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

An Update to Our Pair Trade Between Emart & Coupang

Emart: Double Catalysts Of "Open on Sundays" + Focus on Low P/B Stocks

TMON and WeMakePrice File for Court Receivership - Impact on the Korean E-Commerce and PG Sectors

Emart & Kurly - Double Down On the Pricing War Against Coupang

Starbucks Korea - Emart Takes Ownership Control & Prepares for an IPO

Emart Announces A Major Share Buyback Program

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

Equity Bottom-Up

<ul>
<li>E Mart Inc (139480 KS) is a very interesting turnaround story in Korea with a visible improvement in profit margins. </li>
<li>The end of the social distancing measures will likely lead to a gradual increase of the consumers back to the Emart stores.</li>
<li>Emart is currently trading at attractive valuation multiples of EV/EBITDA of 5.3x and P/B of 0.3x, using 2022 consensus estimates, which are about 19% discount to the historical average. </li>
</ul>


E Mart Inc (139480 KS) is a very interesting turnaround story in Korea with a visible improvement in profit margins. 
The end of the social distancing measures will likely lead to a gradual increase of the consumers back to the Emart stores.
Emart is currently trading at attractive valuation multiples of EV/EBITDA of 5.3x and P/B of 0.3x, using 2022 consensus estimates, which are about 19% discount to the historical average. 


Emart: A Turnaround Story With Improvement in Profit Margins