Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Korea Stock Exchange Kospi Index / Event-Driven

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.</li>
<li>In this cut, we uncover large- and small-cap opportunities in South Korea, examine whether it's time for a luxury rebound, and assess some opportunities in the insurance sector. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.
In this cut, we uncover large- and small-cap opportunities in South Korea, examine whether it's time for a luxury rebound, and assess some opportunities in the insurance sector. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker <a href="https://www.smartkarma.com/entities/ferretti-spa" target="_blank" data-smartkarma-citation="entities:28335:1" rel="noopener">Ferretti SpA (9638 HK)</a>, seeking to lift its stake to 29.9% from 14.5%.</li>
<li>KKCG Maritime is offering HK$31.71/share for Ferretti, is a dual-primary listing (Hong Kong and Milan exchanges. Currently comfortably trading through the cash terms</li>
<li>
The Offer Doc is now out. There is no IFA  opinion present - that will be dispatched just prior to the Offer opening to acceptances. This may need a bump.</li>
</ul>


Back on the 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker Ferretti SpA (9638 HK), seeking to lift its stake to 29.9% from 14.5%.
KKCG Maritime is offering HK$31.71/share for Ferretti, is a dual-primary listing (Hong Kong and Milan exchanges. Currently comfortably trading through the cash terms

The Offer Doc is now out. There is no IFA  opinion present - that will be dispatched just prior to the Offer opening to acceptances. This may need a bump.


Ferretti (9638 HK): KKCG's Partial Offer Update

<ul>
<li>On 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker <a href="https://www.smartkarma.com/entities/ferretti-spa" target="_blank" data-smartkarma-citation="entities:28335:1" rel="noopener">Ferretti SpA (9638 HK)</a>, seeking to lift its stake to 29.9% from 14.5%. </li>
<li>Ferretti is a dual-primary listing, the first company to be listed on both the Hong Kong and Milan exchanges.</li>
<li>Ferretti's major shareholder is Shandong SASAC (37.54%). The Italian regulator is running a ruler over the transaction. Comfortably trading through the HK$31.71/share cash terms. </li>
</ul>


On 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker Ferretti SpA (9638 HK), seeking to lift its stake to 29.9% from 14.5%. 
Ferretti is a dual-primary listing, the first company to be listed on both the Hong Kong and Milan exchanges.
Ferretti's major shareholder is Shandong SASAC (37.54%). The Italian regulator is running a ruler over the transaction. Comfortably trading through the HK$31.71/share cash terms. 


Ferretti (9638 HK): On KKCG's Partial Offer

<ul>
<li>You'd only want to be long <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> if you're very bullish <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite (CLBT US)</a>and some of the other businesses inside Sun Corp which aren't making money.</li>
<li>It's never ideal shorting rocket ships on the way up. Best to short on the way down. At some juncture, there will be a magnificent correction in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia (285A JP)</a>.</li>
<li>On balance, the optics in <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> are looking attractive. </li>
</ul>


You'd only want to be long Sun Corp (6736 JP) if you're very bullish Cellebrite (CLBT US)and some of the other businesses inside Sun Corp which aren't making money.
It's never ideal shorting rocket ships on the way up. Best to short on the way down. At some juncture, there will be a magnificent correction in Kioxia (285A JP).
On balance, the optics in CK Hutchison Holdings (1 HK) are looking attractive. 


Last Week In Event SPACE: Sun Corp/Cellebrite, Kioxia, CK Hutchison, Toshiba/ROHM

<ul>
<li>I tally 23 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global (3271 JP)</a>. Both <a href="https://www.smartkarma.com/entities/ronzgun-international-holdings" target="_blank" data-smartkarma-citation="entities:40082:1" rel="noopener">Rongzun (1780 HK)</a> and <a href="https://www.smartkarma.com/entities/beijingwest-industries-interna" target="_blank" data-smartkarma-citation="entities:13118:1" rel="noopener">BeijingWest Industries (2339 HK)</a> are suspended pursuant to the Hong Kong Takever's Code.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-commodities-group" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>, <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ (6670 JP)</a>, and <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a>.</li>
</ul>


I tally 23 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Global (3271 JP). Both Rongzun (1780 HK) and BeijingWest Industries (2339 HK) are suspended pursuant to the Hong Kong Takever's Code.
Key updates/news also took place on: Insignia Financial (IFL AU), National Storage REIT (NSR AU), Bright Smart Securities (1428 HK), MCJ (6670 JP), and Takara Bio Inc (4974 JP).


Asia-Pac M&A Weekly Wrap: The Global, Insignia Financial, National Storage REIT, MCJ, Takara Bio

Italy

Ferretti S.p.A. is a world leader in the design, construction, and sale of luxury motor and sailing yachts. The company offers a unique portfolio of prestigious brands, including Wally, Ferretti Yachts, Pershing, Itama, Riva, CRN, and Custom Line. Headquartered in Forlì, Italy, the company was founded in 1968.

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Ferretti (9638 HK)

Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...

Pranav Rao

Ferretti (9638 HK): KKCG's Partial Offer Update

Trading full vs historical metrics and to closest peer Sanlorenzo. Look to enter closer to terms. Where possible. This may still get bumped. It's...

David Blennerhassett

Ferretti (9638 HK): On KKCG's Partial Offer

Trading full vs historical metrics and to closest peer (SL IM). Look to enter closer to terms. This may well get bumped.

David Blennerhassett

Last Week In Event SPACE: Sun Corp/Cellebrite, Kioxia, CK Hutchison, Toshiba/ROHM

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

Asia-Pac M&A Weekly Wrap: The Global, Insignia Financial, National Storage REIT, MCJ, Takara Bio

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

​Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...

Pranav Rao

Ferretti (9638 HK): KKCG's Partial Offer Update

Trading full vs historical metrics and to closest peer Sanlorenzo. Look to enter closer to terms. Where possible. This may still get bumped. It's...

David Blennerhassett

Ferretti (9638 HK): On KKCG's Partial Offer

Trading full vs historical metrics and to closest peer (SL IM). Look to enter closer to terms. This may well get bumped.

David Blennerhassett

Last Week In Event SPACE: Sun Corp/Cellebrite, Kioxia, CK Hutchison, Toshiba/ROHM

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

Asia-Pac M&A Weekly Wrap: The Global, Insignia Financial, National Storage REIT, MCJ, Takara Bio

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...