Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 7 September, Hyundai Motor (005380 KS) announced a major stock swap with KT Corp (030200 KS). </li>
<li>KT will exchange about 750 billion won (7.7%) of KT's treasury stock for 445.6 billion won (1.04%) of Hyundai Motor shares and 300.3 billion won (1.46%) of Hyundai Mobis shares.</li>
<li>This stock swap is likely to have a bigger positive impact on KT versus Hyundai Motor and Hyundai Mobis. </li>
</ul>


On 7 September, Hyundai Motor (005380 KS) announced a major stock swap with KT Corp (030200 KS). 
KT will exchange about 750 billion won (7.7%) of KT's treasury stock for 445.6 billion won (1.04%) of Hyundai Motor shares and 300.3 billion won (1.46%) of Hyundai Mobis shares.
This stock swap is likely to have a bigger positive impact on KT versus Hyundai Motor and Hyundai Mobis. 


Major Stock Swap Between Hyundai Motor Group and KT Corp

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>Elon Musk's Starlink recently <a href="https://techcrunch.com/2022/08/25/t-mobile-phones-will-connect-to-starlink-for-free-starting-next-year/" target="_blank" rel="noopener">announced plans</a> to enter the global carrier market, spooking shareholders of space-based cellular operator AST SpaceMobile.</li><li>AST, which went public through a SPAC in 2021, has plans to commercialise global space based telecommunications, but has notably struggled due to technical challenges.</li><li>AST Shareholders have feared that the Starlink announcement risked overshadowing the company’s upcoming launch and also possibly beat the company to market, despite the latter having a significant head start.</li></ul>

Elon Musk's Starlink recently announced plans to enter the global carrier market, spooking shareholders of space-based cellular operator AST SpaceMobile.AST, which went public through a SPAC in 2021, has plans to commercialise global space based telecommunications, but has notably struggled due to technical challenges.AST Shareholders have feared that the Starlink announcement risked overshadowing the company’s upcoming launch and also possibly beat the company to market, despite the latter having a significant head start.

AST SpaceMobile Vs Starlink: The Race for Global Connectivity

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>AT&T has delivered another consistent financial result while repositioning its business after the completion of the transaction of WarnerMedia-Discovery.</li><li>AT&T has an improved financial structure and asset base and is looking to become the leading broadband provider in the world.</li><li>There has been a positive net addition in mobility, and the AT&T fiber growth has been consistently strong.</li></ul>

AT&T has delivered another consistent financial result while repositioning its business after the completion of the transaction of WarnerMedia-Discovery.AT&T has an improved financial structure and asset base and is looking to become the leading broadband provider in the world.There has been a positive net addition in mobility, and the AT&T fiber growth has been consistently strong.

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

<ul>
<li>Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.</li>
<li>While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. </li>
<li>We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.</li>
</ul>


Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.
While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. 
We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.


MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Intel's Analyst Day last week set forth unhittable revenue growth targets</li>
<li>Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.</li>
<li>Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. </li>
</ul>


Intel's Analyst Day last week set forth unhittable revenue growth targets
Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.
Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. 


Intel Analyst Day: Still a Top (Funding) Short

United States

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

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AT&T (T US)

Major Stock Swap Between Hyundai Motor Group and KT Corp

On 7 September, Hyundai Motor Group announced a major stock swap with KT Corp (030200 KS) worth about 750 billion won, which is likely to have a...

Douglas Kim

AST SpaceMobile Vs Starlink: The Race for Global Connectivity

Elon Musk's Starlink recently announced plans to enter the global carrier market, spooking shareholders of space-based cellular operator AST...

subSPAC

AT&T Inc.: Financial & Price Forecasts

AT&T has delivered another consistent financial result while repositioning its business after the completion of the transaction of...

Baptista Research

MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

Why we think that the prospect of earning double-digits annualized returns from this transaction within the next 18 months might not be such a gamble

Robert Sassoon

Intel Analyst Day: Still a Top (Funding) Short

Intel's recent analyst day was confirmatory that it has entered the IBM zone - an inability to reset long term expectations makes it a perma...

Aaron Gabin

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