Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Kim Ik-Rae (former chairman of Daum Kiwoom Group) announced a partial tender offer for 0.9 million shares (8.4% stake) in Saramin. Tender offer price is 18,000 won per share. </li>
<li>The total purchase amount is 16.2 billion won. Following this tender offer, Kim Ik-Rae's stake in Saramin will increase from 3.38% to 11.77%.</li>
<li>I am positive on this partial tender offer. Although the share price of Saramin increased by 18.3% post tender offer announcement, it is still trading 5.7% below tender offer price. </li>
</ul>


Kim Ik-Rae (former chairman of Daum Kiwoom Group) announced a partial tender offer for 0.9 million shares (8.4% stake) in Saramin. Tender offer price is 18,000 won per share. 
The total purchase amount is 16.2 billion won. Following this tender offer, Kim Ik-Rae's stake in Saramin will increase from 3.38% to 11.77%.
I am positive on this partial tender offer. Although the share price of Saramin increased by 18.3% post tender offer announcement, it is still trading 5.7% below tender offer price. 


A Partial Tender Offer of 8.4% Stake in Saramin

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Mandarin Oriental International / Event-Driven

Mandarin Oriental International (MAND SP)

<ul>
<li>It's fair bet <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Matheson (JM SP)</a> opted for a Scheme for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> to avoid a repeat of the appraisal rights afforded <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic (JS SP)</a>'s dissentient shareholders.</li>
<li>On <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU/LNW US)</a> giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. </li>
<li>Qatar Airways books a loss on its eight-yar investment as <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> moves to take out its 9.57% stake. </li>
</ul>


It's fair bet Matheson (JM SP) opted for a Scheme for Mandarin Oriental (MAND SP) to avoid a repeat of the appraisal rights afforded Jardine Strategic (JS SP)'s dissentient shareholders.
On Light &amp; Wonder (LNW AU/LNW US) giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. 
Qatar Airways books a loss on its eight-yar investment as Cathay Pacific Airways (293 HK) moves to take out its 9.57% stake. 


Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

<ul>
<li>For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and "unwind" territory. </li>
<li>Preceding the chart/table-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and "unwind" territory. 
Preceding the chart/table-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Sumitomo Chemical/Sumitomo Pharma, Hyundai Motor/ Kia Corp, Ecopro Co/Ecopro BM

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>Korea’s structural value gap favors low-PBR, improving-ROE small/mid-caps; traders front-run early movers into the Oct 23 MPC, then rotate into these smaller names as the rate cut nears.</li>
<li>BOK’s key MPC meetings are Oct 23 and Nov 27, with markets pricing in a 25bps cut on Oct 23 to close the policy rate gap with the Fed.</li>
<li>Locals are screening for low-PBR (&lt;0.8), ROE &gt;8%, mid-small caps (KRW 300B–1T); 28 names fit, primed to ride the early rate-cut rally pre-MPC.</li>
</ul>


Korea’s structural value gap favors low-PBR, improving-ROE small/mid-caps; traders front-run early movers into the Oct 23 MPC, then rotate into these smaller names as the rate cut nears.
BOK’s key MPC meetings are Oct 23 and Nov 27, with markets pricing in a 25bps cut on Oct 23 to close the policy rate gap with the Fed.
Locals are screening for low-PBR (&lt;0.8), ROE &gt;8%, mid-small caps (KRW 300B–1T); 28 names fit, primed to ride the early rate-cut rally pre-MPC.


BOK's Oct Rate Cut Playing Out as a Small/Mid-Cap Re-Rating Narrative in Korea

Equity Bottom-Up

<ul>
<li>On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. </li>
<li>First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.</li>
<li>In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.</li>
</ul>


On 10 October, Kiwoom Securities announced shareholder friendly policies. This could lead to Kiwoom Securities outperforming other major Korean securities companies in the next several months. 
First, the company will return more than 30% of its net profit to the shareholders in the next three years through dividends and share buybacks/cancellations of treasury shares.
In addition, Kiwoom Securities plans to cancel all 1.4 million treasury shares it currently holds, representing 5.3% of outstanding shares.


Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

South Korea

Daou Data Corp. provides IT consulting & solution service.  The Company wholesales and retails computer hardware and software, such as servers, hard disk drives, CD-ROM drives, anti-virus software, graphic solution software, and multimedia software.

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Daou Data Corp (032190 KS)

A Partial Tender Offer of 8.4% Stake in Saramin

Kim Ik-Rae (former chairman of Daum Kiwoom Group) announced a partial tender offer for 0.9 million shares (8.4% stake) in Saramin. Tender offer...

Douglas Kim

Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Sumitomo Chemical/Sumitomo Pharma, Hyundai Motor/ Kia Corp, Ecopro Co/Ecopro BM

For a change of pace in my StubWorld insights, this piece briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and...

David Blennerhassett

BOK's Oct Rate Cut Playing Out as a Small/Mid-Cap Re-Rating Narrative in Korea

This post screens small/mid-caps with low PBR and high ROE, highlighting potential targets to ride a rate-cut-driven re-rating in Korea.

Sanghyun Park

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

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A Partial Tender Offer of 8.4% Stake in Saramin

Kim Ik-Rae (former chairman of Daum Kiwoom Group) announced a partial tender offer for 0.9 million shares (8.4% stake) in Saramin. Tender offer...

Douglas Kim

Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Sumitomo Chemical/Sumitomo Pharma, Hyundai Motor/ Kia Corp, Ecopro Co/Ecopro BM

For a change of pace in my StubWorld insights, this piece briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and...

David Blennerhassett

BOK's Oct Rate Cut Playing Out as a Small/Mid-Cap Re-Rating Narrative in Korea

This post screens small/mid-caps with low PBR and high ROE, highlighting potential targets to ride a rate-cut-driven re-rating in Korea.

Sanghyun Park

Kiwoom Securities: Announces Material Improvement in Shareholder Return Policies

​Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...

Douglas Kim

Kiwoom Securities announced shareholder-friendly policies, including returning over 30% of net profit to shareholders and cancelling all treasury...