Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Mirae Asset Securities / Equity Bottom-Up

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

<ul>
<li>It has been revealed that three Mirae Asset Group companies including Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital combined invested US$278 million in SpaceX.</li>
<li>Mirae Asset Group is the biggest Korean investor in SpaceX. Its investment in SpaceX is estimated to be about 2.3% of the total US$12 billion already received in SpaceX. </li>
<li>If SpaceX's valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies' investment returns in SpaceX could be more than 10x their original investments.</li>
</ul>


It has been revealed that three Mirae Asset Group companies including Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital combined invested US$278 million in SpaceX.
Mirae Asset Group is the biggest Korean investor in SpaceX. Its investment in SpaceX is estimated to be about 2.3% of the total US$12 billion already received in SpaceX. 
If SpaceX's valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies' investment returns in SpaceX could be more than 10x their original investments.


Mirae Asset Group - The Biggest Korean Investor in SpaceX

Index Rebalance

Miwon Specialty Chemical / Index Rebalance

Miwon Specialty Chemical Co., Ltd. produces and supplies basic raw materials for energy curing systems. The Company produces acrylate, methacrylate monomers, oligomers, photoinitiators, and other related chemicals. Miwon Specialty Chemical serves customers in South Korea.

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.</li>
<li>We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).</li>
<li>Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period. </li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2026.
We provide 8 potential deletion candidates including Miwon Specialty Chemical (268280 KS), SeAH Steel Holdings (003030 KS), Asia Holdings (002030 KS), and Miwon Commercial (002840 KS).
Eight potential additions in KOSPI200 in June 2026 are up on average 41.7% on average in the past six months, outperforming KOSPI in the same period. 


An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

<ul>
<li>Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. </li>
<li>SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.</li>
<li>Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.</li>
</ul>


Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. 
SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.
Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.


Event-Driven

Asian Terminals, Inc., through its subsidiaries, operates and manages port terminals in the Philippines. The company operates and manages the Manila South Harbor, the Inland Clearance Depot, the Port of Batangas, and the Port of General Santos, as well as off-dock container yards. It provides stevedoring, arrastre, warehousing, storage, carnage, container freight station, domestic cargo handling, passenger terminal, and other port related services for international shipping lines; and trucking, just-in-time delivery, brokerage, and maintenance and repair services. The company was formerly known as Marina Port Services, Inc. Asian Terminals, Inc. was incorporated in 1986 and is headquartered in Manila, the Philippines.

<ul>
<li>Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals. </li>
<li>This could accelerate the delisting of Asian Terminals from the Philippine Stock Exchange (PSE).</li>
<li>Tender offer price is 36 PHP. Upon completion, MIC is expected to hold approximately 11.2% of ATI's outstanding common shares. </li>
</ul>


Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals. 
This could accelerate the delisting of Asian Terminals from the Philippine Stock Exchange (PSE).
Tender offer price is 36 PHP. Upon completion, MIC is expected to hold approximately 11.2% of ATI's outstanding common shares. 


A Tender Offer for Asian Terminals by Maharlika Investment Corp (Philippines Sovereign Wealth Fund)

Equity Capital Markets

SEMIFIVE is a leading design solution provider and pioneer of platform-based custom silicon solutions.

<ul>
<li>SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. </li>
<li>A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. </li>
<li>Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.</li>
</ul>


SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. 
A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. 
Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.


SemiFive IPO Bookbuilding Results Analysis

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

Douglas Kim
Korea/Asia, Events, IPOs
• Douglas Research Advisory

Mirae Asset Group - The Biggest Korean Investor in SpaceX

If SpaceX's valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies' investment returns in SpaceX could...

Douglas Kim

An Early Look at Potential Additions and Deletions to KOSPI200 in June 2026

In this insight, we provide an early look at the potential additions (8) and deletions (8) to KOSPI200 rebalance in June 2026.

Douglas Kim

2026 High Conviction Idea: SK Inc

SK Inc. has selected Doosan Corp. as the preferred bidder for the sale of its 70.6% stake in SK Siltron. With the entire company valued at around 5...

Douglas Kim

A Tender Offer for Asian Terminals by Maharlika Investment Corp (Philippines Sovereign Wealth Fund)

Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals (ATI PM).

Douglas Kim

SemiFive IPO Bookbuilding Results Analysis

SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. A 43.9% of the total IPO shares are under various...

Douglas Kim