Korea Stock Market Insights

  • Iljin Holdings Issues ₩100 Billion Exchangeable Bonds: Impact on Stock Price and Investment Strategy

    Iljin Holdings Issues ₩100 Billion Exchangeable Bonds: Impact on Stock Price and Investment Strategy 대표 차트 이미지

    1. What Happened?: Iljin Holdings Announces ₩100 Billion Exchangeable Bond Issuance

    Iljin Holdings announced on September 11, 2025, its decision to issue ₩100 billion in exchangeable bonds. The bonds are exchangeable for shares of its subsidiary, Iljin Hysolus, with a conversion price of ₩42,212, which is 7.4 times higher than the current stock price of ₩5,710.

    2. Why?: Purpose and Background of the Bond Issuance

    The funds raised through this bond issuance will be used to secure new growth engines, such as investments in Iljin Hysolus’ hydrogen business and strengthening Iljin Electric’s business, as well as improving the company’s financial structure. Amidst the growing interest in the hydrogen business, Iljin Holdings is interpreting this as a growth opportunity and plans to make active investments.

    3. What’s the Impact?: Short-Term and Long-Term Stock Price Analysis

    3.1. Short-Term Impact: Potential Stock Price Decline

    The high conversion price compared to the current stock price may raise concerns about stock dilution in the short term, negatively impacting investor sentiment. The possibility of an increase in debt-to-equity ratio can also put downward pressure on the stock price in the short term.

    3.2. Long-Term Impact: Positive or Neutral Outlook

    If the procured funds lead to successful investments in new businesses and strengthen growth drivers, it can drive an increase in corporate value in the long term, positively affecting the stock price. The growth potential of the hydrogen business is expected to be a key factor influencing the stock price’s direction. If the stock price rises and the exchangeable bonds are converted into shares, it can also lead to an improvement in the financial structure by converting debt into equity.

    4. What Should Investors Do?: Investment Strategy and Monitoring Points

    Investors should be aware of increased stock price volatility in the short term. In the medium to long term, it is essential to closely monitor the growth potential of the hydrogen business, order performance, and the company’s ability to respond to fluctuations in exchange rates and raw material prices. It is particularly important to keep an eye on whether the terms and conditions of the bond issuance are met and how the funds are being utilized, while continuously checking the company’s earnings announcements and public disclosures.

    FAQ

    What are exchangeable bonds?

    Exchangeable bonds are bonds that can be redeemed for principal and interest at maturity or exchanged for shares of the issuing company’s stock.

    Will this bond issuance positively impact the stock price?

    In the short term, there is a possibility of a stock price decline due to concerns about stock dilution. However, in the long term, the impact can be positive depending on the success of the investments in new businesses.

    What are the key points to consider when investing?

    Closely monitor the growth potential of the hydrogen business, order performance, and the company’s response to fluctuations in exchange rates and raw material prices, and continuously check the company’s public disclosures.

    Iljin Holdings Issues ₩100 Billion Exchangeable Bonds: Impact on Stock Price and Investment Strategy 관련 이미지
    Iljin Holdings Issues ₩100 Billion Exchangeable Bonds: Impact on Stock Price and Investment Strategy 관련 이미지

  • Woori Financial Group Announces KRW 150 Billion Share Buyback: Investment Strategy Analysis (September 2025)



    Woori Financial Group Announces KRW 150 Billion Share Buyback: Investment Strategy Analysis (September 2025) 대표 차트 이미지






    1. KRW 150 Billion Share Buyback: What Does It Mean?

    Woori Financial Group announced on September 19, 2025, that it will buy back 8,515,181 common shares, equivalent to approximately KRW 150 billion, representing 0.78% of its market capitalization. This move is expected to increase earnings per share (EPS) and book value per share (BPS), enhancing shareholder value. The reduced number of outstanding shares should also create scarcity, potentially driving up the stock price. Furthermore, it signals improved capital efficiency and demonstrates confidence in the company’s growth trajectory.

    2. Woori Financial Group’s H1 2025 Performance: A Solid Foundation

    The share buyback decision is backed by Woori’s strong H1 2025 performance. The group achieved a net profit of KRW 1.552 trillion, demonstrating stable profitability. The Bank of International Settlements (BIS) capital adequacy ratio also exceeded 12.8%, a 70bp increase compared to the end of the previous year. Low NPL (0.71%) and non-performing loan (0.61%) ratios indicate sound asset management capabilities.

    3. Leaping Forward as a Comprehensive Financial Group: A Bright Future

    With the integration of Tongyang Life Insurance and ABL Life Insurance, Woori Financial Group has become a comprehensive financial group, poised for greater growth through synergy among its subsidiaries. Growth strategies for each business unit, including the bank’s digital transformation, Woori Investment Securities’ ambition to become a mega investment bank, and Woori Card’s establishment of an independent brand system, are positive signs. Two consecutive years of achieving an AAA rating in the MSCI ESG assessment and inclusion in the DJSI World Index demonstrate Woori’s commitment to sustainable management.

    4. Key Takeaways for Investors

    • Maximizing Subsidiary Synergy: Growth potential through inter-group collaboration
    • Digital Innovation: Leading the future financial market by utilizing AI and big data
    • Risk Management: Proactive response to macroeconomic uncertainties
    • Strengthening ESG Management: Sustainable growth and building investor trust
    • Identifying New Growth Engines: Entering new businesses and strategic investments
    • Shareholder-Friendly Policies: Continued efforts to enhance shareholder value through dividend increases and share buybacks


    FAQ

    How will Woori Financial Group’s share buyback affect the stock price?

    Share buybacks typically reduce the number of outstanding shares, which can lead to an increase in earnings per share and potentially drive up the stock price. However, market conditions can influence the actual outcome.

    How did Woori Financial Group perform in the first half of 2025?

    Woori Financial Group demonstrated robust growth with a net profit of KRW 1.552 trillion. Capital adequacy and asset quality remain at healthy levels.

    What are Woori Financial Group’s future investment strategies?

    Woori Financial Group aims to pursue sustainable growth through maximizing subsidiary synergy, digital innovation, strengthening risk management, internalizing ESG management, and identifying new growth engines.









    Woori Financial Group Announces KRW 150 Billion Share Buyback: Investment Strategy Analysis (September 2025) 관련 이미지




  • ISU Petasys to Hold Overseas IR: Poised for Takeoff on the AI Boom? (Investment Analysis)

    ISU Petasys to Hold Overseas IR: Poised for Takeoff on the AI Boom? (Investment Analysis) 대표 차트 이미지

    1. What’s happening? ISU Petasys to hold overseas IR

    ISU Petasys will hold an Investor Relations (IR) session for overseas investors on September 15, 2025. The event will include a company introduction, presentation on key management performance, and a Q&A session.

    2. Why is it important? AI boom, robust performance, and future growth potential

    ISU Petasys demonstrated explosive growth in its 2025 semi-annual report, driven by the increasing demand for AI accelerators. The company achieved remarkable results with a 22% increase in sales, 78% increase in operating profit, and 76% increase in net profit. This IR is expected to be a significant opportunity to attract overseas investment based on this growth momentum.

    3. So what? What’s the outlook after the IR?

    • Positive Scenario: A successful IR could build trust with overseas investors, improve investor sentiment, and create momentum for stock price appreciation.
    • Negative Scenario: If the IR fails to meet market expectations or if macroeconomic conditions worsen, it could negatively impact the stock price.

    While there are many positive factors, such as the expansion of production capacity through the new factory and improved financial structure, there are also factors to consider, including export dependency, competitive landscape, and the impact of the rights offering.

    4. What should investors do?

    ISU Petasys has high growth potential in the long term as a key player in the AI market. This IR will be an important opportunity to reaffirm the company’s investment appeal. When developing an investment strategy, it is crucial to closely monitor macroeconomic indicators such as global economic conditions, exchange rates, and interest rate fluctuations, as well as changes in the competitive landscape of the PCB industry. The current investment recommendation is ‘BUY’.

    What is ISU Petasys’s main business?

    ISU Petasys specializes in manufacturing high-layer printed circuit boards (PCBs), with a particular strength in producing MLBs (Multi-Layer Boards) used in AI accelerators and high-performance servers.

    What are the main topics of this IR?

    The company will explain its growth strategy, technology, and financial soundness to overseas investors through a company introduction, explanation of key management status, and Q&A session.

    What should I be aware of when investing in ISU Petasys?

    The company has a high export dependency and operates in a highly competitive industry. The possibility of stock dilution due to the rights offering should also be considered. Before making an investment decision, it is important to carefully analyze macroeconomic variables such as global economic conditions and exchange rate fluctuations, as well as the competitive landscape of the PCB industry.

    ISU Petasys to Hold Overseas IR: Poised for Takeoff on the AI Boom? (Investment Analysis) 관련 이미지
    ISU Petasys to Hold Overseas IR: Poised for Takeoff on the AI Boom? (Investment Analysis) 관련 이미지

  • Gisson Boosts Shareholder Value with Treasury Stock Cancellation: Investment Strategy Analysis

    Gisson Boosts Shareholder Value with Treasury Stock Cancellation: Investment Strategy Analysis 대표 차트 이미지

    1. Gisson’s Capital Reduction Decision: What’s Happening?

    Gisson (formerly Kiwoom SPAC No. 8) announced on September 11, 2025, a capital reduction to cancel 439,210 treasury shares (0.8% of total outstanding shares) to enhance shareholder value. The record date is December 2, 2025, and the shareholders’ meeting is scheduled for October 29.

    2. Why Cancel Treasury Stock?

    This treasury stock cancellation aims to increase shareholder value per share by utilizing treasury stock acquired during the merger process. Reducing the number of outstanding shares increases earnings per share (EPS), which can lead to a rise in stock prices. It can also positively impact the company’s image by demonstrating shareholder-friendly management practices.

    3. Impact of the Capital Reduction on Stock Prices

    • Positive Impacts: Increase in per-share value, prevention of shareholder value dilution, improvement of corporate image
    • Potential Considerations: Needs to be linked with actual business growth, possible changes in short-term trading volume and liquidity, need for continuous efforts to enhance shareholder value

    As the capital reduction ratio is not substantial at 0.8%, short-term stock price fluctuations may be limited, but positive effects can be expected in the long term.

    4. Investment Strategies for Investors

    Gisson’s treasury stock cancellation can be interpreted as a positive signal for enhancing shareholder value. However, the capital reduction decision itself does not change the company’s fundamentals. Therefore, investors should make investment decisions by comprehensively considering Gisson’s business growth strategies, financial soundness, and market conditions. The current stable macroeconomic environment, including interest rates, exchange rates, and raw material prices, could be positive factors for Gisson.

    Will Gisson’s treasury stock cancellation positively affect its stock price?

    Yes, generally, canceling treasury stock positively affects the stock price by increasing the per-share value. However, the capital reduction ratio of 0.8% is not significant, so the short-term impact might be limited. Positive effects can be expected in the long run, along with the company’s growth.

    How will stock trading proceed after the treasury stock cancellation?

    There is no scheduled trading suspension. Trading will resume on December 9, 2025, the effective date of the capital reduction.

    What are the investment prospects for Gisson?

    This capital reduction decision is a positive signal as a shareholder-friendly policy. However, investments should always be made with caution, and factors such as the company’s business performance and market conditions should be considered comprehensively.

    Gisson Boosts Shareholder Value with Treasury Stock Cancellation: Investment Strategy Analysis 관련 이미지
    Gisson Boosts Shareholder Value with Treasury Stock Cancellation: Investment Strategy Analysis 관련 이미지

  • Osang Healthcare Insider Share Sale: Impact on Investors?



    Osang Healthcare Insider Share Sale: Impact on Investors? 대표 차트 이미지






    What Happened at Osang Healthcare?

    On September 11, 2025, Hong Seung-eok, an insider at Osang Healthcare, sold 4,000 shares. This resulted in a slight decrease in his stake from 56.60% to 56.52%.

    Analyzing the Sale and its Investment Impact

    The 4,000 shares represent a very small portion of the total outstanding shares, and the change in ownership is minimal. Therefore, the short-term impact of this sale on the company’s management or stock price is expected to be insignificant. However, the unclear reason for the insider’s sale could potentially dampen investor sentiment.

    What’s Next for Osang Healthcare?

    According to the 2025 semi-annual report, Osang Healthcare achieved a turnaround in both operating profit and net income despite a decline in sales. The stable sales in the biochemical diagnostics division and the global expansion of its new health functional food product, ‘Dangkyurak,’ are positive signs. However, the continued decline in sales in the immune diagnostics division and the increase in debt ratio warrant careful attention.

    Action Plan for Investors

    • Short-term Investment: Focus on fundamental changes, such as recovery in the immune diagnostics division and the performance of the new business, rather than the share sale event itself.
    • Mid- to Long-term Investment: An investment strategy that considers the growth potential of the health functional food business and the sustained competitiveness of the biochemical diagnostics division is essential.


    FAQ

    Who is Hong Seung-eok?

    He was an insider at Osang Healthcare.

    Will this share sale affect the stock price?

    Due to the small scale of the sale, a significant impact is unlikely, but it could negatively affect investor sentiment.

    What is the outlook for Osang Healthcare?

    Expansion into new businesses and stable growth in the biochemical diagnostics division are expected. However, sluggish performance in the immune diagnostics division and increasing debt ratio are risk factors.









    Osang Healthcare Insider Share Sale: Impact on Investors? 관련 이미지
    Osang Healthcare Insider Share Sale: Impact on Investors? 관련 이미지




  • Hydrolit: Major Shareholder Sells Stake – Should You Be Concerned?

    Hydrolit: Major Shareholder Sells Stake - Should You Be Concerned? 대표 차트 이미지

    What happened?

    On September 11, 2025, a public announcement revealed that Hydrolit’s major shareholder, Jeon Woong, and related parties had sold off part of their stakes. This 0.68% decrease, partially due to a seizure by the tax authorities, has sent ripples through the market.

    Why the stake sale?

    Hydrolit’s dire financial situation is the likely culprit. Significant operating and net losses in the first half of 2025, coupled with substantial capital erosion, likely fueled shareholder anxieties. Furthermore, missed convertible bond interest payments and asset seizures have compounded the issues, potentially prompting shareholders to liquidate their holdings. The tax authority seizure, in particular, suggests serious problems with the company’s cash flow.

    What are the implications?

    This stake sale is likely to negatively impact Hydrolit’s stock price. The already weak fundamentals, combined with the news of major shareholders divesting, will likely dampen investor sentiment. Downward pressure on the stock price is expected in the short term.

    What should investors do?

    Investing in Hydrolit at this point carries significant risk. Caution is advised until the company presents and implements concrete plans to improve its financial structure and ensure sustainability. Closely monitor the company’s efforts to improve its financial health, the performance of its lithium business, and any further changes in shareholdings. The current investment recommendation is to sell or significantly reduce holdings.

    What is Hydrolit’s main business?

    Hydrolit is transitioning from construction to lithium material manufacturing and sales, but is currently financially unstable.

    What recent event impacted Hydrolit’s stock price?

    The sale of stakes by major shareholders and related parties, along with a seizure by tax authorities.

    Should I invest in Hydrolit?

    Extreme caution is advised. The company’s financials are very weak and its future is uncertain.

    Hydrolit: Major Shareholder Sells Stake - Should You Be Concerned? 관련 이미지
    Hydrolit: Major Shareholder Sells Stake - Should You Be Concerned? 관련 이미지

  • Kolmar Korea IR Analysis: Q2 2025 Earnings and Investment Strategy



    Kolmar Korea IR Analysis: Q2 2025 Earnings and Investment Strategy 대표 차트 이미지






    Key Takeaways from the HSBC Virtual Series: K-Beauty Enablers

    Kolmar Korea participated in the HSBC Virtual Series: K-Beauty Enablers event and held its IR on September 12, 2025. The IR included the announcement of Q2 2025 earnings, an overview of key management updates, and a Q&A session with investors.

    Kolmar Korea’s Business Overview: Cosmetics, Pharmaceuticals, Packaging, and the Future

    Kolmar Korea’s core business is cosmetics ODM/OEM, with a diversified portfolio including pharmaceuticals (HK inno.N) and cosmetics packaging (Yeonwoo). The company maintained stable growth and continued business expansion in the first half of 2025. The cosmetics division is strengthening its competitiveness through green technology, AI skin diagnosis technology development, and ESG management. HK inno.N is focusing on the global expansion of ‘K-CAB’ and securing a new drug pipeline, while Yeonwoo is strengthening its eco-friendly materials and design competitiveness.

    Kolmar Korea’s Q2 Earnings and Key Investment Points

    Market attention is focused on the Q2 earnings announced during the IR. The company recorded sales of KRW 138.393 billion and operating profit of KRW 133.417 billion in the first half, showing a growth trend expected to continue in the second half. Investors should also pay attention to the synergy effects from new investments, such as the 100% acquisition of Kolmar UX Co., Ltd. (KRW 7.267 billion). However, the increasing debt trend due to business expansion can act as a potential risk.

    Investing in Kolmar Korea: A Strategic Analysis

    Investment decisions should be made by comprehensively considering the IR announcement, the company’s fundamentals, and external environmental factors. In the short term, a cautious approach is needed as stock price volatility may increase depending on the IR announcement. In the medium to long term, continuous growth is expected through diversification of the business portfolio, technological innovation, and strengthening ESG management. However, investors should consider external factors such as macroeconomic uncertainty, interest rate and exchange rate volatility, raw material price fluctuations, and the financial risk of increasing debt. Pay particular attention to HK inno.N’s new drug development progress and Yeonwoo’s overseas market expansion strategy when developing an investment strategy.



    Frequently Asked Questions

    What are Kolmar Korea’s main businesses?

    Kolmar Korea operates cosmetics ODM/OEM, pharmaceuticals (HK inno.N), and cosmetics packaging (Yeonwoo).

    What are the key takeaways from this IR?

    The key takeaways include the Q2 2025 earnings announcement, key management updates, and a Q&A session with investors.

    What should investors be aware of when investing in Kolmar Korea?

    Investors should consider factors such as increasing debt due to business expansion, macroeconomic uncertainty, and interest rate and exchange rate volatility.









    Kolmar Korea IR Analysis: Q2 2025 Earnings and Investment Strategy 관련 이미지
    Kolmar Korea IR Analysis: Q2 2025 Earnings and Investment Strategy 관련 이미지




  • Dongil Metal’s Ownership Increase: Management Reinforcement and Future Stock Outlook



    Dongil Metal's Ownership Increase: Management Reinforcement and Future Stock Outlook 대표 차트 이미지






    Dongil Metal’s Stake Change: What Happened?

    Dongil Metal’s representative reporter, Oh Gil-bong, and related parties increased their stake from 59.49% to 59.80%, a 0.31%p increase, through market purchases. The purpose of the holding is stated as ‘management influence,’ which is interpreted as a clear expression of intent to strengthen management control.

    Why Is the Stake Increase Important?

    This stake increase signifies more than just a numerical change. As management control is further solidified, the major shareholders’ influence on the company’s future strategic direction is expected to grow. This management stability is particularly important for Dongil Metal, which is currently pursuing business diversification through the acquisition of Hyundai TMC and the merger with Dongil Casting.

    So, What Should Investors Do?

    The major shareholders’ stake increase can act as a positive signal to the market, potentially driving up stock prices. Combined with Dongil Metal’s solid fundamentals, a positive evaluation can be made from a long-term investment perspective. However, continuous monitoring of external factors such as construction market volatility, raw material prices, and exchange rate fluctuations is necessary.

    Key Checkpoints for Investors

    • Positive Factors: Management reinforcement, solid fundamentals, business diversification
    • Cautionary Factors: Construction market volatility, raw material price and exchange rate fluctuations
    • Points to Watch: Further stake changes, M&A synergy effects, global construction market trends


    Frequently Asked Questions

    What is Dongil Metal’s main business?

    Dongil Metal specializes in construction equipment parts.

    How will this stake change affect the stock price?

    Strengthening management control can generally have a positive impact on stock prices, but it can vary depending on market conditions and company performance.

    What should I be aware of when investing in Dongil Metal?

    Continuous monitoring of external factors such as construction market volatility, raw material prices, and exchange rate fluctuations is necessary.









    Dongil Metal's Ownership Increase: Management Reinforcement and Future Stock Outlook 관련 이미지
    Dongil Metal's Ownership Increase: Management Reinforcement and Future Stock Outlook 관련 이미지




  • KWANGMU (029480) Stock Holding Report: A Sign of Management Change? Investor Alert



    KWANGMU (029480) Stock Holding Report: A Sign of Management Change? Investor Alert 대표 차트 이미지






    What Happened?

    Hans Ruce disclosed a change in KWANGMU’s stake from 5.74% to 5.72% on September 11, 2025, due to the termination of a joint holding agreement and subsequent market transactions. Notably, the stated objective of the holding is ‘management influence’.

    About KWANGMU

    KWANGMU operates in network/system integration, equipment leasing, semiconductor distribution, and secondary battery materials, which is its current focus. HYUPJIN became the largest shareholder in April 2025, increasing the potential for strategic shifts.

    Why is this Disclosure Important?

    The ‘management influence’ objective suggests potential management disputes, signaling possible changes in governance, business restructuring, and significant impacts on the company’s future. This disclosure is particularly noteworthy given the unstable management situation following the change in the largest shareholder.

    Stock Outlook: What to Expect?

    • Positive Factors: Growth potential of the secondary battery materials business and the new major shareholder’s management capabilities.
    • Negative Factors: Continuous operating losses, unstable cash flow, and volatility related to financial assets and derivatives.

    Investor Action Plan

    Investors should focus on a long-term perspective, considering KWANGMU’s fundamentals, the performance of its secondary battery business, and the major shareholder’s management strategy. Risk management related to financial risks and market volatility is crucial.



    Frequently Asked Questions (FAQ)

    What are KWANGMU’s main businesses?

    KWANGMU operates in network/system integration, equipment leasing, semiconductor distribution, and secondary battery materials.

    How will this change in shareholding affect the stock price?

    The short-term impact may be limited, but continuous monitoring is needed as it signals potential long-term management changes.

    What should investors be aware of when investing in KWANGMU?

    Investors should consider financial risks, market volatility, and uncertainties surrounding the secondary battery business.









    KWANGMU (029480) Stock Holding Report: A Sign of Management Change? Investor Alert 관련 이미지
    KWANGMU (029480) Stock Holding Report: A Sign of Management Change? Investor Alert 관련 이미지




  • MDvice Issues ₩25 Billion Convertible Bonds: Growth Catalyst or Dilution Risk?



    MDvice Issues ₩25 Billion Convertible Bonds: Growth Catalyst or Dilution Risk? 대표 차트 이미지






    1. MDvice’s ₩25 Billion CB Issuance: What Happened?

    On September 11, 2025, MDvice officially announced the issuance of ₩25 billion in convertible bonds. This substantial amount, representing 20.54% of the total capital, will be issued privately. The conversion price is set at ₩11,450, with both coupon and maturity rates at 0%.

    2. Why the CB Issuance? Securing Growth Momentum and Business Expansion

    MDvice aims to secure funds for new business investments, including the Advanced Package (AVP) business, and strengthen its existing SSD business competitiveness. The 0% interest rate minimizes short-term financial burdens. While experiencing growth with sales and operating profit increasing by 84% and over 40 times respectively in the first half of 2025, negative operating cash flow necessitates external funding.

    3. Impact on Investors: Opportunity and Risk Coexist

    This CB issuance presents both opportunities and risks. The conversion price is close to the current stock price, suggesting a high probability of conversion if the stock price rises, potentially leading to dilution. Furthermore, the heavy reliance on a single Chinese client (H Co., 93.24% of sales) remains a key concern.

    4. Action Plan for Investors: Long-Term Perspective and Continuous Monitoring

    • Maintain a Long-Term View: Focus on MDvice’s long-term growth potential rather than short-term stock fluctuations.
    • Monitor CB Conversion Trends: Track the conversion rate and timing to assess potential stock dilution.
    • Verify Reduction in Dependence on H Co.: Monitor efforts and results in diversifying the customer base.
    • Monitor Macroeconomic Conditions: Analyze the impact of changes in exchange rates, interest rates, and raw material prices.


    Frequently Asked Questions (FAQ)

    What are convertible bonds?

    Convertible bonds (CBs) are debt instruments issued as bonds but with the option to convert them into shares of the issuing company’s stock after a specific period.

    How will the MDvice CB issuance affect the stock price?

    Short-term, it may increase stock volatility. Long-term, conversion can lead to stock dilution and downward pressure on the price. However, successful business expansion funded by the CBs may drive stock price appreciation.

    What should investors be cautious about?

    Investors should carefully monitor the conversion trends, MDvice’s efforts to reduce its dependence on H Co., changes in macroeconomic conditions, and maintain a long-term investment perspective.









    MDvice Issues ₩25 Billion Convertible Bonds: Growth Catalyst or Dilution Risk? 관련 이미지
    MDvice Issues ₩25 Billion Convertible Bonds: Growth Catalyst or Dilution Risk? 관련 이미지