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

Amorepacific Group: SoTP Valuation and Meaning of Min-Jung Suh Taking One Year Leave of Absence

Gap Trades in Korean Prefs Vs Common Share Pairs in 4Q 2023

Gap Trades in Korean Prefs Vs Common Share Pairs in 3Q 2023

China to Finally Allow Group Tours to Korea and Japan?

Light at the End of the Dark Tunnel for Korean Cosmetics?

Hoban Construction Acquires a 17.4% Stake in HanjinKal

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

Equity Bottom-Up

<ul>
<li>Amorepacific Corp (090430 KS) is likely to be one of the biggest beneficiaries of the return of Chinese group tours in Korea.</li>
<li>Now that the Chinese government is allowing group tours to South Korea, this will likely lead to a sharp improvement in the company's sales and profits in 2023-2024.</li>
<li>We expect the consensus to raise sales estimates of Amorepacific Corp by about 3-5%+ and operating profit estimates by 20-30%+ in 2023 and 2024. </li>
</ul>


Amorepacific Corp (090430 KS) is likely to be one of the biggest beneficiaries of the return of Chinese group tours in Korea.
Now that the Chinese government is allowing group tours to South Korea, this will likely lead to a sharp improvement in the company's sales and profits in 2023-2024.
We expect the consensus to raise sales estimates of Amorepacific Corp by about 3-5%+ and operating profit estimates by 20-30%+ in 2023 and 2024. 


Amorepacific Corp: Return of the Korean Cosmetics King With End of Ban on Chinese Group Tours