Some Questions on Korean Stocks

[Stevieoopsie]

Hi guys,

 

Does anyone know:

 

1) What's a good (cheap) broker to use that allows you to trade Korean stocks online, including preferred shares?

 

2) Is there a way to find English annual/financial reports/regulatory filings on these companies? If not, does Google Translate on Korean documents do an adequate job?

 

Thanks in advance.

[Packer16]

In terms of brokers the only US based broker I know is Fidelity.  I heard but have not verified that e-trade Korea allows online trades but I don't know if you can set up an account if you are not a resident.  As to disclosure, most of the firms I have looked have had English annual reports and presentations.  One caution however in Korea the concept of minority shareholders is different in many case than in the US, UK, Australia, Canada, South Africa and the Netherlands.  These firms for the most part are run by families as privately held businesses.  These families have control of the situation so shareholders have little to no say and are along for the ride.  Therefore management integrity is of more importance than in the Anglophile and Dutch world were shareholders can take over an underperforming asset and bring in new management.  This situation typically makes the top level holding the one to own as the controlling family will have most of their wealth there.

 

Packer