Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight">
In this insight, we provide an update of Kakao Bank which is getting ready to release its IPO prospectus in the coming days. Even without the prospectus, the company has already provided a lot of the the company's financials, industry analysis, and other materials in its annual and quarterly earnings filings. In this insight, we try to provide some of our key findings from its financial filings of Kakao Bank, but excluding the bankers' valuation assessment which is not yet available. 
Kakao Bank is expected to be one of the largest IPOs in Korea in 2021. In the gray market, it is currently trading at 96,500 won per share or 39.5 trillion won. The two largest banks in Korea are <a href="https://www.smartkarma.com/entities/kb-financial-group-inc" target="_blank" data-smartkarma-citation="entities:718:1" rel="noopener">KB Financial (105560 KS)</a> and <a href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:6978:1" rel="noopener">Shinhan Financial (055550 KS),</a> which have market caps of 22.9 trillion won and 20.6 trillion won, respectively. As a result, Kakao Bank's market cap (in the gray market) is close to the combined market caps of KB Financial and Shinhan Financial (43.5 trillion won) which is quite remarkable. 
</div>


In this insight, we provide an update of Kakao Bank which is getting ready to release its IPO prospectus in the coming days. Even without the prospectus, the company has already provided a lot of the the company's financials, industry analysis, and other materials in its annual and quarterly earnings filings. In this insight, we try to provide some of our key findings from its financial filings of Kakao Bank, but excluding the bankers' valuation assessment which is not yet available. 
Kakao Bank is expected to be one of the largest IPOs in Korea in 2021. In the gray market, it is currently trading at 96,500 won per share or 39.5 trillion won. The two largest banks in Korea are KB Financial (105560 KS) and Shinhan Financial (055550 KS), which have market caps of 22.9 trillion won and 20.6 trillion won, respectively. As a result, Kakao Bank's market cap (in the gray market) is close to the combined market caps of KB Financial and Shinhan Financial (43.5 trillion won) which is quite remarkable. 


Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

Thematic (Sector/Industry)

This Original aims to identify the key investment opportunities among the listed brokers in the three major East Asian countries - China, Japan, and Korea. By looking at the development of the brokerage sectors in these three countries, we observe a general trend where upstart online brokers first compete against the more established brokers based on their cost and technological advantages. This then pushes the more established brokers to either focus on more lucrative wholesale businesses or adopt and invest in tech initiatives in order to stay competitive in the retail market.After further establishing themselves in the retail market, these upstart online brokers then also diversify and expand into the more lucrative wealth/asset management or even wholesale businesses.  By gauging at which phase the broker is in this cycle, investors can have a good understanding of its future outlook.In our opinion, Korean brokers currently offer the best value, while the Chinese pure-play online brokers offer the highest growth potential. As such, our pecking order, in terms of investment attractiveness, is <a href="https://www.smartkarma.com/entities/kiwoom-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:20418:1" rel="noopener">Kiwoom Securities (039490 KS)</a>, <a href="https://www.smartkarma.com/entities/east-money-information-co-a" target="_blank" data-smartkarma-citation="entities:8075:1" rel="noopener">East Money Information Co A (300059 CH)</a>, <a href="https://www.smartkarma.com/entities/futu-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27858:1" rel="noopener">Futu Holdings Ltd (FUTU US)</a>, <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a> / <a href="https://www.smartkarma.com/entities/huatai-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:449:1" rel="noopener">Huatai Securities Co Ltd (H) (6886 HK)</a>.  <h2>What is Original?</h2>In this Original, we look into the competitive landscape of the brokerage sectors in China, Japan, and Korea. 55 listed brokers from these three countries are included in this Original as the company universe for regression analysis. Among them, a total of 8 brokers are chosen, with their company profiles separately presented, to further showcase and contrast the impact of competition and technological disruption. Based on this, a pecking order is then developed, both on a country and a company basis.

This Original aims to identify the key investment opportunities among the listed brokers in the three major East Asian countries - China, Japan, and Korea. By looking at the development of the brokerage sectors in these three countries, we observe a general trend where upstart online brokers first compete against the more established brokers based on their cost and technological advantages. This then pushes the more established brokers to either focus on more lucrative wholesale businesses or adopt and invest in tech initiatives in order to stay competitive in the retail market.After further establishing themselves in the retail market, these upstart online brokers then also diversify and expand into the more lucrative wealth/asset management or even wholesale businesses.  By gauging at which phase the broker is in this cycle, investors can have a good understanding of its future outlook.In our opinion, Korean brokers currently offer the best value, while the Chinese pure-play online brokers offer the highest growth potential. As such, our pecking order, in terms of investment attractiveness, is Kiwoom Securities (039490 KS), East Money Information Co A (300059 CH), Futu Holdings Ltd (FUTU US), Monex Group Inc (8698 JP) / Huatai Securities Co Ltd (H) (6886 HK).  What is Original?In this Original, we look into the competitive landscape of the brokerage sectors in China, Japan, and Korea. 55 listed brokers from these three countries are included in this Original as the company universe for regression analysis. Among them, a total of 8 brokers are chosen, with their company profiles separately presented, to further showcase and contrast the impact of competition and technological disruption. Based on this, a pecking order is then developed, both on a country and a company basis.

Asian Brokers: A Competition Between Value and Growth

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

Korea has a total of 121 preferred shares.<div class="content-highlight">You can find all the preferred share names in Korea with the disparity to the ordinary shares and the sigma on a 20-day moving average in the attached file.</div><hr>6 prefs in total have a market cap of more than ₩1T. The largest one is Samsung Electronics 1P featuring a market cap of ₩61.6T.<table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Pref"}'>Top 10 largest market cap prefs in Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Market cap (₩B)"}'>Market cap (₩B)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd Preference Shares Non Voting"}'>Samsung Electronics Co Ltd Preference Shares Non Voting</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005935"}'>005935</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":61551.92516}' data-sheets-numberformat='[null,2,"#,##0.0"]'>61,551.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S2 Pref Shs"}'>Hyundai Motor S2 Pref Shs</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005387"}'>005387</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4049.885061}' data-sheets-numberformat='[null,2,"#,##0.0"]'>4,049.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd Preference Shares"}'>LG Chem Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051915"}'>051915</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3344.628}' data-sheets-numberformat='[null,2,"#,##0.0"]'>3,344.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S1 Pref Shs"}'>Hyundai Motor S1 Pref Shs</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005385"}'>005385</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2752.305405}' data-sheets-numberformat='[null,2,"#,##0.0"]'>2,752.3</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd Preference Shares"}'>LG Household &amp; Healthcare Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051905"}'>051905</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1553.77578}' data-sheets-numberformat='[null,2,"#,##0.0"]'>1,553.8</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Electronics Inc. Preference Shares"}'>LG Electronics Inc. Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"066575"}'>066575</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1254.577416}' data-sheets-numberformat='[null,2,"#,##0.0"]'>1,254.6</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp Preference Shares"}'>Amorepacific Corp Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"090435"}'>090435</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":978.710841}' data-sheets-numberformat='[null,2,"#,##0.0"]'>978.7</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd Preferred Shares"}'>Samsung SDI Co Ltd Preferred Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"006405"}'>006405</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":711.065292}' data-sheets-numberformat='[null,2,"#,##0.0"]'>711.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Mirae Asset Securities 2PB"}'>Mirae Asset Securities 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"00680K"}'>00680K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":697.9}' data-sheets-numberformat='[null,2,"#,##0.0"]'>697.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korea Investment Holdings Co., Ltd. Preference Shares"}'>Korea Investment Holdings Co., Ltd. Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"071055"}'>071055</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":521.384339}' data-sheets-numberformat='[null,2,"#,##0.0"]'>521.4</td>
</tr>
<tr><td colspan="3">Source: KRX</td></tr>
</tbody>
</table>These are the top 10 preferred shares having the widest disparity to the ordinary shares. Solus Advanced Materials 1P tops the list with a 66.87% disparity. 4 prefs in total are above a 60% disparity to their respective ordinary share. A total of 19 prefs have a +50% disparity to the ordinary shares.<table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Pref"}'>Top 10 prefs having the widest disparity to ordinary share in Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Disparity to ordinary share"}'>Disparity to ordinary share</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Solus Advanced Materials 1P"}'>Solus Advanced Materials 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33637K"}'>33637K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.668693009118541}' data-sheets-numberformat='[null,3,"0.00%",1]'>66.87%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp Preference Shares"}'>Amorepacific Corp Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"090435"}'>090435</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6653429602888087}' data-sheets-numberformat='[null,3,"0.00%",1]'>66.53%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"AmoreG 1P Pref Shs"}'>AmoreG 1P Pref Shs</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002795"}'>002795</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6418918918918919}' data-sheets-numberformat='[null,3,"0.00%",1]'>64.19%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell 1P"}'>Doosan Fuel Cell 1P</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33626K"}'>33626K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6262626262626263}' data-sheets-numberformat='[null,3,"0.00%",1]'>62.63%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Nexen Tire Corp Preference Shares"}'>Nexen Tire Corp Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002355"}'>002355</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5765124555160143}' data-sheets-numberformat='[null,3,"0.00%",1]'>57.65%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BYC Co., Ltd Preference Shares"}'>BYC Co., Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"001465"}'>001465</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5660621761658031}' data-sheets-numberformat='[null,3,"0.00%",1]'>56.61%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell 2PB"}'>Doosan Fuel Cell 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33626L"}'>33626L</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5391414141414141}' data-sheets-numberformat='[null,3,"0.00%",1]'>53.91%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S3 Pref Shs"}'>Hyundai Motor S3 Pref Shs</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005389"}'>005389</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5357142857142857}' data-sheets-numberformat='[null,3,"0.00%",1]'>53.57%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd Preference Shares"}'>LG Household &amp; Healthcare Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051905"}'>051905</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5289624443029918}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.90%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd Preference Shares"}'>LG Chem Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051915"}'>051915</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5266594124047879}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.67%</td>
</tr>
<tr><td colspan="3">Source: KRX</td></tr>
</tbody>
</table>

Korea has a total of 121 preferred shares.You can find all the preferred share names in Korea with the disparity to the ordinary shares and the sigma on a 20-day moving average in the attached file.6 prefs in total have a market cap of more than ₩1T. The largest one is Samsung Electronics 1P featuring a market cap of ₩61.6T.







Top 10 largest market cap prefs in Korea
Ticker
Market cap (₩B)


Samsung Electronics Co Ltd Preference Shares Non Voting
005935
61,551.9


Hyundai Motor S2 Pref Shs
005387
4,049.9


LG Chem Ltd Preference Shares
051915
3,344.6


Hyundai Motor S1 Pref Shs
005385
2,752.3


LG Household &amp; Healthcare Ltd Preference Shares
051905
1,553.8


LG Electronics Inc. Preference Shares
066575
1,254.6


Amorepacific Corp Preference Shares
090435
978.7


Samsung SDI Co Ltd Preferred Shares
006405
711.1


Mirae Asset Securities 2PB
00680K
697.9


Korea Investment Holdings Co., Ltd. Preference Shares
071055
521.4

Source: KRX

These are the top 10 preferred shares having the widest disparity to the ordinary shares. Solus Advanced Materials 1P tops the list with a 66.87% disparity. 4 prefs in total are above a 60% disparity to their respective ordinary share. A total of 19 prefs have a +50% disparity to the ordinary shares.







Top 10 prefs having the widest disparity to ordinary share in Korea
Ticker
Disparity to ordinary share


Solus Advanced Materials 1P
33637K
66.87%


Amorepacific Corp Preference Shares
090435
66.53%


AmoreG 1P Pref Shs
002795
64.19%


Doosan Fuel Cell 1P
33626K
62.63%


Nexen Tire Corp Preference Shares
002355
57.65%


BYC Co., Ltd Preference Shares
001465
56.61%


Doosan Fuel Cell 2PB
33626L
53.91%


Hyundai Motor S3 Pref Shs
005389
53.57%


LG Household &amp; Healthcare Ltd Preference Shares
051905
52.90%


LG Chem Ltd Preference Shares
051915
52.67%

Source: KRX



Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We are beginning to see rotations back into risk-on areas of the market, a bullish sign for global equities. This only adds to our constructive outlook; we are bullish and we expect higher prices in the weeks and months ahead.

We are beginning to see rotations back into risk-on areas of the market, a bullish sign for global equities. This only adds to our constructive outlook; we are bullish and we expect higher prices in the weeks and months ahead. 

Global Equity Strategy: Buy Energy & Financials; EM Improving

Korea Investment Holdings Co, Ltd. / Equity Capital Markets

<div class="content-highlight">According to K-Bank, it gained 1.72 million new customers in 1Q 2021. This was more than the 1.57 million customers that K-Bank gained from 2018 to 2020. It is estimated about 70% of K-Bank's new customers in 2021 are young people in their 20s and 30s that are flocking to K-Bank to invest in cryptocurrencies such as Bitcoin and Ethereum at the cryptocurrency exchange Upbit, which requires the users to have an account at K-Bank to deposit or withdraw money for cryptocurrency trading.</div><a href="https://www.hankyung.com/finance/article/2021041583121" target="_blank" rel="noopener">Korea Value Asset Mgmt</a> has a 27.1% stake in Kakao Bank. Korea Value Asset Mgmt is 100% owned by Korea Investment &amp; Securities, which is also 100% owned by <a href="https://www.smartkarma.com/entities/korea-investment-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:14839:1" rel="noopener">Korea Investment Holdings Co, Ltd. (071050 KS)</a>. Thus, Korea Investment &amp; Securities directly and indirectly owns 31.8% stake in Kakao Bank. Korea Investment &amp; Securities currently has a market cap of 5.8 trillion won. If Kakao Bank is valued at 20 trillion won, a 31.8% stake in the company would be worth 6.4 trillion won, which would be worth 110% of Korea Investment &amp; Securities' market cap. Therefore, although the exact number of how many new licenses for Internet banks remains uncertain, we believe that there could be any many as 2 to 3+ new Internet banks in the next 2-3 years. It is probably no coincidence that Kakao Bank is trying to complete its IPO this year. Kakao Bank will be aiming to accelerate this IPO prior to the Korean government giving out new licenses for Internet banks this year.

According to K-Bank, it gained 1.72 million new customers in 1Q 2021. This was more than the 1.57 million customers that K-Bank gained from 2018 to 2020. It is estimated about 70% of K-Bank's new customers in 2021 are young people in their 20s and 30s that are flocking to K-Bank to invest in cryptocurrencies such as Bitcoin and Ethereum at the cryptocurrency exchange Upbit, which requires the users to have an account at K-Bank to deposit or withdraw money for cryptocurrency trading.Korea Value Asset Mgmt has a 27.1% stake in Kakao Bank. Korea Value Asset Mgmt is 100% owned by Korea Investment &amp; Securities, which is also 100% owned by Korea Investment Holdings Co, Ltd. (071050 KS). Thus, Korea Investment &amp; Securities directly and indirectly owns 31.8% stake in Kakao Bank. Korea Investment &amp; Securities currently has a market cap of 5.8 trillion won. If Kakao Bank is valued at 20 trillion won, a 31.8% stake in the company would be worth 6.4 trillion won, which would be worth 110% of Korea Investment &amp; Securities' market cap. Therefore, although the exact number of how many new licenses for Internet banks remains uncertain, we believe that there could be any many as 2 to 3+ new Internet banks in the next 2-3 years. It is probably no coincidence that Kakao Bank is trying to complete its IPO this year. Kakao Bank will be aiming to accelerate this IPO prior to the Korean government giving out new licenses for Internet banks this year. 

K-Bank Vs. Kakao Bank: A Big Change in New Customers Driven by Cryptos

South Korea

Korea Investment Holdings Co., Ltd. is a financial holding company. The Company operates and controls its financial subsidiaries such as Korea Investment & Securities, Korea Investment Partners, and Korea Investment Mutual Savings Bank.

Korea Investment Holdings Co, Ltd. (071050 KS)

Price Gauge
52-week Range	0.00 - 0.00
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Korea Investment Holdings Co, Ltd. (071050 KS)

An Update on the Kakao Bank IPO

We provide an update of Kakao Bank which is getting ready to release its IPO prospectus in the coming days. In the gray market, it is trading at...

Douglas Kim

Asian Brokers: A Competition Between Value and Growth

The Original looks into the current competitive landscape of the brokerage sectors in China, Japan, and Korea, with a view to developing a list of...

Alec Tseung

Korea Prefs Long/Short Pairs Trade Ideas

This post investigates all of Korea's 121 preferred shares for their disparity ratio to the ordinary shares and sigma on a 20-day moving average to...

Sanghyun Park

Global Equity Strategy: Buy Energy & Financials; EM Improving

We are seeing rotations back into risk-on areas of the market (Energy & Financials), a bullish sign for global equities. We are bullish and we...

Vermilion Research

K-Bank Vs. Kakao Bank: A Big Change in New Customers Driven by Cryptos

In this insight, we discuss the exploding growth of new customers at K-Bank, the IPO expectations of Kakao Bank, and the likelihood of additional...

Douglas Kim

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52-week Range

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