Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

HDC Hyundai Development Co-Engineering & Construction / Equity Bottom-Up

HDC Hyundai Development Co-Engineering & Construction

<ul>
<li>On 28 January, the government (Ministry of Land, Infrastructure and Transport) announced that it has recommended the heaviest punishment of the cancellation of the construction license for HDC Hyundai Development.</li>
<li>Seoul city government said it will make a decision on the fate of HDC Hyundai Development within six months.</li>
<li>Rather than a complete, permanent cancellation of the company's business license, a more likely scenario is about 6 to 12 months of temporary business operation suspension, in our view. </li>
</ul>


On 28 January, the government (Ministry of Land, Infrastructure and Transport) announced that it has recommended the heaviest punishment of the cancellation of the construction license for HDC Hyundai Development.
Seoul city government said it will make a decision on the fate of HDC Hyundai Development within six months.
Rather than a complete, permanent cancellation of the company's business license, a more likely scenario is about 6 to 12 months of temporary business operation suspension, in our view. 


HDC Hyundai Development: Permanent Business License Cancellation or Temporary Business Suspension?

Event-Driven

It was reported in the local media today that <a href="https://www.smartkarma.com/entities/20987" target="_blank" data-smartkarma-citation="entities:20987:1">Shinsegae Co Ltd (004170 KS)</a> acquired Casamia, the sixth largest home furnishing provider in Korea for 180 billion won (92% stake). This is an attempt by Shinsegae to vertically integrate its retail business model and make efforts to expand beyond the weakness in the department store sales. Casamia had sales of 122 billion won, operating profit of 9.3 billion won, and net profit of 8.4 billion won in 2016. This would imply Casamia valuation at 23x…

It was reported in the local media today that Shinsegae Co Ltd (004170 KS) acquired Casamia, the sixth largest home furnishing provider in Korea for 180 billion won (92% stake). This is an attempt by Shinsegae to vertically integrate its retail business model and make efforts to expand beyond the weakness in the department store sales. Casamia had sales of 122 billion won, operating profit of 9.3 billion won, and net profit of 8.4 billion won in 2016. This would imply Casamia valuation at 23x…

Korea M&A Spotlight: Shinsegae Acquires Casamia

We recently visited Pottery Barn, Pottery Barn Kids, and West Elm home furnishing stores in the Hyundai City Mall in Moonjeongdong, located in the southeastern portion of Seoul. Pottery Barn (home furniture and home accessories), Pottery Barn Kids (baby and kids furniture and accessories), and West Elm (budget furniture and home decor products) are parts of the William Sonoma branded stores brought into Korea by<a href="https://www.smartkarma.com/entities/15584" target="_blank" data-smartkarma-citation="entities:15584:1">Hyundai Livart Co Ltd (079430 KS)</a>. The official opening date of these three stores…

We recently visited Pottery Barn, Pottery Barn Kids, and West Elm home furnishing stores in the Hyundai City Mall in Moonjeongdong, located in the southeastern portion of Seoul. Pottery Barn (home furniture and home accessories), Pottery Barn Kids (baby and kids furniture and accessories), and West Elm (budget furniture and home decor products) are parts of the William Sonoma branded stores brought into Korea byHyundai Livart Co Ltd (079430 KS). The official opening date of these three stores…

Visit to Newly Opened Pottery Barn and West Elm in Hyundai City Mall in Seoul

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

The four major construction stocks in Korea <a href="https://www.smartkarma.com/entities/4292" target="_blank" data-smartkarma-citation="entities:4292">Hyundai Engineering &amp; Const</a>, <a href="https://www.smartkarma.com/entities/7699" target="_blank" data-smartkarma-citation="entities:7699">Hyundai Development Co Engg &amp; Cnstn</a>, <a href="https://www.smartkarma.com/entities/15916" target="_blank" data-smartkarma-citation="entities:15916">Gs Engineering &amp; Construct</a>, and <a href="https://www.smartkarma.com/entities/12333" target="_blank" data-smartkarma-citation="entities:12333">Daewoo Engineering &amp; Constr</a> share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks <a href="https://www.smartkarma.com/insights/warning-on-korean-construction-stocks-ruling-saenuri-party-is-crushed-in-national-assembly-election" target="_blank" data-smartkarma-citation="insights:3422">Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly</a>…

The four major construction stocks in Korea Hyundai Engineering &amp; Const, Hyundai Development Co Engg &amp; Cnstn, Gs Engineering &amp; Construct, and Daewoo Engineering &amp; Constr share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly…

Close Out the Shorts on Korean Construction Stocks?

South Korea

Fursys Inc. produces a wide range of integrated office furniture, such as desks, chairs, tables, sofas, and cabinets.  The Company provides its products mainly to domestic market.

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Fursys Inc (016800 KS)

HDC Hyundai Development: Permanent Business License Cancellation or Temporary Business Suspension?

On 28 January, the Ministry of Land, Infrastructure and Transport announced that it has recommended the heaviest punishment of the cancellation of...

Douglas Kim

Korea M&A Spotlight: Shinsegae Acquires Casamia

It was reported in the local media today that Shinsegae Co Ltd (004170 KS) acquired Casamia, the sixth largest home furnishing provider in Korea...

Douglas Kim

Visit to Newly Opened Pottery Barn and West Elm in Hyundai City Mall in Seoul

We recently visited Pottery Barn, Pottery Barn Kids, and West Elm home furnishing stores in the Hyundai City Mall in Moonjeongdong, located in the...

Douglas Kim

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Close Out the Shorts on Korean Construction Stocks?

The four major construction stocks in Korea Hyundai Engineering & Const, Hyundai Development Co Engg & Cnstn, Gs Engineering &...

Douglas Kim

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