Impact of SpaceX Listing on the Korean Stock Market | Han Yugeon, Hana Securities Research Center Team Leader

Summary

Han Yugeon, small-cap team leader at Hana Securities Research Center, discusses the upcoming SpaceX IPO and its implications for Korean markets. He recommends buying Korean supply chain stocks like HBM, SeAH Besteel Holdings, Almac, and Mirae Asset Securities, viewing the recent correction as a buying opportunity ahead of a stronger second half. He also sees the KOSDAQ pullback as a chance to buy into a second-half recovery, while warning of potential post-Nasdaq 100 inclusion selling pressure on SpaceX.

• SpaceX IPO valued at $1.75 trillion, matching major defense contractors combined.
• Starlink drives 60-70% of revenue, with subscriber numbers expected to double this year.
• Han sees trickle-down benefits for Korean suppliers from SpaceX's capex spending.
• Direct beneficiaries named: HBM, SeAH Besteel Holdings, Almac, and Mirae Asset Securities.
• Recent KOSDAQ correction seen as a buying opportunity; second half to improve on earnings and government support.
• Caution flagged for a supply black hole in SpaceX after Nasdaq 100 inclusion around July 7.
• Initial lock-up float is only 4.2%, easing near-term supply overhang fears.