Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Celltrion Healthcare   / Equity Bottom-Up

<ul>
<li>In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in 1Q 2023.</li>
<li>We provide a list of 23 stocks in the Korean stock market that have announced share buyback programs in 1Q 2023.</li>
<li>Some of the larger companies (with more than 1 trillion won in market cap) that have recently announced share buybacks including Celltrion Healthcare have been outperforming the market.</li>
</ul>


In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in 1Q 2023.
We provide a list of 23 stocks in the Korean stock market that have announced share buyback programs in 1Q 2023.
Some of the larger companies (with more than 1 trillion won in market cap) that have recently announced share buybacks including Celltrion Healthcare have been outperforming the market.


Alpha Generation Through Share Buybacks in Korea: 1Q 2023

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>K200 ad hoc change announcement date should be March 30 as the buyback ends on March 28, and rebalancing trading should occur on March 31.</li>
<li>From a juice-level perspective, the entry point and timing for JB Financial showed much better performance from EGM approval rather than the announcement.</li>
<li>We should consider gradually building up positions from this point until March 30 announcement or one day after (T-1 effective) while utilizing Kodex Banks ETF to hedge our long positions.</li>
</ul>


K200 ad hoc change announcement date should be March 30 as the buyback ends on March 28, and rebalancing trading should occur on March 31.
From a juice-level perspective, the entry point and timing for JB Financial showed much better performance from EGM approval rather than the announcement.
We should consider gradually building up positions from this point until March 30 announcement or one day after (T-1 effective) while utilizing Kodex Banks ETF to hedge our long positions.


Meritz Merger Approved: Let's Now Discuss Key Dates & Entry Points For LONG DGB Financial

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Industrial Bank Of Korea / Equity Bottom-Up

<ul>
<li>In our latest South Korean banks screener; we add Industrial Bank of Korea to the buy list alongside Hana Financial; we cut KB Financial to a neutral rating</li>
<li>Industrial Bank of Korea has very attractive multiples and PEG ratio and the best pre-provision and post-provision returns of the peer group, it also has sound broad credit quality metrics</li>
<li>We introduce a broader credit quality metric to the screens and also EPS revisions over the last week and last month to give a sense of earnings momentum changes</li>
</ul>


In our latest South Korean banks screener; we add Industrial Bank of Korea to the buy list alongside Hana Financial; we cut KB Financial to a neutral rating
Industrial Bank of Korea has very attractive multiples and PEG ratio and the best pre-provision and post-provision returns of the peer group, it also has sound broad credit quality metrics
We introduce a broader credit quality metric to the screens and also EPS revisions over the last week and last month to give a sense of earnings momentum changes


South Korean Banks Screener; Highlighting Industrial Bank of Korea (024110 KS)

Cross Asset Strategy

<ul>
<li>Despite differences in views on the legacy of Abenomics, many people agree that Abenomics played a key role and was a clear tipping point for corporate governance improvements in Japan.</li>
<li>Likewise, we believe Yoonomics will follow similar steps and make significant efforts to improve corporate governance reforms in Korea. </li>
<li>So far in 2023,<strong> CORPORATE ACTIVISM</strong> has been <strong>THE MOST IMPORTANT TOPIC</strong> in Korea's equity markets. </li>
</ul>


Despite differences in views on the legacy of Abenomics, many people agree that Abenomics played a key role and was a clear tipping point for corporate governance improvements in Japan.
Likewise, we believe Yoonomics will follow similar steps and make significant efforts to improve corporate governance reforms in Korea. 
So far in 2023, CORPORATE ACTIVISM has been THE MOST IMPORTANT TOPIC in Korea's equity markets. 


Abenomics Vs Yoonomics: Tipping Points of Corporate Governance Reforms in Japan and Korea

<ul>
<li>In this insight, we discuss the five most aggressive corporate activist firms that have been moving the Korean equity market in the past year.</li>
<li>They include Align Partners Capital Management, KCGI, Flashlight Capital Partners, Truston, and LIFE Asset Management.</li>
<li>Share prices of 15 companies that the corporate activist firms have invested in Korea are up on average 9.7% YTD, outperforming KOSPI which is up 7.1% in the same period.</li>
</ul>


In this insight, we discuss the five most aggressive corporate activist firms that have been moving the Korean equity market in the past year.
They include Align Partners Capital Management, KCGI, Flashlight Capital Partners, Truston, and LIFE Asset Management.
Share prices of 15 companies that the corporate activist firms have invested in Korea are up on average 9.7% YTD, outperforming KOSPI which is up 7.1% in the same period.


Five Most Aggressive Corporate Activists Moving the Korean Market: Align, KCGI, FCP, Truston, & LIFE

South Korea

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

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KB Financial (105560 KS)

Meritz Merger Approved: Let's Now Discuss Key Dates & Entry Points For LONG DGB Financial

Entry points and key dates for long positions in DGB Financial following KOSPI 200 ad hoc change due to the Meritz merger

Sanghyun Park

South Korean Banks Screener; Highlighting Industrial Bank of Korea (024110 KS)

We add deep value Industrial Bank of Korea to the buy list along with higher quality Hana Financial and we cut KB Financial to a neutral rating; we...

Victor Galliano

Abenomics Vs Yoonomics: Tipping Points of Corporate Governance Reforms in Japan and Korea

Similar to how Abe left a legacy of significant improvements to corporate governance reforms in Japan, Yoon is also likely to seek a major...

Douglas Kim

Five Most Aggressive Corporate Activists Moving the Korean Market: Align, KCGI, FCP, Truston, & LIFE

In this insight, we discuss the five most aggressive corporate activist firms that have been moving the Korean equity market in the past year.

Douglas Kim

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