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 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

<ul>
<li>In this insight, we discuss a pair trade between Orion Holdings (001800 KS) (go long) and Orion Corp (271560 KS) (go short). </li>
<li>Orion Holdings has a dividend yield of 4.6% versus 0.7% for Orion Corp. For the value investors that seek higher dividends, Orion Holdings is more attractive versus Orion Corp. </li>
<li>We believe the price gap between these two stocks have widened too much in the past several months and this gap is likely to decrease again.</li>
</ul>


In this insight, we discuss a pair trade between Orion Holdings (001800 KS) (go long) and Orion Corp (271560 KS) (go short). 
Orion Holdings has a dividend yield of 4.6% versus 0.7% for Orion Corp. For the value investors that seek higher dividends, Orion Holdings is more attractive versus Orion Corp. 
We believe the price gap between these two stocks have widened too much in the past several months and this gap is likely to decrease again.


A Pair Trade Between Orion Holdings and Orion Corp

<ul>
<li>In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage.</li>
<li>In general, more holdcos/quasi-holdcos have been outperforming the opcos in the past year, as compared to the previous years as more investors seek value-oriented, deep NAV discount stocks.</li>
<li>We highlight 26 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage.
In general, more holdcos/quasi-holdcos have been outperforming the opcos in the past year, as compared to the previous years as more investors seek value-oriented, deep NAV discount stocks.
We highlight 26 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage

Cross Asset Strategy

<p>In this insight, we provide a comprehensive list of 24 stocks in Korea that provided <strong>differentiated dividends</strong> to its shareholders in 2020. These 24 stocks on average have been big alpha generators this year and they are up on average 32.4% YTD, outperforming KOSPI and KOSDAQ that are up 9.2% and 4.6%, respectively YTD. The average dividend yields of these 24 stocks are 2.3%.</p><div class="content-highlight">
<p>All in all, the differentiated dividend paying stocks have been big alpha generators this year. However, we want to emphasize that the past performance do not predict future results and that these alpha generating returns may not occur again next year for this group of stocks. Among the 24 stocks below, we would focus on the top 5-10 market caps for a potential basket related strategy including the differentiated dividend paying stocks in Korea.</p>
<p>The top five market cap stocks in this list include the following:</p>
<ul>
<li>Kumho Petrochem</li>
<li>Doosan</li>
<li>Zinus</li>
<li>Seah Besteel</li>
<li>Orion Holdings</li>
</ul>
</div>

In this insight, we provide a comprehensive list of 24 stocks in Korea that provided differentiated dividends to its shareholders in 2020. These 24 stocks on average have been big alpha generators this year and they are up on average 32.4% YTD, outperforming KOSPI and KOSDAQ that are up 9.2% and 4.6%, respectively YTD. The average dividend yields of these 24 stocks are 2.3%.
All in all, the differentiated dividend paying stocks have been big alpha generators this year. However, we want to emphasize that the past performance do not predict future results and that these alpha generating returns may not occur again next year for this group of stocks. Among the 24 stocks below, we would focus on the top 5-10 market caps for a potential basket related strategy including the differentiated dividend paying stocks in Korea.
The top five market cap stocks in this list include the following:

Kumho Petrochem
Doosan
Zinus
Seah Besteel
Orion Holdings



Alpha Generation from Differentiated Dividend Paying Stocks in Korea

South Korea

Orion Holdings Corp. manufactures snacks products. The Company produces and sells candies, gums, chocolates, pies, and other products. Orion Holdings also develops smart systems. Orion Holdings serves customers worldwide.

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Orion Holdings (001800 KS)

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

A Pair Trade Between Orion Holdings and Orion Corp

In this insight, we discuss a pair trade between Orion Holdings (001800 KS) (go long) and Orion Corp (271560 KS) (go short).

Douglas Kim

Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage

In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage. We highlight 26 pair trades...

Douglas Kim

Alpha Generation from Differentiated Dividend Paying Stocks in Korea

We provide a comprehensive list of 24 stocks in Korea that provided differentiated dividends to its shareholders in 2020. These stocks on average...

Douglas Kim

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