Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Posco International Corporation / Equity Bottom-Up

<ul>
<li>Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to significantly increase the Alaskan gas fields.</li>
<li>The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.</li>
<li>Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive. </li>
</ul>


Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to significantly increase the Alaskan gas fields.
The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.
Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive. 


POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields

<ul>
<li>Both POSCO Holdings (005490 KS) and Posco International Corporation (047050 KS) provided solid, new Corporate Value Up reports. </li>
<li>However, POSCO International's plan is much better. POSCO International plans to provide total shareholder returns of 50% which is more than double of its previous total shareholder return plan.</li>
<li>This sharp increase in shareholder returns is likely to lead to share outperformance of POSCO International relative to the market in the next several months. </li>
</ul>


Both POSCO Holdings (005490 KS) and Posco International Corporation (047050 KS) provided solid, new Corporate Value Up reports. 
However, POSCO International's plan is much better. POSCO International plans to provide total shareholder returns of 50% which is more than double of its previous total shareholder return plan.
This sharp increase in shareholder returns is likely to lead to share outperformance of POSCO International relative to the market in the next several months. 


New Corporate Value Up Plans of POSCO Holdings and POSCO International

Kepco Plant Service & Engineering / Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March. </li>
<li>Some of the top 10 Korean stock picks in the bi-weekly (starting 17 March) include Kepco Plant Service &amp; Engineering, Hyundai Wia, Poongsan, and Doosan Enerbility. </li>
<li>The biggest near-term negative catalyst on the Korean stock market remains tariffs.  The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of March.</li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March. 
Some of the top 10 Korean stock picks in the bi-weekly (starting 17 March) include Kepco Plant Service &amp; Engineering, Hyundai Wia, Poongsan, and Doosan Enerbility. 
The biggest near-term negative catalyst on the Korean stock market remains tariffs.  The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of March.


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025)

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>2Q consolidated OP forecast at W278.5bn (- 22.0% yoy). Consensus beat likely.</li><li>Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.</li><li>A reliable upstream developer proven by its successful gas field project in Myanmar and another potential gas explorations in Malaysia and Indonesia.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

2Q consolidated OP forecast at W278.5bn (- 22.0% yoy). Consensus beat likely.Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.A reliable upstream developer proven by its successful gas field project in Myanmar and another potential gas explorations in Malaysia and Indonesia.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

POSCO International (047050 KS) - The Last of the Real Ones

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Following the short sell ban announced on the weekend, the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> opened higher on Monday and rallied through the day.</li>
<li>A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.</li>
<li>Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.</li>
</ul>


Following the short sell ban announced on the weekend, the KOSPI 200 and KOSDAQ 150 opened higher on Monday and rallied through the day.
A lot of the intraday gains on Monday have been given up over the next two trading days. Surprisingly, KRX data indicates that not a lot of shorts have covered.
Foreigners have been net cash buyers since Monday (could indicate covering of offshore borrow) while retail were big sellers on Monday.


Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

South Korea

Posco International Corporation is a general trading company.  The Company exports and imports steel, cement, crude oil, heavy machinery, automobile parts, and textiles.  Daewoo also manufactures synthetic fabrics for footwear, garments, and car seats, and operates a department store in Masan.

Posco International Corporation (047050 KS)

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Posco International Corporation (047050 KS)

POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields

Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration's efforts to...

Douglas Kim

New Corporate Value Up Plans of POSCO Holdings and POSCO International

Both POSCO Holdings (005490 KS) and Posco International Corporation (047050 KS) provided solid, new Corporate Value Up reports. However, POSCO...

Douglas Kim

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March.

Douglas Kim

POSCO International (047050 KS) - The Last of the Real Ones

Increased sales volume from the Myanmar gas field project and seasonallyhigh cost recovery rate drive solid performance in the energy segment.

Daishin Securities

Korea Short Sell Ban: Not a Lot Covered on Monday; Shorts Holding On?

Not a lot of shorts were covered on Monday. There could be more covering in the near term as the market drifts lower. KOSPI200 underperformed...

Brian Freitas

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