"Even If You Want to Invest, There Is No Data": 80% of KOSDAQ Companies Have Zero Reports... Information Polarization Deepens

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The “information gap” within Korea’s stock market is growing ever more pronounced. Eight out of ten companies listed on the KOSDAQ do not have a single securities firm report published about them, meaning they exist in an “analytical blind spot.”

According to FnGuide on March 19, as of March 16 this year, the number of company reports published by securities firms totaled 3,834 for the KOSPI and 1,178 for the KOSDAQ. By individual stock, the KOSPI saw reports on 320 out of 951 companies (33.6%), while the KOSDAQ saw coverage for 351 out of 1,818 companies (19.3%). For some companies, only one report was published: 54 on the KOSPI and 151 on the KOSDAQ. Although the government has pushed for KOSDAQ revitalization policies, in reality there is a lack of reference material for investment decisions.

The publication of securities firm reports is heavily concentrated on leading blue-chip stocks in the KOSPI. The top ten companies in terms of report volume were: Samsung Electronics (85 reports), Hyundai Motor Company (72), Kia (60), SK Hynix (60), Hyundai Mobis (55), Samsung Electro-Mechanics (46), SK Telecom (45), LG Energy Solution (43), Hyundai Engineering & Construction (41), and both LG Uplus and APR (40 each). The KOSDAQ stock with the most reports was YG Entertainment, which only ranked 32nd overall with 28 reports.

By industry, there were 74 reports on semiconductors and related equipment such as Samsung Electronics and SK Hynix, 45 on electronic equipment and devices including Samsung Electro-Mechanics and LG Energy Solution, 44 on medical equipment and services such as PharmaResearch and Classys, 29 on pharmaceuticals like Hanmi Pharm and Yuhan Corporation, and 28 on chemicals including LG Chem and POSCO Future M, in that order.

According to the Korea IR Association’s Corporate Research Center’s “2025 Corporate Analysis Report Publication Status,” securities firms published a total of 27,747 reports last year, up 2.4% from the previous year. However, 1,573 listed companies—or 58% of all listed firms—did not have a single report published about them. Notably, 86.9% of reports covered companies with a market capitalization of over 500 billion won, while only 1.6% focused on small-cap stocks with a market capitalization below 100 billion won.

The Korea Exchange, Korea IR Association, and independent research firms have launched initiatives to reduce “blind investing” by expanding AI-based corporate analysis reports and small-cap coverage. So far this year, these organizations have published 26 reports for the KOSPI and 176 for the KOSDAQ.

The IR Association’s Corporate Research Center plans to significantly expand the publication of AI-based corporate analysis reports to help reduce information asymmetry. Specifically, in the second half of this year, the Center aims to pilot short-form report publications as a foundation to ensure coverage of all companies with a market capitalization below 500 billion won that are not already handled by securities firms.

Hwang Wookyung, head of the Corporate Research Center, said, “The lack of information on small- and mid-sized listed companies exacerbates information asymmetry in the capital market, undermines fair price formation, and can negatively impact investor protection. By combining AI technology with professional expertise, we will continue to expand coverage so that not a single listed company is left in an information blind spot.”

This content was produced with the assistance of AI translation services.