Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>Korea Exchange announced KOSPI 200 rebalance additions and deletions today. There were 14 new additions and deletions (7 each).</li>
<li>Some surprises in KOSPI 200 rebalance included addition of Seah Besteel and deletion of HDC Hyundai Development. </li>
<li>There were a lot more additions and deletions in KOSDAQ 150 (34 total additions and deletions). Among the KOSDAQ 150 additions included Neowiz, JNTC, Lunit, and Jeio.</li>
</ul>


Korea Exchange announced KOSPI 200 rebalance additions and deletions today. There were 14 new additions and deletions (7 each).
Some surprises in KOSPI 200 rebalance included addition of Seah Besteel and deletion of HDC Hyundai Development. 
There were a lot more additions and deletions in KOSDAQ 150 (34 total additions and deletions). Among the KOSDAQ 150 additions included Neowiz, JNTC, Lunit, and Jeio.


KOSPI 200 and KOSDAQ 150 Rebalance Additions and Deletions Announced (December 2023)

Equity Bottom-Up

<ul>
<li>Com2us Corp (078340 KS) is the most likely corporate activist target in Korea's game industry.</li>
<li>Our base case valuation of Com2uS suggests a target price of 97,321 won which is 49% higher than current price.</li>
<li>Finally, the company is expected to launch at least 3-4 promising new games this year. All in all, we have a positive view of Com2uS Corp. </li>
</ul>


Com2us Corp (078340 KS) is the most likely corporate activist target in Korea's game industry.
Our base case valuation of Com2uS suggests a target price of 97,321 won which is 49% higher than current price.
Finally, the company is expected to launch at least 3-4 promising new games this year. All in all, we have a positive view of Com2uS Corp. 


Com2uS Corp: The Most Likely Corporate Activist Target in Korea's Game Industry

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>K Car's major shareholder is Hahn &amp; Company, which has already fully recovered the initial investment. So, there is an actual probability that it will make an aggressive exit.</li>
<li>SingEel's 3-month IPO institutional and VCs will be released, 6.18% of SO. All of them are in a profit zone, there is a possibility that an aggressive overhang will occur.</li>
<li>Kakao's 47% holdings in Kakao Pay will be released. The possibility of lowering the stake seems quite low. Nevertheless, we must consider the risk that this will affect market sentiment.</li>
</ul>


K Car's major shareholder is Hahn &amp; Company, which has already fully recovered the initial investment. So, there is an actual probability that it will make an aggressive exit.
SingEel's 3-month IPO institutional and VCs will be released, 6.18% of SO. All of them are in a profit zone, there is a possibility that an aggressive overhang will occur.
Kakao's 47% holdings in Kakao Pay will be released. The possibility of lowering the stake seems quite low. Nevertheless, we must consider the risk that this will affect market sentiment.


Noteworthy Lockup Releases for the Next Two Months in Korea

<ul>
<li>We discuss end of the mandatory lock-up periods for 42 stocks in Korea in October 2022, among which 7 are in KOSPI and 35 are in KOSDAQ.</li>
<li>These 42 stocks on average could be subject to further selling pressures in October and could underperform relative to the market. </li>
<li>Among these 42 stocks, the top 3 market cap stocks include NH Investment &amp; Securities, Sungeel Hitech, and Dongwon Systems. They could be exposed to greater selling pressures in October. </li>
</ul>


We discuss end of the mandatory lock-up periods for 42 stocks in Korea in October 2022, among which 7 are in KOSPI and 35 are in KOSDAQ.
These 42 stocks on average could be subject to further selling pressures in October and could underperform relative to the market. 
Among these 42 stocks, the top 3 market cap stocks include NH Investment &amp; Securities, Sungeel Hitech, and Dongwon Systems. They could be exposed to greater selling pressures in October. 


End of Mandatory Lock-Up Periods for 42 Companies in Korea in October 2022

<ul>
<li>We discuss ways of finding alpha with the end of mandatory lock-up periods data from Korea Securities Depository (KSD) which comes out at the end of each month.</li>
<li>Key companies that are highlighted in this monthly data have been typically underperforming the market much more than the market overall this year.</li>
<li>Among these stocks, some of the big underperformers this year include Kakao Pay (377300 KS), HYBE (352820 KS), WYSIWYG Studios (299900 KS), and DearU (376300 KS).</li>
</ul>


We discuss ways of finding alpha with the end of mandatory lock-up periods data from Korea Securities Depository (KSD) which comes out at the end of each month.
Key companies that are highlighted in this monthly data have been typically underperforming the market much more than the market overall this year.
Among these stocks, some of the big underperformers this year include Kakao Pay (377300 KS), HYBE (352820 KS), WYSIWYG Studios (299900 KS), and DearU (376300 KS).


Finding Alpha with the End of Mandatory Lock-Up Periods Data from Korea Securities Depository

South Korea

Wysiwyg Studios Co., Ltd. provides video technology production services. The Company produces and sells movies, dramas, broadcasts, animations, and other products. Wysiwyg Studios markets its products throughout Korea.

Price Gauge
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WYSIWYG Studios (299900 KS)

KOSPI 200 and KOSDAQ 150 Rebalance Additions and Deletions Announced (December 2023)

Korea Exchange announced KOSPI 200 rebalance additions and deletions today. There were 14 new additions and deletions (7 each). There were a lot...

Douglas Kim

Com2uS Corp: The Most Likely Corporate Activist Target in Korea's Game Industry

Com2us Corp (078340 KS) is the most likely corporate activist target in Korea's game industry in our view. The company is expected to launch at...

Douglas Kim

Noteworthy Lockup Releases for the Next Two Months in Korea

This post investigates the noteworthy lockup releases on KOSPI and KOSDAQ for the next two months, October and November.

Sanghyun Park

End of Mandatory Lock-Up Periods for 42 Companies in Korea in October 2022

We discuss end of the mandatory lock-up periods for 42 stocks in Korea in October 2022, among which 7 are in KOSPI and 35 are in KOSDAQ.

Douglas Kim

Finding Alpha with the End of Mandatory Lock-Up Periods Data from Korea Securities Depository

We discuss ways of finding alpha with the end of mandatory lock-up periods data from Korea Securities Depository (KSD) which comes out at the end...

Douglas Kim

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