DART (Financial Supervisory Service Electronic Disclosure System) has all the answers.
However, if you don't know where and how to look, you won't be able to find the signal among hundreds of announcements.
From a relational risk perspective, we summarize three ways to check within 5 minutes.
Check 1 — Check convertible bond issuance history (2 minutes)
① DART → Disclosure search → Enter company name
② Disclosure classification: Select “Securities Report” or “Main Matters Report”
③ Check the number of “decision to issue convertible bonds” announcements
Judgment criteria:
0 cases: Rest assured (check additional signals)
- 1 case: Content needs to be checked
- 2 or more cases (within 3 years): high warning sign
Confirm:
CB issuance size vs. equity capital ratio
- Whether there is a provision for conversion price adjustment (refixing)
- CB acquirer corporation name (→ major shareholder relationship)
Check 2 — Track changes in majority shareholder shares (2 minutes)
① DART → “Report on ownership status of executives, major shareholders, specific securities, etc.”
② Compare the latest 3 to 5 disclosure dates and shareholding ratio
Judgment criteria:
Stake rate increasing: positive sign
- Share ratio moves sideways: neutral
- Declining stake (especially below 30%): warning sign
- CB issuance time and share reduction time overlap: strong warning
Note:
Announcement may be delayed for on-market sales (based on 5%)
- Small repeated selling = possibility of intentional diversified selling
Check 3 — Cross-verify executive history (1 minute)
① DART → Business report of the company → “Status of executives and employees”
② Confirm the names of key executives (CEO, CFO, outside directors)
③ DART search for the same person → Whether he or she is concurrently an executive at another company
Judgment criteria:
No concurrent positions: general
- Concurrent employment at a small unlisted corporation: confirmation required
- Management stock/traded company history: strong warning sign
- Identical person as CB acquisition corporate executive: Highest warning sign
5-minute check and conclusion
| signal | Judgment |
|------|------|
| 2 or more CBs + with refixing | ⚠⚠️ Caution needed |
| Reduction in majority shareholder's stake + overlapping CB issuance | π΄ Danger |
| Executives come from closed companies | π΄ Danger |
| All 3 apply | π¨ Immediate review |
RaymondsRisk automated this check and applied it to all 3,109 companies.
key message
DART already has a signal.
If you know how to read, 5 minutes is enough.
■ Reference materials
Relational Risk White Paper: https://www.konnect-ai.net/whitepaper- DART Electronic Disclosure: https://dart.fss.or.kr- Keum (2024): Demonstration of private CB risk signals
#relationalrisk #raymondsrisk #raymondsindex #konnectai
Comments
Post a Comment