Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>The former Doosan Group Chairman Park Yong-Man and his sons will sell 1.296 million shares of Doosan Corp (000150 KS) in a block deal, representing 7.85% of outstanding shares.</li>
<li>We have a positive view of this block deal sale and we would take the deal.</li>
<li>Our NAV analysis of Doosan Corp suggests NAV per share of 188,511 won per share, representing a 61% upside from current levels. </li>
</ul>


The former Doosan Group Chairman Park Yong-Man and his sons will sell 1.296 million shares of Doosan Corp (000150 KS) in a block deal, representing 7.85% of outstanding shares.
We have a positive view of this block deal sale and we would take the deal.
Our NAV analysis of Doosan Corp suggests NAV per share of 188,511 won per share, representing a 61% upside from current levels. 


Doosan Corp: Block Deal Sale of Former Chairman Park & His Sons' Stakes

Cross Asset Strategy

<ul>
<li>Yoon Suk-Yeol was elected the new President of South Korea on 10 March.</li>
<li>As the next President of South Korea, Yoon will certainly try to increase much needed housing supply and this will certainly benefit the major construction companies in Korea.</li>
<li>Another major sector that will likely benefit as a result of Yoon becoming the President is the nuclear industry.</li>
</ul>


Yoon Suk-Yeol was elected the new President of South Korea on 10 March.
As the next President of South Korea, Yoon will certainly try to increase much needed housing supply and this will certainly benefit the major construction companies in Korea.
Another major sector that will likely benefit as a result of Yoon becoming the President is the nuclear industry.


Yoon Suk-Yeol Becomes the New President of South Korea

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There are 8 adds and 1 delete with implementation at the close on 4 February.</li>
<li>Prior to the rebalance, <a href="https://www.smartkarma.com/entities/bhp-billiton-plc" target="_blank" data-smartkarma-citation="entities:21840:1" rel="noopener">BHP Billiton (BLT LN)</a> will be deleted at the close on 28 January following Unification with <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a>.</li>
<li>The flows on the stocks are small, but there is a big impact on the inclusions in Australia. <a href="https://www.smartkarma.com/entities/global-x-uranium-etf" target="_blank" data-smartkarma-citation="entities:32107:1" rel="noopener">Global X Uranium ETF (URA US)</a> will buy around 5.5% of float.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There are 8 adds and 1 delete with implementation at the close on 4 February.
Prior to the rebalance, BHP Billiton (BLT LN) will be deleted at the close on 28 January following Unification with BHP Group (BHP AU).
The flows on the stocks are small, but there is a big impact on the inclusions in Australia. Global X Uranium ETF (URA US) will buy around 5.5% of float.


Solactive Global Uranium & Nuclear Components Index Rebalance: Most Adds in Oz

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>Doosan Heavy Industries &amp; Construction is currently conducting a rights offering of 82.9M shares. December 28th is the first-round pricing, and the 30th is the ex-rights date.</li>
<li>There is an event waiting for the stock price to undergo a significant correction just before the ex-right, it is likely to become a new factor in our ex-right play.</li>
<li>18.2M shares subscribed by the ESOP in last year's ₩1.2T capital increase will be released on the 27th. This is 3.5% of SO, which is equivalent to 2.3x ADTV.</li>
</ul>


Doosan Heavy Industries &amp; Construction is currently conducting a rights offering of 82.9M shares. December 28th is the first-round pricing, and the 30th is the ex-rights date.
There is an event waiting for the stock price to undergo a significant correction just before the ex-right, it is likely to become a new factor in our ex-right play.
18.2M shares subscribed by the ESOP in last year's ₩1.2T capital increase will be released on the 27th. This is 3.5% of SO, which is equivalent to 2.3x ADTV.


Doosan Heavy Ex-Rights Play Amid the Lockup Release (3.5% of SO) Next Monday

<ul>
<li>KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.</li>
<li>So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.</li>
<li>Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.</li>
</ul>


KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.
So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.
Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.


KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

South Korea

Doosan Enerbility Co., Ltd. manufactures and distributes construction machines. The Company produces gas turbines, engines, turbine generators, boilers, power plant equipment, and other related products. Doosan Enerbility also offers energy solutions for thermal power, nuclear power, and renewable energy.

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Doosan Enerbility (034020 KS)

Doosan Corp: Block Deal Sale of Former Chairman Park & His Sons' Stakes

The former Doosan Group Chairman Park Yong-Man and his sons will sell 1.296 million shares of Doosan Corp (000150 KS) in a block deal, representing...

Douglas Kim

Yoon Suk-Yeol Becomes the New President of South Korea

Yoon Suk-Yeol was elected the new President of South Korea on 10 March. Can he become the first ever hero President in South Korea, in the likes of...

Douglas Kim

Solactive Global Uranium & Nuclear Components Index Rebalance: Most Adds in Oz

There are 8 adds and 1 delete for the Solactive Global Uranium & Nuclear Components Index to be implemented at the close on 4 February. There isn't...

Brian Freitas

Doosan Heavy Ex-Rights Play Amid the Lockup Release (3.5% of SO) Next Monday

This post discusses the ex-rights trading approaches for Doosan Heavy's ₩1.5T rights offering with the major lockup release waiting right before...

Sanghyun Park

KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

Kakao Pay eventually received a 35% float rate, meaning that KRX has included all of Alipay's non-locked stake in the float.

Sanghyun Park

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