[닷컴버블 20년만에 ‘천스닥’]④Company due diligence in double or triple… Stronger stocks increased

KOSDAQ stocks have become strong. This is thanks to the delisting of the stocks that did not meet the content from 2009, and listing the stocks that were carefully checked in double and triple.

Unlike the early 2000s when the IT bubble collapsed, the profit growth rate of large technology stocks has improved sharply now. It escaped the vague illusion of external growth and succeeded in improving the constitution based on performance.

At the time of IT Bubble in 2000, the problem with companies listed on the KOSDAQ was that they were eager to get bigger rather than improving their performance.

According to the Korea Exchange, the money that KOSDAQ companies earned from new listings and rights offerings in 1999 exceeded 5 trillion won. IT companies that were suffering from deficits were in a hurry to print new stocks using stock prices that were inflated rather than corporate values.

However, current KOSDAQ companies are raising their stock prices with outstanding performance effects rather than vague expectations. Celltrion Healthcare, the No. 1 market capitalization on the KOSDAQ, posted sales of 463.4 billion won, up 64.3% from the same period last year in the third quarter of this year. Operating profit surged 499% to 127.7 billion won.

Celltrion Pharmaceutical, the second largest market cap, also succeeded in turning to the black in the third quarter. Bio companies that have successfully improved their performance in conjunction with the spread of the new coronavirus infection (Corona 19) are listed on the top list by market cap.

Yang Hae-jeong, a researcher at DS Investment & Securities, predicted, “The normalization of vaccines will be an opportunity to spread the warmth of growth to small and mid-cap stocks, which were relatively sluggish compared to large-cap stocks.

Samsung Securities researcher Kim Yong-gu analyzed that “As the focus was set on the’Corona 19 Overcoming Plan’ in 2021, opportunities in pharmaceutical and bio fields such as vaccines, CDOs, CMOs, and CROs will inevitably emerge.”

In particular, the fact that deficit companies have turned to profits and solid stocks have diversified is another point from the time of IT bubble. It is said that the growth engine can be maintained even if the pharmaceutical/bio market collapses in the future.

Currently, the 6th to 12th in the KOSDAQ market cap are occupied by materials, games, 5G, and culture related items. Ecopro BM and SK Materials are batteries and semiconductor materials, Pearl Abyss and Kakao Games are games, KMBU is 5G equipment, and CJ ENM and Studio Dragon are media and culture.

Lee Sang-heon, a researcher at Hi Investment & Securities, said, “As the government promotes the Korean version of the New Deal, the growth potential of related companies will be highlighted, and the market size will also increase.” Etc.”

On the other hand, there are still many Kostak companies with uncertain accounting, auditing, and governance structures. In addition, both channels and contents for investment attraction and protection are poor.

It is also a reality that even for securities companies with a high proportion of simple stock trading, SME reports are not reluctant. In addition to improving performance, it is necessary to communicate information with the capital market such as corporate public relations (IR) activities.

Most of the companies listed on the KOSDAQ market are mid-sized and SMEs. In particular, primary and secondary partners in the field of large corporations (semiconductors, displays, automobiles) are mainly listed.

An official from a KOSDAQ listed company said, “Some of the KOSDAQ companies are reluctant to actively invest in IR despite good performance. This is because the original company can request a reduction in the delivery unit price. “There are many companies with a passive attitude even if the KOSDAQ headquarters of the exchange supports holding IR events and publishing reports,” he said.