@US"}, {"term": "GOOG@US"}, {"term": "MU@US"}, {"term": "000660@KS"}, {"term": "SMSN@LI"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "214150@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "012330@KS"}, {"term": "002450@KS"}, {"term": "000270@KS"}, {"term": "005380@KS"}, {"term": "055550@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "316140@KS"}, {"term": "086790@KS"}, {"term": "055550@KS"}, {"term": "105560@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "145020@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NVDA@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "214150@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "055550@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "105560@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/63f669d1-843f-3b1c-84de-6d3a6988e24eBrief Korea: Woori Financial Placement - While the Overhang Remains, the Deal Would Be Easily Digested and more2024-03-28T16:18:36.945819+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/woori-financial-placement-while-the-overhang-remains-the-deal-would-be-easily-digested?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Woori Financial Placement - While the Overhang Remains, the Deal Would Be Easily Digested</a></li><li><a href="https://www.smartkarma.com/insights/end-of-mandatory-lock-up-periods-for-51-companies-in-korea-in-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">End of Mandatory Lock-Up Periods for 51 Companies in Korea in March 2024</a></li><li><a href="https://www.smartkarma.com/insights/clearing-up-confusion-about-bringing-back-short-selling-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Clearing up Confusion About Bringing Back Short Selling in Korea</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/em-cycle-watch-south-korea-a-good-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EM Cycle Watch: South Korea a good buy?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/woori-financial-placement-while-the-overhang-remains-the-deal-would-be-easily-digested?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Woori Financial Placement - While the Overhang Remains, the Deal Would Be Easily Digested </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/783/original/image?1709200413"/> <ul>
<li>IMM PE, via Obis1, is looking to raise US$136m from selling a portion of its stake in <a data-smartkarma-citation="entities:27995:1" href="https://www.smartkarma.com/entities/woori-financial-group-inc" rel="noopener" target="_blank">Woori Financial Group (316140 KS)</a>.</li>
<li>While the deal doesn't look particularly well-flagged, the PE has been invested for quite some time now. </li>
<li>Despite the overhang, the deal is a small one to digest at just 1.7% of total shares outstanding, representing 5 days of the firm’s ADV.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/end-of-mandatory-lock-up-periods-for-51-companies-in-korea-in-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. End of Mandatory Lock-Up Periods for 51 Companies in Korea in March 2024 </a></h3><p></p><ul>
<li>We discuss the end of the mandatory lock-up periods for 51 stocks in Korea in March 2024, among which 5 are in KOSPI and 46 are in KOSDAQ.</li>
<li>These 51 stocks on average could be subject to further selling pressures in March and could underperform relative to the market.</li>
<li>The top five market cap stocks including those of which at least 1% of outstanding shares could be sold include APR, WCP, DS Dansuk, GI Innovation, and Geolit Energy.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/clearing-up-confusion-about-bringing-back-short-selling-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Clearing up Confusion About Bringing Back Short Selling in Korea </a></h3><p></p><ul>
<li>Government sees foreign investors as key for Corporate Value-Up success, considering reinstating short selling.</li>
<li>Planning to expand short selling beyond 350 stocks, but anticipating pushback from retail investors, likely capping additional stocks around 100.</li>
<li>The head of the Financial Supervisory Service will formally disclose these plans during the upcoming short selling conference scheduled for March 13th.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/em-cycle-watch-south-korea-a-good-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. EM Cycle Watch: South Korea a good buy? </a></h3><p></p><ul><li>The latest Nvidia earnings report was testament to the demand for tech and particularly semis, and it proved the persistent strength of the AI theme.</li><li>Demand for semis is currently outpacing production, and we consequently see declines in inventory (chart 1.b).</li><li>Charting the yearly change in South Korean exports of semis looks almost as ridiculous, but, interestingly, equities haven’t followed as the correlation would suggest – in fact the EWY index is flat YoY (chart 1.a).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/woori-financial-placement-while-the-overhang-remains-the-deal-would-be-easily-digested?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Woori Financial Placement - While the Overhang Remains, the Deal Would Be Easily Digested</a></li><li><a href="https://www.smartkarma.com/insights/end-of-mandatory-lock-up-periods-for-51-companies-in-korea-in-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">End of Mandatory Lock-Up Periods for 51 Companies in Korea in March 2024</a></li><li><a href="https://www.smartkarma.com/insights/clearing-up-confusion-about-bringing-back-short-selling-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Clearing up Confusion About Bringing Back Short Selling in Korea</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/em-cycle-watch-south-korea-a-good-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">EM Cycle Watch: South Korea a good buy?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/woori-financial-placement-while-the-overhang-remains-the-deal-would-be-easily-digested?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Woori Financial Placement - While the Overhang Remains, the Deal Would Be Easily Digested </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/783/original/image?1709200413"/> <ul>
<li>IMM PE, via Obis1, is looking to raise US$136m from selling a portion of its stake in <a data-smartkarma-citation="entities:27995:1" href="https://www.smartkarma.com/entities/woori-financial-group-inc" rel="noopener" target="_blank">Woori Financial Group (316140 KS)</a>.</li>
<li>While the deal doesn't look particularly well-flagged, the PE has been invested for quite some time now. </li>
<li>Despite the overhang, the deal is a small one to digest at just 1.7% of total shares outstanding, representing 5 days of the firm’s ADV.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/end-of-mandatory-lock-up-periods-for-51-companies-in-korea-in-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. End of Mandatory Lock-Up Periods for 51 Companies in Korea in March 2024 </a></h3><p></p><ul>
<li>We discuss the end of the mandatory lock-up periods for 51 stocks in Korea in March 2024, among which 5 are in KOSPI and 46 are in KOSDAQ.</li>
<li>These 51 stocks on average could be subject to further selling pressures in March and could underperform relative to the market.</li>
<li>The top five market cap stocks including those of which at least 1% of outstanding shares could be sold include APR, WCP, DS Dansuk, GI Innovation, and Geolit Energy.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/clearing-up-confusion-about-bringing-back-short-selling-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Clearing up Confusion About Bringing Back Short Selling in Korea </a></h3><p></p><ul>
<li>Government sees foreign investors as key for Corporate Value-Up success, considering reinstating short selling.</li>
<li>Planning to expand short selling beyond 350 stocks, but anticipating pushback from retail investors, likely capping additional stocks around 100.</li>
<li>The head of the Financial Supervisory Service will formally disclose these plans during the upcoming short selling conference scheduled for March 13th.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/em-cycle-watch-south-korea-a-good-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. EM Cycle Watch: South Korea a good buy? </a></h3><p></p><ul><li>The latest Nvidia earnings report was testament to the demand for tech and particularly semis, and it proved the persistent strength of the AI theme.</li><li>Demand for semis is currently outpacing production, and we consequently see declines in inventory (chart 1.b).</li><li>Charting the yearly change in South Korean exports of semis looks almost as ridiculous, but, interestingly, equities haven’t followed as the correlation would suggest – in fact the EWY index is flat YoY (chart 1.a).</li></ul>2024-02-29T17:57:32+08:00[{"term": "Equity Capital Markets"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "316140@KS"}, {"term": "WF@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "393890@KS"}, {"term": "278470@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI2@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2344@TT"}, {"term": "WDC@US"}, {"term": "6600@JP"}, {"term": "2408@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "USDKRW@CURNCY"}, {"term": "KOSPI@INDEX"}, {"term": "EWY@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "WF@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "278470@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KOSPI2@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "MU@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "EWY@US"}]https://www.smartkarma.com/segment/feeds/korea.rss/823084df-daeb-3d85-abf3-1e860a42e422Brief Korea: HYBE Invests Additional 104 Billion Won in SM Entertainment - Why? and more2024-03-28T16:18:36.936686+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hybe-invests-additional-104-billion-won-in-sm-entertainment-why?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HYBE Invests Additional 104 Billion Won in SM Entertainment - Why?</a></li><li><a href="https://www.smartkarma.com/insights/wonik-ips-memory-wafer-capacity-increase-further-delayed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Wonik IPS - Memory wafer capacity increase further delayed</a></li><li><a href="https://www.smartkarma.com/insights/confirmed-conditions-schedule-of-block-deals-pre-disclosure-rules-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Confirmed: Conditions & Schedule of Block Deals Pre-Disclosure Rules in Korea</a></li><li><a href="https://www.smartkarma.com/insights/samsung-koact-dividend-growth-active-etf-a-look-at-the-first-corporate-value-up-etf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-feb-23rd-posco-holdings-rotem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Feb 23rd): Posco Holdings, Rotem</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hybe-invests-additional-104-billion-won-in-sm-entertainment-why?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. HYBE Invests Additional 104 Billion Won in SM Entertainment - Why? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/589/original/image_6229447721709118277794.png?1709118278"/> <ul>
<li>After the market close, it was announced that HYBE (352820 KS) acquired a 3.7% stake (868,948 shares) in SM Entertainment Co (041510 KS) for 104.3 billion won.</li>
<li>HYBE's acquisition of shares was accomplished through the exercise of a put option by SM Entertainment's founder Lee Soo-Man. After this purchase, HYBE will own 12.6% stake in SM Entertainment. </li>
<li>We like SM Entertainment at current levels. Valuations are attractive and there is a strong pipeline of new music/songs to be launched by its artists in 2Q 2024. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/wonik-ips-memory-wafer-capacity-increase-further-delayed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Wonik IPS - Memory wafer capacity increase further delayed </a></h3><p></p><ul><li>We cut 1Q24F/2024F sales for Wonik IPS on customers’ minimal DRAM wafer capacity expansion in 2024F due to delayed demand recovery.</li><li> Despite customers’ limited DRAM capacity expansion, we expect Wonik IPS’s DRAM equipment sales to increase 40% yoy due to HBM expansion.</li><li>Reiterate Add with unchanged TP of W36k, based on 2.1x FY24F P/BV.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/confirmed-conditions-schedule-of-block-deals-pre-disclosure-rules-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Confirmed: Conditions & Schedule of Block Deals Pre-Disclosure Rules in Korea </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/496/original/2.png?1709095603"/> <ul>
<li>Insiders must disclose transaction details, complete deals within 30 days, limit deviations to 30%, and submit disclosures 30 days before transactions.</li>
<li>Financial investors, including institutional ones, are exempt. This encompasses local pension funds (including NPS) and foreign financial investors. Deals under 1% of total shares and less than ₩5B are exempt.</li>
<li>Confirmation of the timeline indicates many block deals before July. We should hunt potential deals for proactive setups. Also, we should monitor basis widening in futures due to short-selling ban.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/samsung-koact-dividend-growth-active-etf-a-look-at-the-first-corporate-value-up-etf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/431/original/image_5096866721709075198378.png?1709075199"/> <ul>
<li>The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.</li>
<li>There are 45 stocks in the ETF and the aim is to beat the <a data-smartkarma-citation="entities:22911:1" href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-index" rel="noopener" target="_blank">Korea Stock Exchange Kospi Index (KOSPI INDEX)</a> by employing an active management strategy. </li>
<li>Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-feb-23rd-posco-holdings-rotem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. KRX Short Interest Weekly (Feb 23rd): Posco Holdings, Rotem </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/407/original/image_818732155101709036077530.png?1709036076"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Feb 23rd which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest weekly changes in Posco Holdings, Rotem.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hybe-invests-additional-104-billion-won-in-sm-entertainment-why?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">HYBE Invests Additional 104 Billion Won in SM Entertainment - Why?</a></li><li><a href="https://www.smartkarma.com/insights/wonik-ips-memory-wafer-capacity-increase-further-delayed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Wonik IPS - Memory wafer capacity increase further delayed</a></li><li><a href="https://www.smartkarma.com/insights/confirmed-conditions-schedule-of-block-deals-pre-disclosure-rules-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Confirmed: Conditions & Schedule of Block Deals Pre-Disclosure Rules in Korea</a></li><li><a href="https://www.smartkarma.com/insights/samsung-koact-dividend-growth-active-etf-a-look-at-the-first-corporate-value-up-etf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF</a></li><li><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-feb-23rd-posco-holdings-rotem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">KRX Short Interest Weekly (Feb 23rd): Posco Holdings, Rotem</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hybe-invests-additional-104-billion-won-in-sm-entertainment-why?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. HYBE Invests Additional 104 Billion Won in SM Entertainment - Why? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/589/original/image_6229447721709118277794.png?1709118278"/> <ul>
<li>After the market close, it was announced that HYBE (352820 KS) acquired a 3.7% stake (868,948 shares) in SM Entertainment Co (041510 KS) for 104.3 billion won.</li>
<li>HYBE's acquisition of shares was accomplished through the exercise of a put option by SM Entertainment's founder Lee Soo-Man. After this purchase, HYBE will own 12.6% stake in SM Entertainment. </li>
<li>We like SM Entertainment at current levels. Valuations are attractive and there is a strong pipeline of new music/songs to be launched by its artists in 2Q 2024. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/wonik-ips-memory-wafer-capacity-increase-further-delayed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Wonik IPS - Memory wafer capacity increase further delayed </a></h3><p></p><ul><li>We cut 1Q24F/2024F sales for Wonik IPS on customers’ minimal DRAM wafer capacity expansion in 2024F due to delayed demand recovery.</li><li> Despite customers’ limited DRAM capacity expansion, we expect Wonik IPS’s DRAM equipment sales to increase 40% yoy due to HBM expansion.</li><li>Reiterate Add with unchanged TP of W36k, based on 2.1x FY24F P/BV.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/confirmed-conditions-schedule-of-block-deals-pre-disclosure-rules-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">3. Confirmed: Conditions & Schedule of Block Deals Pre-Disclosure Rules in Korea </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/496/original/2.png?1709095603"/> <ul>
<li>Insiders must disclose transaction details, complete deals within 30 days, limit deviations to 30%, and submit disclosures 30 days before transactions.</li>
<li>Financial investors, including institutional ones, are exempt. This encompasses local pension funds (including NPS) and foreign financial investors. Deals under 1% of total shares and less than ₩5B are exempt.</li>
<li>Confirmation of the timeline indicates many block deals before July. We should hunt potential deals for proactive setups. Also, we should monitor basis widening in futures due to short-selling ban.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/samsung-koact-dividend-growth-active-etf-a-look-at-the-first-corporate-value-up-etf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">4. Samsung KoAct Dividend Growth Active ETF: A Look at the First Corporate Value-Up ETF </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/431/original/image_5096866721709075198378.png?1709075199"/> <ul>
<li>The Samsung KoAct Dividend Growth Active ETF (476850F.KS) raised around US$7.4m and started trading on 27 February.</li>
<li>There are 45 stocks in the ETF and the aim is to beat the <a data-smartkarma-citation="entities:22911:1" href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-index" rel="noopener" target="_blank">Korea Stock Exchange Kospi Index (KOSPI INDEX)</a> by employing an active management strategy. </li>
<li>Financials, Consumer Discretionary and Industrials stocks make up nearly two-thirds of the ETF, the dividend yield of the underlying basket is 4% and the forward dividend yield is slightly higher.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/krx-short-interest-weekly-feb-23rd-posco-holdings-rotem?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">5. KRX Short Interest Weekly (Feb 23rd): Posco Holdings, Rotem </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/407/original/image_818732155101709036077530.png?1709036076"/> <ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Feb 23rd which has an aggregated short interest worth USD7.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest weekly changes in Posco Holdings, Rotem.</li>
</ul>2024-02-28T21:42:57+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "041510@KS"}, {"term": "035720@KS"}, {"term": "352820@KS"}, {"term": "035900@KS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "240810@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI2@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI@INDEX"}, {"term": "381970@KS"}, {"term": "086790@KS"}, {"term": "005930@KS"}, {"term": "051910@KS"}, {"term": "267250@KS"}, {"term": "005380@KS"}, {"term": "Quantitative Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "237690@KS"}, {"term": "196170@KS"}, {"term": "121600@KS"}, {"term": "114090@KS"}, {"term": "302440@KS"}, {"term": "007310@KS"}, {"term": "004800@KS"}, {"term": "064350@KS"}, {"term": "145020@KS"}, {"term": "006800@KS"}, {"term": "010620@KS"}, {"term": "222800@KS"}, {"term": "069260@KS"}, {"term": "005930@KS"}, {"term": "068270@KS"}, {"term": "247540@KS"}, {"term": "000660@KS"}, {"term": "017800@KS"}, {"term": "326030@KS"}, {"term": "032350@KS"}, {"term": "373220@KS"}, {"term": "066970@KS"}, {"term": "336260@KS"}, {"term": "008770@KS"}, {"term": "005490@KS"}, {"term": "028300@KS"}, {"term": "009900@KS"}, {"term": "086520@KS"}, {"term": "003670@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "035900@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "240810@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KOSPI2@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005380@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "003670@KS"}]https://www.smartkarma.com/segment/feeds/korea.rss/ad28448b-30f8-3b5b-88c8-731390f4d2a8Brief Korea: Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer and more2024-03-28T16:18:36.927236+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ecopro-bm-247540-ks-index-impact-of-kosdaq-to-kospi-transfer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer</a></li><li><a href="https://www.smartkarma.com/insights/constituents-of-the-1st-corporate-value-up-etf-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Constituents of the 1st Corporate Value Up ETF in Korea</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ecopro-bm-247540-ks-index-impact-of-kosdaq-to-kospi-transfer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/427/original/image_44467860721709062640208.png?1709062641"/> <ul>
<li>
<a data-smartkarma-citation="entities:27873:1" href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" rel="noopener" target="_blank">Ecopro BM (247540 KS)</a>'s Board has approved the delisting of the stock from the KOSDAQ market and to list on the KOSPI market. The shareholder meeting is on 26 March. </li>
<li>Historically, the KRX has taken an average of 64 days from application to approve the listing to transfer from the KOSDAQ market to the KOSPI market.</li>
<li>
<a data-smartkarma-citation="entities:27873:1" href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" rel="noopener" target="_blank">Ecopro BM (247540 KS)</a> will be deleted from the <a data-smartkarma-citation="entities:31077:1" href="https://www.smartkarma.com/entities/kosdaq-150-index" rel="noopener" target="_blank">KOSDAQ 150 Index</a> on its last trading day and inclusion in the <a data-smartkarma-citation="entities:26021:1" href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" rel="noopener" target="_blank">KOSPI 200 Index</a> could take place in September.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/constituents-of-the-1st-corporate-value-up-etf-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Constituents of the 1st Corporate Value Up ETF in Korea </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/425/original/image_72980493621709057934863.png?1709057935"/> <ul>
<li>Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. It also revealed some of the major constituents of this ETF.</li>
<li>Samsung Active Management revealed the top 20 constituents of this ETF, which comprised 73.2% of the total ETF AUM.</li>
<li>In the coming weeks, there will be many other Corporate Value Up related ETFs that will be created that are similar to Samsung's KoAct Dividend Growth ETF. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ecopro-bm-247540-ks-index-impact-of-kosdaq-to-kospi-transfer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer</a></li><li><a href="https://www.smartkarma.com/insights/constituents-of-the-1st-corporate-value-up-etf-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">Constituents of the 1st Corporate Value Up ETF in Korea</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ecopro-bm-247540-ks-index-impact-of-kosdaq-to-kospi-transfer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">1. Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/427/original/image_44467860721709062640208.png?1709062641"/> <ul>
<li>
<a data-smartkarma-citation="entities:27873:1" href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" rel="noopener" target="_blank">Ecopro BM (247540 KS)</a>'s Board has approved the delisting of the stock from the KOSDAQ market and to list on the KOSPI market. The shareholder meeting is on 26 March. </li>
<li>Historically, the KRX has taken an average of 64 days from application to approve the listing to transfer from the KOSDAQ market to the KOSPI market.</li>
<li>
<a data-smartkarma-citation="entities:27873:1" href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" rel="noopener" target="_blank">Ecopro BM (247540 KS)</a> will be deleted from the <a data-smartkarma-citation="entities:31077:1" href="https://www.smartkarma.com/entities/kosdaq-150-index" rel="noopener" target="_blank">KOSDAQ 150 Index</a> on its last trading day and inclusion in the <a data-smartkarma-citation="entities:26021:1" href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" rel="noopener" target="_blank">KOSPI 200 Index</a> could take place in September.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/constituents-of-the-1st-corporate-value-up-etf-in-korea?utm_medium=feed&utm_source=daily_briefing&utm_campaign=KOREA">2. Constituents of the 1st Corporate Value Up ETF in Korea </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/425/original/image_72980493621709057934863.png?1709057935"/> <ul>
<li>Samsung Active Management launched the first Corporate Value Up ETF called KoAct Dividend Growth Active ETF on 27 February. It also revealed some of the major constituents of this ETF.</li>
<li>Samsung Active Management revealed the top 20 constituents of this ETF, which comprised 73.2% of the total ETF AUM.</li>
<li>In the coming weeks, there will be many other Corporate Value Up related ETFs that will be created that are similar to Samsung's KoAct Dividend Growth ETF. </li>
</ul>2024-02-28T05:56:11+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "247540@KS"}, {"term": "KOSPI@INDEX"}, {"term": "348340@KS"}, {"term": "066970@KS"}, {"term": "100090@KS"}, {"term": "378340@KS"}, {"term": "030190@KS"}, {"term": "KOSPI2@INDEX"}, {"term": "KOSDQ150@INDEX"}, {"term": "090460@KS"}, {"term": "022100@KS"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "267250@KS"}, {"term": "086790@KS"}, {"term": "051910@KS"}, {"term": "005380@KS"}, {"term": "005930@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "022100@KS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "005930@KS"}]