Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

End of Mandatory Lock-Up Periods for 49 Companies in Korea in September 2023

Kakao Games: Further Downside Risk as IPO of Lionheart Studio Likely in 1H 2023

Kakao Games: Announces A Rights Offering Worth 197 Billion Won

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

Event-Driven

<ul>
<li>One of the biggest risks facing Kakao Games is nearly 500 billion won that it may need to pay to investors that exercise their put options on CB.</li>
<li>The full exercise of the put options on CBs (500 billion won) could represent nearly 24% of Kakao Games' market cap at current prices. </li>
<li>The worst case for Kakao Games would be for the company to pay nearly 500 billion won at once by the end of March. </li>
</ul>


One of the biggest risks facing Kakao Games is nearly 500 billion won that it may need to pay to investors that exercise their put options on CB.
The full exercise of the put options on CBs (500 billion won) could represent nearly 24% of Kakao Games' market cap at current prices. 
The worst case for Kakao Games would be for the company to pay nearly 500 billion won at once by the end of March. 


Kakao Games: Put Options on CB Likely to Drive Lower Share Price