Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

Shinsegae Information & Communication Co / Event-Driven

Shinsegae Information & Communication Co (035510 KS)

<ul>
<li>In the past two years, E Mart Inc (139480 KS) has announced two tender offers of its affiliates including Shinsegae E&amp;C (September 2024) and Shinsegae Food (031440 KS) (December 2025).</li>
<li>We believe the next target of a tender offer by E-Mart could be Shinsegae Information &amp; Communication Co (035510 KS) in 2026/2027. </li>
<li>We provide three main reasons why E-Mart may try to conduct a tender offer of Shinsegae I&amp;C in 2026/2027.</li>
</ul>


In the past two years, E Mart Inc (139480 KS) has announced two tender offers of its affiliates including Shinsegae E&amp;C (September 2024) and Shinsegae Food (031440 KS) (December 2025).
We believe the next target of a tender offer by E-Mart could be Shinsegae Information &amp; Communication Co (035510 KS) in 2026/2027. 
We provide three main reasons why E-Mart may try to conduct a tender offer of Shinsegae I&amp;C in 2026/2027.


Shinsegae I&C - The Next Tender Offer Target by E-Mart?

<ul>
<li>On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).</li>
<li>Tender offer price is 48,120 won (20% higher than the closing price on 12 December).</li>
<li>Shinsegae Food is currently trading at very low valuations. It is trading at P/E of 5.3x, P/B of 0.4x, and EV/EBITDA of 1.5x based on 2026 consensus earnings estimates.</li>
</ul>


On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).
Tender offer price is 48,120 won (20% higher than the closing price on 12 December).
Shinsegae Food is currently trading at very low valuations. It is trading at P/E of 5.3x, P/B of 0.4x, and EV/EBITDA of 1.5x based on 2026 consensus earnings estimates.


A Tender Offer and Delisting of Shinsegae Food by E-Mart

<ul>
<li>On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.</li>
<li>Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business. </li>
<li>There is likely to be mixed reactions to Samsung Biologics' announcement to create a holding company structure to split the CDMO and biosimilar businesses.</li>
</ul>


On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.
Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business. 
There is likely to be mixed reactions to Samsung Biologics' announcement to create a holding company structure to split the CDMO and biosimilar businesses.


Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Marked profit improvement on discount store GPM gains and SG&amp;A savings</li><li>Construction losses narrowed; Property profit surged on accounting changes</li><li>Same-store recovery remains elusive, but improved profit level is encouraging</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marked profit improvement on discount store GPM gains and SG&amp;A savingsConstruction losses narrowed; Property profit surged on accounting changesSame-store recovery remains elusive, but improved profit level is encouragingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emart (139480 KS) - Discount Store Cost Cuts, Improved Subsidiary Performance Drive Surprise

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>In just three weeks, on June 3rd, South Korea will hold an early presidential election.</li>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> on Tuesday closed at 347.17,  entering deeply overbought territory based on our time and price quantitative models. </li>
<li>Whether the index rallies into the election and then declines, or starts selling off ahead of the vote, our tactical stance is unchanged: we recommend short exposure or appropriate hedging.
</li>
</ul>


In just three weeks, on June 3rd, South Korea will hold an early presidential election.
The KOSPI 200 INDEX on Tuesday closed at 347.17,  entering deeply overbought territory based on our time and price quantitative models. 
Whether the index rallies into the election and then declines, or starts selling off ahead of the vote, our tactical stance is unchanged: we recommend short exposure or appropriate hedging.



KOSPI 200 Tactical Outlook: Waiting for the June Elections

South Korea

E-MART Inc. operates E-Mart discount stores. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

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E Mart Inc (139480 KS)

Shinsegae I&C - The Next Tender Offer Target by E-Mart?

E-Mart Inc has announced two tender offers in the past two years. We provide three main reasons why E-Mart may target Shinsegae I&C next for...

Douglas Kim

A Tender Offer and Delisting of Shinsegae Food by E-Mart

On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).

Douglas Kim

Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a...

Douglas Kim

Emart (139480 KS) - Discount Store Cost Cuts, Improved Subsidiary Performance Drive Surprise

Marked profit improvement on discount store GPM gains and SG&A savings. Construction losses narrowed; Property profit surged on accounting changes

Daishin Securities

KOSPI 200 Tactical Outlook: Waiting for the June Elections

The KOSPI 200 INDEX is in overbought territory ahead of SK's early presidential election on June 3rd, this insight discusses tactical...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shinsegae I&C - The Next Tender Offer Target by E-Mart?

​E-Mart Inc has announced two tender offers in the past two years. We provide three main reasons why E-Mart may target Shinsegae I&C next for...

Douglas Kim

A Tender Offer and Delisting of Shinsegae Food by E-Mart

On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).

Douglas Kim

Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a...

Douglas Kim

Emart (139480 KS) - Discount Store Cost Cuts, Improved Subsidiary Performance Drive Surprise

Marked profit improvement on discount store GPM gains and SG&A savings. Construction losses narrowed; Property profit surged on accounting changes

Daishin Securities

KOSPI 200 Tactical Outlook: Waiting for the June Elections

The KOSPI 200 INDEX is in overbought territory ahead of SK's early presidential election on June 3rd, this insight discusses tactical...

Nico Rosti

E-Mart Inc has announced two tender offers in the past two years. We provide three main reasons why E-Mart may target Shinsegae I&C next for...