External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, HMM posted revenue of W2.71tr (-23.8% YoY). Container revenue fell 27% YoY, driving overall top-line weakness.</li><li>While volume on US routes was soft (-4% YoY), strong growth on European routes (+63% YoY) led to a 4% YoY increase in total container volume.</li><li>However, this was not enough to offset a 38% YoY drop in freight rates. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For 3Q25, HMM posted revenue of W2.71tr (-23.8% YoY). Container revenue fell 27% YoY, driving overall top-line weakness.While volume on US routes was soft (-4% YoY), strong growth on European routes (+63% YoY) led to a 4% YoY increase in total container volume.However, this was not enough to offset a 38% YoY drop in freight rates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HMM (011200 KS/Buy)Container Margins Recovering

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.</li>
<li>Its two largest shareholders (Korea Development Bank - KDB and Korea Ocean Business Corp - KOBC) both participated in the tender offer.</li>
<li>With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. </li>
</ul>


On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
Its two largest shareholders (Korea Development Bank - KDB and Korea Ocean Business Corp - KOBC) both participated in the tender offer.
With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. 


<ul>
<li>After the market close on 14 August, HMM Co., Ltd. (011200 KS) announced a tender offer of 81.8 million treasury shares (8% of outstanding shares).</li>
<li>An even bigger factor on HMM's share price than this tender offer could be the continued decline in the global shipping rates which is negative on the company. </li>
<li>Overall, we would be cautious on HMM over the next one year. HMM also reported worse than expected operating profit in 2Q 2025 due to weaker global shipping rates.</li>
</ul>


After the market close on 14 August, HMM Co., Ltd. (011200 KS) announced a tender offer of 81.8 million treasury shares (8% of outstanding shares).
An even bigger factor on HMM's share price than this tender offer could be the continued decline in the global shipping rates which is negative on the company. 
Overall, we would be cautious on HMM over the next one year. HMM also reported worse than expected operating profit in 2Q 2025 due to weaker global shipping rates.


HMM: Tender Offer of 8% of Outstanding Shares and Cancellation

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

<ul>
<li>Minister Jin, Busan’s sole ruling-party lawmaker, gives his out-of-the-blue remarks significant political weight, making the local-government HMM stake plan materially more likely than mere weekend chatter.</li>
<li>Fresh newsflow shifts the tender hedge narrative: Jin’s remark likely nudges KOBC toward skipping, while KDB is locked in.</li>
<li>KOBC’s tender decision and Jin’s remarks could flip post-tender bias, raising hedge difficulty; a cautious approach is needed, monitoring price action and exposure risk before stepping in.</li>
</ul>


Minister Jin, Busan’s sole ruling-party lawmaker, gives his out-of-the-blue remarks significant political weight, making the local-government HMM stake plan materially more likely than mere weekend chatter.
Fresh newsflow shifts the tender hedge narrative: Jin’s remark likely nudges KOBC toward skipping, while KDB is locked in.
KOBC’s tender decision and Jin’s remarks could flip post-tender bias, raising hedge difficulty; a cautious approach is needed, monitoring price action and exposure risk before stepping in.


Fresh, Highly Noteworthy Newsflow Hits the HMM Tender

<ul>
<li>Most traders are starting in September, rolling into October. Sep/Oct spread volume has picked up unusually fast, clearly reflecting hedge demand linked to the tender</li>
<li>As September expiry approaches, basis-squeeze risk rises, likely pushing September cheap and October expensive, widening the spread — creating a clear side trade opportunity.</li>
<li>With a basis squeeze expected near September expiry, we could enter a Sep/Oct spread (short Sep, long Oct) and also watch for spot-futures decoupling to play the cash-futures spread.</li>
</ul>


Most traders are starting in September, rolling into October. Sep/Oct spread volume has picked up unusually fast, clearly reflecting hedge demand linked to the tender
As September expiry approaches, basis-squeeze risk rises, likely pushing September cheap and October expensive, widening the spread — creating a clear side trade opportunity.
With a basis squeeze expected near September expiry, we could enter a Sep/Oct spread (short Sep, long Oct) and also watch for spot-futures decoupling to play the cash-futures spread.


HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry

South Korea

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

HMM (011200 KS/Buy)Container Margins Recovering

While volume on US routes was soft (-4% YoY), strong growth on European routes (+63% YoY) led to a 4% YoY increase in total container volume.

Mirae Asset Securities

HMM: Results of the Tender Offer

HMM announced the results of the tender offer. The combined stakes of KDB and KOBC declined from 71.7% prior to tender offer to 64.9% post this event.

Douglas Kim

HMM: Tender Offer of 8% of Outstanding Shares and Cancellation

HMM's ranking among the top ranks of short selling volume is Negative. HMM ranked third among listed stocks in terms of short selling volume from...

Douglas Kim

Fresh, Highly Noteworthy Newsflow Hits the HMM Tender

This post covers significant new newsflow impacting the HMM tender, including potential shifts in key participants’ positions and implications for...

Sanghyun Park

HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry

This post explores a side trade opportunity from the HMM tender event: targeting a basis squeeze near September futures expiry.

Sanghyun Park

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