Mirae Asset Securities' Korean Stock Picks (September 2023)
OCI Holdings, KEPCO, Classys, Ilooda Co Ltd, Chong Kun Dang Pharmaceutical Corp, SK Telecom and Iljin HySolus Co Ltd plus the Korean IPO market has been hot lately.
Mirae Asset Securities (KRX: 006800 / KRX: 520003) is the largest investment banking and stock brokerage company by market capitalization in South Korea. They come out with (and post on their website) a steady stream of free research pieces - namely about Korean stock picks.
Stocks covered by their research during the month of September and (in the order they covered them from the most recent to the earliest in the month) in this post include:
OCI Holdings, KEPCO, Classys, Ilooda Co Ltd, Chong Kun Dang Pharmaceutical Corp, SK Telecom and Iljin HySolus Co Ltd
Note that they usually they cover more stocks; but perhaps they have been busy with IPOs:
Mirae Asset boosting Korea’s IPO market (Korea News Plus) October 2023
In addition, Mirae Asset is one of the lead managers for the IPO of Ecopro Materials, which comes up with battery materials.
As mentioned back in September, there have been or there are plans for a number of Korean IPOs as companies seek to raise capital with these tidbits being rather interesting:
Is IPO market regaining momentum? (The Korea Times) September 2023
Due to the revision of the country's bourse operator regulations in June, the price of newly-offered stocks on the first day of trading can rise up to 400 percent of their IPO price. If the shares display impressive growth early on, the IPO market atmosphere, which had been somewhat depressed throughout the past year, could shift to a new phase, according to analysts.
Tiny IPOs Deliver Big Gains in South Korea’s Hot Stock Market (Bloomberg) (Archived Article) April 2023
The 28 stocks that have listed in Seoul this year to date are up by a weighted average of 47% from their IPO prices.
Exchange is planning to raise limit up for debuts next month
From Investing.com (NOTE: Go to Filter and then select “South Korea” to see IPOs on their exchanges):
Again, you can search the following site for Korean IPO prospectuses and corporate filings albeit you will likely need to use a browser translator to read them:
As for Mirae Asset Securities’ research, they publish their Korean stock pick research in English. Note that when I click on their website, I receive NO pop-up asking what sort of investor I am or my location; but there is this disclaimer at the end of each of the research report PDF files:
This post will NOT be quoting directly from the website or research documents themselves (beyond giving the title of the report - please keep the above disclosures in mind).
Note that their summaries and the more detailed research contained in the PDF files do NOT include good long term technical charts, descriptions of what the company does or links to the stock pick’s IR page, current quote, or most recent statistics - all pet peeves of mine when not made available.
To make your life easier, this post includes:
A heading with the stock name.
A quick description of the stock pick with links to the IR page and stock quote(s) on Yahoo! Finance.
A link to any Wikipedia page (for what it might be worth…)
The title of the report linked to the short summary brief on the Mirae Asset Securities website.
The link to the Mirae Asset Securities research report PDF file about the stock pick.
Forward or trailing P/E and dividend yields linked back to the Yahoo! Finance statistics page.
The latest long term technical chart linked back to Yahoo! Finance.
And as always, this post is provided for informational purposes only (and again, to make your life easier…). It does not constitute investment advice and/or a recommendation…
Keep in mind that Mirae Asset Securities would more or less be doing sell side research (with all the usual conflicts of interest that can arise from doing that) and you probably will never or rarely see a sell recommendation from them - just like you almost never see a sell recommendation coming from Wall Street…
But their equity research comes with good stock financials and it’s in English (as again, many Korean stocks still do not have IR pages or financial reports in English) - meaning its a good starting point for anyone interested in investing directly in Korean stocks.
OCI Holdings (KRX: 010060) together with its subsidiaries, provides various chemical products and energy solutions in South Korea, the United States, China, rest of Asia, Europe, and internationally. The main products of OCI include polycrystalline silicon, hydrogen peroxide, fumed silica, coal tar pitch, BTX, and other chemical related materials.
Forward P/E: 3.96 / Forward Annual Dividend Yield: 3.91% (Yahoo! Finance)