Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI. </li>
<li>Ecopro BM currently has a market cap of 23.1 trillion won. It is the largest stock in KOSDAQ right now and it would be the 17th largest stock in KOSPI.</li>
<li>Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM. It is trading at P/E of 203x in 2024 and 71x in 2025.</li>
</ul>


After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI. 
Ecopro BM currently has a market cap of 23.1 trillion won. It is the largest stock in KOSDAQ right now and it would be the 17th largest stock in KOSPI.
Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM. It is trading at P/E of 203x in 2024 and 71x in 2025.


Ecopro BM: Announces It Will Switch Listing from KOSDAQ to KOSPI

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Feb 23rd which has an aggregated holding worth USD519.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,484mln. 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 Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&amp;T.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Feb 23rd which has an aggregated holding worth USD519.8bn.
We estimate that foreign flows to be inflows of USD2,484mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&amp;T.


KRX Foreign Holding Weekly (Feb 23rd): Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&T

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Feb 16th which has an aggregated holding worth USD510.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,177mln. 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, Hyundai Motor, KB Financial Group, Samsung C&amp;T, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Feb 16th which has an aggregated holding worth USD510.6bn.
We estimate that foreign flows to be inflows of USD1,177mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in SK Hynix, Hyundai Motor, KB Financial Group, Samsung C&amp;T, Samsung Electronics.


KRX Foreign Holding Weekly (Feb 16th): SK Hynix, Hyundai Motor, KB Financial Group, Samsung C&T

Cross Asset Strategy

<ul>
<li>Choi Sang-Mok (Deputy Prime Minister and Minister of Strategy and Finance) stated that the Korean government will announce specific plans to increase the value of low PBR stocks this month. </li>
<li>We provide a list of 97 stocks in KOSPI 200 that are trading below 1x P/B. They are trading at average P/B of 0.54x. </li>
<li>We expect these low P/B stocks to continue to outperform the market in the next several weeks leading up to the government's actual announcement.</li>
</ul>


Choi Sang-Mok (Deputy Prime Minister and Minister of Strategy and Finance) stated that the Korean government will announce specific plans to increase the value of low PBR stocks this month. 
We provide a list of 97 stocks in KOSPI 200 that are trading below 1x P/B. They are trading at average P/B of 0.54x. 
We expect these low P/B stocks to continue to outperform the market in the next several weeks leading up to the government's actual announcement.


Korean Government to Announce Specific Measures to Increase Value of Low PBR Stocks in February

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Feb 9th which has an aggregated holding worth USD509.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,322mln. 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 Hyundai Motor, Samsung Electronics, Kia, Sk Square, Samsung C&amp;T.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Feb 9th which has an aggregated holding worth USD509.9bn.
We estimate that foreign flows to be inflows of USD2,322mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instistutions.
We highlight foreign changes in Hyundai Motor, Samsung Electronics, Kia, Sk Square, Samsung C&amp;T.


KRX Foreign Holding Weekly (Feb 9th): Hyundai Motor, Samsung Electronics, Kia, Sk Square

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005380 KS)

Ecopro BM: Announces It Will Switch Listing from KOSDAQ to KOSPI

After the market close on 27 February, Ecopro BM (247540 KS) announced that it will switch its listing from KOSDAQ to KOSPI.

Douglas Kim

KRX Foreign Holding Weekly (Feb 23rd): Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&T

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Ocean, Sk Hynix, Posco Holdings, Samsung C&T.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Feb 16th): SK Hynix, Hyundai Motor, KB Financial Group, Samsung C&T

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hyundai Motor, KB Financial Group,...

Ke Yan, CFA, FRM

Korean Government to Announce Specific Measures to Increase Value of Low PBR Stocks in February

Korean government announced it will reveal Corporate Value Program details to reduce stock market valuation discount on 26 February. They include...

Douglas Kim

KRX Foreign Holding Weekly (Feb 9th): Hyundai Motor, Samsung Electronics, Kia, Sk Square

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Motor, Samsung Electronics, Kia, Sk...

Ke Yan, CFA, FRM

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