Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Collapse of Silicon Valley Bank (SVB) - Impact on Korean Banks

Silicon Valley Bank a Stern Reminder but No Cause for Panic in Asia

Investors' Capital Allocation Shift Among Korean Banks Post Collapse of SVB Financial

Daewoo E&C - Downside Risks Ahead (Part 1)

Yoon Suk-Yeol Becomes the New President of South Korea

Hyundai Engineering & Construction: Top Five Catalysts

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Thematic (Sector/Industry)

South korea Construction and engineering / Thematic (Sector/Industry)

Hyundai Engineering & Construction (000720 KS)

<ul>
<li>There has been a sharp increase in unsold housing units in Korea. There were 68k unsold housing units in Korea at the end of 2022, up 278% YoY</li>
<li>Unsold housing units is likely to get worse in Korea in the coming months driven by higher housing units supply, stubbornly high interest rates, and increasing probability of global recession. </li>
<li>We believe there is a sound trading opportunity of shorting a basket of large construction stocks including Hyundai E&amp;C, GS E&amp;C, and Daewoo E&amp;C over the next 6-12 months.</li>
</ul>


There has been a sharp increase in unsold housing units in Korea. There were 68k unsold housing units in Korea at the end of 2022, up 278% YoY
Unsold housing units is likely to get worse in Korea in the coming months driven by higher housing units supply, stubbornly high interest rates, and increasing probability of global recession. 
We believe there is a sound trading opportunity of shorting a basket of large construction stocks including Hyundai E&amp;C, GS E&amp;C, and Daewoo E&amp;C over the next 6-12 months.


Daewoo Engineering & Construction (047040 KS)

GS Engineering & Construction (006360 KS)

A Sharp Increase in Unsold Housing Units in Korea: A Trading Opportunity