Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 3Q 2023.</li>
<li>Of the 38 pair trades, 22 of them involved holdcos outperforming opcos YTD and 16 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 3Q 2023.
Of the 38 pair trades, 22 of them involved holdcos outperforming opcos YTD and 16 of them involved opcos outperforming holdcos in the same period.
We highlight 38 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2023

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.</li>
<li>Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.
Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.
We highlight 38 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.</li>
<li>Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 33 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.
Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.
We highlight 33 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

Hyosung Advanced Materials / Equity Bottom-Up

<ul>
<li>We have a positive rating on Hyosung Advanced Materials. We believe the stock has a 25%+ upside over the next 12 months.</li>
<li>The company recently announced that it has succeeded in developing an ultra-high-strength carbon fiber which is 14 times stronger than steel.</li>
<li>There is an opportunity for the share price to be re-rated going forward if the company succeeds in grabbing higher share in the global carbon fiber market segment.</li>
</ul>


We have a positive rating on Hyosung Advanced Materials. We believe the stock has a 25%+ upside over the next 12 months.
The company recently announced that it has succeeded in developing an ultra-high-strength carbon fiber which is 14 times stronger than steel.
There is an opportunity for the share price to be re-rated going forward if the company succeeds in grabbing higher share in the global carbon fiber market segment.


Hyosung Advanced Materials: Market Share Gains in Global Carbon Fiber Could Result in a Re-Rating

<ul>
<li>Hyosung TNC announced 50,000 won in DPS in 2021,<strong> up 10x</strong> from 2020. This is likely to reverse the recent declining share price trend in the  past several months. </li>
<li>
<strong>Hyosung TNC's current dividend yield is 10.5%, representing one of the highest dividend yields in Korea.</strong> Dividend payout in 2021 was 28%.</li>
<li>We believe Hyosung TNC is well positioned to outperform KOSPI in 2022.</li>
</ul>


Hyosung TNC announced 50,000 won in DPS in 2021, up 10x from 2020. This is likely to reverse the recent declining share price trend in the  past several months. 

Hyosung TNC's current dividend yield is 10.5%, representing one of the highest dividend yields in Korea. Dividend payout in 2021 was 28%.
We believe Hyosung TNC is well positioned to outperform KOSPI in 2022.


Hyosung TNC: 10x Increase in Dividends Per Share

South Korea

OCI Holdings Company Ltd. operates chemical business. The Company manufactures inorganic chemicals, petroleum and coal chemicals, fine chemicals, renewable energy and insulation materials. OCI Holdings markets its products primarily throughout Korea with limited overseas.

VT GMP Co.,Ltd. manufactures and markets laminating machines. The Company produces and sells pouch laminators, roll laminators, and other products. VT GMP also produces and sells laminating films.

Advanced Nano Products Co., Ltd. manufactures and supplies a wide range of nanomaterial products in the energy technology, nanotechnology, biotechnology, IT field.  The company mainly produces Memory/Non-memory semiconductors, solar cells, LCDs, PDPs and other material products.

Advanced Nano Products Co Ltd (121600 KS)

LOTTE Fine Chemical Co., Ltd. produces general and fine chemicals. The Company produces ammonia, epichlorohydrin, caustic soda, and dimethylformamide. LOTTE Fine Chemical also manufactures chemicals used in pharmaceutical and paint manufacturing areas.

Kolon Industries Inc. manufactures a variety of chemical fibers and textiles such as nylon yarns and fabrics, chamude, tire cord fabrics, and air bag fabrics.  The Company also produces films and media materials including polyester films, nylon films, and audio/video tapes.  In addition, Kolon makes engineering plastic products.

Hansol Chemical Co., Ltd. manufactures chemical products such as hydrogen peroxide, benzol peroxide, urea resin, polyacrylamide, trimethylolpropane, and latex.  The Company supplies its products to the paper, textile, and food industries.

Soulbrain Holdings Co., Ltd. manufactures, sells, and trades semiconductor related chemicals.  The Company's products include a line of Chemical Vapor Deposition (CVD) such as tetraethyl ortho-silicate (TEOS) and etchants.  TechnoSemiChem also produces and distributes chemicals used in liquid crystal display (LCD) and fiber optics processing.

Dongjin Semichem Co., Ltd. produces fine chemicals for semiconductor and liquid crystal display (LCD) manufacturing.  The Company's products include photoresist materials and epoxy molding compounds.  In addition, Dongjin Semichem also produces chemical foaming agents for plastic and rubber applications.

Hyosung Corporation specializes in general trading businesses.  The Company also produces nylon yarns and other synthetic and chemical products such as PET films, PET bottles and polypropylene resins.  In addition, Hyosung contracts electrical construction and information systems and manufactures industrial machinery.

Cosmochemical Co., Ltd. manufactures and markets titanium dioxide used in synthetic resins, rubber, paper, paint, and TV cathode-ray tubes.  The Company also produces titanium dioxide byproducts, ferrous sulfate, koferis, ferosol for wastewater treatment agent uses, and sports equipment.

Huabao International Holdings Ltd is an industrial holdings group based on China's fast-moving consumer goods market. The group mainly engages in the R&D, production and sales of flavors and fragrances, tobacco raw materials, aroma raw materials, as well as condiments. The Group also makes diversified investments around its core businesses through its subsidiaries.

China BlueChemical Ltd. operates as a developer and manufacturer of mineral fertilizers and chemicals. The Company produces urea, phosphate and compound fertilizers, and methanol, using proprietary research. China BlueChemical is a state-owned enterprise.

Nufarm Limited manufactures and supplies a range of agricultural chemicals used by farmers to protect crops from damage caused by weeds, pests and disease. The Company has worldwide operations.

C. Uyemura & Co., Ltd. manufactures and sells plating chemicals.  The Company also manufactures plating machinery.  C. Uyemura markets its products in North America and Asia.

Gujarat State Fertilizers & Chemicals Ltd manufactures fertilizers and chemicals in four product areas:  Finished Products, Intermediate Products, Polymers and Fibre Products.  The Company also maintains trading activities in nylon products, petrochemicals, industrial gases and plastics.

Gujarat State Fertilizers&Chemicals (GSFC IN)

Denka Co., Ltd. is a diversified manufacturer and supplier of chemical products, including basic chemicals, agrochemicals, petrochemicals, pharmaceuticals, and construction materials.  The Company's primary products include styrene resins, polyvinyl chloride, and other synthetic resins.

Hubei Biocause Pharmaceutical Co., Ltd. develops and produces pharmaceuticals focusing on the treatment of colonitis, high blood pressure, and infectious diseases.  The Company also manufactures and markets carbinol and polypropylene chemical products.

Hubei Biocause Pharmaceutical Co (000627 CH)

Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. manufactures polyvinyl alcohol, chemical fibers, and other chemical products.  The Company also produces cement and adhesives.

Impack Pratama Industri Tbk PT produces plastic products in Asia and distributes them worldwide. The Company and it's subsidiaries manufacture building material plastics, PVC products, and fiberglass roofing, among other products.

Zhuzhou Times New Material Technology Co., Ltd. manufactures high polymer anti-vibration and noise reduction elastic components, high polymer composite modified materials, coating materials, and insulation materials. The Company also retails electromechanical products and provides highway construction.

Zhuzhou Times New Material Tech Co. (600458 CH)

Hyosung Advanced Materials Corporation operates as an advanced materials production company. The Company manufactures and sells high-strength industrial yarns, fabric, steel wire materials, and other products. Hyosung Advanced Materials markets its products worldwide.

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Hyosung Advanced Materials (298050 KS)

Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 3Q 2023. We highlight 38 pair trades that...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023. We highlight 38 pair trades that...

Douglas Kim

Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023. We highlight 33 pair trades that...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 3Q 2023. We highlight 38 pair trades that...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023. We highlight 38 pair trades that...

Douglas Kim

Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023. We highlight 33 pair trades that...

Douglas Kim

Hyosung Advanced Materials: Market Share Gains in Global Carbon Fiber Could Result in a Re-Rating

There is an opportunity for Hyosung Advanced Materials to be re-rated going forward if the company succeeds in grabbing higher share in the global...

Douglas Kim

Hyosung TNC: 10x Increase in Dividends Per Share

Hyosung TNC announced 50,000 won in DPS in 2021, up 10x from 2020, representing dividend yield of 10.5%. We believe Hyosung TNC is well positioned...

Douglas Kim