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South Korea plays foolish game of IPO Whac-A-Mole

Robyn Mak
3 minute read
The PlayerUnknown s Battlegrounds video game is seen in this illustration photo November 22, 2017. REUTERS/Thomas White/Illustration
HONG KONG, July 23 (Reuters Breakingviews) - South Korea is learning how hard it is to cool down an overheating stock market. The country s financial regulator has intervened recently on the initial public offerings of video-game developer Krafton (259960.KS) and others. Yet Kakao Bankâs upcoming market debut signals frothy deals will persist.
The benchmark KOSPI 200 is up 47% over the past year, making it the best-performing major index globally. Credit a growing army of mom-and-pop traders, who account for a whopping 90% of daily volumes on local exchanges this year. Of the 10 largest domestic companies by market capitalisation, half trade at over 35 times forward 12-month earnings, per Refinitiv, including $57 billion super-app operator Kakao Corp (035720.KS) and contract-drug maker Samsung Biologics ....

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Credit Card Loans Soar to Record High

May 17, 2021 13:19
Credit card loans surpassed a record W30 trillion last year, and Koreans have on average 4.1 credit cards (US$1=W1,129).
The reason for the surge is that more and more people borrowed money to stay afloat during the coronavirus epidemic or get on the bandwagon of the recent stock or cryptocurrency investment craze.
Just before the infamous credit card bubble burst in 2003, Koreans had on average 4.8 credit cards.
According to data from the Financial Supervisory Service on Sunday, credit card loans totaled W32.5 trillion last year, up a whopping 10.1 percent from the previous year and the highest on record.
The biggest increase was among debtors in their 20s with 19 percent, followed by borrowers in their 60s with 17 percent. The average interest was 13 percent, more than four times higher than on a bank loan. ....

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Mercedes, BMW Post Steady Sales in Korea Despite Lockdown

April 14, 2021 13:22
Mercedes-Benz and BMW posted a combined profit of W260 billion in Korea last year despite the coronavirus pandemic (US$1=W1,125).
The two German carmakers, which top the Korean import market, are making up for some of their losses in the global market thanks to brisk sales here.
According to the Financial Supervisory Service on Tuesday, Mercedes-Benz posted an operating profit of W199.8 billion here last year and BMW W59.7 billion, both similar to the previous year s figures.
Overall sales of imported cars rose 12.3 percent to 274,859 last year, with Mercedes-Benz’s 76,879 and BMW s 58,393 accounting for almost half or 49.2 percent.
Meanwhile, ailing minor domestic carmakers GM Korea and Ssangyong posted an operating loss of W316.8 billion and W449.4 billion, while Renault Samsung suffered an estimated loss of W100 billion. ....

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