Last updated: August 2, 2026
Why This Page Exists
Most of what is written about Korean equities in English is either a machine translation of something else, or a rewrite of a rewrite. We think that is worth doing better than.
This page sets out where our information comes from, how we handle other people’s work, and what we will and will not do. We would like to be held to it.
1. Our Purpose
Korean capital markets are among the world’s largest, yet the information required to invest in them intelligently — regulatory filings, corporate disclosure, sell-side research, financial media — is published overwhelmingly in Korean.
Following the opening of direct KRX access to international brokerage clients, a growing number of investors can now buy these securities. Far fewer can read about them.
This site exists to close that gap: not by translating Korean sources, but by researching primary materials and producing original English-language analysis grounded in them.
2. Where Our Information Comes From
We build from primary sources. In order of preference:
| Tier | Source | Use |
|---|---|---|
| 1 | DART (Financial Supervisory Service electronic disclosure) — audited financials, business reports, material event filings | Primary factual foundation |
| 1 | KIND (KRX corporate disclosure system) | Primary factual foundation |
| 1 | Company IR materials — earnings presentations, transcripts, guidance, fact books | Primary factual foundation |
| 1 | KRX market data — pricing, volume, index composition, investor flow | Primary factual foundation |
| 1 | Bank of Korea, Statistics Korea, ministry publications | Macro and policy context |
| 2 | Regulatory and exchange announcements, official policy documents | Policy analysis |
| 3 | Financial media reporting (attributed) | Corroboration and timeline |
| 3 | Published sell-side research | Factual data points only — see Section 3 |
Where a figure matters to an argument, it comes from a Tier 1 source, and we say which one.
3. How We Treat Third-Party Research
This is the section we are asked about most, so we will be direct.
Korean brokerage research is copyrighted work product, created at real cost by analysts who did the work. We treat it accordingly.
What we do
- Cite factual data points with attribution. Analyst price targets, published ratings, and consensus estimates are facts about the market, and we report them as such — always naming the institution and the date.
- Aggregate and compare across multiple institutions. Our value is in the comparison, the disagreement between houses, and what we think it means — not in any single firm’s view.
- Independently verify against primary sources. Where a research estimate can be checked against DART filings or company guidance, we check it.
- Add our own analysis. Every article’s central argument is our own reasoning. If we have nothing to add, we do not publish.
- Link to original sources wherever they are publicly accessible, so readers can go to the source themselves.
- Redraw all charts from underlying data. We do not reproduce third-party graphics.
What we do not do
- We do not translate and republish research reports, in whole or in substantial part.
- We do not reproduce the structure, argument sequence, or distinctive expression of any single report.
- We do not summarize an individual report as a substitute for reading it.
- We do not reproduce third-party charts, tables, or graphics.
- We do not present another analyst’s reasoning as our own.
The standard we hold ourselves to
Facts are reported. Analysis is ours. Sources are named.
If an article could not stand as an original work without a specific third-party report, that article does not get published.
If you are a rights holder and believe we have fallen short of this, tell us: [email protected]. We will review promptly and act. We would much rather correct something than defend it.
4. On the Use of AI
We use AI-assisted tools in our workflow — principally for language editing, translation assistance when reading Korean-language primary sources, and data formatting.
We want to be precise about the limits:
- Every published article’s analysis, judgment, and conclusions are human. AI does not decide what we think.
- AI is not used to generate articles from source documents. Producing content by feeding source material to a model and publishing the output is not something we do.
- All figures are human-verified against primary sources before publication. AI-produced numbers are treated as unverified until checked.
- AI-assisted translation is treated as a reading aid, not as publishable output.
We take the view that using a tool does not change the authorship question. If a machine did the thinking, it isn’t research — and it wouldn’t be worth your time to read.
5. Accuracy and Corrections
We will get things wrong. When we do:
- Material errors are corrected promptly, with a dated correction note appended to the article. We do not silently edit and move on.
- Minor errors (typography, formatting) may be corrected without notation.
- Substantive updates to a previously published thesis are marked with the update date.
To report an error: [email protected]. Corrections from readers are welcome and will be credited if desired.
6. Independence
- No company, issuer, broker, or third party pays for coverage on this site. No exceptions.
- No party covered on this site reviews content prior to publication, or has any right of approval or veto.
- Advertising and affiliate relationships are disclosed and have no bearing on editorial judgment. See our Affiliate Disclosure.
- Where the author holds a material position in a security that is the primary subject of an article, that position is disclosed within the article.
7. What We Do Not Publish
- Price predictions presented as certainties
- Anything framed as a guaranteed or risk-free return
- Personalized investment recommendations
- Non-public or unverified inside information
- Content intended to influence a security’s price
- Rumor, unattributed claims, or speculation presented as fact
- Content produced primarily to rank in search rather than to inform
8. Limitations We Acknowledge
Honest work requires stating what it cannot do:
- We are not a registered investment adviser. See our Disclaimer.
- We do not have management access. We are not on earnings calls with the privileges of institutional analysts.
- Translation introduces risk. Korean financial and legal terminology does not always map cleanly to English. Where a term is contested or has no clean equivalent, we flag it.
- We can be wrong. Analysis is judgment under uncertainty, not fact.
9. About the Author
This site is written and edited by one analyst, based in Seoul, publishing under the John & Lee Equity Research name.
Background. Seoul National University; financial consulting at EY; equity research at a boutique Korean securities house.
Language. Korean is a first language. Every primary source cited on this site — DART filings, KIND disclosures, IR materials, domestic brokerage research, and Korean financial media — is read in the original, not in translation. Where an English rendering of a Korean accounting, legal, or regulatory term is contested or imprecise, we flag it in the article rather than paper over it.
Byline policy. Articles are published under the site’s name rather than a personal one. Editorial accountability rests with John & Lee Equity Research, and correspondence sent to the address below reaches the author directly.
Position disclosure. Where the author holds a material position in a security that is the primary subject of an article, that position is disclosed within the article itself.
10. Contact
Corrections, source questions, rights inquiries, or feedback: [email protected]