Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

The four major construction stocks in Korea <a href="https://www.smartkarma.com/entities/4292" target="_blank" data-smartkarma-citation="entities:4292">Hyundai Engineering &amp; Const</a>, <a href="https://www.smartkarma.com/entities/7699" target="_blank" data-smartkarma-citation="entities:7699">Hyundai Development Co Engg &amp; Cnstn</a>, <a href="https://www.smartkarma.com/entities/15916" target="_blank" data-smartkarma-citation="entities:15916">Gs Engineering &amp; Construct</a>, and <a href="https://www.smartkarma.com/entities/12333" target="_blank" data-smartkarma-citation="entities:12333">Daewoo Engineering &amp; Constr</a> share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks <a href="https://www.smartkarma.com/insights/warning-on-korean-construction-stocks-ruling-saenuri-party-is-crushed-in-national-assembly-election" target="_blank" data-smartkarma-citation="insights:3422">Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly</a>…

The four major construction stocks in Korea Hyundai Engineering &amp; Const, Hyundai Development Co Engg &amp; Cnstn, Gs Engineering &amp; Construct, and Daewoo Engineering &amp; Constr share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly…

Close Out the Shorts on Korean Construction Stocks?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

Rough waters ahead<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/243/original/hh1.JPG?1465955185" class="editor-image img-responsive" data-smartkarma-image-id="9243"></figure><ul><li>
Restructuring takes precedence: We believe it will be an uphill task to improve Hanjin’s balance sheet significantly and to outperform the stronger liners financially. Interest burden remains high and the risk of court receivership looms large considering its debt woes are similar to HMM. As it stands, the company is undergoing a creditor led restructuring exercise for which it needs to maintain certain pre-set conditions, such as the deferment of debt payments, charter rate…</li></ul>

Rough waters ahead
Restructuring takes precedence: We believe it will be an uphill task to improve Hanjin’s balance sheet significantly and to outperform the stronger liners financially. Interest burden remains high and the risk of court receivership looms large considering its debt woes are similar to HMM. As it stands, the company is undergoing a creditor led restructuring exercise for which it needs to maintain certain pre-set conditions, such as the deferment of debt payments, charter rate…

Hanjin Shipping (117930 KS) - Rough Waters Ahead

This is a follow-up to the warning on the Korean construction stocks which we issued more than a month ago. <a href="https://www.smartkarma.com/insights/warning-on-korean-construction-stocks-ruling-saenuri-party-is-crushed-in-national-assembly-election" target="_blank" data-smartkarma-citation="insights:3422">Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly Election</a> We gave a strong warning on the four major construction stocks and they are down on average 7.2% from the end of the National Assembly Elections in Korea (about 5 weeks ago) to today, under performing KOSPI which is down 1.7% during the same period.  We continue to be bearish on the Korean…

This is a follow-up to the warning on the Korean construction stocks which we issued more than a month ago. Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly Election We gave a strong warning on the four major construction stocks and they are down on average 7.2% from the end of the National Assembly Elections in Korea (about 5 weeks ago) to today, under performing KOSPI which is down 1.7% during the same period.  We continue to be bearish on the Korean…

Korean Construction Stocks - Household Debt Is the Achilles Heel

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

Several Korean newspapers reported yesterday that Samsung’s Jae-yong Lee is scheduled to have a private meeting with CEO of Hana Financial Group and CEO of KB Financial Group later this month. Lee already had a meeting with CEO of Woori Financial Group and CEO of Shinhan Financial Group. These newspapers reported that the reason for Lee’s meeting with the nation’s four big financial groups might imply that Samsung may create a financial holding company (centered around Samsung Life Insurance)…

Several Korean newspapers reported yesterday that Samsung’s Jae-yong Lee is scheduled to have a private meeting with CEO of Hana Financial Group and CEO of KB Financial Group later this month. Lee already had a meeting with CEO of Woori Financial Group and CEO of Shinhan Financial Group. These newspapers reported that the reason for Lee’s meeting with the nation’s four big financial groups might imply that Samsung may create a financial holding company (centered around Samsung Life Insurance)…

Samsung's Lee Meets the Heads of Korea's Major Financial Groups: Implications and Future Scenario

South Korea

Hanjin Shipping Co., Ltd. provides marine transportation service.  The Company commands different types of vessels including container vessels, liquefied natural gas (LNG) carriers, bulk carriers, and oil tankers.  In addition, Hanjin Shipping leases ships, and commercial buildings.

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Hanjin Shipping (117930 KS)

Close Out the Shorts on Korean Construction Stocks?

The four major construction stocks in Korea Hyundai Engineering & Const, Hyundai Development Co Engg & Cnstn, Gs Engineering &...

Douglas Kim