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.

Equity Bottom-Up

<p>Doosan Heavy Industries is right at the center of a potential short-selling attack. It tops the loan balance/float shares ratio among the KOSPI 200 constituents having the short-selling eligibility. A whopping 33.31% of its free-float shares are currently sitting on the loan balance book, representing 6.18 times the 30-day average daily trade volume.</p><table class="table table-striped">
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Name"}'>Top 10 loan balance/float shares among KOSPI 200 constituents</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":2,"2":"Loan balance/float shares"}'>Loan balance/float shares</td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":2,"2":"Loan balance/ADTV"}'>Loan balance/ADTV</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":2,"2":"Short interest/float shares"}'>Short interest/float shares</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Doosan Heavy Industries Constrctn Co Ltd"}'><strong>Doosan Heavy Industries Constrctn Co Ltd</strong></td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"034020"}'><strong>034020</strong></td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.33313115497862084}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>33.31%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":6.1772001583452525}' data-sheets-numberformat='[null,2,"#,##0.00",1]'><strong>6.18x</strong></td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.06259086104962007}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>6.26%</strong></td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"CJ CGV Co Ltd"}'>CJ CGV Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"079160"}'>079160</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.2402089129940976}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>24.02%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":7.207901449599426}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>7.21x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.024956215628078603}' data-sheets-numberformat='[null,3,"0.00%",1]'>2.50%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Doosan Infracore Co Ltd"}'>Doosan Infracore Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"042670"}'>042670</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.21710053863774298}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>21.71%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":5.222225987607389}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>5.22x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.05900084045410738}' data-sheets-numberformat='[null,3,"0.00%",1]'>5.90%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Lotte Tour Development Co., Ltd."}'>Lotte Tour Development Co., Ltd.</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"032350"}'>032350</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.2087869666622583}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>20.88%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":8.600321553335345}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>8.60x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.1502166979579341}' data-sheets-numberformat='[null,3,"0.00%",1]'>15.02%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"LG Display Co Ltd"}'>LG Display Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"034220"}'>034220</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.20587227486735404}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>20.59%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":10.565776191720973}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>10.57x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.054404371553615063}' data-sheets-numberformat='[null,3,"0.00%",1]'>5.44%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"GS Retail Co Ltd"}'>GS Retail Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"007070"}'>007070</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.19100824155953727}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>19.10%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":9.078724740347708}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>9.08x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.024814744452913234}' data-sheets-numberformat='[null,3,"0.00%",1]'>2.48%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Doosan Fuel Cell Co Ltd"}'>Doosan Fuel Cell Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":3,"3":336260}'>336260</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.16218958169718495}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>16.22%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":3.4172313491476447}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>3.42x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.032657164213887084}' data-sheets-numberformat='[null,3,"0.00%",1]'>3.27%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Iljin Materials Co Ltd"}'>Iljin Materials Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"020150"}'>020150</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.15125967919243655}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>15.13%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":13.371711310342299}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>13.37x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.01919306152059439}' data-sheets-numberformat='[null,3,"0.00%",1]'>1.92%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"HMM Co Ltd"}'>HMM Co Ltd</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"011200"}'>011200</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.14695677273238528}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>14.70%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":2.818376762499618}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>2.82x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.022077757350810294}' data-sheets-numberformat='[null,3,"0.00%",1]'>2.21%</td>
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<td style="width: 236.364px;" data-sheets-value='{"1":2,"2":"Hyundai Wia Corp"}'>Hyundai Wia Corp</td>
<td style="text-align: right; width: 47.2727px;" data-sheets-value='{"1":2,"2":"011210"}'>011210</td>
<td style="text-align: right; width: 115.455px;" data-sheets-value='{"1":3,"3":0.13411777144290182}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>13.41%</strong></td>
<td style="text-align: right; width: 124.545px;" data-sheets-value='{"1":3,"3":3.9947088743693655}' data-sheets-numberformat='[null,2,"#,##0.00",1]'>3.99x</td>
<td style="text-align: right; width: 116.364px;" data-sheets-value='{"1":3,"3":0.04089145994437073}' data-sheets-numberformat='[null,3,"0.00%",1]'>4.09%</td>
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<tr><td colspan="5" style="width: 236.364px;">Source: KRX &amp; KOFIA</td></tr>
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</table><p>The current short interest is 6.26% of the float shares, but this is two trading session-delayed data. Given the still heavy short-selling volume in the last two trading days, it should be well above 7% now. A weekly increase in the short interest is 113.90%, and the loan balance also saw a 68.71% weekly increase. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/211/311/original/Doosan+Heavy+Industries.png?1622915529" class="editor-image img-responsive" data-smartkarma-image-id="211311"></figure></section>

Doosan Heavy Industries is right at the center of a potential short-selling attack. It tops the loan balance/float shares ratio among the KOSPI 200 constituents having the short-selling eligibility. A whopping 33.31% of its free-float shares are currently sitting on the loan balance book, representing 6.18 times the 30-day average daily trade volume.









Top 10 loan balance/float shares among KOSPI 200 constituents
Ticker
Loan balance/float shares
Loan balance/ADTV
Short interest/float shares


Doosan Heavy Industries Constrctn Co Ltd
034020
33.31%
6.18x
6.26%


CJ CGV Co Ltd
079160
24.02%
7.21x
2.50%


Doosan Infracore Co Ltd
042670
21.71%
5.22x
5.90%


Lotte Tour Development Co., Ltd.
032350
20.88%
8.60x
15.02%


LG Display Co Ltd
034220
20.59%
10.57x
5.44%


GS Retail Co Ltd
007070
19.10%
9.08x
2.48%


Doosan Fuel Cell Co Ltd
336260
16.22%
3.42x
3.27%


Iljin Materials Co Ltd
020150
15.13%
13.37x
1.92%


HMM Co Ltd
011200
14.70%
2.82x
2.21%


Hyundai Wia Corp
011210
13.41%
3.99x
4.09%

Source: KRX &amp; KOFIA

The current short interest is 6.26% of the float shares, but this is two trading session-delayed data. Given the still heavy short-selling volume in the last two trading days, it should be well above 7% now. A weekly increase in the short interest is 113.90%, and the loan balance also saw a 68.71% weekly increase. 

Doosan Heavy, Korea's Latest Meme Stock Without Substance?

Event-Driven

<p>Doosan Heavy Industries is up 15% today on the news that Korea and the US signed the business collaboration agreement for the SMR (Small Modular Reactor) cooperation. Doosan Heavy has been looking to export its SMRs to the US for a while.</p><p>Doosan Heavy's price surge leads to an extreme diversion in the price ratio vs. Doosan Corp. It is currently 2.43% off the 180-day mean: Doosan Corp in the numerator and Doosan Heavy in the denominator. The pair is 31.51% below the 180-day high.</p><table class="table table-striped">
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<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Doosan Corp"}' data-sheets-formula="=R[-110]C[-6]">Doosan Corp vs. Doosan Heavy Industries</td></tr>
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<td data-sheets-value='{"1":2,"2":"Current price ratio"}'>Current price ratio</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3.902869757174393}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula='=indirect("$E"&amp;R159C[0])'>3.90287</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day mean"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]'><strong>%Δ to 180-day mean</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.024321120573437455}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=indirect("$B"&amp;R159C[0])'><strong>-2.43%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day high"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]'><strong>%Δ to 180-day high</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.31509527938165255}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=indirect("$C"&amp;R159C[0])'><strong>-31.51%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day low"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]'>%Δ to 180-day low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.32239356345043796}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula='=indirect("$D"&amp;R159C[0])'>32.24%</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
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</table><section class="figure"><p>The current sigma on a 20-day moving average is -2.59, putting the duo back to where there were a month ago. </p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/210/698/original/Doosan+Corp+vs.+Doosan+Heavy+Industries+Constrctn+Co+Ltd.png?1622610836" class="editor-image img-responsive" data-smartkarma-image-id="210698"></figure></section><p>Doosan Corp is basically a single-subsidiary holding company with a substantial presence of its own operating operation. But Doosan Heavy alone accounts for nearly 70% of the GAV, making them a suitable pair for a stub trade.</p><table class="table table-striped">
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<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Assets"}'>Assets</td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":2,"2":"% of NAV"}'>% of NAV</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":2,"2":"% of GAV"}'>% of GAV</td>
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<tr>
<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Doosan Heavy Industries Constrctn Co Ltd"}' data-sheets-formula="=NAV!R[11]C[0]"><strong>Doosan Heavy Industries Constrctn Co Ltd</strong></td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":0.9151962366131203}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[2]/R28C[0]"><strong>91.52%</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":0.6808923434006716}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[1]/R23C[-1]"><strong>68.09%</strong></td>
</tr>
<tr>
<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Oricom Inc"}' data-sheets-formula="=NAV!R[11]C[0]">Oricom Inc</td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":0.011680247052466503}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[2]/R28C[0]">1.17%</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":0.00868992951335164}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[1]/R23C[-1]">0.87%</td>
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<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Infinitt Healthcare Co Ltd"}' data-sheets-formula="=NAV!R[11]C[0]">Infinitt Healthcare Co Ltd</td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":0.000027824626946200257}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[2]/R28C[0]">0.00%</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":0.00002070110724641955}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[1]/R23C[-1]">0.00%</td>
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<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Solus Advanced Materials 1P"}' data-sheets-formula="=NAV!R[11]C[0]">Solus Advanced Materials 1P</td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":0.029027529178169444}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[2]/R28C[0]">2.90%</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":0.02159604855719073}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[1]/R23C[-1]">2.16%</td>
</tr>
<tr>
<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Other - unlisted"}' data-sheets-formula="=NAV!R[11]C[0]">Other - unlisted</td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":0.13198779914059305}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[2]/R28C[0]">13.20%</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":0.09819695302694514}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[11]C[1]/R23C[-1]">9.82%</td>
</tr>
<tr>
<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Operation"}' data-sheets-formula="=NAV!R[25]C[0]"><strong>Operation</strong></td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":0.25619334319140497}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[25]C[2]/R28C[0]"><strong>25.62%</strong></td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":3,"3":0.19060402439459445}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[25]C[1]/R23C[-1]"><strong>19.06%</strong></td>
</tr>
<tr>
<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Holdco net cash/debt (de-consolidated)"}' data-sheets-formula="=NAV!R[25]C[0]">Holdco net cash/debt (de-consolidated)</td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":-0.2705439344996471}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[25]C[2]/R28C[0]">-27.05%</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='[null,3,"0.00%",1]'>-</td>
</tr>
<tr>
<td style="width: 229.091px;" data-sheets-value='{"1":2,"2":"Value of pref shares"}' data-sheets-formula="=NAV!R[-14]C[0]">Value of pref shares</td>
<td style="text-align: right; width: 225.455px;" data-sheets-value='{"1":3,"3":-0.07356904530305353}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=-R[-14]C[0]/R28C[0]">-7.36%</td>
<td style="text-align: right; width: 227.273px;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='[null,3,"0.00%",1]'>-</td>
</tr>
<tr><td colspan="3" style="width: 723.636px;">Source: DART &amp; KRX</td></tr>
</tbody>
</table><p>Doosan Corp controls 41.95% of Doosan Heavy Industries, translating into a ₩3.85T market value.</p><table class="table table-striped">
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<td style="width: 242.727px;" data-sheets-value='{"1":2,"2":"Holdings"}'>Holdings</td>
<td style="text-align: right; width: 148.182px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right; width: 122.727px;" data-sheets-value='{"1":2,"2":"Stake"}'>Stake</td>
<td style="text-align: right; width: 147.273px;" data-sheets-value='{"1":2,"2":"Value"}'>Value</td>
</tr>
<tr>
<td style="width: 242.727px;" data-sheets-value='{"1":2,"2":"Doosan Heavy Industries Constrctn Co Ltd"}' data-sheets-formula="=NAV!R[10]C[0]"><strong>Doosan Heavy Industries Constrctn Co Ltd</strong></td>
<td style="text-align: right; width: 148.182px;" data-sheets-value='{"1":2,"2":"034020"}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=NAV!R[10]C[0]"><strong>034020</strong></td>
<td style="text-align: right; width: 122.727px;" data-sheets-value='{"1":3,"3":0.41950000000000004}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=NAV!R[10]C[0]"><strong>41.95%</strong></td>
<td style="text-align: right; width: 147.273px;" data-sheets-value='{"1":3,"3":3854.7747096210005}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=NAV!R[10]C[0]"><strong>₩3,854.8B</strong></td>
</tr>
<tr>
<td style="width: 242.727px;" data-sheets-value='{"1":2,"2":"Oricom Inc"}' data-sheets-formula="=NAV!R[10]C[0]">Oricom Inc</td>
<td style="text-align: right; width: 148.182px;" data-sheets-value='{"1":2,"2":"010470"}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=NAV!R[10]C[0]">010470</td>
<td style="text-align: right; width: 122.727px;" data-sheets-value='{"1":3,"3":0.6154999999999999}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=NAV!R[10]C[0]">61.55%</td>
<td style="text-align: right; width: 147.273px;" data-sheets-value='{"1":3,"3":49.50336598724999}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=NAV!R[10]C[0]">₩49.5B</td>
</tr>
<tr>
<td style="width: 242.727px;" data-sheets-value='{"1":2,"2":"Infinitt Healthcare Co Ltd"}' data-sheets-formula="=NAV!R[10]C[0]">Infinitt Healthcare Co Ltd</td>
<td style="text-align: right; width: 148.182px;" data-sheets-value='{"1":2,"2":"071200"}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=NAV!R[10]C[0]">071200</td>
<td style="text-align: right; width: 122.727px;" data-sheets-value='{"1":3,"3":0.0006}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=NAV!R[10]C[0]">0.06%</td>
<td style="text-align: right; width: 147.273px;" data-sheets-value='{"1":3,"3":0.11827402838399999}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=NAV!R[10]C[0]">₩0.1B</td>
</tr>
<tr>
<td style="width: 242.727px;" data-sheets-value='{"1":2,"2":"Solus Advanced Materials 1P"}' data-sheets-formula="=NAV!R[10]C[0]">Solus Advanced Materials 1P</td>
<td style="text-align: right; width: 148.182px;" data-sheets-value='{"1":2,"2":"33637K"}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=NAV!R[10]C[0]">33637K</td>
<td style="text-align: right; width: 122.727px;" data-sheets-value='{"1":3,"3":0.028399999999999998}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=NAV!R[10]C[0]">2.84%</td>
<td style="text-align: right; width: 147.273px;" data-sheets-value='{"1":3,"3":123.01888}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=NAV!R[10]C[0]">₩123.0B</td>
</tr>
<tr>
<td style="width: 242.727px;" data-sheets-value='{"1":2,"2":"Other - unlisted"}' data-sheets-formula="=NAV!R[13]C[0]">Other - unlisted</td>
<td style="text-align: right; width: 148.182px;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='[null,2,"#,##0",1]'>-</td>
<td style="text-align: right; width: 122.727px;" data-sheets-value='{"1":2,"2":"-"}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=NAV!R[13]C[0]">-</td>
<td style="text-align: right; width: 147.273px;" data-sheets-value='{"1":3,"3":561.04}' data-sheets-numberformat='[null,2,"₩#,##0.0B"]' data-sheets-formula="=NAV!R[13]C[0]">₩561.0B</td>
</tr>
<tr><td colspan="4" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART"}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

Doosan Heavy Industries is up 15% today on the news that Korea and the US signed the business collaboration agreement for the SMR (Small Modular Reactor) cooperation. Doosan Heavy has been looking to export its SMRs to the US for a while.Doosan Heavy's price surge leads to an extreme diversion in the price ratio vs. Doosan Corp. It is currently 2.43% off the 180-day mean: Doosan Corp in the numerator and Doosan Heavy in the denominator. The pair is 31.51% below the 180-day high.





Doosan Corp vs. Doosan Heavy Industries

Current price ratio
3.90287


%Δ to 180-day mean
-2.43%


%Δ to 180-day high
-31.51%


%Δ to 180-day low
32.24%

Source: KRX

The current sigma on a 20-day moving average is -2.59, putting the duo back to where there were a month ago. 
Doosan Corp is basically a single-subsidiary holding company with a substantial presence of its own operating operation. But Doosan Heavy alone accounts for nearly 70% of the GAV, making them a suitable pair for a stub trade.







Assets
% of NAV
% of GAV


Doosan Heavy Industries Constrctn Co Ltd
91.52%
68.09%


Oricom Inc
1.17%
0.87%


Infinitt Healthcare Co Ltd
0.00%
0.00%


Solus Advanced Materials 1P
2.90%
2.16%


Other - unlisted
13.20%
9.82%


Operation
25.62%
19.06%


Holdco net cash/debt (de-consolidated)
-27.05%
-


Value of pref shares
-7.36%
-

Source: DART &amp; KRX

Doosan Corp controls 41.95% of Doosan Heavy Industries, translating into a ₩3.85T market value.








Holdings
Ticker
Stake
Value


Doosan Heavy Industries Constrctn Co Ltd
034020
41.95%
₩3,854.8B


Oricom Inc
010470
61.55%
₩49.5B


Infinitt Healthcare Co Ltd
071200
0.06%
₩0.1B


Solus Advanced Materials 1P
33637K
2.84%
₩123.0B


Other - unlisted
-
-
₩561.0B

Source: KRX &amp; DART



Doosan Stub: An Entry Point in This Extreme Diversion

<p>Korea has a total of 121 preferred shares.</p><div class="content-highlight"><p><strong>You can find all the preferred share names in Korea with the disparity to the ordinary shares and the sigma on a 20-day moving average in the attached file.</strong></p></div><hr><p>6 prefs in total have a market cap of more than ₩1T. The largest one is Samsung Electronics 1P featuring a market cap of ₩61.6T.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Pref"}'>Top 10 largest market cap prefs in Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Market cap (₩B)"}'>Market cap (₩B)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd Preference Shares Non Voting"}'><strong>Samsung Electronics Co Ltd Preference Shares Non Voting</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005935"}'><strong>005935</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":61551.92516}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>61,551.9</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S2 Pref Shs"}'><strong>Hyundai Motor S2 Pref Shs</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005387"}'><strong>005387</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4049.885061}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>4,049.9</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd Preference Shares"}'><strong>LG Chem Ltd Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051915"}'><strong>051915</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3344.628}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>3,344.6</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S1 Pref Shs"}'><strong>Hyundai Motor S1 Pref Shs</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005385"}'><strong>005385</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2752.305405}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>2,752.3</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd Preference Shares"}'><strong>LG Household &amp; Healthcare Ltd Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051905"}'><strong>051905</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1553.77578}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>1,553.8</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Electronics Inc. Preference Shares"}'><strong>LG Electronics Inc. Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"066575"}'><strong>066575</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1254.577416}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>1,254.6</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp Preference Shares"}'>Amorepacific Corp Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"090435"}'>090435</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":978.710841}' data-sheets-numberformat='[null,2,"#,##0.0"]'>978.7</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd Preferred Shares"}'>Samsung SDI Co Ltd Preferred Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"006405"}'>006405</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":711.065292}' data-sheets-numberformat='[null,2,"#,##0.0"]'>711.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Mirae Asset Securities 2PB"}'>Mirae Asset Securities 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"00680K"}'>00680K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":697.9}' data-sheets-numberformat='[null,2,"#,##0.0"]'>697.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korea Investment Holdings Co., Ltd. Preference Shares"}'>Korea Investment Holdings Co., Ltd. Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"071055"}'>071055</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":521.384339}' data-sheets-numberformat='[null,2,"#,##0.0"]'>521.4</td>
</tr>
<tr><td colspan="3">Source: KRX</td></tr>
</tbody>
</table><p>These are the top 10 preferred shares having the widest disparity to the ordinary shares. Solus Advanced Materials 1P tops the list with a 66.87% disparity. 4 prefs in total are above a 60% disparity to their respective ordinary share. A total of 19 prefs have a +50% disparity to the ordinary shares.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Pref"}'>Top 10 prefs having the widest disparity to ordinary share in Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Disparity to ordinary share"}'>Disparity to ordinary share</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Solus Advanced Materials 1P"}'><strong>Solus Advanced Materials 1P</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33637K"}'><strong>33637K</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.668693009118541}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>66.87%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp Preference Shares"}'><strong>Amorepacific Corp Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"090435"}'><strong>090435</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6653429602888087}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>66.53%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"AmoreG 1P Pref Shs"}'><strong>AmoreG 1P Pref Shs</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002795"}'><strong>002795</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6418918918918919}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>64.19%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell 1P"}'><strong>Doosan Fuel Cell 1P</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33626K"}'><strong>33626K</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6262626262626263}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>62.63%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Nexen Tire Corp Preference Shares"}'>Nexen Tire Corp Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002355"}'>002355</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5765124555160143}' data-sheets-numberformat='[null,3,"0.00%",1]'>57.65%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BYC Co., Ltd Preference Shares"}'>BYC Co., Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"001465"}'>001465</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5660621761658031}' data-sheets-numberformat='[null,3,"0.00%",1]'>56.61%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell 2PB"}'>Doosan Fuel Cell 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33626L"}'>33626L</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5391414141414141}' data-sheets-numberformat='[null,3,"0.00%",1]'>53.91%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S3 Pref Shs"}'>Hyundai Motor S3 Pref Shs</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005389"}'>005389</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5357142857142857}' data-sheets-numberformat='[null,3,"0.00%",1]'>53.57%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd Preference Shares"}'>LG Household &amp; Healthcare Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051905"}'>051905</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5289624443029918}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.90%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd Preference Shares"}'>LG Chem Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051915"}'>051915</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5266594124047879}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.67%</td>
</tr>
<tr><td colspan="3">Source: KRX</td></tr>
</tbody>
</table>

Korea has a total of 121 preferred shares.You can find all the preferred share names in Korea with the disparity to the ordinary shares and the sigma on a 20-day moving average in the attached file.6 prefs in total have a market cap of more than ₩1T. The largest one is Samsung Electronics 1P featuring a market cap of ₩61.6T.







Top 10 largest market cap prefs in Korea
Ticker
Market cap (₩B)


Samsung Electronics Co Ltd Preference Shares Non Voting
005935
61,551.9


Hyundai Motor S2 Pref Shs
005387
4,049.9


LG Chem Ltd Preference Shares
051915
3,344.6


Hyundai Motor S1 Pref Shs
005385
2,752.3


LG Household &amp; Healthcare Ltd Preference Shares
051905
1,553.8


LG Electronics Inc. Preference Shares
066575
1,254.6


Amorepacific Corp Preference Shares
090435
978.7


Samsung SDI Co Ltd Preferred Shares
006405
711.1


Mirae Asset Securities 2PB
00680K
697.9


Korea Investment Holdings Co., Ltd. Preference Shares
071055
521.4

Source: KRX

These are the top 10 preferred shares having the widest disparity to the ordinary shares. Solus Advanced Materials 1P tops the list with a 66.87% disparity. 4 prefs in total are above a 60% disparity to their respective ordinary share. A total of 19 prefs have a +50% disparity to the ordinary shares.







Top 10 prefs having the widest disparity to ordinary share in Korea
Ticker
Disparity to ordinary share


Solus Advanced Materials 1P
33637K
66.87%


Amorepacific Corp Preference Shares
090435
66.53%


AmoreG 1P Pref Shs
002795
64.19%


Doosan Fuel Cell 1P
33626K
62.63%


Nexen Tire Corp Preference Shares
002355
57.65%


BYC Co., Ltd Preference Shares
001465
56.61%


Doosan Fuel Cell 2PB
33626L
53.91%


Hyundai Motor S3 Pref Shs
005389
53.57%


LG Household &amp; Healthcare Ltd Preference Shares
051905
52.90%


LG Chem Ltd Preference Shares
051915
52.67%

Source: KRX



Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<div>
<p>This week in StubWorld ...</p>
</div>
<div>
<div>
<div class="content-highlight">
<p>With the short-selling ban in Korea lifted this past Monday, this insight takes a cursory look at those Holdcos moving, and some that may yet have more to move. </p>
</div>
</div>
</div>
<div>
<p>Preceding my comments on Korean stubs are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
</div>
<div><hr></div>
<div>
<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
</div>


This week in StubWorld ...




With the short-selling ban in Korea lifted this past Monday, this insight takes a cursory look at those Holdcos moving, and some that may yet have more to move. 




Preceding my comments on Korean stubs are the weekly setup/unwind tables for Asia-Pacific Holdcos.



These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


<div>
<p>On 26 November, <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> officially announced it would be splitting itself into two - the core electronics, chemicals, and telecoms business will stay in LG Corp, with the remaining non-core holdings transferred to NewCo, a new holding company, and subsequently spin-off to LG Corp shareholders.</p>
<p><a href="https://www.smartkarma.com/profiles/douglas-kim" target="_blank" data-smartkarma-citation="accounts:342" rel="noopener">Douglas Kim</a> discussed this transaction beginning with <em><a href="https://skr.ma/BZgGp" target="_blank" rel="noopener">LG Group Announces the Formation of LG NewCo &amp; Split of 4 Companies from LG Corp</a></em>, and I added my thoughts in <em><a href="https://skr.ma/Tdpxs" target="_blank" rel="noopener">2021 High Conviction: LG Corp's Decade-Low Stub</a></em>.</p>
<p>The benefits of the demerger are projected to be two-fold. The NewCo is expected to improve the competitiveness and efficiency of the business (potentially re-rating the company); but also as an interim step to facilitate share swaps with the family with the two holding companies. This has been speculated since Koo Kwang-mo was inaugurated as chairman in 2018. NewCo's board of directors will be headed by Koo Bon-joon, the uncle of Kwang-Mo. </p>
<p>The remaining Holdco will focus on steady earnings from its core operations (electronics, chemicals, and telecom), and via new opportunities. LG provided further rationale for the spin-off in its 4Q20 results - that is attached at the bottom of this insight.</p>
<p>It was noted, however, that LG Corp would maintain 91.5% of the group's assets - ₩9,779.8bn - as at 3Q20. This raises the question: just how much value can be unlocked by via spinning off ~8%?</p>
<p>The NAV and implied stub <em>widened</em> after the demerger announcement, and following a tepid reversal, narrowed around the time <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> announced a US$1bn JV with Magna on the 22 December to make electric car gears.</p>
</div>
<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/192/369/original/image_5243749941614909471522.png?1614909471" class="editor-image img-responsive" data-smartkarma-image-id="192369"></figure>
<p style="text-align: left;">Source: my calcs, CapIQ</p>
</div>
<div>
<p>On the 15 December, US-headquartered Whitebox said:</p>
<blockquote>
<p>The spin-off does nothing to address LG’s most pressing issue, which is the unprecedented discount at which the company trades relative to its assets and, accordingly, inferior return to shareholders.</p>
<p>Despite clearly favorable alternatives, the board (of LG) has unanimously approved a plan that, in our view, sacrifices minority shareholder return in order to resolve a family succession issue.</p>
</blockquote>
</div>
<div>
<p>Whitebox has now issued a 30-page PowerPoint detailing its objection to the demerger. It's worth a read.</p>
</div>
<p>More below the fold.</p>
<div>
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On 26 November, LG Corp (003550 KS) officially announced it would be splitting itself into two - the core electronics, chemicals, and telecoms business will stay in LG Corp, with the remaining non-core holdings transferred to NewCo, a new holding company, and subsequently spin-off to LG Corp shareholders.
Douglas Kim discussed this transaction beginning with LG Group Announces the Formation of LG NewCo &amp; Split of 4 Companies from LG Corp, and I added my thoughts in 2021 High Conviction: LG Corp's Decade-Low Stub.
The benefits of the demerger are projected to be two-fold. The NewCo is expected to improve the competitiveness and efficiency of the business (potentially re-rating the company); but also as an interim step to facilitate share swaps with the family with the two holding companies. This has been speculated since Koo Kwang-mo was inaugurated as chairman in 2018. NewCo's board of directors will be headed by Koo Bon-joon, the uncle of Kwang-Mo. 
The remaining Holdco will focus on steady earnings from its core operations (electronics, chemicals, and telecom), and via new opportunities. LG provided further rationale for the spin-off in its 4Q20 results - that is attached at the bottom of this insight.
It was noted, however, that LG Corp would maintain 91.5% of the group's assets - ₩9,779.8bn - as at 3Q20. This raises the question: just how much value can be unlocked by via spinning off ~8%?
The NAV and implied stub widened after the demerger announcement, and following a tepid reversal, narrowed around the time LG Electronics (066570 KS) announced a US$1bn JV with Magna on the 22 December to make electric car gears.



Source: my calcs, CapIQ


On the 15 December, US-headquartered Whitebox said:

The spin-off does nothing to address LG’s most pressing issue, which is the unprecedented discount at which the company trades relative to its assets and, accordingly, inferior return to shareholders.
Despite clearly favorable alternatives, the board (of LG) has unanimously approved a plan that, in our view, sacrifices minority shareholder return in order to resolve a family succession issue.



Whitebox has now issued a 30-page PowerPoint detailing its objection to the demerger. It's worth a read.

More below the fold.




LG Corp (003550 KS): Whitebox States Its Case

South Korea

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

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