Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

LOCK&LOCK CO., LTD. produces and sells plastic food storage and outdoor airtight containers.  The Company also produces various materials such as ceramic ware, pot, glass, and other kitchen stuffs.

<ul>
<li>On 15 May, it was reported in the local media that Affinity Equity Partners (AEP) is expected to launch a second tender offer for Lock &amp; Lock (115390 KS).</li>
<li>The tender offer price in this second tender offer is 8,750 won (same as the first tender offer). The second tender offer will last from 16 May to 5 June.</li>
<li>In the first tender offer, only about half of the target was reached. There was a strong backlash from investors due to low tender offer price.</li>
</ul>


On 15 May, it was reported in the local media that Affinity Equity Partners (AEP) is expected to launch a second tender offer for Lock &amp; Lock (115390 KS).
The tender offer price in this second tender offer is 8,750 won (same as the first tender offer). The second tender offer will last from 16 May to 5 June.
In the first tender offer, only about half of the target was reached. There was a strong backlash from investors due to low tender offer price.


Lock & Lock: Second Tender Offer by Affinity Equity Partners

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "<strong>Copper is the New Oil"</strong>
</li>
<li>Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.</li>
<li>Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?</li>
</ul>


Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "Copper is the New Oil"

Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.
Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?


Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

<ul>
<li>On 8 May, it was mentioned in numerous local media that Naver is under pressure from the Japanese government to sell its stake in LINE.</li>
<li>One of the reasons behind Japanese government's efforts to force Naver to sell its stake in LINE is due a major data breach incident in November 2023.</li>
<li>Based on our current understanding of this situation, the most likely scenario is for Naver to sell about 20-30% stake in A Holdings (the controlling shareholder of LINE) to SoftBank.</li>
</ul>


On 8 May, it was mentioned in numerous local media that Naver is under pressure from the Japanese government to sell its stake in LINE.
One of the reasons behind Japanese government's efforts to force Naver to sell its stake in LINE is due a major data breach incident in November 2023.
Based on our current understanding of this situation, the most likely scenario is for Naver to sell about 20-30% stake in A Holdings (the controlling shareholder of LINE) to SoftBank.


Naver: Under Pressure from the Japanese Government To Sell Its Stake in LINE

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of May 10th which has an aggregated short interest worth USD6.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, Sk Hynix, Doosan Enerbility.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of May 10th which has an aggregated short interest worth USD6.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, Sk Hynix, Doosan Enerbility.


KRX Short Interest Weekly (May 10th): Samsung Electronics, Sk Hynix, Doosan Enerbility

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

SK IE Technology Co., Ltd operates as a material solution provider. The Company provides information material solutions, electronic materials solutions, and other products. SK IE Technology conducts businesses across worldwide.

<ul>
<li>Anticipation grows for increased block deals before July 24th's pre-announcement rule takes effect, emerging as a key investment focus in the local market.</li>
<li>The local market expects heightened activity in the three weeks post-May 15th, following first-quarter earnings announcements, a strategic move to mitigate insider trading controversies.</li>
<li>Local traders eagerly await which companies will capitalize on the post-first-quarter earnings window, with a highly anticipated block deal involving SK Innovation selling a portion of its stake in SKIET.</li>
</ul>


Anticipation grows for increased block deals before July 24th's pre-announcement rule takes effect, emerging as a key investment focus in the local market.
The local market expects heightened activity in the three weeks post-May 15th, following first-quarter earnings announcements, a strategic move to mitigate insider trading controversies.
Local traders eagerly await which companies will capitalize on the post-first-quarter earnings window, with a highly anticipated block deal involving SK Innovation selling a portion of its stake in SKIET.


Key Timing Window for a Surge in Block Deals Before Pre-Disclosure Takes Effect in July

South Korea
Insights on South Korea

Lock & Lock: Second Tender Offer by Affinity Equity Partners

On 15 May, it was reported in the local media that Affinity Equity Partners (AEP) is expected to launch a second tender offer for Lock & Lock...

Douglas Kim

Junior Copper Miners: Time for Lift-Off?

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Naver: Under Pressure from the Japanese Government To Sell Its Stake in LINE

Seong Tae-Yoon (a senior official at South Korean Presidential Office) confirmed that Naver will not be forced to sell its stake in Line Yahoo. He...

Douglas Kim

KRX Short Interest Weekly (May 10th): Samsung Electronics, Sk Hynix, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Doosan Enerbility.

Ke Yan, CFA, FRM

Key Timing Window for a Surge in Block Deals Before Pre-Disclosure Takes Effect in July

This post delves into the trading dynamics surrounding the anticipated increase in block deals in Korea before the implementation of pre-disclosure...

Sanghyun Park

Lock & Lock: Second Tender Offer by Affinity Equity Partners

On 15 May, it was reported in the local media that Affinity Equity Partners (AEP) is expected to launch a second tender offer for Lock & Lock...

Douglas Kim

Junior Copper Miners: Time for Lift-Off?

​Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Naver: Under Pressure from the Japanese Government To Sell Its Stake in LINE

Seong Tae-Yoon (a senior official at South Korean Presidential Office) confirmed that Naver will not be forced to sell its stake in Line Yahoo. He...

Douglas Kim

KRX Short Interest Weekly (May 10th): Samsung Electronics, Sk Hynix, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Doosan Enerbility.

Ke Yan, CFA, FRM

Key Timing Window for a Surge in Block Deals Before Pre-Disclosure Takes Effect in July

This post delves into the trading dynamics surrounding the anticipated increase in block deals in Korea before the implementation of pre-disclosure...

Sanghyun Park

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...